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    Essays on corporate finance in Indian markets : a thesis presented in fulfilment of the requirements for the degree of Doctor of Philosophy in Finance at Massey University, Wellington, New Zealand. EMBARGOED until 10 November 2027.
    (Massey University, 2025) Puri, Swati Kumaria
    A strong and well-regulated financial system is essential for sustained economic growth. Financial sector reforms play a vital role in promoting efficient resource allocation, enhancing inclusion, mitigating business risks, and fostering long-term stability. India’s financial landscape has undergone a major transformation since the liberalization of the 1990s, transitioning from a highly regulated economy to a more open, market-oriented, and globally integrated system. Two landmark reforms—the Insolvency and Bankruptcy Code (IBC) introduced in 2016 and the Corporate Social Responsibility (CSR) law enacted in 2013—have significantly reshaped India’s financial and corporate framework. The IBC has improved the ease of doing business by providing a structured mechanism for insolvency resolution and creditor protection, while the CSR law has institutionalized responsible corporate behaviour by aligning business goals with social and environmental objectives. Despite these progressive measures, India’s financial system continues to face persistent external challenges such as rising crime, which creates uncertainty, increases transaction costs, and undermines investor confidence. This thesis examines the impact of legal reforms, corporate social responsibility, and crime on debt financing and investment efficiency in the Indian context. It provides robust empirical evidence that well-designed legal frameworks and governance mechanisms significantly enhance corporate performance, while external challenges like crime hinder firms’ investment efficiency. Collectively, the three essays in this study underscore the pivotal role of institutional frameworks in shaping corporate behaviour and economic outcomes—beginning with legal reform and extending to governance and enforcement. The findings reveal that proactive policy interventions such as the IBC and CSR reforms can enhance credit access and investment efficiency, contributing to sustainable and inclusive growth. However, the persistence of crime highlights the need for complementary governance and transparency measures to mitigate investment inefficiencies. Overall, this research contributes to understanding how institutional mechanisms and external constraints interact to influence firm behaviour and economic development in emerging markets. Importantly, these insights extend beyond India, offering valuable implications for policymakers and businesses in other developing economies seeking to strengthen institutions, promote economic resilience, and achieve sustainable progress.
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    Green banking : an exploration from the perspectives of banks, and retail bank customers : a thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Banking at Massey University, Manawatu Campus, School of Economics and Finance, New Zealand. EMBARGOED UNTIL JULY 2027.
    (Massey University, 2024-11-11) Kalu Kapuge Dona, Lilani Randika Kapuge
    This study explores green banking adoption from the perspectives of banks, and retail bank customers. Our aim is to contribute to banks’ adoption of green banking. This is achieved by examining banks’ green practices and proposing a constructivist framework for banks to transform from conventional banking into green banking. As banks are driven by a profit motive, if banks’ environmental performance positively connects with attaining their profitability objectives, there may be a motivation to apply green banking practices. In Essay One, we examine the impact of banks’ green performance and disclosures on their financial, market, and risk performance. We employ Bloomberg’s environmental disclosure scores and Refinitiv’s environmental performance scores as proxies to measure banks’ green performance and disclosures. As an addition to ESG literature, we use Yale’s Environmental Performance Index (EPI) to examine the extent to which the home country’s environmental performance moderates the links between the impact of banks’ environmental performance and disclosures on their financial, market and risk performance. Data was drawn from 189 of the world’s largest banks for the period 2009 to 2019, and the analysis incorporates two-step system GMM models. To check the robustness of our results, we removed banks that are major financiers of fossil fuels and EU banks from the main sample. We find no evidence to support Bloomberg’s environmental disclosure scores or Refinitiv’s environmental performance scores impacting banks’ financial, market and risk performance. In addition, EPI does not moderate the links between the impact of banks’ environmental performance and disclosures on their financial, market and risk performance. The findings confirm that environmental performance and environmental disclosures do not matter to big banking players’ prosperity. Overall, this study establishes the need for a commonly agreed banking-industry-oriented environmental rating scale to measure banks’ green performance correctly to avoid misleading green-conscious stakeholders and identify banks’ true green efforts. In Essay Two, in response to the absence of an agreed or standard performance measurement mechanism for green banking, we develop a green banking scorecard (GBS) from a new perspective. First, we use the updated version of the Planetary Boundaries Theory (PBT) to broaden the green banking measurement scale. Second, we employ a Fossil Fuel Index (FI) to assess banks’ true commitments towards green banking, because banks are often criticised as major financiers of fossil fuels. Third, as a new addition to banks’ green performance measurement, we use Yale’s Environmental Performance Index (EPI) which brings international differences in measuring banks’ green performance into a common platform. We apply the GBS to 37 of the world's largest banks to measure their green performance. We find that European banks achieve higher green banking scores compared to Asian and American banks. In Essay Three, following Stakeholders' Theory, stakeholders’ positive behavioural change towards green banking is essential for banks to adopt green banking. Employing Behavioural Response Theory (BRT), we examined retail bank customers’ intention to adopt green banking in New Zealand using 254 online survey responses. To extend this study, we examine whether retail bank customers’ environmental knowledge moderates the association between attitude towards green banking and intention to adopt green banking. The study finds retail bank customers prefer green banking although some of them do not yet intend to adopt green banking. The findings confirm that environmental knowledge has a weak negative moderating effect on the association between attitude towards green banking and intention to adopt green banking. The responses from this study indicate there are specific factors that affect and limit retail bank customers’ intentions to adopt green banking. In summary, this study concludes environmental disclosure scores, or environmental performance scores do not impact banks’ financial, market and risk performance. We proposed a green banking scorecard (GBS) from a new perspective to measure banks’ green performance and we find that European banks achieve higher green banking scores compared to Asian and American banks. Finally, the study finds retail bank customers also prefer green banking and intend to adopt green banking.