Does cultural economics affect country’s competitiveness?

Abstract

Purpose – This study examines the recurrence of respondents in Securities and Exchange Board of India (SEBI) enforcement records and investigates whether enforcement channels and respondent characteristics are associated with the timing of later observed enforcement involvement. Research methodology – Longitudinal respondent histories were constructed from public SEBI enforcement records for 2011–2025. After validation and matter de-duplication, 4,714 unique respondents were analysed using survival and recurrent-event models. Findings – Of the respondents, 487 (10.3%) subsequently appeared in a distinct matter. Chairperson and Member channel cases exhibited a significantly higher recurrence hazard than Adjudication Officer cases (HR 2.35). The Member-channel effect varied over time, while Settlement Officer cases were not significantly different from Adjudication Officer cases. Network degree showed a weak negative association with recurrence. Research limitations – The analysis relies exclusively on publicly observable SEBI enforcement records; therefore, recurrence represents later enforcement involvement rather than proven subsequent misconduct. Practical implications – The findings may assist regulators in identifying patterns of repeated enforcement involvement and developing risk-based monitoring and supervisory approaches. Originality/Value – The study introduces a longitudinal, respondent-level approach to SEBI enforcement research by integrating recurrence timing, enforcement channels, and network characteristics within a recurrent-event framework.

Keyword : securities enforcement; regulation; survival analysis; network embeddedness; recurrence; India