Performance of IPOs During Covid-19 Pandemic and Factors Affecting Investors' Perception

Initial Public Offering (IPO) is a fund-raising tool through which a company gets listed for the first time under SEBI regulation and issues IPOs to raise funds from the public. The shift from a privately-owned to a publicly-owned firm via an IPO is the most significant event in a company's life (Pagano et al., 1998). In an IPO investment, there is limited historical data to analyze and predict the future performance of the company;hence it becomes a risky investment for the investors as they cannot predict how the shares will perform in the future. Most companies that go for an IPO are in the growth or expansion phase so it becomes more difficult to predict their market position and performance in the future, which leads to uncertainty in deriving their future value. Also, most IPOs are of companies going through a transitory growth period, and are therefore subject to additional uncertainty regarding their future value. This study analyzes the performance of the IPOs issued during the Covid-19 pandemic, when the markets across the world faced massive disruptions. The IPOs from various sectors like finance, technology, service, infrastructure, food, pharmaceutical and information technology were considered for the study. The study also analyzes the factors affecting investor perception towards investment in an IPO. The study considered the IPOs issued during the pandemic, and their performance on the listing day was measured by considering issue price, listing price and closing price. It was observed that 90% of the IPOs selected performed well during the listing day and 10% underperformed. It was also found that factors like company brand, company sector, fundamental analysis, company ratings, expert opinion and stock market conditions had a positive impact on the investors' decision to invest in an IPO. The study also revealed that factors like risk factor in primary market, returns on IPO on the listing day and Gray Market Premium have no significant impact on the investors' perception.

Investigative Site Placement Practices to Support Operation Warp Speed

Data from ClinicalTrials.gov was supplemented by press releases, news articles, and other publicly available information to segment investigative sites into five categories;site networks (SN), academic medical centers (AMC), health systems, independent medical practices (IMP), and government entities (GE). [...]a lack of diversity has already been documented in both the NIAID Adaptive COVID-19 Treatment Trial (ACTT-1) and the Gilead-funded remdesivir study.5 It is interesting to note the very low percentage of investigative sites from health systems and independent medical centers participating in these late stage COVID-19 clinical trials. Similar to pre-pandemic conditions, these entities have been less attractive settings when compared to site networks and academic medical centers that offer larger numbers and more dedicated personnel;higher levels of experience and competency;and substantially greater research infrastructure.6 Hospitals and independent medical centers were also the slowest to respond during the early stages of lockdowns throughout the US, and these sites were among the most likely to suspend their clinical trials at the outset of the pandemic.7 Community hospitals often find themselves being passed over during site selection in favor of academic medical centers which boast experienced investigators and specialized researchers.8 This is another reason why new investigators and health systems are not participating in COVID-19 clinical trials: sponsors place a high value on prior experience rather than total potential for accessing and attracting a large and diverse patient population. The integrated research organization (IRO) is an emerging model that is allowing multi-specialty practices and community health systems to be involved in clinical trials as a research care option for their patients.

The Role of Digital Innovation and Its Impact on Competitiveness and Performance: The Case of Business Hotel in Indonesia: Acces la Success

This research examines the effect of digital innovation on the competitiveness and performance of hospitality businesses in Indonesia. This research was conducted with a quantitative research approach. Participants in this study are managers of hotel companies that implement online systems in Indonesia. The samples in this study were 218 respondents. Hypotheses are tested using the Structural Equation Modeling method and processed using Amos Software Version 23. The results show that there is a positive and significant effect between digital innovation on competitiveness, digital innovation and competitiveness also effect hotel business performance positively and significantly. We also found that competitiveness can mediate the effect of digital innovation on business performance. Therefore, we suggest improving business performance with enhancing competitiveness, to improve competitiveness can be done by increasing the implementation of digital innovation.

Sustainable luxury: from an oxymoron to a tautology – the case of the Indian luxury hospitality industry

PurposeIn the context of heightened awareness and understanding of responsible tourism, it has become increasingly imperative for luxury hotels to introspect on the impact of their operations on environmental and social sustainability. This study aims at examining the prevalence and growth of sustainability practices in the Indian luxury hotel segment as it increasingly competes on a global platform.Design/methodology/approachThe research approach adopted in this paper is qualitative and emic. Primary data is gathered for the study through semi-structured interviews with select luxury hotel general managers from four hotel chains of Indian origin – ITC Luxury Hotels, Oberoi Hotels and Resorts, Taj Hotels and Palaces and The Leela – to gain an insight into sustainability initiatives adopted in the Indian hospitality industry. Secondary research data regarding the eco-friendly, green measures implemented in these hotels is collected primarily from the websites of the respective hotel chains and supplemented by review of academic literature, media articles, industry reports and company press releases.FindingsThe findings of the study reveal that Indian luxury hotel brands are increasingly adopting green products and integrating innovative sustainability practices in their day-to-day operations. However, several of these initiatives are in the non-customer-facing domains such as the engineering and back-of-the-house operations. Very few Indian hotel chains are building these sustainability initiatives into their core philosophy and embedding it in the front-line customer service experience at their properties to reinforce the green image of the hotels.Originality/valueThe paper also proposes the 6Cs Framework of Sustainability that can be utilised to categorise the green sustainable practices adopted in responsible hotels in a simplistic manner under six broad verticals. Practitioners, researchers and educationists in the hospitality industry would find the implications of this study useful in the context of a post-pandemic world where sustainability is influencing consumer choices across industries in today's eco-conscious and enlightened business and marketing environment.

Do ESG Risk Scores Influence Financial Distress? Evidence from a Dynamic NDEA Approach

Financial distress is a research topic in finance that has attracted attention from academia following past financial crises. Although previous studies associate financial distress with several elements, the relationship between distress and ESG has not been broadly explored. This paper investigates these issues by elaborating a Dynamic Network DEA model to address the underlying connections between accounting and financial indicators. Thus, a model that includes profit and loss, balance sheet, and capital and operating expenditures indicators is demonstrated under the dynamic network structure to compute financial-distress efficiency scores. Then, the impact of carryovers is considered for the accurate calculation of efficiency scores for the three substructures. The influence of contextual variables, such as socioeconomic and macroeconomic variables, and whether the firm owns an ESG Risk Score or not, is assessed through a stochastic non-linear model that combines three distinct regression types: Simplex, Tobit, and Beta. The results indicate that firms that hold an ESG Risk Score are less prone to be in financial distress, and Governance Score is negatively associated with financial distress efficiency.

COVID-19 supply chain disruptions: opportunities for business growth created by the pandemic for young farmers in Orange Farm in South Africa

This paper provides an early evaluation of the experiences of young farmers (ages 20-35 years) from Orange Farm in South Africa during the COVID-19 pandemic periodfrom March 2020-January 2021. COVID-19 disrupted supply chains severely and this affected the traditional customer base of many young farmers due to travel restrictions. Using a qualitative approach, this paper discusses the lived experiences of young farmers during the periodic COVID19 induced lockdowns. Despite the many challenges brought about by COVID19, it also brought with it opportunities for growth and increased incomefor the young farmers. The study findings showed that the lockdown imposed on South Africa to curb the spread of COVID-19 were somewhat a blessing in disguise for young farmers who were able to capitalize on the supply chain disruptions and grab a significant local market share for their produce due to community members' restricted movement. Operating within the confines of their community, young farmers managed to bridge the gaps in local food supply chain. Young farmers also turned to e-commerce as people minimizedphysical contact and practiced social distancing. These developments are expected to have a lasting impact on young farmers' business operations and there are far reaching policy implications emanating from this study.

Editorial

While COVID-19 had many negatives it also brought with it many opportunities for growth and increased incomes by young farmers who managed to capitalize on supply chain disruptions to take a significant local market share. Data analysis showed that youth with better developmental relationships with parents, peers, and other adults had higher post-program levels of internal socialemotional strengths (e.g., commitment to learning, positive identity). The article examined how the developmental relationships of African youth participants in a youth economic development program helped them to build skills that could potentially improve their socioeconomic conditions.

How do consumers select between hotels and Airbnb? A hierarchy of importance in accommodation choice

PurposeThe purpose of this study is to examine the impact of key decision-making attributes on consumers' choice of accommodation among and between hotels and Airbnb.Design/methodology/approachThe study used a choice-based conjoint approach using 21 key decision-making factors that impact consumers' choice of accommodation across five segments ranging from economy to luxury. Latent class estimation was used to identify segments of respondents who tend to have similar preferences for accommodation.FindingsThe results showed the presence of a consistent pattern of decision-making across the five accommodation segments, culminating in a hierarchy of importance in accommodation choice. The 21 key decision-making attributes comprised three tiers in order of decreasing importance: quality and service, amenities, and accessibility and safety. Further, latent class analysis indicated the presence of a hotel group and an Airbnb group of customers, which allowed us to identify how both types of providers might maximize the value of their offers to encourage customer switch.Research limitations/implicationsThe accommodation landscape is extremely dynamic (particularly as the COVID-19 pandemic unfolds) and complex. The present study cannot capture all of its intricacies but provides an invaluable foundation for future research on the topic of consumer choice in an evolving and competitive accommodation market.Originality/valueExtant research on accommodation choice has focused on hotels or Airbnb only. Moreover, research that has considered both types of accommodation simultaneously is limited in its conceptual and methodological scope. The present study synthesizes the fragmented literature on consumers' accommodation choices and offers a holistic and coherent schematic – the hierarchy of importance in accommodation choice – that can be used by future researchers and practitioners alike.

Were small businesses more likely to permanently close in the pandemic?

Previous estimates indicate that COVID-19 led to a large drop in the number of operating businesses operating early in the pandemic, but surprisingly little is known on whether these shutdowns turned into permanent closures and whether small businesses were disproportionately hit. This paper provides the first analysis of permanent business closures using confidential administrative firm-level panel data covering the universe of businesses filing sales taxes from the California Department of Tax and Fee Administration. We find large increases in closure rates in the first two quarters of 2020, but a strong reversal of this trend in the third quarter of 2020. The increase in closures rates in the first two quarters of the pandemic was substantially larger for small businesses than large businesses, but the rebound in the third quarter was also larger. The disproportionate closing of small businesses led to a sharp concentration of market share among larger businesses as indicated by the Herfindahl–Hirschman Index with only a partial reversal after the initial increase. The findings highlight the fragility of small businesses during a large adverse shock and the consequences for the competitiveness of markets.Plain English SummarySmall businesses were more likely to close permanently during the early stages of the COVID-19 pandemic than large businesses. Although they rebounded strongly thereafter, market concentration remains higher than before the pandemic. We obtain these results from analyzing administrative firm-level data covering all businesses filing sales taxes in California. Our analysis contributes to research by demonstrating the fragility of small businesses during a crisis relative to large businesses. Our findings imply that small businesses may need additional support given the trend toward purchases from large online retailers.

What influence the performance of banks? Evidence from public sector banks in India

PurposeEvery shock, starting from the banking sector reform in 1992 to the global crisis due to Covid-19 pandemic, affects the performance of banks. The shocks and transformations jeopardise the bank's performance. This study cover period of 30 years starting from 1992. So, the reason behind taking only public sector banks is that after 1991–92 many banking sector reforms took place, and many new private sector banks and foreign sector banks entered into competition due to the liberalization, privatization, globalization (LPG) policy. So, it has been difficult for public sector bank to manage their performance in a competitive market. So, the purpose of this study is to find out influencing factors of bank performance especially public sector bank, because, it has been vital to identify factors influencing their performance.Design/methodology/approachThe current study explores the determinant of the performance of public sector banks in India. Currently, in India, 12 banks are public sector banks, which capture 59.8% market share in the banking industry. After 1994 new licences were issued by Reserve Bank of India for many banks, and foreign sector banks entered the market as an effect of LPG policy, and market competition is one of the significant determinants of the performance of banks. Thus, the panel regression model is used to analyse the impact of various determinants on the performance of public sector banks (from 1992 to 2021). Return on equity and return on assets are used as indicators of performance, whereas influencing factors are divided into two parts, bank-specific factors, which include bank size, asset quality (AQ), liquidity, credit deposit ratio (CDR), capital adequacy, debt-equity ratio, employee's productivity and macroeconomic factors which include inflation rate, tax rate and gross domestic product (GDP).FindingsResults of the study show that bank size is not an essential factor for measuring bank performance because it is insignificant with both indicators of performance. AQ, liquidity ratio and CDR are significant in both models with negative impact. Macroeconomic factors like GDP are insignificant with both indicators with positive relations and tax rates are significant with a positive relationship. The inflation rate is significant but affects negatively to performance.Research limitations/implicationsThis study only focuses on public sector banks. So, the results for private and foreign sector banks might differ. Considering the larger market share compared to other sector banks, the authors are focusing on public sector banks only. Foreign banks and cooperative banks are not included current analysis because of huge numbers and different working environments.Originality/valueDetermining influencing factors of bank performance is crucial because it will help the bank take various policy implications and formulation. Since independence measuring bank performance are important area.

The impact of family business brand trust and crisis management practices on customer purchase intention during Covid-19

PurposeThe aim of the current study is to investigate the effect of consumers' brand trust in family businesses and the impact of crisis management practices on customer purchase intention during the period of Covid-19.Design/methodology/approachThis is a primary quantitative research on a sample of 817 consumers who bought products from 20 food and beverage family companies. Simple random sampling was used to collect the primary data. Data collection was made with the use of questionnaires. The questionnaires were developed based on previous studies and were tested in terms of reliability and validity.FindingsThe research findings indicate, among others, that there is a positive significant relationship between brand trust and purchase intention. As a result, the higher the trust of the consumers in a family business brand name, the higher their intention to make purchases. Additionally, it was found that the higher the performance of family businesses on crisis management practices, the more the consumers intent to make purchases.Research limitations/implicationsNonetheless, there are some limitations in the current research. First, the research sample consists of companies and consumers from a specific location, which can create issues regarding the generalization of the findings. Thus, to ensure improved research implications, a future research should include sample units from different locations and countries in order to reinforce the research findings and enable comparisons and more easily generalized outcomes. Moreover, a future research could assess additional factors that potentially affect purchase intention within a family business environment. Factors such as human resources and the relationship between customers and companies as well as communication and promotional efforts will allow the creation of a more stable and holistic framework and the prediction of consumer behavior. This potential follow-up research will further contribute to the theoretical argumentation of the findings and highlight the connection among purchase intention, trust and crisis managements practices within the family business environment.Practical implicationsRegarding the managerial and practical implications, the research outcomes can lead to specific strategies related to brand trust and crisis management practices. Specifically, family companies should invest on their brand name and their relationship with the consumers by reinforcing any action which can potentially affect the trust of the consumers. This could be realized by providing a safe purchase environment according to health and safety standards and through their response strategy and adaptability to the current pandemic conditions through the use of crisis management practices. Finally, a practical response to social and physical distancing measures would increase brand trust, and the performance on crisis management practices could also lead to sufficient financial outcomes since all these factors positively affect consumers' purchase intention.Originality/valueThe outbreak of the pandemic directly affected the profitability but also the viability of companies, regardless of industry. In particular, the impact that the pandemic had on family businesses, financially, organizationally and operationally, was massive and in many cases, catastrophic. Several studies have focused on family businesses, analyzing their structure, advantages and disadvantages. However, in these studies, there is little focus on the brand's influence on consumer behavior and market intention, especially compared to nonfamily businesses and under unique circumstances such as those of a pandemic.

Customer's Perspective on Health Insurance Post-Pandemic

India is among the nations most severely impacted by COVID-19, which has affected practically all global industries and sectors, including the insurance sector. The covid pandemic has forced businesses in all industries to alter the way they conduct business, and the health insurance market is no exception. The prolonged lockdown following COVID-19 has forced insurance companies to extensively rely on their digital architecture for everything from selling new policies to customers to handling claims. Many insurance companies create specialised policies to guarantee coverage is not impacted. This essay attempts to explore the effects of COVID-19 on health insurance and how they affect the industry as a whole.

Measuring Global Supply Chain Vulnerabilities Using Trade Network Analysis Method

With the trade network analysis method and bilateral country-product level trade data of 2017-2020, this paper reveals the overall characteristics and intrinsic vulnerabilities of China S global supply chains. Our research finds that first, most global supply-chain-vulnerable products are from technology-intensive sectors. For advanced economies, their supply chain vulnerabilities are primarily exposed to political and economic alliances. In comparison, developing economies are more dependent on regional communities. Second, China has a significant export advantage with over 80% of highly vulnerable intermediate inputs relying on imports of high-end electrical, mechanical and chemical products from advanced economies or their multinational companies. China also relies on developing economies for the import of some resource products. Third, during the trade frictions from 2018 to 2019 and the subsequent COVID-19 pandemic, there was a significant reduction in the supply chain vulnerabilities of China and the US for critical products compared with other products, which reflects a shift in the layout of critical product supply chains to ensure not just efficiency but security. China should address supply chain vulnerabilities by bolstering supply-side weaknesses, diversifying import sources, and promoting international coordination and cooperation.

Evaluating Prediction Models for Airport Passenger Throughput Using a Hybrid Method

This paper proposes a hybrid evaluation method to assess the prediction models for airport passenger throughput (APT). By analyzing two hundred three airports in China, five types of models are evaluated to study the applicability to different airports with various airport passenger throughput and developing conditions. The models were fitted using the historical data before 2014 and were verified by using the data from 2015–2019. The evaluating results show that the models employed for evaluating perform well in general except that there are insufficient historical data for modelling, or the APT of the airports changes abruptly owing to expansion, relocation or other kinds of external forces such as earthquakes. The more the APT of an airport is, the more suitable the models are for the airport. Particularly, there is no direct relation between the complexity and the predicting accuracy of the models. If the parameters of the models are properly set, time series models, causal models, market share methods and analogy-based methods can be utilized to predict the APT of 88% of studied airports effectively.

Retail Marketing Communication and the Consumer Behaviour of Selected Generations

Cábyová reviews Retail Marketing Communication and the Consumer Behaviour of Selected Generations by A. Kusá, T. Fasiang and D. Kollárová.

Domain-based ambidexterity for managing a dual business model in the hospitality industry in the midst of COVID-19 pandemic: an exploratory study

PurposeThis study aims to analyse how a hotel company manages ambidexterity when operating different business models in different markets located in the same country.Design/methodology/approachThis research was conducted using a qualitative case study, and the subjects were selected using the theoretical sampling technique. A corporation managing two hotel business units located in the same city but operating different business models – a premium and a low-cost business model – were selected as subjects.FindingsThe empirical evidence revealed that an ambidextrous business model can be realized through integration or separation of appropriate domains of business activities. The empirical findings further showed that exploitations are easier to integrate than explorations.Practical implicationsThe authors found that firms using structural separation for managing premium and low-cost business models can avoid market cannibalism and achieve synergies between different business models if business model ambidexterity is well managed.Originality/valueThis study extends research in the area of ambidexterity and business models. It responds to calls to examine how firms using structural separation implement business model ambidexterity in practice, particularly in service sectors. By analysing the details of activities within the business model, the authors advance the understanding of which domains are suitable for an integration or separation approach.

The Role of Electric Vehicles in an Aggregator's Portfolio

As the world looks towards a future powered by renewable energy sources, the technical implications of phasing out fossil fuel-based energy production and the gradual electrification process that has intensified in recent years through the automatization of production are becoming more and more apparent. These changes may be seen in multiple sectors, but the attention of this article is focused on one of the biggest polluters, the transportation sector. The contribution of this article is relevant since the topic itself is highly relevant in the context of an ongoing energy crisis and recent policies which favour the increase of electric vehicle sales and the paper offers a condensed summary of the current state of electric vehicles in terms of currently available technologies, the evolution of the EV market in recent years as well as forecasts for the following decade and the contribution EVs may have to stabilize the power system, which may be used as a basis for future research.

INVESTIGATION OF CONSUMER INTENTION TOWARDS OTT PLATFORM: WITH REFERENCE TO CHENNAI

The rapid increase in internet access across the world, has witnessed a steep increase in People's visual media consumption. This has led a greater dependence on IOT (Internet of things) for both entertainment and education alike. This has paved way to the recent technology, Over the Top Platforms (OTT) which gives the customer a biggest advantage of watching a recently released movie at their own convenient time. The most popular ones in India are Netflix, Hotstar, Amazon Prime, Zee5, voot. This media streaming service is made accessible to the consumers across the globe that streams with much less breaks and advertisements. After all the years, research show that there is a significant rise in the use of OTT platforms after the outbreak of Covid 19 pandemic. This study seeks to analyze the consumer intentions of using OTT platform and factors influencing their choices for the same over DTH platforms. This research was carried out at Chennai region to identify the consumer intention towards OTT platform and enable us to understand the expectations and perception. The study was carried out with 243 respondents' opinion on various factors that influence OTT purchase. The researchers identified that consumer require more price reduction, requires further choice of contents, Needs few flexibility for friendly usage and few more changes. With the outcome of the study it is concluded that the OTT is a strong competitor for Cable, Dish TV, Theatres and social media. It also needs several flexible changes according to the Indian models for further penetration of the viewer's market. The study reveals that the use of Internet driven OTT for entertainment is more prevalent among the tech savvy young population who prefer to manage their work and entertainment as per their choice.

Local Government Debt, Financial Circle, and Sustainable Economic Development

Local government debt is the biggest “gray rhino” of China’s economy and one of the most significant factors affecting the sustainability of economic growth. We use the macroeconomic data of China’s real economy development level and local government debt from 2000 to 2020 to investigate the impact of local government debt on the real economy using the spatial Durbin model, focusing on the impact of the local government debt scale on the development of the real economy in jurisdictions and non-jurisdictions and the intermediation effect of finance under the geospatial correlation characteristics of economic development. The results show that the spatial correlation of the real economy between jurisdictions prevails and the correlation deepens over time. The scale of local government debt in China has exceeded a reasonable threshold, and the crowding-out effect of debt expansion on the real economy is obvious and not limited by jurisdictions, with significant spatial spillover effects. Financial marketization can effectively mitigate the crowding-out effect of local government debt on the real economy. These findings provide useful references for mapping the correlated development characteristics of local government debt and the real economy in China, effectively preventing local government debt risks and high leverage of the real economy and financial systemic risks, and providing effective insights for other countries to resolve government debt problems, prevent crises, and promote local economic development.

OVERVIEW ON SOCIAL MEDIA USER BEHAVIOR DURING THE COVID-19 PANDEMIC: FROM FEAR OF MISSING OUT AND SOCIAL NETWORKING FATIGUE TO PRIVACY CONCERNS

Social networking sites and social media serve as vital avenues of interaction among people all over the world as well as essential platforms for the distribution of information. Companies, like individuals, embrace social networks as a non-formal way to engage with their customers and suppliers, gather information about their online behavior, and offer personalized content. Both scholars and managers from various organizations looking to increase their competitive edge or market shares have an interest in the impact that social networks have on human behavior. Because of this, the current research seeks to investigate how users perceive a wide range of concepts related to using social networking sites, including fear of missing out (FoMO), social networking fatigue, information and communication overload, ubiquitous connectivity and peer communication, and privacy concerns. The authors also examined users' intentions to continue using social networking sites despite the COVID-19 outbreak in order to ensure a more thorough understanding of the research topic. The findings aim to provide a better knowledge of how users see interaction on social networks in their daily lives as well as an overview of user perspectives on the terms mentioned above.