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International Journal of Sustainable Economy

International Journal of Sustainable Economy (IJSE)

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International Journal of Sustainable Economy (24 papers in press)

Regular Issues

    by Khaoula Aliani, Sihem Bouguila 
    Abstract: Firms have an inherent intention to minimise their tax burden. These implicit or explicit plans may harm the reputation of citizen firms. Since they are under higher visibility from stakeholders, citizen firms have to adopt an ethical and responsible tax behaviour. The aim of this study is to analyse whether the tax policy is more/less likely to be aggressive in the best 100 corporate citizens. In this paper, the influence of social responsibility on tax policies has been meticulously explored by two methods: a combined effect and an instrumentalist approach. The sample is composed of the best 100 US corporate citizens during 2020. The empirical results reject the direct effects of the corporate social responsibility score and its combined effect with governance variables on tax aggressiveness. However, the moderation effect, which supposes an instrumentalist approach, was supported.
    Keywords: corporate social responsibility; CSR; tax aggressiveness; corporate governance; corporate citizens.
    DOI: 10.1504/IJSE.2023.10043435
  • Purchase Intention of Energy Efficient Appliances of Households-A Meta Analysis of studies based on Theory of Planned Behavior.   Order a copy of this article
    by Rajesh Gangakhedkar, Jaspreet Kaur, M. Karthik 
    Abstract: The purpose of this research is to make a meta-analytic review of studies that have applied theory of planned behaviour to study the purchase intention of energy efficient appliances of households. Results of 30 studies that met the inclusion criteria have been synthesised in the meta-analysis. A moderator analysis is also made in order to examine the reasons for heterogeneity in the studies. Analysis of publication bias is also made. The findings revealed that all the three variables of TPB have medium to large associations with PI of energy efficient appliances. Attitude was found to have strongest relationship with r = 0.571, followed by perceived behavioural control with r = 0.465 and subjective norms with r = 0.443. Moderator analysis gave mixed results. This meta-analytic review is first of its kind in the domain of adoption of energy efficient appliances by households. The study gives valuable insights to policy makers and researchers into the prediction of PI of energy efficient appliances of households.
    Keywords: theory of planned behaviour; meta-analysis; energy efficient appliances; forest plot; effect sizes; fixed effect; random effect; publication bias; funnel plot; heterogeneity; moderator.
    DOI: 10.1504/IJSE.2023.10043764
  • Macroeconomic Variables and IPO Activities: An Empirical investigation in Indian Market   Order a copy of this article
    by Pritpal Singh, Seshadev Sahoo 
    Abstract: The present study intends to examine the effect of selected macroeconomic variables on the initial public offerings (IPO) activity (i.e., volume of IPOs) issued during 2011 to 2020 in the Indian capital market. This study used seven macroeconomic factors, i.e., gross domestic product at constant prices, business confidence index, foreign direct investment in equity inflow, yield on five-year corporate bonds, yield on three-month T-Bills on the secondary market, interbank rate, and performance of the Bombay Stock Exchange, India sensitivity index (BSE Sensex as market benchmark) as independent variables. Econometric tools like vector auto regression, variance decomposition test, and impulse response functions were applied to the selected time series data. We find that the business confidence index, gross domestic product, BSE index performance, and foreign direct investment have significant effects on IPO activities. Furthermore, these macroeconomic variables show their impact over a period.
    Keywords: Indian capital market; IPO activity; macroeconomic variables; VAR; initial public offerings.
    DOI: 10.1504/IJSE.2023.10044243
  • Economic policy uncertainty and exchange market pressure in Nigeria: a quantile regression analysis   Order a copy of this article
    by Terver Kumeka, Olabusuyi R. Falayi, Adeniyi Adedokun, Francis O. Adeyemi 
    Abstract: The present study examines the relationship between economic policy uncertainty (EPU) and exchange market pressure (EMP) in Nigeria using the Quantile regression econometric technique, and monthly data from 1996 to 2019. For robust analysis, this study investigates the effect of both global and domestic economic policy uncertainties on EMP in Nigeria. The evidence from the results implies that there is structural independence between global EPU and EMP in Nigeria on one hand and between domestic EPU and EMP on the other hand, especially in periods when the market is experiencing bearish and tranquility conditions. Regardless of the possible impacts global and domestic EPU may have on EMP, the co-movement of EPU and EMP in Nigeria is unaffected. However, the effect of the association strengthens for the upper quantiles.
    Keywords: exchange market pressure; EMP; economic policy uncertainty; EPU; quantile regression; Nigeria; exchange rate.
    DOI: 10.1504/IJSE.2023.10044441
  • Examining the Antecedent Role of Biosphere Value, Environmental Usefulness and Ecotourism Involvement: An Empirical Study   Order a copy of this article
    by Santanu Mandal, Arun Chandran, Meenakshi Kanakaraj, Sourav R, Payel Das 
    Abstract: While recently there has been the increasing importance of ecotourism and sustainable behaviour, studies have not been able to address substantially the generation of individual dimensions of ecotourism behaviour. The current investigation explores the role of perceived biosphere value, perceived environmental usefulness, and ecotourism involvement for understanding the growth of socio-cultural beneficial behaviour, economically beneficial behaviour and environmental friendly behaviour. The study has seven latent variables that were operationalised in a first order. All the constructs were developed based on established scales, complemented with pre-test and expert feedback. The data were collected from individuals who are frequent travellers to nature-based destinations. The study had 108 usable responses. The study used partial least squares in R-Studio to validate the proposed associations. Results suggest a prominent role of ecotourism involvement and perceived biosphere value in shaping the different variants of ecotourism behaviour.
    Keywords: biosphere value; ecotourism involvement; ecotourism behaviour; tourist behaviour.
    DOI: 10.1504/IJSE.2023.10044453
  • Analysing the Impact of Quality of Government Expenditure on Economic Growth: Evidences from Indian States   Order a copy of this article
    by Vandana Bhavsar, Pradeepta Samanta 
    Abstract: Proliferation of endogenous growth theories has engendered different models connecting government expenditure with a country's long-term growth. Numerous studies based on this growth theory revealed that different components of government expenditure have distinct impact on economic growth due to their differing productivity. Following fiscal consolidation measures in India, the quality of states government expenditure has been compromised periodically. Therefore, overarching purpose of this study is to empirically examine which component of government expenditure more productively contributes to states economic growth using a panel data of 29 states/union territories over a period 2004 to 2005 to 2019 to 2020. Empirical findings ratify a priori, that capital (revenue) expenditure is productive (unproductive) and positively (negatively) impacts states economic growth, whereas, economic and social services expenditures are unproductive. The findings have some policy implications in order to sustain and enhance the regional economic growth and to maintain fiscal discipline while persevering with fiscal consolidation.
    Keywords: government expenditure; capital expenditure; revenue expenditure; generalised method of moments; GMM; state; economic growth.
    DOI: 10.1504/IJSE.2023.10044519
  • Re-examining the relationship between Carbon Performance and Carbon Disclosure: Empirical Evidence from Select International Companies   Order a copy of this article
    by Leo Themjung Makan, Kailash Chandra Kabra 
    Abstract: The purpose of the paper is to examine the bidirectional relationship between carbon performance and carbon disclosure. To this end, the study used data of 138 international companies during the period 2013 to 2014 to 2018 to 2019. The carbon performance was measured as negative carbon intensity, and carbon disclosure was measured by creating a disclosure score and by employing content analysis. The findings of the paper revealed that carbon performance negatively affects carbon disclosure. On the other hand, it is also found that carbon disclosure positively influences subsequent carbon performance. Conducted in the context of large international firms and in a period marked by heightened climate scrutiny, the findings of the study provide important insight for policy purposes and managerial implications. To the authors knowledge, this current study is one of the first to investigate the bidirectional association between carbon performance and carbon disclosure.
    Keywords: carbon disclosure index; CDI; carbon intensity; climate change; greenhouse gas.
    DOI: 10.1504/IJSE.2023.10044712
    by Anthony Orji, Ikenna Paulinus Nwodo, Jonathan Ogbuabor, Onyinye Anthony-Orji 
    Abstract: This paper investigated the size of Nigeria’s output connectedness with China, India and USA, with particular focus on Nigeria’s latest democratic era that began in 1999. The study used the normalised generalised forecast error variance decomposition (GFEVD) of the underlying vector error correction (VEC) model to construct the connectedness measures. The findings reveal that India and China are the largest contributors of spillover index in the system. Overall, the size of the connectedness index of the economies is 34.55%, which shows remarkable output spillovers among these countries. The policy implication of these results is that Nigerian economic authorities should closely monitor the output fluctuations around the world, especially those of Nigeria’s top trade partners like India and China in order to mitigate adverse output shocks.
    Keywords: connectedness; VAR model; democratic era; Nigeria; China; India; USA.
    DOI: 10.1504/IJSE.2023.10045295
  • Bankruptcy Risk, Firm Size, and Firm Profitability: A Dynamic Panel Data Approach   Order a copy of this article
    by Muhammad Yousaf 
    Abstract: The main purpose of this study is to examine the impacts of bankruptcy risk of small and medium enterprises (SMEs) and large firms on firm profitability. By employing the secondary data from the CRIBIS database of the Czech firms from the ten sectors, the bankruptcy risk is measured by Altman Model and Springate Model. This is the first study examining the impacts of the firm size on firm profitability by simultaneously employing the Altman and Springate models. We employed the two-step system generalised method of moments (GMM) to estimate the regression models. The findings revealed three important results: 1) there is a positive relationship between the bankruptcy Models and firm profitability; 2) SMEs earn more profits than large firms; 3) the bankruptcy risk for SMEs is higher than the large firms.
    Keywords: firm size; large firms; Altman model; Springate model; COVID-19.
    DOI: 10.1504/IJSE.2023.10045805
    by S. Burak Arzova, Bertac Sakir Sahin 
    Abstract: We investigate the effect of financial development on renewable energy supply rate and CO2 emissions in the period of 1997 to 2016. Domestic credit to the private sector, stock market traded value and foreign direct investment are proxies of financial development variables. Fixed and random effects models are estimated with the Parks Kmenta method for 19 emerging countries. According to empirical results, domestic credit to the private sector is statistically insignificant. Stock market development harms renewable energy supply. Unlike the first model, domestic credit to the private sector positively affects emissions. However, stock market development has no impact on emissions. Foreign direct investments reduce both the renewable energy supply rate and emissions. Foreign direct investments are one of the important financial elements of the emerging market countries by providing energy savings. Our findings provide a financial perspective to policymakers on renewable energy and low carbon in emerging countries.
    Keywords: renewable energy; financial development; emerging countries.
    DOI: 10.1504/IJSE.2023.10045888
  • The impact of ECB's Pandemic Emergency Asset Purchase announcements on sovereign bond markets: Evidence from Euro area countries   Order a copy of this article
    by Tarek Chebbi, Waleed Hmedat 
    Abstract: This paper presents a comprehensive event study analysis to trace the impact of the announcements of the ECB’s asset purchases during the COVID-19 pandemic period on major euro area sovereign bond markets. The findings indicate that such impact differs considerably across types of assets and countries. For instance, the monetary easing news perform a strong impact on the long- and medium-term sovereign debt yields. We find also that ECB’s monetary actions have been effective in lowering the return volatility for the short-term interest rates. In addition, the reducing effect of monetary news during the COVID-19 crisis remains strong and significant for Italy and Spain, even after controlling for macroeconomic surprises. Furthermore, while the sovereign yields may not reveal significant responses to monetary news which are not related to asset purchases undertaken by the ECB, our findings highlight significant stabilisation and destabilisation impacts of these announcements. Finally, a split between early PEPP and subsequent (June and December) announcements indicates that the decline in the sovereign bond yields is driven by the March announcements. The stabilisation effect in the short-term bond market shown for the whole sample is mainly explained by the June and December announcements.
    Keywords: ECB; asset purchases; sovereign bond yields; COVID-19 pandemic.
    DOI: 10.1504/IJSE.2023.10046446
  • The impact of COVID-19 infections on money demand: a cointegration analysis in euro area   Order a copy of this article
    by Leonidas Zangelidis 
    Abstract: Nowadays, there is a structural change that affects the economy and its impact on money demand needs to be addressed. The COVID-19 pandemic negatively (positively) affects the transaction (speculative) motive, while lock-down measures additionally reduce consumption. The purpose of this paper is to empirically estimate for the first time the impact of the COVID-19 recession on euro area (EA) money demand. It uses the money-in-utility and the concept of standard gamble to introduce a health factor in the model. Results show large fluctuations in 2020 to the long-run money demand relationship. New cases of infection in EA have reduced money demanded from the public, suggesting a negative effect of consumption decrease due to fear or inconvenience. Precautionary effect is also evident when the effect of new cases in big EA countries is examined. The impact of lockdown measures had a negative effect on real GDP.
    Keywords: money demand; COVID-19 recession; structural break; cointegration analysis; error correction model; ECM; vector error correction; long-run equilibrium.
    DOI: 10.1504/IJSE.2023.10047213
  • Convergence Hypothesis: A Systematic literature Review with Bibliometric Analysis   Order a copy of this article
    by Prakarti Sharma, Nidhi Sharma 
    Abstract: The study presents a systematic literature review with bibliometric analysis of the existing literature on convergence hypothesis sourced from the Scopus database over two decades spanning 2000 to 2020. Literature review based on year, source, affiliation, country, and contributing authors is done, along with bibliographic coupling, thematic evaluation and content analysis. Findings suggest that the existing literature mainly focuses on the developed world for examining convergence and its implications. This reflects a severe lacuna as the research on convergence with emerging economies as a focal point is meagre. In conclusions, the authors suggest ways to deal with this critical research gap.
    Keywords: systematic literature review; SLR; bibliometric analysis; income gap; development economics; convergence.
    DOI: 10.1504/IJSE.2023.10047238
  • Spending pattern and profit performance: A case study of nonfarm household enterprises in Nigeria   Order a copy of this article
    by Obed Ojonta, Jonathan Ogbuabor 
    Abstract: The purpose of this study is to ascertain the influence of spending pattern on the profit performance of non-farm household enterprises. The study used the 2018 to 2019 General Household Survey data from the National Bureau of Statistics, while descriptive analysis and binary logistic regression were used to unveil the patterns in the data. The results indicate that the spending pattern relating to business cost, transport and purchase of raw material influence the profit performance of non-farm household enterprises in Nigeria positively and significantly, while the influence of the spending pattern relating to demand for products and loan repayment remained negative throughout. The study concluded that government should provide favourable business environment for non-farm household enterprises through policies that will enable these enterprises not only to enhance their business capital but also to investment or engage in spending patterns that will optimise their performance on a sustainable basis.
    Keywords: profit; spending; household; enterprises; Nigeria.
    DOI: 10.1504/IJSE.2023.10047749
  • Fresh Evidence on the Influence of trading activities on carbon dioxide emissions in developed and developing high CO2 emissions emitter countries: long panel data modelling   Order a copy of this article
    by Chindo Sulaiman, Ng Shing Leng, A.S. Abdul-Rahim, Iqbal Muhammad-Jawad, Nur Syafiqah A. Samad 
    Abstract: There is a widespread concern for environmental quality across the world due to greenhouse gases especially carbon dioxide (CO2 ) emission, which is the main source of global warming. Both trade and carbon dioxide emissions are rising simultaneously over the years. This paper investigates the relationship between trade openness and carbon dioxide emissions in developed and developing high CO2 emitter countries over the 1971 to 2017 period. Panel cointegration and pooled mean group (PMG) techniques were employed. The PMG result revealed that trade openness is positively related to CO2 emission for the top emitters from developing countries and hence causes environmental degradation in the long run. However, trade is negatively related to carbon dioxide emission for the top emitters from developed countries where trade liberalisation appears to increase environmental quality. These findings deliver insights on the need to protect the environment from degradation by adopting green technologies that are environmentally friendly with high-energy efficiency.
    Keywords: carbon dioxide emissions; trade openness; energy consumption; environmental Kuznets curve; EKC; pooled mean group estimator.
    DOI: 10.1504/IJSE.2023.10048350
  • Foreign Debt-Economic Growth Nexus in Ethiopia: ARDL Approach   Order a copy of this article
    by Mengistu Negussie, Malefiya Ebabu 
    Abstract: This paper aims to analyse the contribution of foreign public debt to Ethiopian economic growth. The ARDL co-integration model with the real gross domestic product (RGDP) and consistently affecting factors was employed to achieve this task. The result indicates that debt service payment and debt service to export earnings ratio have an adverse effect. However, they are insignificant to Ethiopia’s economic growth. The total foreign debt stock to RGDP has a negative and substantial consequence on the RGDP. The Granger causality test shows a causal relationship between the ratio of the total stock of external debt to RGDP (TEDTRGDP) and RGDP. The coefficient of the error correction equation (176.3%) also dictated a speedy pace of adjustment to converge to the long-run equilibrium after some shock. The study concludes that huge external debt slows a country’s economic progress, and there is an issue of debt overhang in the Ethiopian economy.
    Keywords: economic growth; error correction model; external debt; Ethiopia.
    DOI: 10.1504/IJSE.2023.10049054
  • Impact of economic openness on government size in India   Order a copy of this article
    by Dhyani Mehta, Nikunj Patel, NISARG JOSHI, Bhavesh Patel 
    Abstract: The purpose of the study is to examine the impact of economic openness on government size in India, using trade openness and capital openness as indicators of economic openness and net fiscal deficit and current account deficit as control variables. ARDL and NARDL bound test approach was employed by taking annual time series data from 1981 to 2020. The estimates confirm a significant long-run and short-run relationship between dependent variables, i.e., government size and independent variables such as trade and capital openness. Empirical results show that in India, an increase in trade openness influences government size positively whereas capital openness affects government size negatively. These findings are crucial for policymakers and regulatory agencies to frame policies that promote economic openness without jeopardising the balance of other macroeconomic variables. Indian policymakers must carefully frame liberal policies to promote trade and capital openness.
    Keywords: autoregressive distributed lag; ARDL; NARDL; economic openness; government size; fiscal deficit; current account deficit; CAD; India.
    DOI: 10.1504/IJSE.2023.10049099
  • Financial Inclusion as a tool for achieving inclusive growth: Systematic Literature and Future Research Agenda   Order a copy of this article
    by Priyanka Tandon, Deepmala Jasuja, Anurag Bhadur Singh, Tanu Agarwal Jain 
    Abstract: The current study presents a quantitative investigation of the literature on financial inclusion and access to finance using bibliometric analysis. The study has analysed 1,900 documents extracted using the Scopus database between 1977 and 2020 using VOS viewer and Biblioshiny. Based on the results gained from the analysis, the authors discuss the trends of publications based on year, countries, institutions, journals, and authors. The study results indicate that the research on financial inclusion concentrates on specific areas presented through thematic analysis. Some of the recent issues are in the nascent stage - most research themes in this area attribute to financial inclusion and poverty, economic growth, and financial literacy. Finally, the study identifies the research gap in the concerned area, which may provide future research agenda attained through collaborative research within the research community.
    Keywords: financial inclusion; access to finance; bibliometric; citation; systematic literature review.
    DOI: 10.1504/IJSE.2023.10049277
  • Sustainable development goals in Latin America: a mechanism that improves financial performance   Order a copy of this article
    by Manuela Echeverri-Pimienta, Santiago Valencia-Herrera, Diego Andrés Correa-Mejía 
    Abstract: The sustainable development goals (SDGs) are intended for different organisations around the world to guide their actions towards the benefit of society and the sustainability of the planet. The purpose of the SDGs is for different organisations around the world to orient their actions and processes towards the benefit of society and the sustainability of the planet. The aim of this study is to determine the impact of prioritising the people-related SDGs on the financial performance of Latin American firms. The analysis was conducted based on corporate reports between 2016 and 2019 of 76 firms from Colombia, Chile, Mexico and Peru, which were analysed using a panel data methodology. The results of this research show that the commitment of the different firms to the SDGs associated with people generates a positive impact on financial performance. This paper develops a recent topic at global level and contributes to the existing literature, as it analyses the relationship between SDGs and financial performance in emerging economies, specifically in Latin America.
    Keywords: sustainable development goals; SDGs; financial performance; corporate reports; corporate social responsibility.
    DOI: 10.1504/IJSE.2022.10044098
  • Understanding socially responsible investing - a scientific mapping and bibliometric analysis   Order a copy of this article
    by Deepmala Jasuja, Jaya Mamta Prosad, Neeraj Nautiyal 
    Abstract: Research on socially responsible investing (SRI) has gained momentum in recent years. Pursuant to the gap of comprehensive review, the current study aims to identify the main areas and the current dynamics of the SRI research and suggest future research directions. Using a blend of bibliometric methods on visualisation of similarities (VOS) viewer and Biblioshiny on a sample of 1,073 articles from the Scopus database from 1985, we find the most influential articles, authors, sources, and publications within the network. Current themes were explored and impediments to growth in literature were identified. SRI research revolves around performance evaluation of socially responsible investment avenues, green finance, socially responsible investment implications, triangulating corporate social responsibility (CSR), SRI and corporate performance, and environment and sustainability. Future research directions concluded the bibliometric review. This study would be notable work for the readers to gain a quick understanding of recent trends and knowledge gaps in the SRI area. Managers can apply sustainability management practices, CSR investment, and environment, social, and governance (ESG) investment with the present study as the motivation principles.
    Keywords: bibliometric analysis; citation network; ESG investing; scientific mapping; Scopus; socially responsible investing; SRI; systematic literature review.
    DOI: 10.1504/IJSE.2022.10044199
  • Climate finance and hunger among non-annex-1 parties: a lens on Sub-Saharan Africa   Order a copy of this article
    by Isaac Doku, Andrew Phiri 
    Abstract: Our study seeks to find out whether climate finance is helping reduce hunger among 43 Sub-Saharan Africa (SSA) countries, using system generalised method of moment, pooled OLS and fixed effect models for the period 2006-2018. Three main hunger variables are used in the study; global hunger index (GHI), undernutrition (Under-N) and birthweight (Birth-W). The findings indicate that climate finance exerts a very small effect on all hunger variables. Similarly, other external forms of financing such as foreign direct investment and developmental aid are found to exert little effect on hunger. Notably, domestic factors such as social and economic readiness are found to be more significant in reducing hunger levels.
    Keywords: climate finance; hunger; Sub-Saharan Africa; SSA; developmental aid; foreign direct investment; FDI.
    DOI: 10.1504/IJSE.2022.10043311
  • A cross-country analysis of the role of service sector in the relationship between CO2 emissions and economic growth using machine learning techniques   Order a copy of this article
    by C. Karthikeyan, R. Murugesan 
    Abstract: The study aims to explore the relationship between CO2 emissions per capita, service sector share in GDP and GDP per capita using decision tree, and multiple ridge and lasso regression techniques on cross-sectional data of 175 countries. GDP per capita is a better determinant of the CO2 emissions of a country than the share of services in GDP. The fit between emissions and income improves on account of service sector share in GDP. The study finds that an increase in service sector share in high income countries leads to decrease in emissions while in low income countries it leads to an increase in emissions. An N-shaped relationship is found between CO2 emissions and income across the countries. Service sector share acts as a moderator in this relationship.
    Keywords: service sector; CO2 emissions; economic growth; decision tree; lasso regression; ridge regression.
    DOI: 10.1504/IJSE.2022.10044048
  • Economic and financial analysis of a grid-connected PV system in Rio de Janeiro for residential and commercial supply   Order a copy of this article
    by Marcos Filardy Curi, Priscila De Jesus Freitas Pinto, João Pedro Duveen Da Cunha, Rodrigo Rodrigues De Freitas 
    Abstract: Sustainable development and renewable energy sources are topics that have attracted global attention together with greater awareness of the need to preserve the planet's natural resources while still supplying energy demand. This paper presents an economic and financial analysis of a PV grid-connected system for residential and commercial supply located in the state of Rio de Janeiro. The model is evaluated considering technical aspects like energy security, compatibility, energy production optimisation and economic payback forecasting where the real options theory (ROT) is applied for economic analysis. The economic viability and the technical potential of a grid-connected system rated at 2.7 kWp and 11.7 kWp PV for residential and commercial scale, respectively, were examined. Demonstrating that for a system expected to last 25 years, the payback time results occur in six years, minimum, at residential scale and five years at commercial scale, proving the investment viability.
    Keywords: renewable energy; solar energy; sustainability; engineering; financial and economic analysis.
    DOI: 10.1504/IJSE.2022.10043678
  • Investment certainty in ESG investing due to COVID-19: evidence from India   Order a copy of this article
    by Peeyush Bangur, Ruchi Bangur, Pratima Jain, Abhikrati Shukla 
    Abstract: This article analyses the impact of COVID-19 on the volatility of ESG investing in India. Furthermore, it assesses the investment certainty in ESG related activities in India after detecting the first case of disease. A generalised autoregressive conditional heteroscedasticity model has been applied to the S&P BSE 100 ESG Index returns. The results show that after COVID-19, the risk related to the market price of the S&P BSE 100 ESG Index has increased, and the certainty of investment decreased. Further, the result of the GARCH (1, 1) model estimation indicates the presence of a large degree of persistency in the S&P BSE 100 ESG index. In addition, after reporting the first case of COVID-19, unconditional variance has been increased by 211.98%.
    Keywords: ESG investing; investment certainty; volatility; COVID-19; ARCH; GARCH; India.
    DOI: 10.1504/IJSE.2022.10047045