The purpose of this paper is to explore the impact of financial literacy on financial well-being among the business school faculties. Both the variables (financial literacy and financial well-being) are operationalized as multi-dimensional constructs to undertake the study. Moreover, the paper also endeavored to examine the mediating role of financial self-efficacy between financial literacy and financial well-being. The paper adopts a survey by questionnaire method to gather data from 203 business school faculty members through the simple random sampling (SRS) technique. Confirmatory factor analysis was used for scale validation, and structural equation modeling was used for hypotheses testing. Mediation was tested using percentile bootstrap with a 95% confidence interval. The study found a significantly positive impact of financial literacy as well as its dimensions on financial self-efficacy and financial well-being. It was also found that financial self-efficacy partially mediates the effect of financial literacy on financial well-being. Measurement of the constructs was done on subjective measures, and the study is limited to business school faculties only. The present research findings could be employed in crafting educational programs for business schools. These programs shall guide such institutions in imparting the knowledge and skills among students regarding their personal finances in terms of savings and retirement planning. The study was focused on the business school faculties of the Jammu and Kashmir region, who are less exposed to the financial literacy programs due to factors like frequent lockdown and internet shutdowns. Moreover, it is generally witnessed that salaried class people in Jammu and Kashmir pay less attention to long-term financial planning for retirement, which makes the present study more relevant. Therefore, this study will prove beneficial to all the employees, especially the business school faculties, to understand the importance of financial literacy and its subsequent effect on financial well-being.

PurposeThe study is aimed to identify the determinants of online buying behavior and their associations with the consequences of online buying behavior. The study adopted an e-loyalty framework and investigated causal links among functionality, usability, trust, commitment and loyalty. In addition, the study also attempted to investigate the mediating role of trust and commitment between online buying determinants and online purchasing outcomes. The demographic variables of age, gender and income are used as control variables.Design/methodology/approachAn online questionnaire survey was conducted on Internet users by adopting purposive sampling technique. Confirmatory factor analysis (CFA) was employed for measurement development, SEM was used for testing causal links, and percentile bootstrap with 95% confidence interval was used for mediation analysis.FindingsSignificant positive relationships were found among functionality, usability, trust, commitment and loyalty. Trust was found to fully mediate the effect of functionality and usability on loyalty. It was also found that commitment fully mediates the effect of functionality on loyalty.Research limitations/implicationsHowever, caution is advised while generalizing results of this study. The study was conducted on online retailing only. The authors recommend future studies to extend the research in other e-commerce sectors and also to perform a comparative study between online and offline retailing.Practical implicationsThis study provides some practical implications to website developers in designing a web page that caters the functionality and usability aspects in understanding e-loyalty formation process so that appropriate marketing strategies and tactics can be established to accommodate customized loyalty of each customer.Originality/valueThe study demonstrates the customer loyalty formation process in online retailing. Scanty literature has witnessed mediating role of trust and commitment in the relationships among functionality, usability and loyalty along with age, gender and monthly family income as controls in Indian sub-continent.

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The current study presents a systematic review of macroeconomic risk factors and stock market performance under the broader theme of multi-factor asset pricing or the Arbitrage Pricing Theory (APT). Based on the review of relevant literature, the study summarizes key findings of different research works and identifies significant research gaps that need to be addressed by future research. It assesses the state of published work in the domain of asset pricing by systematically analyzing 116 research articles. The research works whose focal point has been asset pricing have been retrieved from leading databases and journals related to financial economics for the period 1976–2019. The study provides a comprehensive look at the conceptual, theoretical, and methodological (or empirical) developments and patterns prevalent at the aggregate level. The implications of the study hold key importance for academia or future researchers, policy-makers and most importantly the investors for guiding their investment decisions efficiently.