Dynamics and Trading Behaviour of Four Domestic Institutional Investors in Indian Stock Markets
Abstract
The stability of financial markets is the need of the hour. The runaway of foreign institutional investors has left Indian markets dry many times. Domestic institutional investors (DII) have rescued stock markets during many turbulence-making events. The study focuses on the Trading strategies of four types of DIIs in Indian stock markets: mutual funds, Insurance companies, Development financial institutions, and banks.
A vector autoregressive model is used to study the behavior of Four DII’s (insurance companies, development financial institutions, banks, mutual funds) in Indian stock markets on daily data. The data is studied at three levels Buy Sell and Net.
Banks became positive feedback traders whereas mutual funds, insurance companies, and development financial institutions were found as negative feedback traders. These results broke the myth about DII’s as only contrarian traders in the Indian context. The study results reveal the significant impact of purchase and sell done by all the DII’s on stock returns. At the Net investment level, it is Mutual funds and development financial institutions impacting the stock market. Buying done by banks also creates price pressure in the markets.
It is the first paper in the Indian context to study the domestic institutional investor's data at the disaggregated level. The daily data is taken from the Securities Exchange Board of India (SEBI) on special requests under the regulatory authority's data-sharing policy. Such a bifurcation study on trading strategies is mostly done in the U.S. and Japan to the best of my knowledge. The research on DII at the bifurcated level may include pension funds, Hedge fund, Venture capital funds, and REITs in future research
Regulatory authorities should make policy changes so that Insurance companies, Development financial institutions, mutual funds, and banks can increase their investment corpus in stock markets as their investment is having a positive effect on stock markets.
Investor awareness programs against panic selling in mutual funds will benefit investors as they will be able to gain more earnings from their mutual funds’ investments. Insurance awareness programs will not only increase their investment corpus but also make society self-reliant.
References
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[2] Acharya, R., & Thiripalraju, M. (2011). Dynamic interaction between institutional investment and stock returns in India: A case of FIIs and MFs. Indian Institute of Capital Markets., 1–35.
[3] Ahmed, W. M. A. (2014). The trading patterns and performance of individual vis-à-vis institutional investors in the Qatar exchange. Review of Accounting and Finance, 13(1): 24–42. DOI: 10.1108/RAF-09-2012-0089
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[6] Arora, R. K. (2016a). The relation between investment of domestic and foreign institutional investors and stock returns in India. Global Business Review, 17(3): 654–664. DOI:https://doi.org/10.1177/0972150916630830
[7] Baik, B., Kang, J. K., & Kim, J. M. (2010). Local institutional investors, information asymmetries, and equity returns. Journal of Financial Economics, 97(1): 81–106. DOI: https://doi.org/10.1016/j.jfineco.2010.03.006
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[10] Black, F. (1986). Noise. In The Journal of Finance, 3: 529–543. DOI: https://doi.org/10.1111/j.1540-6261.1986.tb04513.x
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[13] Bose, S. (2012). Mutual Fund Investments, FII Investments and Stock Market Returns in India. ICRA Bulletin: Money and Finance, september, 89–110. DOI: https://doi.org/10.2139/ssrn.2204418
[14] Boyer, B. H., & Zheng, L. (2002). Who Moves the Market? A Study of Stock Prices and Investment Cashflows. SSRN Electronic Journal, 734–763. DOI: https://doi.org/10.2139/ssrn.342681
[15] Boyer, B., & Zheng, L. (2009). Investor flows and stock market returns ☆. Journal of Empirical Finance Journal, 16: 87–100. DOI: https://doi.org/10.1016/j.jempfin.2008.06.003
[16] Cai, F., & Zheng, L. (2004). Institutional trading and stock returns. Finance Research Letters, 1(3): 178–189. DOI: https://doi.org/10.1016/j.frl.2004.06.003
[17] Cha, H. (2018). The Dynamic Effects of Stock Prices on Mutual Fund Flows and Volume in the Korean Stock Market. International Journal of Business and Social Science, 9(1): 1–10.
[18] Cha, H. J., & Lee, B. S. (2001). The Market Demand Curve for Common Stocks: Evidence from Equity Mutual Fund Flows Author (s): Heung-Joo Cha and Bong-Soo Lee Source: The Journal of Financial and Quantitative Analysis, Vol. 36, No. 2, Special Issue on International Corporate Gove. The Journal of Financial and Quantitative Analysis, 36(2): 195–220.
[19] Chakraborty, S., & Kakani, R. K. (2016). Institutional investment, equity volume and volatility spillover: Causalities and asymmetries. Journal of International Financial Markets, Institutions & Money, 44: 1–20. DOI:https://doi.org/10.1016/j.intfin.2016.04.004
[20] Chang, B. H., Bhutto, N. A., Turi, J. A., Hashmi, S. M., & Gohar, R. (2020). Macroeconomic variables and stock indices: asymmetric evidence from quantile ARDL model. South Asian Journal of Business Studies, 10(2): 242–264. DOI: https://doi.org/10.1108/SAJBS-09-2019-0161
[21] Chauhan, A. K., & Chaklader, B. (2020). Do Local Investors Exhibit Smart Value Investment? Empirical Evidence from India. Global Business Review, 21(3): 1–12. DOI: https://doi.org/10.1177/0972150920915330
[22] Dai, Z. M., & Yang, D. C. (2018). Positive Feedback Trading and Investor Sentiment. Emerging Markets Finance and Trade, 54(10): 2400–2408. DOI: https://doi.org/10.1080/1540496X.2018.1469003
[23] de Haan, L., & Kakes, J. (2011). Momentum or contrarian investment strategies: Evidence from Dutch institutional investors. Journal of Banking and Finance, 35(9): 2245–2251. DOI:https://doi.org/10.1016/j.jbankfin.2011.01.027
[24] Ferreira, M. A., Matos, P., Pereira, J. P., & Pires, P. (2017). Do locals know better? A comparison of the performance of local and foreign institutional investors. Journal of Banking and Finance, 82: 151–164. DOI:https://doi.org/10.1016/j.jbankfin.2017.06.002
[25] Froot, K. A., O’Connell, P. G. J., & Seasholes, M. S. (2001). The portfolio flows of international investors. Journal of Financial Economics, 59(2): 151–193. DOI: https://doi.org/10.1016/S0304-405X(00)00084-2
[26] Griffin, J. M., Harris, J. H., & Topaloglu, S. (2003). The Dynamics of Institutional and Individual Trading. Journal of Finance, 58(6): 2285–2320. DOI: https://doi.org/10.1046/j.1540-6261.2003.00606.x
[27] Grinblatt, M., & Keloharju, M. (2000). The investment behavior and performance of various investor types : a study of Finland’ s unique data set ଝ. Journal of Financial Economics, 55: 43–67.
[28] Harris, L., & Gurel, E. (1986). Price and Volume Effects Associated with Changes in the S&P 500 List: New Evidence for the Existence of Price Pressures. The Journal of Finance, 41(4): 815–829. DOI:https://doi.org/10.1111/j.1540-6261.1986.tb04550.x
[29] Irvine, P., Lipson, M., & Puckett, A. (2007). Tipping. Review of Financial Studies, 20(3): 741–768. DOI:https://doi.org/10.1093/rfs/hhl027
[30] Kamesaka, A., Nofsinger, J. R., & Kawakita, H. (2003). Investment patterns and performance of investor groups in Japan. Pacific Basin Finance Journal, 11: 1–22.
[31] Kumar, R., & Dhankar, R. S. (2017). Financial instability, integration and volatility of emerging South Asian stock markets. South Asian Journal of Business Studies, 6(2): 177–190. DOI: 10.1108/SAJBS-07-2016-0059
[32] Lakonishok, J., Shleifer, A., & Vishny, R. W. (1992a). The impact of institutional trading on stock prices*. Journal of Financial Economics, 32(1): 23–43. https://doi.org/10.1093/rfs/hhq137
[33] LaLee, C., Shleifer, A., Thaler, R. H. (1991). Investor sentiment and the closed-end-puzzele. Journal of Finance, 46: 75–109.
[34] Mishra, S., & Debasish, S. S. (2017). An Econometric Study of Trading Behaviour of Institutional Investors in Indian Stock Market: The Vector Auto regression Approach. IIMS Journal of Management Science, 8(2): 155–172. DOI: https://doi.org/10.5958/0976-173X.2017.00013.6
[35] Naik, P. K., & Padhi, P. (2014). The Dynamics of Institutional Investments and Stock Market Volatility: Evidence from FIIs and Domestic Mutual Funds Equity Investment in India. SSRN Electronic Journal, 1–30. DOI: https://doi.org/10.2139/ssrn.2388182
[36] Naik, P. K., & Padhi, P. (2015). Interaction of Institutional Investment Activity and Stock Market Volatility: Evidence from India. Asia-Pacific Journal of Management Research and Innovation, 11(3): 219–229. DOI:https://doi.org/10.1177/2319510X15588385
[37] Ndei, C. M., Muchina, S., & Waweru, K. (2019). Equity Unit Trust Funds Flow and Stock Market Returns. International Journal of Finance & Banking Studies (2147-4486), 8(1): 21–36. DOI:https://doi.org/10.20525/ijfbs.v8i1.263
[38] Ng, L., & Wu, F. (2007). The trading behavior of institutions and individuals in Chinese equity markets. Journal of Banking and Finance, 31(9): 2695–2710. DOI: https://doi.org/10.1016/j.jbankfin.2006.10.029
[39] Nofsinger, J. R., & Sias, R. W. (1999). American Finance Association Herding and Feedback Trading by Institutional and Individual Investors. Source: The Journal of Finance, 54(6): 2263–2295.
[40] Oh, N. Y., & Parwada, J. T. (2007). Relations between mutual fund flows and stock market returns in Korea. Journal of International Financial Markets, Institutions and Money, 17(2): 140–151. DOI:https://doi.org/10.1016/j.intfin.2005.10.001
[41] Phansatan, S., Powell, J. G., Tanthanongsakkun, S., & Treepongkaruna, S. (2012). Investor type trading behavior and trade performance: Evidence from the Thai stock market. Pacific Basin Finance Journal, 20(1): 1–23. DOI: https://doi.org/10.1016/j.pacfin.2011.07.004
[42] Rakowski, D., & Wang, X. (2009). The dynamics of short-term mutual fund flows and returns: A time-series and cross-sectional investigation. Journal of Banking and Finance, 33(11): 2102–2109. DOI:https://doi.org/10.1016/j.jbankfin.2009.05.001
[43] Samarakoon, L. P. (2009). The relation between trades of domestic and foreign investors and stock returns in Sri Lanka ଝ. Journal of International Financial Markets, Institutions & Money, 19: 850–861. DOI:https://doi.org/10.1016/j.intfin.2009.07.001
[44] Sias, R. W., Starks, L. T., & Titman, S. (2005). The Price Impact of Institutional Trading. SSRN Electronic Journal, 1179(512): 1–27. DOI: https://doi.org/10.2139/ssrn.283779
[45] Srivastava, P., & Varshney, S. (2023). Domestic Institutional Investors and Sectoral Indices of India: A Toda Yamamoto Approach. Iranian Economic Review, 27(1): 181–199. DOI:https://doi.org/10.22059/ier.2021.81924
[46] Suneetha, V. L., & Aithal, S. (2024). FII and DII Inflows and Outflows: Their Influence on BSE Market Performance. Poornaprajna International Journal of Management, Education & Social Science, 1(1): 91–116. DOI: https://doi.org/10.5281/zenodo.12622472
[47] Thaler, R. H. (1999). The End of Behavioral Finance. Financial Analysts Journal, 55(6): 13–23. DOI:https://doi.org/10.1111/j.1558-5646.2010.01192.x
[48] Thenmozhi, M., & Kumar, M. (2009a). Dynamic interaction among mutual fund flows, stock market return and volatility. NSE Research Papers.
[49] Tom Jacob, T. P. K. (2019). A study on role of SEBI in Indian capital market: an empirical analysis. UNNAYAN: International Bulletin of Management and Economics Volume, ISSN No. 2(3): 45–55.
[50] Vo, X. V. (2016). Does institutional ownership increase stock return volatility? Evidence from Vietnam. International Review of Financial Analysis, 45: 54–61. DOI: https://doi.org/10.1016/j.irfa.2016.02.006
[51] Warther, V. A. (1995). Aggregate mutual fund flows and security returns. Journal of Financial Economics, 39(2–3): 209–235. DOI: https://doi.org/10.1016/0304-405X(95)00827-2
[52] Yang, J. J. W. (2002). The information spillover between stock returns and institutional investors’ trading behavior in Taiwan. International Review of Financial Analysis, 11: 533–547
[2] Acharya, R., & Thiripalraju, M. (2011). Dynamic interaction between institutional investment and stock returns in India: A case of FIIs and MFs. Indian Institute of Capital Markets., 1–35.
[3] Ahmed, W. M. A. (2014). The trading patterns and performance of individual vis-à-vis institutional investors in the Qatar exchange. Review of Accounting and Finance, 13(1): 24–42. DOI: 10.1108/RAF-09-2012-0089
[4] Alexakis, C., Niarchos, N., Patra, T., & Poshakwale, S. (2005). The dynamics between stock returns and mutual fund flows: Empirical evidence from the Greek market. International Review of Financial Analysis, 14(5): 559–569. DOI: https://doi.org/10.1016/j.irfa.2004.10.019
[5] Andrieş, A. M., Brodocianu, M., & Sprincean, N. (2023). The role of institutional investors in the financial development. Economic Change and Restructuring, 56(1): 345–378. DOI: 10.1007/s10644-022-09425-0
[6] Arora, R. K. (2016a). The relation between investment of domestic and foreign institutional investors and stock returns in India. Global Business Review, 17(3): 654–664. DOI:https://doi.org/10.1177/0972150916630830
[7] Baik, B., Kang, J. K., & Kim, J. M. (2010). Local institutional investors, information asymmetries, and equity returns. Journal of Financial Economics, 97(1): 81–106. DOI: https://doi.org/10.1016/j.jfineco.2010.03.006
[8] Ben-Rephael, A., Kandel, S., & Wohl, A. (2010). The price pressure of aggregate mutual fund flows. Journal of Financial and Quantitative Analysis, 46(2): 585–603. DOI: https://doi.org/10.1017/S0022109010000797
[9] Berko, J. clark & E. (1997). Foreign Investment Fluctuations and Emerging market stock returns (p. 24).
[10] Black, F. (1986). Noise. In The Journal of Finance, 3: 529–543. DOI: https://doi.org/10.1111/j.1540-6261.1986.tb04513.x
[11] Bohl, M. T., Brzeszczyński, J., & Wilfling, B. (2009). Institutional investors and stock returns volatility: Empirical evidence from a natural experiment. Journal of Financial Stability, 5(2): 170–182. DOI:https://doi.org/10.1016/j.jfs.2008.02.003
[12] Bohl, M. T., & Siklos, P. L. (2008). Empirical evidence on feedback trading in mature and emerging stock markets. Applied Financial Economics, 18(17): 1379–1389. DOI:https://doi.org/10.1080/09603100701704280
[13] Bose, S. (2012). Mutual Fund Investments, FII Investments and Stock Market Returns in India. ICRA Bulletin: Money and Finance, september, 89–110. DOI: https://doi.org/10.2139/ssrn.2204418
[14] Boyer, B. H., & Zheng, L. (2002). Who Moves the Market? A Study of Stock Prices and Investment Cashflows. SSRN Electronic Journal, 734–763. DOI: https://doi.org/10.2139/ssrn.342681
[15] Boyer, B., & Zheng, L. (2009). Investor flows and stock market returns ☆. Journal of Empirical Finance Journal, 16: 87–100. DOI: https://doi.org/10.1016/j.jempfin.2008.06.003
[16] Cai, F., & Zheng, L. (2004). Institutional trading and stock returns. Finance Research Letters, 1(3): 178–189. DOI: https://doi.org/10.1016/j.frl.2004.06.003
[17] Cha, H. (2018). The Dynamic Effects of Stock Prices on Mutual Fund Flows and Volume in the Korean Stock Market. International Journal of Business and Social Science, 9(1): 1–10.
[18] Cha, H. J., & Lee, B. S. (2001). The Market Demand Curve for Common Stocks: Evidence from Equity Mutual Fund Flows Author (s): Heung-Joo Cha and Bong-Soo Lee Source: The Journal of Financial and Quantitative Analysis, Vol. 36, No. 2, Special Issue on International Corporate Gove. The Journal of Financial and Quantitative Analysis, 36(2): 195–220.
[19] Chakraborty, S., & Kakani, R. K. (2016). Institutional investment, equity volume and volatility spillover: Causalities and asymmetries. Journal of International Financial Markets, Institutions & Money, 44: 1–20. DOI:https://doi.org/10.1016/j.intfin.2016.04.004
[20] Chang, B. H., Bhutto, N. A., Turi, J. A., Hashmi, S. M., & Gohar, R. (2020). Macroeconomic variables and stock indices: asymmetric evidence from quantile ARDL model. South Asian Journal of Business Studies, 10(2): 242–264. DOI: https://doi.org/10.1108/SAJBS-09-2019-0161
[21] Chauhan, A. K., & Chaklader, B. (2020). Do Local Investors Exhibit Smart Value Investment? Empirical Evidence from India. Global Business Review, 21(3): 1–12. DOI: https://doi.org/10.1177/0972150920915330
[22] Dai, Z. M., & Yang, D. C. (2018). Positive Feedback Trading and Investor Sentiment. Emerging Markets Finance and Trade, 54(10): 2400–2408. DOI: https://doi.org/10.1080/1540496X.2018.1469003
[23] de Haan, L., & Kakes, J. (2011). Momentum or contrarian investment strategies: Evidence from Dutch institutional investors. Journal of Banking and Finance, 35(9): 2245–2251. DOI:https://doi.org/10.1016/j.jbankfin.2011.01.027
[24] Ferreira, M. A., Matos, P., Pereira, J. P., & Pires, P. (2017). Do locals know better? A comparison of the performance of local and foreign institutional investors. Journal of Banking and Finance, 82: 151–164. DOI:https://doi.org/10.1016/j.jbankfin.2017.06.002
[25] Froot, K. A., O’Connell, P. G. J., & Seasholes, M. S. (2001). The portfolio flows of international investors. Journal of Financial Economics, 59(2): 151–193. DOI: https://doi.org/10.1016/S0304-405X(00)00084-2
[26] Griffin, J. M., Harris, J. H., & Topaloglu, S. (2003). The Dynamics of Institutional and Individual Trading. Journal of Finance, 58(6): 2285–2320. DOI: https://doi.org/10.1046/j.1540-6261.2003.00606.x
[27] Grinblatt, M., & Keloharju, M. (2000). The investment behavior and performance of various investor types : a study of Finland’ s unique data set ଝ. Journal of Financial Economics, 55: 43–67.
[28] Harris, L., & Gurel, E. (1986). Price and Volume Effects Associated with Changes in the S&P 500 List: New Evidence for the Existence of Price Pressures. The Journal of Finance, 41(4): 815–829. DOI:https://doi.org/10.1111/j.1540-6261.1986.tb04550.x
[29] Irvine, P., Lipson, M., & Puckett, A. (2007). Tipping. Review of Financial Studies, 20(3): 741–768. DOI:https://doi.org/10.1093/rfs/hhl027
[30] Kamesaka, A., Nofsinger, J. R., & Kawakita, H. (2003). Investment patterns and performance of investor groups in Japan. Pacific Basin Finance Journal, 11: 1–22.
[31] Kumar, R., & Dhankar, R. S. (2017). Financial instability, integration and volatility of emerging South Asian stock markets. South Asian Journal of Business Studies, 6(2): 177–190. DOI: 10.1108/SAJBS-07-2016-0059
[32] Lakonishok, J., Shleifer, A., & Vishny, R. W. (1992a). The impact of institutional trading on stock prices*. Journal of Financial Economics, 32(1): 23–43. https://doi.org/10.1093/rfs/hhq137
[33] LaLee, C., Shleifer, A., Thaler, R. H. (1991). Investor sentiment and the closed-end-puzzele. Journal of Finance, 46: 75–109.
[34] Mishra, S., & Debasish, S. S. (2017). An Econometric Study of Trading Behaviour of Institutional Investors in Indian Stock Market: The Vector Auto regression Approach. IIMS Journal of Management Science, 8(2): 155–172. DOI: https://doi.org/10.5958/0976-173X.2017.00013.6
[35] Naik, P. K., & Padhi, P. (2014). The Dynamics of Institutional Investments and Stock Market Volatility: Evidence from FIIs and Domestic Mutual Funds Equity Investment in India. SSRN Electronic Journal, 1–30. DOI: https://doi.org/10.2139/ssrn.2388182
[36] Naik, P. K., & Padhi, P. (2015). Interaction of Institutional Investment Activity and Stock Market Volatility: Evidence from India. Asia-Pacific Journal of Management Research and Innovation, 11(3): 219–229. DOI:https://doi.org/10.1177/2319510X15588385
[37] Ndei, C. M., Muchina, S., & Waweru, K. (2019). Equity Unit Trust Funds Flow and Stock Market Returns. International Journal of Finance & Banking Studies (2147-4486), 8(1): 21–36. DOI:https://doi.org/10.20525/ijfbs.v8i1.263
[38] Ng, L., & Wu, F. (2007). The trading behavior of institutions and individuals in Chinese equity markets. Journal of Banking and Finance, 31(9): 2695–2710. DOI: https://doi.org/10.1016/j.jbankfin.2006.10.029
[39] Nofsinger, J. R., & Sias, R. W. (1999). American Finance Association Herding and Feedback Trading by Institutional and Individual Investors. Source: The Journal of Finance, 54(6): 2263–2295.
[40] Oh, N. Y., & Parwada, J. T. (2007). Relations between mutual fund flows and stock market returns in Korea. Journal of International Financial Markets, Institutions and Money, 17(2): 140–151. DOI:https://doi.org/10.1016/j.intfin.2005.10.001
[41] Phansatan, S., Powell, J. G., Tanthanongsakkun, S., & Treepongkaruna, S. (2012). Investor type trading behavior and trade performance: Evidence from the Thai stock market. Pacific Basin Finance Journal, 20(1): 1–23. DOI: https://doi.org/10.1016/j.pacfin.2011.07.004
[42] Rakowski, D., & Wang, X. (2009). The dynamics of short-term mutual fund flows and returns: A time-series and cross-sectional investigation. Journal of Banking and Finance, 33(11): 2102–2109. DOI:https://doi.org/10.1016/j.jbankfin.2009.05.001
[43] Samarakoon, L. P. (2009). The relation between trades of domestic and foreign investors and stock returns in Sri Lanka ଝ. Journal of International Financial Markets, Institutions & Money, 19: 850–861. DOI:https://doi.org/10.1016/j.intfin.2009.07.001
[44] Sias, R. W., Starks, L. T., & Titman, S. (2005). The Price Impact of Institutional Trading. SSRN Electronic Journal, 1179(512): 1–27. DOI: https://doi.org/10.2139/ssrn.283779
[45] Srivastava, P., & Varshney, S. (2023). Domestic Institutional Investors and Sectoral Indices of India: A Toda Yamamoto Approach. Iranian Economic Review, 27(1): 181–199. DOI:https://doi.org/10.22059/ier.2021.81924
[46] Suneetha, V. L., & Aithal, S. (2024). FII and DII Inflows and Outflows: Their Influence on BSE Market Performance. Poornaprajna International Journal of Management, Education & Social Science, 1(1): 91–116. DOI: https://doi.org/10.5281/zenodo.12622472
[47] Thaler, R. H. (1999). The End of Behavioral Finance. Financial Analysts Journal, 55(6): 13–23. DOI:https://doi.org/10.1111/j.1558-5646.2010.01192.x
[48] Thenmozhi, M., & Kumar, M. (2009a). Dynamic interaction among mutual fund flows, stock market return and volatility. NSE Research Papers.
[49] Tom Jacob, T. P. K. (2019). A study on role of SEBI in Indian capital market: an empirical analysis. UNNAYAN: International Bulletin of Management and Economics Volume, ISSN No. 2(3): 45–55.
[50] Vo, X. V. (2016). Does institutional ownership increase stock return volatility? Evidence from Vietnam. International Review of Financial Analysis, 45: 54–61. DOI: https://doi.org/10.1016/j.irfa.2016.02.006
[51] Warther, V. A. (1995). Aggregate mutual fund flows and security returns. Journal of Financial Economics, 39(2–3): 209–235. DOI: https://doi.org/10.1016/0304-405X(95)00827-2
[52] Yang, J. J. W. (2002). The information spillover between stock returns and institutional investors’ trading behavior in Taiwan. International Review of Financial Analysis, 11: 533–547
Published
2025-06-30
How to Cite
SRIVASTAVA, Purwa et al.
Dynamics and Trading Behaviour of Four Domestic Institutional Investors in Indian Stock Markets.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 16, n. 2, p. 279-297, june 2025.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/8923>. Date accessed: 30 july 2025.
doi: https://doi.org/10.14505/tpref.v16.2(34).02.
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