http://dspace.dtu.ac.in:8080/jspui/handle/repository/16296 2026-04-28T06:47:03Z 2026-04-28T06:47:03Z MANASWI, KUMAR http://dspace.dtu.ac.in:8080/jspui/handle/repository/22349 2025-12-10T10:05:00Z 2025-12-01T00:00:00Z

Title: SUSTAINABLE INVESTMENTS AND INVESTMENT PERFORMANCE: AN EMPIRICAL STUDY FROM INVESTORS’ PERSPECTIVE Authors: MANASWI, KUMAR Abstract: The global spotlight on sustainability, ethical governance, and responsible corporate practices has led to an increased interest in integrating Environmental, Social, and Governance (ESG) into investment decisions. This thesis investigates the performance and implications of ESG-based investments, particularly within the Indian market, aiming to explore how ESG criteria influence financial outcomes and asset managers‘ investment strategies. Given the growing interest in sustainable investing worldwide, the study is critical, especially in emerging markets like India. The rationale behind this study stems from the urgent global challenges that require immediate attention, including climate change, social inequality, unethical corporate practices, and environmental degradation. Further, ESG investing, also known as sustainable or responsible investing, has gained considerable traction, particularly in developed economies such as the USA, the European Union, and Japan. However, its adoption in India remains nascent. Three primary objectives drive this study. The first objective was to assess the impact of ESG on shareholder wealth, using Tobin‘s Q as a proxy to measure the wealth of shareholders in companies listed on the Nifty 500 index. This involved a comprehensive analysis of ESG scores of firms spanning the period from 2015 to 2022, with ESG scores extracted from Bloomberg and financial data from Prowess. The study also examined whether innovation moderates the relationship between ESG and shareholders' wealth. Fixed Effects Panel Data regression was employed to analyse the relationship between ESG scores and shareholder wealth. Tobin‘s Q was the dependent variable, while the independent variables included combined ESG scores and their individual components (E, S, and G). Four models were tested to determine whether environmental, social, and governance scores were significantly associated with shareholders' wealth. The second objective was to analyse the performance of ESG-based portfolios to determine whether ESG investments yield competitive returns compared to traditional investments. These portfolios were created based on ESG scores. The top 10% of total v firms based on ESG scores had a separate portfolio, and similarly, the Bottom 10% consisted of firms with the lowest ESG scores. Based on this, the study assessed a total of eight portfolios - TOPESG, BOTTOMESG, TOP ENV, BOTTOMENV, TOPSOC, BOTTOMSOC, TOPGOV, and BOTTOMGOV. Out of 500 firms in the Nifty 500, only 278 had ESG scores from Bloomberg Terminal; therefore, each portfolio consisted of twenty-eight firms. After the construction of these portfolios, they were assessed using the Fama-French five-factor model to assess the performance of these portfolios. In the Fama-French five-factor model, portfolios are assessed based on five factors: market risk premium, size, value, profitability, and investment. This assessment allowed for a nuanced examination of how ESG interact with traditional risk factors (such as market risk and value risk) in explaining portfolio returns. The third objective was to evaluate the role of ESG in shaping the investment decisions of asset managers in India and whether professional experience moderates this relationship. A structured questionnaire was designed and distributed to asset managers across India, resulting in 41 responses. The data collected was analysed using Smart PLS 4.0, with a focus the influence of environmental, social, and governance factors on investment decisions, as well as the moderating role of professional experience in shaping these decisions. The findings of this study offer valuable insights into the current state of ESG investing in India. The findings from the first objective revealed that there was no statistically significant relationship between overall ESG scores and shareholder wealth. Similarly, the individual environmental and social scores did not show a significant association with shareholders‘ wealth. In contrast, the Governance score had a significant positive impact on shareholders‘ wealth, indicating that investors highly value strong corporate governance practices. Companies with robust governance mechanisms—such as transparency, accountability, and effective risk management—tend to inspire greater investor confidence, which in turn positively impacts their market valuation. This emphasises the significance of governance as a fundamental component of ESG and accentuates the necessity for Indian corporations to enhance their governance frameworks in order to attract more ESG-conscious vi investors. These findings suggest that ESG, particularly environmental and social aspects, are not yet fully integrated into investment strategies in India. One possible explanation is that Indian investors and asset managers may not be sufficiently aware of the financial benefits of ESG integration. Alternatively, they may be deterred by the perceived costs and risks associated with implementing sustainable practices, especially in a developing economy like India. The second objective, which focused on the assessment of portfolios based on ESG, provided additional insights into the potential of ESG investing. The study revealed that the governance-based portfolios (TOPGOV) demonstrated positive alpha, suggesting that governance-focused investments can deliver positive returns even after adjusting for market and value risks. In contrast, the environmental and social portfolios (TOPESG, BOTTOMESG, TOPENV, and TOPSOC) exhibited negative alpha, implying that there may be unexplained factors—beyond those captured by the traditional risk factors—that negatively affect returns. This highlights the complexity of ESG investing and the need for further research to uncover the underlying drivers of these returns. Furthermore, in the third objective, the study also investigated the impact of ESG on Asset managers‘ investment decisions. The findings were mixed, with environmental factors showing no significant impact on investment decisions, while social and governance factors were influential. Asset managers appear to prioritise companies with strong social and governance practices, likely due to the perceived stability and ethical integrity these practices bring to their investments. The role of professional experience was also significant, with more experienced asset managers emphasizing social and governance factors in their decision-making process. This suggests that professional experience enhances the ability to recognise the long-term value of sustainable practices, particularly in social responsibility and corporate governance. The implications of this study are significant for a variety of stakeholders. Policymakers can draw inferences from this study to focus on improving corporate governance standards and promoting greater transparency in ESG reporting. By doing so, they can create a more conducive environment for sustainable investing in India. For corporations, the research underscores the importance of strengthening governance practices to enhance investor confidence and attract more ESG-focused vii investments. The study also reinforces the significance of professional development and training in ESG for managers, as more experienced managers are more likely to make well-informed decisions regarding ESG integrations of ESG in investments. For investors, the findings suggest that while ESG investing—particularly in governance- related aspects—can deliver positive financial outcomes, there is still a need for greater awareness and integration of environmental and social factors into investment strategies. Investors should adopt a more comprehensive approach to ESG, recognizing that long-term value creation is likely to be enhanced by sustainable practices. This thesis contributes to the growing literature on ESG investing by providing a detailed analysis of the Indian market. While governance factors are already recognised for their positive financial impact, environmental and social factors require further integration into investment strategies. The findings emphasise the need for sector-specific and investor-specific research to better understand the role of ESG in different contexts. Future research should focus on methodological innovations, regulatory changes' impact, and behavioural factors' influence on ESG investment performance.

2025-12-01T00:00:00Z WONDEMGEZAHU, ASALF HABTEGEORGIS http://dspace.dtu.ac.in:8080/jspui/handle/repository/22326 2025-12-02T06:03:05Z 2025-11-01T00:00:00Z

Title: A STUDY ON QUALITY MANAGEMENT OF ETHIOPIAN UNIVERSITIES: PRACTICES AND PROSPECTS Authors: WONDEMGEZAHU, ASALF HABTEGEORGIS Abstract: Objective: The main objective of this study is to examine the quality management and assurance practices in Ethiopian higher education institutions and to propose better strategies for enhancing the quality of education. The study aims to evaluate the current state of quality management systems and identify challenges in implementing quality standards in the country's universities. Rationale: Quality in higher education is crucial for national development, as it fosters excellence, competitiveness, and innovation. Ethiopia has seen growth in the number of universities but faces challenges like low enrolement rates, poor infrastructure, and inadequate staff quality. Monitoring quality management and accreditation processes is essential for improving education standards, enhancing productivity, and contributing to the country's economic development. Methodology: The study uses a mixed research methodology. A quantitative survey was conducted with 472 students and faculty members, while a qualitative study involved 20 quality assurance unit heads from 11 universities and four senior experts from the Ministry of Education and the Higher Education Relevance and Quality Agency. The data collected helped analyze current quality management practices, challenges, and opportunities for improvement in Ethiopian higher education institutions. Key Findings: 1. Quality management is a key process that ensures adherence to education standards, supporting effective teaching and learning. 2. Implementation of quality management practices such as curriculum harmonization reforms and ISO 9001 in laboratories has begun. 3. Despite these initiatives, challenges persist, including a lack of focus on evaluating university performance and insufficient budget allocation for quality improvement. vii 4. Limited infrastructure, staff quality issues, and a lack of monitoring mechanisms continue to hinder the effectiveness of the education system. Implications: The findings suggest that while there have been positive steps toward quality management in Ethiopian higher education, significant gaps remain. The lack of comprehensive performance evaluation systems and budget constraints prevent the full potential of quality management practices from being realized. Therefore, there is a need for stronger institutional commitment to quality assurance, as well as better integration of quality management models and frameworks. Recommendations: 1. Institutions should adopt and integrate quality enhancement models such as ISO 9000, Benchmarking, and the EFQM (European Foundation for Quality Management). 2. The government and universities need to prioritize investment in quality assurance systems, including more rigorous monitoring and evaluation of performance. 3. A focus on smart learning mechanisms, academic awards, and awareness programs can help create a culture of continuous improvement in education. 4. Collaboration between the Ministry of Education, universities, and quality assurance agencies is essential for creating effective strategies for quality management. Future Research: Future research should explore the impact of specific quality management models on student outcomes and institutional performance. Additionally, studies can investigate the role of technology and digital learning in enhancing educational quality. A deeper analysis of regional differences and challenges in the implementation of quality assurance practices could also provide valuable insights. Conclusion: Quality management in Ethiopian higher education is a multifaceted process that requires ongoing attention and improvement. While progress has been made, challenges such as inadequate funding, poor infrastructure, and insufficient monitoring remain significant viii barriers to achieving the desired quality standards. The adoption of quality assurance frameworks, along with stronger institutional and governmental support, is crucial for enhancing the effectiveness and impact of higher education in Ethiopia. Limitations: The study is limited by its focus on a selected sample of universities and may not fully represent the experiences of all higher education institutions in Ethiopia. Additionally, the qualitative data is based on interviews with a limited number of experts, which may not capture the full range of perspectives. Further studies with larger, more diverse samples could provide a more comprehensive view of quality management practices across the country.

2025-11-01T00:00:00Z GOEL, ABHINAV http://dspace.dtu.ac.in:8080/jspui/handle/repository/22243 2025-10-31T05:11:39Z 2025-10-01T00:00:00Z

Title: A STUDY OF FACTORS IMPACTING SOVEREIGN CREDIT RATINGS Authors: GOEL, ABHINAV Abstract: Sovereign Credit Ratings are independent opinions of a sovereign's ability to repay its debt obligations in a timely manner. Ability is a synthesis of capacity and willingness to repay. While the capacity to pay is generally determined through analysis of quantitative macroeconomic data, the willingness to pay is analyzed through study of various qualitative variables. (Ozturk, 2016) SCRs influence a sovereign’s access to and cost of international debt funds. SCRs can also influence flow of money into the economy, including foreign direct investment (FDI). SCRs also impacts availability and cost of borrowing for corporates and banks within the country through concepts like country ceiling. SCRs help international investors to choose and optimally price credit risk, while lending to sovereigns and corporate & banking entities domiciled within the sovereign. A study of the methodologies of the three large credit rating agencies (CRAs – S&P, Moody’s & Fitch) shows that they evaluate both quantitative and qualitative factors to arrive at their sovereign credit rating decisions. However, most existing academic studies analyses only quantitative factors, without considering the CRA methodologies. While there is largely a consensus on which quantitative variables are important for determining SCR, a similar consensus on qualitative variables has not been achieved. Also, there is substantial literature which establishes the link between banking sector risk and sovereign credit risk in general but work on the qualitative aspects of banking sector risk which contribute to build-up of NPLs is limited. Overall, this work finds gaps in previous research on the issues of selection of variables impacting SCR; impact of qualitative variables individually and as a group on sovereign credit ratings; consistency in application of rating criteria across nation-groups; and qualitative aspects of banking sector risks. This work proposes to address some of these gaps, especially in the context of India. All these gaps offer a vital opportunity for researchers to make a significant contribution to the related research stream. While we will do an international study on the quantitative and qualitative factors impacting SCR, we have laid special emphasis on ix comparison of India across nation groups. This first work analyses the impact of qualitative factor “rule of law” on the sovereign credit rating. Thorough analysis has been done on the complete developed dataset using linear regression, R squared value and the correlation coefficient. The results indicate a positive linkage, having 82% positive correlation between the “Rule of Law” percentile ranking of a country and its sovereign credit rating across various income groups and regions. The finding suggests that countries striving for higher sovereign credit ratings should consider ways to improve their world standing on qualitative variables like the ‘Rule of Law” and not only concentrate on improving macroeconomic factors. While this paper studies only one variable, there are many other qualitative variables which could be important in determining sovereign credit ratings, which can subject of future research. For further analysis, two different datasets were developed which comprises of 55 countries from all income groups and geographical locations with SCR obtained from two major CRA’s for a period of 10 years. In these two different datasets, various factors were replaced by their contemporary factors along with the data source. This was done to perform correlation analysis on these datasets individually to assess the importance of different parameters and to predict the sovereign credit rating using extra tree classifier. An important outcome is that all factors with low correlation are quantitative in nature while qualitative factors have high-moderate correlation with SCR. This indicates that the qualitative (socio- political) factors, individually and as a group, are more important in determining SCR than quantitative (economic) factors. Comparative analysis of results for these 2 datasets indicates the importance of the qualitative factors remains the same in determining SCR irrespective of its data source. This also finds the possibility of a bias in favor of “high-income” nations while assigning SCR. Moreover, banking sector factors appear to have moderate correlation with SCR. The results analysis reflects that given the importance of qualitative factors in determination of sovereign credit ratings; sovereigns particularly developing/low-middle income might be better placed by focusing on socio-political reforms instead of focusing only on economic factors. The third task analyses data related to NPLs and other banking performance parameters taken from institutions like RBI and World Bank. The findings of this work reveal that bank ownership in India is a major factor impacting levels of stressed assets with PSBs having relatively worse asset quality than private and foreign banks operating in India. Moreover, quality of regulatory system plays a key role in timely stress recognition and maintaining the health of a country’s banking system. x The fourth task analyses the evolution of the stressed assets resolution framework in India from 1985 to 2020 and its impact on the recovery rate, recovery time and amounts recovered. It shows that a pro-creditor stance to resolution has worked better in India than a pro-debtor stance. Though time to recovery has improved substantially, most cases under IBC are breaching the timeline stipulated under law. In an international context, post-IBC, India has made substantial improvement in recovery rates, which are now much higher than developing country peers and moving towards developed countries standards. Also, the time to recovery has substantially reduced and is now closer to developing country peers though still poor compared to developed countries. Indian cost of recovery has meanwhile remained stagnant and in the middle of the stack in the comparison.

2025-10-01T00:00:00Z TAYAL, ANKUR http://dspace.dtu.ac.in:8080/jspui/handle/repository/21775 2025-07-07T05:09:48Z 2025-06-01T00:00:00Z

Title: STUDY OF INDUSTRY 4.0 TECHNOLOGIES FOR SUSTAINABLE CONSTRUCTION IN INDIA Authors: TAYAL, ANKUR Abstract: Objective The study aims to explore and evaluate the adoption of Industry 4.0 technologies in the Indian construction industry, emphasizing their role in achieving sustainability. Key objectives include identifying enablers and barriers, analyzing sustainability dimensions (economic, social, and environmental), assessing perceived risks, and formulating strategies for effective technology integration. Rationale The construction industry, traditionally resistant to innovation, faces significant challenges in adopting advanced digital technologies. With growing demands for sustainable practices, Industry 4.0 offers transformative potential, particularly in developing nations like India. However, barriers such as high costs, skill shortages, and regulatory uncertainties necessitate a comprehensive study to bridge research gaps and provide actionable insights. Methodology A mixed-method approach was employed, including: • Systematic Literature Review: Identifying gaps and establishing a knowledge foundation. • Empirical Analysis: Utilizing methods like Fuzzy SWARA, Fuzzy COPRAS, and Fuzzy AHP to rank enablers, barriers, and sustainability factors. • Case Studies: Examining real-world implementations of Industry 4.0 technologies in Indian construction firms. • Surveys and Expert Interviews: Collecting data from industry stakeholders to understand perceptions and challenges. P a g e | X Key Findings 1. Enablers: Strategic planning, government regulations, and technological innovations like AI, IoT, and BIM were critical. 2. Barriers: High initial costs, lack of skilled workforce, and cybersecurity threats emerged as significant challenges. 3. Sustainability Impact: Industry 4.0 technologies enhanced efficiency, reduced waste, and improved safety, addressing the triple bottom line dimensions. 4. Risk Perceptions: Cybersecurity risks and data privacy were the most critical concerns for stakeholders. Implications The findings underscore the need for a robust framework to facilitate Industry 4.0 adoption. By addressing barriers and leveraging enablers, the construction industry can achieve significant advancements in sustainability, productivity, and competitiveness. Recommendations and Future Research • Policy Recommendations: Develop standardized regulations and offer financial incentives to reduce adoption barriers. • Training Programs: Enhance workforce readiness through industry-academia collaboration. • Technology Customization: Tailor Industry 4.0 solutions to local contexts. • Future research should explore long-term impacts of Industry 4.0 adoption on job markets and urban infrastructure planning. Conclusions and Limitations The research highlights Industry 4.0 as a pivotal driver for sustainable transformation in construction. However, its adoption is constrained by financial, technological, and organizational challenges. Limitations include the focus on Indian contexts and the reliance on self-reported data, which may introduce biases.

2025-06-01T00:00:00Z