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The present paper is a literature review on determinants and impact of social Accounting & reporting practices. The studies for reviewing are selected from published research in various national and international journals for analysis and these are categorized into two broad groups namely Determinants and Impact of Social accounting and practices. The present review of the literature shall help find further researchable dimensions, and acquaint with methodologies as well as statistical techniques for conducting research in this chosen area. The first section discusses literature narrating the general background and the purpose of the present review of literature. The second section deals with determinants of social accounting and reporting practices selected in various studies. Third Section is a review of analyses on the impacts of social accounting and reporting practices on profitability as well as on Investment decisions. In the fourth section, the findings of the various studies are analysed for assessment of what have been done till now and what further research can be done in the area, The last section attempts to find research gaps, and enumerates the scope of further research.

Keywords

Social Accounting, Reporting Practices, Content Analysis, Determinants, Investment Decisions, Disclosures.

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Testing of Five Factor Asset Pricing Model in India and Thailand Stock Market

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Authors

Ritu Sapra ¹, Rishabh Gupta ²

Affiliations
1 Department of Commerce, Delhi School of Economics, University of Delhi, IN
2 Asst. Professor, Department of Commerce, Delhi College of Arts & Commerce, University of Delhi, IN

Source

Review of Professional Management- A Journal of New Delhi Institute of Management, Vol 19, No 2 (2021), Pagination: 30-51

Abstract

Asset pricing models have emerged as a widely discussed and most debatable topic in finance literature. It is unclear whether such models hold their applicability in the emerging economies. The current study empirically examines the performance of five-factor asset pricing model using the Fama-French methodology in India and Thailand stock markets. It takes into account 17 years’ data from both the stock markets and adopts a series of tests like factor spanning, GRS, multiple regression analysis to test the applicability of a model. The empirical results found the presence of a strong market, size, value, and investment effect in both the markets. However, profitability effect was found to be strong in the Indian stock market and weak in the Thailand stock market. The article further highlights the better explanatory power of five factor model in contrast to three factor model for Indian stock market. The results reveal weaker performance of the five-factor model in Thailand stock market. The study further gives a holistic view of the applicability of the asset pricing model in both these emerging nations. The findings will further help portfolio managers in evaluating the performance of the portfolios and determining the cost of equity in the overall cost of capital. It will also aid investors in their investment decision making by helping them identify the average stock return in different nations.

Keywords

Asset pricing, Developing countries, CAPM.

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