Forthcoming articles

Global Business and Economics Review

Global Business and Economics Review (GBER)

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Global Business and Economics Review (23 papers in press)

Regular Issues

  • A CROSS-CULTURAL ANALYSIS ON CAREER DECISION MAKING OF THE STUDENTS: THE ROLE OF SELF AWARENESS AND SELF EFFICACY   Order a copy of this article
    by Hande Özek, Alberto Ferraris 
    Abstract: The present study aimed at finding out the factors that affect the students career decision making in two different cultures (Italian and Turkish). The research evaluated the Career Decision Making Self Efficacy Scale- Short Form (Betz et al. 1996a; Chaney et al. 2007) and Self-Consciousness Scale (SCS) of the Scheier and Carver (1985a). Responses are collected from 291 undergraduate students of Yeni Yuzyil University in Instanbul and University of Torino in Turin. The objective of this study is to reveal significant factors to develop self-assessment, career awareness and goal setting competencies of the students in different cultural contexts. Our results show that there are differences between the two countries and that having a previous job experience have a strong effect on career decision making. Most importantly, in order to give more explanatory information about the factors that affect career decision making in university students, this is one of the first studies that tested and found evidence of the relevance of self-awareness.
    Keywords: Career decision making; Self-Efficacy; Self-Awareness; Self-assessment; Career decision making difficulties; Lack of information; Lack of readiness; Perception; Dysfunctional thinking; Cultural differences.

  • Cointegration and Adjustment Dynamics of REIT and Stock Markets during the Global Financial and European Debt Crises   Order a copy of this article
    by Umit Erol, Aydin Yuksel, Asli Yuksel, Hakki Ozturk 
    Abstract: This paper analyzes the cointegration relationship between the REIT and stock markets of ten developed countries during the 2005-2013 period, which is characterized by the global financial and the European debt crises. Given the structural breaks in the data, the effect of these two crises is examined separately by dividing the sample period into four equal parts and by using M-TAR cointegration analysis. The results suggest that the cointegration between the stock and REIT markets was not a globally observed feature prior to the twin crises. The strong and globally valid cointegration observed after 2007 was due to the common negative response of both markets to the unexpected massive shocks. These shocks also led to bilateral causality and strong feedback effects between these two markets, thus strictly limiting the diversification benefits of the REIT market during the crisis period.
    Keywords: REIT; Stock Market; Cointegration; Crisis.
    DOI: 10.1504/GBER.2020.10016781
     
  • Does A Nonlinear Specification Methodology Better Capture the Link Between Host Country Corruption Levels and Inward Foreign Direct Investments? A study of 92 countries   Order a copy of this article
    by Chi-Hui Wang, Prasad Padmanabhan, Chia-Hsing Huang 
    Abstract: This paper investigates the link between inward Foreign Direct Investment flows and host country corruption levels using annual data for developed, developing and transitional countries, over the 2002-2015 period. We find that the nonlinear specification provides a better characterization of the relationship between corruption and inward FDI flows. Furthermore, we find that this relationship is a function of the development status of the host country. Finally, the marginal impact of corruption levels on FDI, seems to be statistically significant at a higher level when a nonlinear (as opposed to a linear) specification is used.
    Keywords: Foreign Direct Investment; Corruptions Perceptions Index; nonlinear modelling.

  • The Relationship between Immigration, Labour Market Conditions and GDP: Evidence from the States of the United States   Order a copy of this article
    by Burcu Ozcan 
    Abstract: This study aims at analyzing the relationship between immigration, unemployment, wage and income in the 15 host states in the United States that receive the most immigrants. The bootstrap panel Granger causality test developed by Konya (2006) is employed over the period of 19902016. The results indicate that immigration aggravates the unemployment level in the domestic labor market in the seven most populated host states, whereas it has no significant impact on the unemployment level in the remaining eight states. Based on these results, some crucial policy implications could be suggested.
    Keywords: immigration; unemployment; wage; income; United States; panel causality test.

  • Telecommuting potential analysis   Order a copy of this article
    by Deveani Babu, Nelson Ramalho, Pedro Falcao 
    Abstract: Commuting is a problem for developed societies that translates into economic, social and environmental losses. This study is set to explore the potential of telecommuting. The empirical study started with interviews to build a survey that was answered by 126 Lisbon commuters. Results show interviewees perceived telecommuting consequences are in line with extant research and that attitudes towards telecommuting (productivity, and cost savings) are predictors of the intention to accept telecommuting offers. Likewise, professional tenure and work-to-home stress foster a more favourable attitude related to productivity / quality of working life while displacement mode (active) and home-to-work stress foster a more favourable attitude related with cost savings. The study concludes that there is considerable potential for telecommuting and that the process of implementing telecommuting as an HRM policy is doable based on the attitudes identified in the model developed.
    Keywords: Commuting; Potential of telecommuting; Remote work; Attitudes towards telecommuting.

  • Foreign Direct Investments into 33 Indonesian Provinces: Is the Rupiah a Boon or a Bane?   Order a copy of this article
    by Khee Giap Tan, Mulya Amri, Nursyahida Ahmad 
    Abstract: The degree to which exchange rate movements and fluctuations affect foreign direct investment (FDI) inflows is a subject of policy importance for several emerging markets and developing economies like Indonesia. In particular, considering the heavily skewed nature of FDI inflows into Indonesia, it becomes important to understand the determinants of FDI to its provinces. Given the context, we undertake an empirical analysis to study the impact of Real Effective Exchange Rate (REER), both in terms of levels and volatility, on FDI inflows to Indonesian provinces. Using a panel dataset featuring data on 33 Indonesian provinces for 2000 to 2014, our panel estimation results strongly suggest that an appreciation of REER as well as greater volatility of REER deters FDI inflows to Indonesias provinces. Our findings are suggestive that the nature of FDI inflows to Indonesia is export-oriented. Our results remain consistent and robust to different model specifications.
    Keywords: Foreign Direct Investment; Sub-national economies; Real Effective Exchange Rate; Indonesia.

  • How Advanced Manufacturing Technologies Make Difference in Turkey's Manufacturing Small and Medium-Sized Enterprises   Order a copy of this article
    by Arzu Karaman Akgul, Feride Doganer Gonel 
    Abstract: This research analyses the relationship between the use of advanced manufacturing technologies (AMTs) and the firm performance of small and medium-sized enterprises (SMEs). The purpose of this study is to reveal Turkeys manufacturing sectors response to the overwhelming competition and to understand the manufacturing parameters that affect the performance of manufacturing SMEs. Drawing on a structured questionnaire, data for the study was collected from a sample of 365 firms that are registered in the Istanbul Chamber of Industry (ISO) directory. Our findings indicate that AMTs are significantly effective on the performance of Turkish SMEs. However, these effects are not uniform; these technologies affect return on equity (ROE) more than other firm performance parameters such as profit, revenue or return on investment (ROI). Generalization of findings to other emerging countries and other sectors that may benefit from AMTs is precluded by the studys narrow focus on Turkish manufacturing SMEs. Data is also collected by using face-to-face technique with only one respondent from each SME, which in turn might cause a response bias. The main contribution of this study stems from its examination of the links between AMTs and business performance of SMEs within the context of a key emerging country, Turkey.
    Keywords: advanced manufacturing technologies; small and medium-sized enterprises; firm performance; Turkey.

  • Human Resources Management and Job involvement: Evidence from the Nonprofit Sector in Palestine   Order a copy of this article
    by Mohammed Aboramadan, Belal Albashiti 
    Abstract: The purpose of this study is to examine the effect of human resources management practices on job involvement in a nonprofit organization in Palestine. Most of the previous studies that examined the HRM-job involvement relationship were conducted in the business setting and were investigated from a HR officers points of view. This study examines this relationship from employees perspective in the nonprofit sector. The study employed descriptive and analytical methods to examine the topic of the study. The population of this study included all the employees working in a Palestinian Nonprofit Maan Development Center. 400 questionnaires were distributed, and 267 questionnaires were returned and were usable for statistical purposes. Multiple regression results showed that of seven HRM practices, only five practices were significant and influenced job involvement (Job analysis, recruitment, performance appraisal, career management and job security). Job security was found to be the most predicting factor of job involvement. The paper recommends nonprofits managers and policymakers to invest in HRM practices as they promote positive employees attitudes and higher job involvement. This study is the first of its type in the nonprofit sector and contributes to the empirical body of HRM practices in general and nonprofits research in particular.
    Keywords: HRM; Job involvement; Nonprofits.

  • Avoiding and escaping the commodity trap in development   Order a copy of this article
    by Mahdi Ghodsi, Robert Stehrer 
    Abstract: Based on the PrebischSinger hypothesis, a strand of literature has emerged that focuses on the phenomenon of commoditization and commodity trap in development. Following Kaplinsky (2006), we revisit the hypothesis on a countrys terms of trade in manufacturing trade. Offering high quality products and targeting niche markets in high-income countries are beneficial strategies for developing countries to improve their terms of trade and escaping a potential commodity trap. Barriers to entry via standards in the importing countries might even support such strategies. In this study we firstly propose a proxy to capture commoditization. Then, applying a gravity model on global bilateral intra-industry trade flows controlling for multilateral resistances over the period 1998-2014, it is shown that compliance with quality non-tariff measures (NTMs) reduces the negative impact of commoditization on industry-level terms of trade.
    Keywords: Terms of trade; product quality; commodity trap; commoditization; non-tariff measure; technical barrier to trade; sanitary and phytosanitary measures.

  • Estimating a Stochastic Profit System using Homogeneity in Technology   Order a copy of this article
    by Yongseung Han, Myeong Hwan Kim, Eréndira Yareth Vargas López 
    Abstract: This paper estimates a stochastic profit system, which includes technical and allocative inefficiencies, in order to identify the source of profit inefficiency. Previously, the estimation of a stochastic profit system was not fully successful due to the entanglement of parameterized inefficiencies with a random error. We solve the problem by using homogeneity in technology since homogeneity enables a profit function to be separable into two parts: an output and a normalized profit function in which the parameter of technical inefficiency is absent. We apply our method to the Korean savings banks.
    Keywords: Profit Efficiency; Banking Efficiency; Productivity; Korean Savings Banks.

  • How global are German corporations? An empirical investigation.   Order a copy of this article
    by Martha OHagan-Luff, Jessica Geiger 
    Abstract: The internationalization of firms has been subject of much debate in the field of international business, with many studies examining firm-level internationalization using a number of different measures, but few investigating changes in these measures over time. In order to contribute to closing this gap, we conduct a longitudinal study of the patterns of internationalization of 164 German firms from the Thomson Reuters Germany Equity index between 1998 and 2015, contributing to the debate surrounding regionalization or globalization at the firm level. To capture different aspects of multinationality, we measure both the extent and scope of internationalization, measuring extent using percentage foreign sales, and scope using the number of geographic segments that firms report material sales in and the number of world regions in which those sales occur. We further categorize these measures of internationalization over time within categories of age, size, and industry. A strong trend towards globalization is revealed, with most firms reporting foreign sales outside of Europe and very few operating in this region only.
    Keywords: Longitudinal internationalisation; Geographic scope; Firm multinationality.

  • Social Entrepreneurship and Economic Thought: A Path to Rapprochement   Order a copy of this article
    by Philip Roundy, Michaël Bonnal 
    Abstract: Academics, practitioners, and policymakers are devoting heightened attention to social entrepreneurship: the creation and pursuit of innovative opportunities to produce positive externalities that improve conditions harmful to society. Scholars from across the behavioural, managerial, and organizational sciences are increasingly studying social entrepreneurs and their activities. However, one discipline economics is underrepresented in social entrepreneurship research. To address the lack of integration between economics and social entrepreneurship, we identify the unique economic characteristics of social entrepreneurship and explain how adopting an economic lens stands to generate important insights about the phenomenon. We then isolate three potential connection points between work in social entrepreneurship and economics: institutional economics and multi-logic hybrid organizations, narrative economics and social entrepreneurship discourse, and the economics of emotion and social entrepreneurs emotions. Our integration of social entrepreneurship and economics contributes to scholarship in both domains and identifies avenues for research at the intersections of the two disciplines.
    Keywords: social entrepreneurship; social enterprise; social innovation; economic theory; externalities; social welfare.

  • Acceptance of e-services among Public Employees: An empirical Investigation from the Palestinian Public Sector.   Order a copy of this article
    by Wasim Alhabil, Mohammed Aboramadan, Mohammed Fares 
    Abstract: This study aims to uniquely investigate the factors associated e-services acceptance in the Palestinian public sector. Our study is based on the framework of the Technology Acceptance Model (TAM2). 612 questionnaires were collected from the employees of the Palestinian ministry of education and were valid for statistical analysis using smartPLS. The study findings show that there exist positive relationships between prior experience, job relevance, output quality, result demonstrability and Perceived Ease of Use and positive relationships between image, job relevance, output quality and result demonstrability and Perceived Usefulness. The findings also revealed that there are significant positive relationships between Perceived Ease of Use and Perceived Usefulness with users intention to use. Our results give evidence that TAM2 holds in the Palestinian context and provides useful recommendation including managerial intervention for better organizational e-services in the public sector. The study is one of the few studies that investigate the adoption of e-services in a non-western context.
    Keywords: Intention to use; Palestine; Perceived Ease of Use; Perceived usefulness; Technology Acceptance Model.

  • Social Responsibility in Supply Chain: Bibliometric Analysis and Literature Review   Order a copy of this article
    by Pedro Fontoura, Arnaldo Coelho 
    Abstract: The objective of this study is to map academic publications on the subject and the intellectual knowledge contained therein, while covering past research and identifying potential future trends and paths of research in the fields of corporate social responsibility and supply chain management, identifying some of the most relevant research in this field and a selection of the latest trends according to information found in the Web of Science database. It was performed a systematic review of the literature in keeping with a bibliometric approach based upon VOSviewer, with a specific focus on drafting maps for visualising an underlying intellectual structure. This type of analysis encompasses the scope of the articles published and the annual number of citations for the period between 1900 and 2018, as registered by the Web of Science database. Several classifications were made, including an analysis of the most influential journals, the most cited papers of all time and the most productive and influential authors. The results make it clear that the implementation of social responsibility issues in supplier management is closely linked to the growing pressure from consumers in relating to socially responsible performance by companies, and the increase of regulation affecting companies in the most diverse areas. In addition, it was possible to verify that there is a growing academic appeal to empirical studies involving supply chain partners, uncovering and mapping the fields representing the greatest interest for future investigations, with potential to reveal new approaches to sustainable supply chain management. The main contribution of this study thus arises from identifying the main research trends in this field and the respective shortcomings and specific opportunities for future research.
    Keywords: corporate social responsibility; supply chain management; bibliometric studies; systematic review; sustainability; literature review.

  • Human Resource Flexibility and Sustainability: The Moderating Role of Environmental Uncertainty   Order a copy of this article
    by Amjad Tweiqat, Mohammad Adaileh 
    Abstract: The aim of this study is to investigate moderating role of environmental uncertainty perception on the relationship between flexibility and sustainability of HR. A purposive sample of 266 mangers in Jordanian banks were collected using a valid questionnaire. Data gathered were subjected to Confirmatory Factor Analysis to assure reliability and validity. Results showed that the measurement model fits the environment of the Jordanian banks as that fitness indices achieved the required acceptable level of goodness of fitness. The proposed model, hypotheses and moderator effect were then tested using Structural Equations Modelling. Results revealed a significant impact of HR flexibility (Functional, Behavioral) on HR sustainability. It also showed that the moderator negatively affects the relationship between functional flexibility and HR sustainability, and positively for behavioral flexibility. Results did not support the impact of skill flexibility on HR sustainability, nor did they support the impact of the moderator on that relationship. The study recommend that Jordanian banks can use the measurement scale developed to identify the functional, behavioral and skill aspects of HR. As well as important aspects of HR sustainability and uncertainties.
    Keywords: Human Resources Flexibility; Human Resources Sustainability; Environmental Uncertainty Perception.

  • Forecasting Unemployment Rate in Poland with Dynamic Model Averaging and Internet Searches   Order a copy of this article
    by Krzysztof Drachal 
    Abstract: The aim of this research is to estimate Dynamic Model Averaging (DMA) model for unemployment rate in Poland and compare it with selected alternative forecasts. In literature one can find a multiple potential factors influencing unemployment rate. The point is that these factors can be significantly affecting unemployment rate only in certain periods. Therefore, a method incorporating time-varying parameters as well as the model uncertainty itself seems desirable. DMA is quite a new method in finance and econometrics; but it is also an extension of a commonly used Bayesian Model Averaging (BMA). Therefore, it is interesting to check this method in practice; and to compare it with some other conventional techniques (like ARIMA, etc.). However, additional aim of this research is to incorporate the Google search data into the econometric model. Based on some evidence from other studies, they are hoped to usefully correspond to market players' current interests; and, as a result to improve the forecast accuracy. Indeed, in some other previous economical researches it was found that certain data, which are officially available with a significant delay, can be satisfactory approximated by the Google Trends data. Herein, a similar conclusion is found. Also, some remarks about the usability of DMA forecasting scheme are provided.
    Keywords: Bayesian Models; Dynamic Model Averaging; Macroeconomic Time-series; Unemployment Forecasting; Google Search Volume Index.

  • IMPACT OF MACROECONOMIC VARIABLES ON ISLAMIC AND CONVENTIONAL STOCK MARKET RETURNS: A PANEL DATA APPROACH   Order a copy of this article
    by Hazem Marashdeh, Sania Ashraf, Naeem Muhammad 
    Abstract: This study examines the impact of macroeconomic factors on both the conventional and the Islamic stock market returns and explores whether different macroeconomic factors influence returns on these two markets. It uses a multifactor model of five macroeconomic factors that include the inflation rate, the money supply, industrial production, exchange rates and short-term interest rates; and the panel data estimation methods of pooled ordinary least squares, fixed-effects estimation and the random-effects approach. Monthly data for ten countries was utilized for the sample period January 2009 to December 2016. The study finds that real effective exchange rates and the money supply influence conventional stock market returns, while exchange rates alone influence Islamic stock market returns. The study also finds that the other commonly reported macroeconomic factors of the inflation rate, interest rates and industrial production play no role in influencing the returns of either conventional or the Islamic stock markets for the countries included in our sample. These results have important implications for investors and policy-makers as they add new insight on the different impacts of macroeconomic variables on both Islamic and conventional stock markets returns.
    Keywords: Multifactor models; macroeconomic variables; panel data; conventional and Islamic stock markets.

  • Is Unemployment Caused by a Socioeconomic Phenomenon in the case of Kuwait?   Order a copy of this article
    by Wael M. Alshuwaiee, Nayef Alshammari, Nour W. ALMubarak 
    Abstract: This study examines the main macroeconomic factors triggering unemployment in Kuwait. In particular, it examines the impact of GDP growth, inflation rate, government expenditure on education, oil prices, and population growth on unemployment. The yearly data sample covers the period between 1993 and 2016. The estimated model is tested using time series analyses, such as a unit root test (the Augmented DickeyFuller test), the autoregressive distributed lag (ARDL) model (bounds testing), the Error Correction Model (VECM), and the Granger causality test. The findings indicate that oil prices, population growth, GDP growth, and government spending on education Granger cause unemployment in both the short run and long run. Moreover, oil prices and government expenditure on education exhibited a significant negative effect on unemployment in the long run. Given the unique characteristics of the demographic features of Kuwaits population, this paper finds that the population growth rate contributes to unemployment in Kuwait, indicating that the increased population of expatriates causes unemployment among Kuwaiti nationals.
    Keywords: Macroeconomic Development; Labour Market; Unemployment; Kuwait.

  • The Effect of Dividends Policy on the Stock Prices- The Jordanian Listed Commercial Banks Case   Order a copy of this article
    by Asem Tahtamouni 
    Abstract: This paper aims to investigate the effect of dividends policy on the fair value of stock prices of the Jordanian commercial banks listed in the Amman Stock Exchange (ASE). The paper used thirteen listed commercial banks during the period (2007-2017). It used two methods of data collection: the annual reports of the banks and the Jordanian shareholding banks guide. In order to clarify the sample, the paper utilized the frequency distributions and descriptive statistics. The paper found that stock price and dividends are correlated positively and significantly and hence there is an impact of dividends policy on fair value of stock prices in the Jordanian listed commercial banks. The paper concluded that the Jordanian listed commercial Banks should work to raise the wealth of shareholders by increasing the dividends payment overtime to improve the performance of the stock market.
    Keywords: Dividends Policy; Stock Price; Fair Value; ASE; Commercial Banks; Jordan.
    DOI: 10.1504/GBER.2020.10029715
     
  • An empirical study of foreign direct investment, human development and endogenous growth   Order a copy of this article
    by Ngoc Quang NGO 
    Abstract: In the context of growing bodies of researching in foreign direct investment (FDI), what could be better than effective external financial source for developing countries? It is undoubtable to observe that FDI could foster the slow economic growth and improve the human development. Employing the predictive proxy called Human Development Index (HDI) commenced since 2010 by United Nation Development Programme (UNDP), this paper investigates the three determinants including life expectancy, education and income level of economic development in 102 developing countries during the period 1990-2015 by two-stage least squares method, correcting the endogeneity problem with particular instrumental variables. Our findings confirm the existing literature and emphasize the constructive role of foreign capital flows and human capital on economic growth and institutional quality as well as macroeconomic variables and gender equality.
    Keywords: developing countries; economic growth; endogeneity; foreign direct investment; human development; HDI; inequality; institutional quality; instruments; international trade; poverty; welfare.

  • Does Privatization Improve Financial Performance? Evidence from Jordan   Order a copy of this article
    by Ashraf Bataineh, Ashraf Alrjoub, Ziyad Shwiyat 
    Abstract: The study aims to measure the effect of privatization on improving the financial performance at the Jordanian companies. The study sample consists of (6) Jordanian companies listed in Amman Stock Exchange (ASE) in 2017, and to achieve the objectives of the study, a model has been developed by using T-test for paired samples, which included many variables and the issuing time of annual financial reports as the dependent variable. The results showed that privatization programs did help to improve the performance of Jordanian companies, and in its adoption to privatization policies, the Jordanian companies listed on the ASE need more time to issue public reports, in order to be compared with other sectors. The results of multiple regression analysis showed statistically positive significant effects between the companies profitability, financial companies leverage, and liquidity of companies annual financial reports. The study recommended that Jordanian companies should keep pace with the rapid changes taking place in the companies' environment and encourage innovations for their companies.
    Keywords: Privatization; Financial performance; Profitability; Liquidity; leverage; Amman Stock Exchange ASE; State owned enterprises SOEs.

  • Growth volatility and income inequality; asymmetric analysis for France   Order a copy of this article
    by SUDESHNA GHOSH 
    Abstract: The present study attempts to investigate the growth volatility and the income inequality association for one major OECD country of the European Union, namely France over the period 1970-2016. The paper adopts empirical time series techniques. The paper applies the nonlinear ARDL method of Shin et al. (2014) because this will enable to find the asymmetries in the relation. It is argued that the rate at which income inequality reacts to rising income volatility may not be equal to the degree of responsiveness to the decline in the volatility of income. The hypothesis of positive asymmetric impact of economic growth on the top income shares is empirically established in this analysis. The paper makes a novel attempt to study how inequality is impacted by growth volatility in France by adopting an asymmetric framework. Further, two inequality measures are adopted to find out how the richer sections of the population respond to economic shocks. By adopting the GINI measure of inequality along with income enjoyed by the top one per cent, the study had attempted to explore the downswings in volatility that affect the poor persistently. The study concludes that in the long-run: (a) A 10 per cent rise in income growth volatility causes 6.7 per cent rise in inequality in income distribution measured through GINI, again a 10 per cent decline in growth volatility leads to 9.9 per cent decline in inequality expressed by GINI. (b) A 10 per cent rise in government expenditure leads to a fall in GINI by 6 per cent, whereas a 10 per cent decline in government expenditure leads to a 15 per cent rise in the GINI. (c) A 10 per cent rise in the growth volatility leads to a rise in the top one per cent income share by 48 per cent. (d) A 10 per cent decline in growth volatility leads to a decline in the top one per cent income share by 5 per cent. (e) The study observes the unequal impact of income volatility on the distribution of income. A series of robustness measures have been adopted to check for the consistency of the approach.
    Keywords: Income Inequality; Growth Volatility; Nonlinear ARDL; Time series; France.

  • Diminishing Calendar Anomalies: Case of Indian Equity Markets   Order a copy of this article
    by Sakshi Saxena, Harsh Purohit, Nidhi Malhotra 
    Abstract: The present study probes the presence of seasonal anomaly mainly day of the week effect and month of the year effect in the Indian Stock Market ranging from January 2011 till January 2018. Daily and weekly closing data of Nifty Financial services index, Nifty Auto index, Nifty Bank index and Nifty 50 index has been considered for the same. Regression model using dummy variables has been used to investigate the same. The results states that none of the four nifty indices shows day of the week effect. Nifty 50 does not indicates the presence of the month of the year effect. In contrast, April effect is present in Nifty Auto. Nifty Bank index shows February and August effect, while Nifty Financial Services shows February effect.
    Keywords: Day of the week effect; Monday effect; February effect; Calendar anomalies; Market efficiency.