{"id":"https://openalex.org/W7225449108","doi":"https://doi.org/10.46281/ijfb-2026-16-01-03","title":"Risk and return of Indian information technology stocks: beta, growth and decent work-driven economic growth","display_name":"Risk and return of Indian information technology stocks: beta, growth and decent work-driven economic growth","publication_year":2026,"publication_date":"2026-11-07","ids":{"openalex":"https://openalex.org/W7225449108","doi":"https://doi.org/10.46281/ijfb-2026-16-01-03"},"language":"en","primary_location":{"id":"doi:10.46281/ijfb-2026-16-01-03","doi":"https://doi.org/10.46281/ijfb-2026-16-01-03","is_oa":true,"landing_page_url":"https://doi.org/10.46281/ijfb-2026-16-01-03","pdf_url":"https://www.cribfb.com/journal/index.php/ijfb/article/download/3008/1693","source":{"id":"https://openalex.org/S4210195690","display_name":"Indian Journal of Finance and Banking","issn_l":"2574-6081","issn":["2574-6081","2574-609X"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Indian Journal of Finance and Banking","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://www.cribfb.com/journal/index.php/ijfb/article/download/3008/1693","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5128777397","display_name":"Sridhar H S","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210137436","display_name":"JSS Science and Technology University","ror":"https://ror.org/04mnmkz07","country_code":"IN","type":"education","lineage":["https://openalex.org/I4210137436"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Sridhar H S","raw_affiliation_strings":["Assistant Professor, JSS Centre for Management Studies, JSS Science and Technology University, Mysuru, Karnataka, India"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Assistant Professor, JSS Centre for Management Studies, JSS Science and Technology University, Mysuru, Karnataka, India","institution_ids":["https://openalex.org/I4210137436"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5128727216","display_name":"Anupama Sundar D","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210137436","display_name":"JSS Science and Technology University","ror":"https://ror.org/04mnmkz07","country_code":"IN","type":"education","lineage":["https://openalex.org/I4210137436"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Anupama Sundar D","raw_affiliation_strings":["Professor, JSS Centre for Management Studies, JSS Science and Technology University, Mysuru, Karnataka, India"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Professor, JSS Centre for Management Studies, JSS Science and Technology University, Mysuru, Karnataka, India","institution_ids":["https://openalex.org/I4210137436"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I4210137436"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"16","issue":"1","first_page":"26","last_page":"35"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.986299991607666,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.986299991607666,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.008899999782443047,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.001500000013038516,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/systematic-risk","display_name":"systematic risk","score":0.8180000185966492},{"id":"https://openalex.org/keywords/beta","display_name":"beta","score":0.6919999718666077},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.5989999771118164},{"id":"https://openalex.org/keywords/compound-annual-growth-rate","display_name":"compound annual growth rate","score":0.8040000200271606},{"id":"https://openalex.org/keywords/bombay-stock-exchange","display_name":"Bombay Stock Exchange","score":0.7440000176429749},{"id":"https://openalex.org/keywords/wipro","display_name":"Wipro","score":0.5400000214576721},{"id":"https://openalex.org/keywords/tata-consultancy-services","display_name":"Tata Consultancy Services","score":0.8949999809265137},{"id":"https://openalex.org/keywords/risk-return-trade-off","display_name":"risk-return tradeoff","score":0.5130000114440918},{"id":"https://openalex.org/keywords/decent-work","display_name":"decent work","score":0.49300000071525574},{"id":"https://openalex.org/keywords/economic-growth","display_name":"economic growth","score":0.7419999837875366}],"concepts":[{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5465999841690063},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5406000018119812},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.4894999861717224},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4375},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.41029998660087585},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.3790000081062317},{"id":"https://openalex.org/C134632028","wikidata":"https://www.wikidata.org/wiki/Q6134482","display_name":"Sustainable growth rate","level":2,"score":0.37450000643730164},{"id":"https://openalex.org/C30755413","wikidata":"https://www.wikidata.org/wiki/Q1245402","display_name":"Risk\u2013return spectrum","level":3,"score":0.3587999939918518},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.3537999987602234},{"id":"https://openalex.org/C121017731","wikidata":"https://www.wikidata.org/wiki/Q11661","display_name":"Information technology","level":2,"score":0.32679998874664307},{"id":"https://openalex.org/C4249254","wikidata":"https://www.wikidata.org/wiki/Q3044431","display_name":"Demographic economics","level":1,"score":0.325300008058548},{"id":"https://openalex.org/C2778775528","wikidata":"https://www.wikidata.org/wiki/Q5135432","display_name":"Closing (real estate)","level":2,"score":0.3197000026702881},{"id":"https://openalex.org/C88389905","wikidata":"https://www.wikidata.org/wiki/Q223371","display_name":"Stock market index","level":4,"score":0.31119999289512634},{"id":"https://openalex.org/C73858035","wikidata":"https://www.wikidata.org/wiki/Q1164550","display_name":"Market risk","level":2,"score":0.304500013589859},{"id":"https://openalex.org/C2776012548","wikidata":"https://www.wikidata.org/wiki/Q4769689","display_name":"Annual growth %","level":2,"score":0.29919999837875366},{"id":"https://openalex.org/C143591128","wikidata":"https://www.wikidata.org/wiki/Q1746791","display_name":"Growth stock","level":5,"score":0.29660001397132874},{"id":"https://openalex.org/C206041023","wikidata":"https://www.wikidata.org/wiki/Q1751970","display_name":"Wilcoxon signed-rank test","level":3,"score":0.2919999957084656},{"id":"https://openalex.org/C154611145","wikidata":"https://www.wikidata.org/wiki/Q4331879","display_name":"Expected return","level":3,"score":0.2863999903202057},{"id":"https://openalex.org/C169549615","wikidata":"https://www.wikidata.org/wiki/Q939134","display_name":"Return on investment","level":3,"score":0.2854999899864197},{"id":"https://openalex.org/C86637286","wikidata":"https://www.wikidata.org/wiki/Q7317264","display_name":"Rate of return","level":2,"score":0.28290000557899475},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.27070000767707825},{"id":"https://openalex.org/C23979983","wikidata":"https://www.wikidata.org/wiki/Q1165103","display_name":"Virtuous circle and vicious circle","level":2,"score":0.25850000977516174},{"id":"https://openalex.org/C122637931","wikidata":"https://www.wikidata.org/wiki/Q118084","display_name":"Unit (ring theory)","level":2,"score":0.2574999928474426},{"id":"https://openalex.org/C2778253041","wikidata":"https://www.wikidata.org/wiki/Q699735","display_name":"Annual report","level":2,"score":0.25690001249313354},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.25380000472068787}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.46281/ijfb-2026-16-01-03","doi":"https://doi.org/10.46281/ijfb-2026-16-01-03","is_oa":true,"landing_page_url":"https://doi.org/10.46281/ijfb-2026-16-01-03","pdf_url":"https://www.cribfb.com/journal/index.php/ijfb/article/download/3008/1693","source":{"id":"https://openalex.org/S4210195690","display_name":"Indian Journal of Finance and Banking","issn_l":"2574-6081","issn":["2574-6081","2574-609X"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Indian Journal of Finance and Banking","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.46281/ijfb-2026-16-01-03","doi":"https://doi.org/10.46281/ijfb-2026-16-01-03","is_oa":true,"landing_page_url":"https://doi.org/10.46281/ijfb-2026-16-01-03","pdf_url":"https://www.cribfb.com/journal/index.php/ijfb/article/download/3008/1693","source":{"id":"https://openalex.org/S4210195690","display_name":"Indian Journal of Finance and Banking","issn_l":"2574-6081","issn":["2574-6081","2574-609X"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Indian Journal of Finance and Banking","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.48510000109672546,"id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225449108.pdf","grobid_xml":"https://content.openalex.org/works/W7225449108.grobid-xml"},"referenced_works_count":54,"referenced_works":["https://openalex.org/W2508573157","https://openalex.org/W2598896423","https://openalex.org/W2800297885","https://openalex.org/W2802925017","https://openalex.org/W2895817565","https://openalex.org/W3020943802","https://openalex.org/W3124697404","https://openalex.org/W4376111618","https://openalex.org/W4387297424","https://openalex.org/W4388996945","https://openalex.org/W4389733377","https://openalex.org/W4390097279","https://openalex.org/W4390371473","https://openalex.org/W4391648532","https://openalex.org/W4391953280","https://openalex.org/W4392112372","https://openalex.org/W4394575604","https://openalex.org/W4394968935","https://openalex.org/W4396906371","https://openalex.org/W4400168210","https://openalex.org/W4401353612","https://openalex.org/W4402072687","https://openalex.org/W4402754394","https://openalex.org/W4403147974","https://openalex.org/W4403312246","https://openalex.org/W4403905642","https://openalex.org/W4404257875","https://openalex.org/W4405234908","https://openalex.org/W4405668753","https://openalex.org/W4405854418","https://openalex.org/W4406080891","https://openalex.org/W4406098774","https://openalex.org/W4406367556","https://openalex.org/W4406553931","https://openalex.org/W4406795634","https://openalex.org/W4409619239","https://openalex.org/W4409753366","https://openalex.org/W4409787209","https://openalex.org/W4410090878","https://openalex.org/W4410100980","https://openalex.org/W4410204761","https://openalex.org/W4410265601","https://openalex.org/W4410530152","https://openalex.org/W4411535507","https://openalex.org/W4413049763","https://openalex.org/W4415045112","https://openalex.org/W4415447496","https://openalex.org/W4417085631","https://openalex.org/W7092631219","https://openalex.org/W7106267172","https://openalex.org/W7138894281","https://openalex.org/W7139912830","https://openalex.org/W7168207055","https://openalex.org/W7170947153"],"related_works":["https://openalex.org/W7134899040","https://openalex.org/W7169787944","https://openalex.org/W2996738459","https://openalex.org/W7224613163","https://openalex.org/W2185099022","https://openalex.org/W7134242710","https://openalex.org/W7009528024","https://openalex.org/W7164139352","https://openalex.org/W4312617649","https://openalex.org/W7128250323"],"abstract_inverted_index":{"Information":[0],"technology":[1],"(IT)":[2],"services":[3,50],"are":[4,109],"a":[5,20,134],"core":[6],"engine":[7],"of":[8,47,78,129,158,164,245],"India's":[9],"decent":[10],"work":[11],"and":[12,29,44,51,61,82,102,111,119,121,172,178,228,234,254],"economic":[13],"growth":[14,46,106,222,242],"agenda,":[15],"yet":[16],"retail":[17],"investors":[18],"face":[19],"crowded":[21],"sector":[22],"in":[23,251],"which":[24,97],"the":[25,35,41,56,79,83,87,130,147,154,161,173,211,240],"relationship":[26],"between":[27,176],"risk":[28,43,66],"reward":[30],"is":[31],"rarely":[32],"quantified":[33],"at":[34],"firm":[36],"level.":[37],"This":[38],"study":[39,73],"examines":[40],"systematic":[42,246],"share-price":[45],"twelve":[48,80,131],"IT":[49,201],"consulting":[52],"companies":[53],"listed":[54],"on":[55],"Bombay":[57],"Stock":[58],"Exchange":[59],"(BSE)":[60],"tests":[62],"whether":[63],"higher":[64,70],"market":[65,212],"was":[67,180,223],"rewarded":[68],"with":[69,144],"growth.":[71],"The":[72,124,196],"employs":[74],"monthly":[75,98],"closing":[76],"prices":[77],"stocks":[81,132,202],"BSE":[84],"Sensex":[85,162],"for":[86],"36":[88],"months":[89],"from":[90,96],"April":[91],"2019":[92],"to":[93,182,226],"March":[94],"2022,":[95],"returns,":[99],"market-model":[100],"betas,":[101],"three-year":[103],"compound":[104],"annual":[105],"rates":[107],"(CAGR)":[108],"computed":[110],"compared":[112],"using":[113],"one-sample":[114],"t-tests,":[115],"Wilcoxon":[116],"signed-rank":[117],"tests,":[118],"Pearson":[120],"Spearman":[122],"correlations.":[123],"results":[125],"show":[126],"that":[127,199,208,220,229],"eleven":[128],"had":[133],"beta":[135,177],"below":[136],"one":[137],"(mean":[138],"0.886,":[139],"median":[140],"0.863,":[141],"range":[142],"0.470\u20132.008),":[143],"KPIT":[145],"Technologies":[146],"sole":[148],"aggressive":[149],"stock":[150],"(\u03b2":[151,231,236],"=":[152,167,185,188,191,194,232,237],"2.008);":[153],"sample":[155],"mean":[156],"CAGR":[157,163,179],"21.57%":[159],"exceeded":[160],"14.49%":[165],"(t":[166],"5.97,":[168],"p":[169,187,193],"<":[170],"0.001),":[171],"cross-sectional":[174],"correlation":[175],"close":[181],"zero":[183],"(r":[184],"0.007,":[186],"0.983;":[189],"\u03c1":[190],"0.189,":[192],"0.557).":[195],"findings":[197],"suggest":[198],"Indian":[200],"behaved":[203],"as":[204],"defensive,":[205],"below-market-risk":[206],"securities":[207],"nonetheless":[209],"outgrew":[210],"by":[213],"about":[214],"seven":[215],"percentage":[216],"points":[217],"per":[218,243],"year,":[219],"firm-level":[221],"not":[224],"proportional":[225],"beta,":[227],"Wipro":[230],"0.470)":[233],"TCS":[235],"0.506)":[238],"delivered":[239],"most":[241],"unit":[244],"risk,":[247],"supporting":[248],"sustainable":[249],"investment":[250],"industry,":[252],"innovation":[253],"infrastructure.":[255],"JEL":[256],"Classification":[257],"Codes:":[258],"G11,":[259],"G12,":[260],"G32,":[261],"L86,":[262],"O16.":[263]},"counts_by_year":[],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2026-11-08T00:00:00"}