Women participation in corporate boards: quantile regression approach
Akshita Arora; Tarun Kumar Soni
Afro-Asian J. of Finance and Accounting, Vol. 13, No. 1 (2023) pp. 54 - 67
Our study unfolds the stylised facts on women directorship in corporate boards for Indian listed companies. We analyse women directorships across different sectors, firm age groups, different categories of board sizes and year-wise and then investigate the impact of women directors on firm performance using panel fixed effects and pooled quantile regression approach. The panel data framework has been structured for a dataset of 442 companies for the time period 2013-2019. The women engagement in boardroom has advanced from meagre 5% in 2013 to 14% in 2019 after the introduction of gender-based quota in India. The empirical results substantiate that the impact of women directors on firm performance is weak. From the policy perspective, it is evident that amendments in the regulatory framework in board composition have led to more participation of women in leadership positions. However, it is suggested that further reforms are needed for encouraging women directors to act independently and foster more diversity in Indian boardrooms.
Tag: quantile regression
Indian government bonds sensitivity to macroeconomic and non-macroeconomic factors: a quantile regression approach
Indian government bonds sensitivity to macroeconomic and non-macroeconomic factors: a quantile regression approach
Muhammadriyaj Faniband
Afro-Asian J. of Finance and Accounting, Vol. 11, No. 5 (2021) pp. 772 - 786
This paper introduces a new dataset of Clearing Corporation of India Limited's broad total return index (BTRI) and liquid total return index (LTRI). The paper examines the impact of macroeconomic and non-macroeconomic factors on BTRI and LTRI during monthly periods from January 2010 to December 2018 using quantile regression methodology. This paper finds that the GDP has positive and significant impact on BTRI and LTRI for the upper quantiles. Further, CPI shows positive impact on both BTRI and LTRI. Moreover, both the indices are influenced by IR and there is an inverse relationship between them. ER also significantly affects both the indices. The EPUI has negative and significant impact on BTRI and LTRI for the intermediate and upper quantiles. No clear relationship is found between BTRI and Nifty, whereas Nifty has significant impact on LTRI. BTRI is not affected by VIX but LTRI is affected for the intermediate quantiles.
Volatility interdependency: a quantile regression analysis in Asian stock markets
Volatility interdependency: a quantile regression analysis in Asian stock markets
Neha Seth; Laxmidhar Panda
Afro-Asian J. of Finance and Accounting, Vol. 10, No. 3 (2020) pp. 409 - 429
The purpose of this paper to investigate the structure of volatility interdependency among the Asian stock markets during the period of the global financial crisis (GFC) and the European sovereign debt crisis (ESDC). This paper uses quantile regression (QR) technique in the conditional volatility series obtained from the result of ARIMA (p, q)-GARCH (1, 1) model. The sample includes eight emerging and three developed stock markets covering the period from 2nd January 2000 to 31st March 2016. The results of the QR model strongly support volatility interdependency among the Asian stock markets during the period of financial crisis. The results of this paper also indicated that emerging markets are majorly affected by conditional volatility generated from developed markets in periods of financial crisis. This paper provides valuable information regarding the complex volatility structure among the Asian stock markets during the crisis period which may help to domestic and foreign investors in taking major decisions on portfolio diversification during periods of global financial turbulence.
The quantile dependence between global crude oil price and stock markets in emerging Asia: evidence from major oil consuming nations
The quantile dependence between global crude oil price and stock markets in emerging Asia: evidence from major oil consuming nations
Shekhar Mishra; Sathya Swaroop Debasish
Afro-Asian J. of Finance and Accounting, Vol. 9, No. 3 (2019) pp. 309 - 331
The paper examines the dependence between global crude oil price and stock indices in economies of fast emerging Asian nations, which are also termed to be major oil consumers. The paper employs quantile regression method (QRM) to analyse the relationship by using monthly data from April 2004 to April 2017. Since ordinary least squares (OLS) method estimates from data suffering from structural breaks, non-normality conditions and heterogeneous distribution may be biased and not much favourable, quantile regression method termed to a robust method is adopted to analyse the same. The analysis revealed the asymmetric effects of dependence between crude oil price and stock index returns. The observed positive relation between the given variables was quite contrary to the usual presumption of inverse relation relationship existing for the oil importing nations. The degree of significance for the positive dependence between the crude oil price and stock index returns also varied across the quantiles for economies under study.