Department of Economics and Finance

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Author: search.filters.author.Debata, ByomakeshHas files: No

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    Managerial sentiment, macroeconomic uncertainty, and stock liquidity: Evidence from India
    (Elsevier, 2025-11) Debata, Byomakesh
    This study examines how managerial sentiment shapes the relationship between macroeconomic uncertainty and stock liquidity. Using a FinBERT-based large language model to assess sentiment from management discussion and analysis (MD&A) disclosures and a customized macroeconomic uncertainty index for India, we find that increased uncertainty significantly reduces stock liquidity. Optimistic managerial sentiment alleviates this adverse effect, particularly in firms with higher information asymmetry. The results are robust to the endogeneity test, propensity score matching, and alternative sentiment and uncertainty measures. This study advances macroeconomic uncertainty research by being the first to explore how managerial sentiment moderates its deterrent effects on stock liquidity.
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    Digitalisation and economic growth in G-20 countries: a panel ardl analysis
    (Faculty of Business and Economics at Alberto Hurtado University, 2024) Debata, Byomakesh; Bal, Debi Prasad
    The 4th industrial revolution, or Industry 4.0 for short, has been ushered in by technological improvements over the past 30 years. As a result, the growing trend of digitalization has had a distinctly beneficial effect on economic growth, particularly in the banking and financial sector where it has increased productivity and efficiency due to reduced information asymmetry and by making financial services more widely available and reasonably priced for a wider range of people. Keeping in mind the notable benefits brought about by rising digital advancements and its impact on financial sector, this study aims to show the dynamic relationship between digitalization, financial inclusion and economic growth for G20 nations. We used the annual data for the time span of 2010 to 2020 for G20 countries and has used panel ARDL approach for the analysis. The panel ARDL technique reveals a positive correlation between digitalization and long-term economic growth. Conversely, the research findings indicate a negative relationship between them in the short run. Similarly, we spot an detrimental long-term association between financial inclusion, measured as the number of commercial bank branches, and economic growth. The study also comes to the conclusion that, in the short and long terms, respectively, population and gross-fixed capital formation have an impact on economic growth. Further, we have checked the robustness of our results by using internet usage as proxy for digitalization. The finding in this case proves the robustness of our study. Based on our study, we suggest that widespread digitalization and financial inclusion along with the introduction of FinTech might contribute to sustainable economic growth from a policy perspective.
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    Unveiling the nexus between ESG performance, climate policy uncertainty and corporate innovation: evidence from textual analysis
    (Emerald, 2025-02) Debata, Byomakesh
    This paper aims to examine the relationship between environmental, social and governance (ESG) performance and text-based corporate innovation based on a sample of India’s ESG-disclosed companies from financial year 2011–2012 to 2021–2022. Further, it endeavors to investigate the moderating role of heightened climate policy uncertainty (CPU) in this relationship.
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    Does corporate policy risk affect stock liquidity? Panel data evidence from listed companies in a major emerging market
    (2025) Debata, Byomakesh
    This study examines the impact of firms’ overall corporate policy risk on stock liquidity. This study constructs a novel overall corporate policies risk index (PRI) for firms by capturing risk embedded in managers’ different policy decisions, such as investment, financing, diversification, and cash management, by weighting each policy risk through the regression decomposition method. Using a large sample of 466 India-listed firms from the financial year 2003–2004 to 2022–2023, this study finds that there is a negative association between PRI and stock liquidity. The study further explores the information environment heterogeneity and finds that the adverse impact of a PRI is a more prominent firm that is hard to value or in a less transparent environment as compared to the transparent firms. Moreover, the adverse impact of PRI on stock liquidity is significantly more pronounced during financial crises, while its effect is less substantial during non-crisis periods. The robustness of these results is confirmed even after addressing endogeneity issues using various techniques, such as propensity score matching (PSM), two-stage least squares instrumental variable approach (2 SLS IV), and the system-generalized method of moments (System GMM).
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    Firm-level climate risk exposure, ESG disclosure and stock liquidity: evidence from textual analysis
    (Emerald, 2025-04) Debata, Byomakesh
    This study examines the impact of firm-level climate risk exposure (FCRE) on firm stock liquidity by using a sample of Indian-listed firms from the financial years 2003–2004 to 2022–2023. Further, it endeavors to investigate the moderating role of environmental, social and governance (ESG) disclosure in this relationship.
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    Role of corporate innovation and uncertainty in determining corporate investment of the firm: does financial constraint, executive risk preference and firm risk-taking ability play any role
    (Emerald, 2025-04) Debata, Byomakesh
    This paper aims to investigate the relationship between corporate innovation and the firm’s corporate investment. Further, the authors begin with the assertion that the relationship between corporate innovation and corporate investment is impacted by significantly a) uncertain periods, b) financial constraint, c) executives’ risk preference and d) firm risk-taking ability.
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    Monetary policy, stock market and inflation amid economic uncertainty: Fresh evidence from an emerging market (the Indian case)
    (Wiley, 2025-04) Debata, Byomakesh
    This study examines the transmission of monetary policy shocks on stock market returns, liquidity, expected inflation, and inflation under varying economic policy uncertainty (EPU) levels in the Indian context. Using a Smooth Transition VAR model, we find that contractionary monetary policy increases illiquidity and decreases returns during the high EPU regime but has minimal effects during the low EPU regime. Additionally, monetary policy effectively curtails expected inflation and inflation in a low EPU regime more than in a high EPU regime. The results emphasize monetary policy transmission via expectation channels over asset pricing channels.
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    Technological development, financial development, and economic growth in India: Is there a non-linear and asymmetric relationship?
    (Emerald, 2023-02) Giri, Arun Kumar; Mohapatra, Geetilaxmi; Debata, Byomakesh
    The study employs the nonlinear autoregressive distributed lags model (NARDL) and Hetemi J asymmetric causality tests to explore nonlinearities in the dynamic interaction among the variables. The stationarity properties of data are checked by using Ng–Perron and ADF structural break unit root tests. The unit root test confirms that the variables are non-stationarity in level and are differenced stationary.
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    Monetary policy and liquidity: Does investor sentiment matter?
    (Elsevier, 2021-09) Debata, Byomakesh
    We examine the relationship between monetary policy and liquidity effects at the macro (overall market) and micro (individual stocks) levels, using data from the Indian stock market. We also test the possible asymmetric effect of investor sentiment on the monetary policy – liquidity relationship. Results suggest strong predictability of monetary policy on liquidity at an aggregate market level and individual stock level. The effect of monetary policy on liquidity is stronger during low sentiment (pessimistic) periods as compared to high sentiment (optimistic) periods.
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    Hazardous Health Impact of Virtual Education during COVID-19
    (Journal of Scientific Research and Reports, 2021) Debata, Byomakesh
    The rapid spread of COVID-19 compelled the infected nations to close down their educational institutions to check the rigor of spread. In such context, to provide uninterrupted education to the students, virtual education through internet was widely adopted. This paper throws a light on how the students engaged in virtual education are exposed to various unexpected health perils due to the use of internet and smartphones. Moreover, this paper suggests taking a holistic approach through the introduction of “Yoga” in the course curriculum to avoid the unexpected health hazards.