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Papers by Purna Chandra Padhan
Theoretical Economics Letters, 2017
The decision to spend on Research and Development (R&D) is very crucial for the growth of any fir... more The decision to spend on Research and Development (R&D) is very crucial for the growth of any firm. This study explores the determinants of R&D intensities in selected Indian firms that spend on R&D activities. The impact of business house affiliation on R&D activities is also taken as a crucial factor determining R&D activities. The study found that R&D behavior for the period 2003-2009 is different from the year 2010. The year 2010 being the recovery year there has been significant rise in R&D spending among the selected firms. As there are some interrelated variables in the model, the simultaneity in the models is verified with Hausman tests and then two-stage least square method is applied for the empirical estimation and analysis. Outward orientation, profitability, imports of capital goods, advertisement etc. turned out to be important determinants of R&D intensity. Business group affiliation as such has a negative role in R&D intensity except for top-50 business houses in cer...
International Review of Education, 2018
Journal of the Knowledge Economy
Cogent Economics & Finance
Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics, 2004
Recent advances in time series analysis have permitted the investigation of the long-run and shor... more Recent advances in time series analysis have permitted the investigation of the long-run and short-run relationship between export and economic growth in terms of co integration analysis and error correction mechanism. The paper empirically examines the relationship between export and economic growth in the short-run and long-run by using Indian data over the period, 1950-51 to 2000-2001. There is some evidence of co integration to establish a long-run relationship between export and economic growth found through Johansen and Johansen Juselius Co integration tests. Using the Granger Causality test we find empirical support for unidirectional Granger causality running from export to economic growth.
Journal of Cleaner Production
A B ST R A C T The decision to spend on Research and Development (R&D) is very crucial for the gr... more A B ST R A C T The decision to spend on Research and Development (R&D) is very crucial for the growth of any firm. This study explores the determinants of R&D intensities in selected Indian firms that spend on R&D activities. The impact of business house affiliation on R&D activities is also taken as a crucial factor determining R&D activities. The study found that R&D behavior for the period 2003-2009 is different from the year 2010. The year 2010 being the recovery year there has been significant rise in R&D spending among the selected firms. As there are some interrelated variables in the model, the simultaneity in the models is verified with Hausman tests and then two-stage least square method is applied for the empirical estimation and analysis. Outward orientation, profitability, imports of capital goods, advertisement etc. turned out to be important determinants of R&D intensity. Business group affiliation as such has a negative role in R&D intensity except for top-50 busines...
The present study tests the validity of the Quantity Theory of Money with the help of a new test ... more The present study tests the validity of the Quantity Theory of Money with the help of a new test procedure developed by Horvath & Watson (Econometric Theory, 1995) in a multiple cointegration framework. By using a fairly long quarterly data set of USA, Canada, Australia and Italy for the period 1975-I to 1998-II the study found that I(0) velocity is proved in all the sample countries, except Canada. Further, it found that all the sample countries have at least one unknown cointegrating vector between money supply, prices and real income, corroborating the propositions of QTM.
Environmental Science and Pollution Research, 2021
This paper examines the effect of ICT and FDI on environmental pollution in major Asia Pacific co... more This paper examines the effect of ICT and FDI on environmental pollution in major Asia Pacific countries during the year 1990–2018. We use Pooled Mean Group (PMG) and Dumitrescu-Hurlin Panel Causality for the estimation of the results. Our results suggest that ICT and FDI affect the carbon emissions or environmental pollution negatively. This implies that with the rise in ICT infrastructure and FDI inflows, environmental pollution decreases significantly in the long run. The Dumitrescu-Hurlin causality results suggest the existence of bidirectional causality among ICT and FDI which implies that increase in foreign investment leads to increase in ICT infrastructure and also, with increasing ICT infrastructure, the foreign investment increases in the Asia Pacific countries. On the policy forefront, the main focus should be targeted towards promoting FDI and ICT infrastructure in order to facilitate sustainable economic development in the Asia Pacific countries.
Cogent Economics & Finance, 2019
SSRN Electronic Journal, 2017
Savings and Development, 2008
The Iup Journal of Monetary Economics, 2005
This paper empirically examines the short and long run response of economic activity (output-real... more This paper empirically examines the short and long run response of economic activity (output-real and nominal, and price level) to monetary changes in the Indian context under open economy (i.e., post-economic reform period). The empirical results, applying Johansen-Juselius cointegration tests on monthly data, support the existence of long run equilibrium relationship between money supply, interest rate, exchange rate and output, and the price level also. Through the impulse response functions and forecast error variance decomposition results, it is found that, money has both short and long run effect on the economic activity.
This study examines the price discovery process and lead-lag relationship between NSE S&P CNX... more This study examines the price discovery process and lead-lag relationship between NSE S&P CNX Nifty stock index futures and its underlying spot index, using daily data from January 1, 2004 to December 31, 2008. It investigates the long-term and short-term dynamics of prices between spot and futures market, using Johansen-Juselius cointegration test, Vector Error Correction Model (VECM), impulse response functions, and variance decomposition. In addition to it, the recently developed Granger non-causality tests of Toda and Yamamoto (1995) and Dolado and Lutkepohl (1996) have also been applied to examine the causal relationship between spot and futures markets. The obtained results support the existence of a long-run relationship between spot and futures prices. Further, VECM indicates short-run unidirectional causality from futures to spot market. In addition, the study finds unidirectional Granger causality from futures market to spot market through Toda-Yamamoto-Dolado-Lutkepohl (TYDL) causality test. The shape of the impulse response graphs shows that spot market has a larger response to shocks in the futures index than the futures responses to spot innovations. The results of variance decomposition indicate that the futures market shocks dominate over spot market in explaining the variation in spot market. However, disturbance originating from spot market contributes very less percentage variability to futures market. To conclude, futures price leads spot price and performs the price discovery function. The obtained results have important implications for traders, regulatory bodies and practitioners.
The Iup Journal of Monetary Economics, 2006
The paper examines the dynamic relationship between stock price and exchange rate expressed in te... more The paper examines the dynamic relationship between stock price and exchange rate expressed in terms of long run, short run and causal relationships in the context of India, using monthly data for the period 1990-2004 to 2004-08. The well-known cointegration ...
Theoretical Economics Letters, 2017
The decision to spend on Research and Development (R&D) is very crucial for the growth of any fir... more The decision to spend on Research and Development (R&D) is very crucial for the growth of any firm. This study explores the determinants of R&D intensities in selected Indian firms that spend on R&D activities. The impact of business house affiliation on R&D activities is also taken as a crucial factor determining R&D activities. The study found that R&D behavior for the period 2003-2009 is different from the year 2010. The year 2010 being the recovery year there has been significant rise in R&D spending among the selected firms. As there are some interrelated variables in the model, the simultaneity in the models is verified with Hausman tests and then two-stage least square method is applied for the empirical estimation and analysis. Outward orientation, profitability, imports of capital goods, advertisement etc. turned out to be important determinants of R&D intensity. Business group affiliation as such has a negative role in R&D intensity except for top-50 business houses in cer...
International Review of Education, 2018
Journal of the Knowledge Economy
Cogent Economics & Finance
Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics, 2004
Recent advances in time series analysis have permitted the investigation of the long-run and shor... more Recent advances in time series analysis have permitted the investigation of the long-run and short-run relationship between export and economic growth in terms of co integration analysis and error correction mechanism. The paper empirically examines the relationship between export and economic growth in the short-run and long-run by using Indian data over the period, 1950-51 to 2000-2001. There is some evidence of co integration to establish a long-run relationship between export and economic growth found through Johansen and Johansen Juselius Co integration tests. Using the Granger Causality test we find empirical support for unidirectional Granger causality running from export to economic growth.
Journal of Cleaner Production
A B ST R A C T The decision to spend on Research and Development (R&D) is very crucial for the gr... more A B ST R A C T The decision to spend on Research and Development (R&D) is very crucial for the growth of any firm. This study explores the determinants of R&D intensities in selected Indian firms that spend on R&D activities. The impact of business house affiliation on R&D activities is also taken as a crucial factor determining R&D activities. The study found that R&D behavior for the period 2003-2009 is different from the year 2010. The year 2010 being the recovery year there has been significant rise in R&D spending among the selected firms. As there are some interrelated variables in the model, the simultaneity in the models is verified with Hausman tests and then two-stage least square method is applied for the empirical estimation and analysis. Outward orientation, profitability, imports of capital goods, advertisement etc. turned out to be important determinants of R&D intensity. Business group affiliation as such has a negative role in R&D intensity except for top-50 busines...
The present study tests the validity of the Quantity Theory of Money with the help of a new test ... more The present study tests the validity of the Quantity Theory of Money with the help of a new test procedure developed by Horvath & Watson (Econometric Theory, 1995) in a multiple cointegration framework. By using a fairly long quarterly data set of USA, Canada, Australia and Italy for the period 1975-I to 1998-II the study found that I(0) velocity is proved in all the sample countries, except Canada. Further, it found that all the sample countries have at least one unknown cointegrating vector between money supply, prices and real income, corroborating the propositions of QTM.
Environmental Science and Pollution Research, 2021
This paper examines the effect of ICT and FDI on environmental pollution in major Asia Pacific co... more This paper examines the effect of ICT and FDI on environmental pollution in major Asia Pacific countries during the year 1990–2018. We use Pooled Mean Group (PMG) and Dumitrescu-Hurlin Panel Causality for the estimation of the results. Our results suggest that ICT and FDI affect the carbon emissions or environmental pollution negatively. This implies that with the rise in ICT infrastructure and FDI inflows, environmental pollution decreases significantly in the long run. The Dumitrescu-Hurlin causality results suggest the existence of bidirectional causality among ICT and FDI which implies that increase in foreign investment leads to increase in ICT infrastructure and also, with increasing ICT infrastructure, the foreign investment increases in the Asia Pacific countries. On the policy forefront, the main focus should be targeted towards promoting FDI and ICT infrastructure in order to facilitate sustainable economic development in the Asia Pacific countries.
Cogent Economics & Finance, 2019
SSRN Electronic Journal, 2017
Savings and Development, 2008
The Iup Journal of Monetary Economics, 2005
This paper empirically examines the short and long run response of economic activity (output-real... more This paper empirically examines the short and long run response of economic activity (output-real and nominal, and price level) to monetary changes in the Indian context under open economy (i.e., post-economic reform period). The empirical results, applying Johansen-Juselius cointegration tests on monthly data, support the existence of long run equilibrium relationship between money supply, interest rate, exchange rate and output, and the price level also. Through the impulse response functions and forecast error variance decomposition results, it is found that, money has both short and long run effect on the economic activity.
This study examines the price discovery process and lead-lag relationship between NSE S&P CNX... more This study examines the price discovery process and lead-lag relationship between NSE S&P CNX Nifty stock index futures and its underlying spot index, using daily data from January 1, 2004 to December 31, 2008. It investigates the long-term and short-term dynamics of prices between spot and futures market, using Johansen-Juselius cointegration test, Vector Error Correction Model (VECM), impulse response functions, and variance decomposition. In addition to it, the recently developed Granger non-causality tests of Toda and Yamamoto (1995) and Dolado and Lutkepohl (1996) have also been applied to examine the causal relationship between spot and futures markets. The obtained results support the existence of a long-run relationship between spot and futures prices. Further, VECM indicates short-run unidirectional causality from futures to spot market. In addition, the study finds unidirectional Granger causality from futures market to spot market through Toda-Yamamoto-Dolado-Lutkepohl (TYDL) causality test. The shape of the impulse response graphs shows that spot market has a larger response to shocks in the futures index than the futures responses to spot innovations. The results of variance decomposition indicate that the futures market shocks dominate over spot market in explaining the variation in spot market. However, disturbance originating from spot market contributes very less percentage variability to futures market. To conclude, futures price leads spot price and performs the price discovery function. The obtained results have important implications for traders, regulatory bodies and practitioners.
The Iup Journal of Monetary Economics, 2006
The paper examines the dynamic relationship between stock price and exchange rate expressed in te... more The paper examines the dynamic relationship between stock price and exchange rate expressed in terms of long run, short run and causal relationships in the context of India, using monthly data for the period 1990-2004 to 2004-08. The well-known cointegration ...