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Capital Structure and Performance: Evidence from a Transition Economy on an Aspect of Corporate Governance

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  • Majumdar, Sumit K
  • Chhibber, Pradeep

Abstract

This paper examines the relationship between the levels of debt in the capital structure and performance for a sample of Indian firms. Existing theory posits a positive relationship; however, analysis of the data reveals the relationship for Indian firms to be significantly negative. The structure of capital markets in India, where both short-term and long-term lending institutions are government-owned, is hypothesized to account for the finding of this relationship, and it asserted that corporate governance mechanisms which work in the West will not work in the Indian context unless the supply of loan capital is privatized. Copyright 1999 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Public Choice.

Volume (Year): 98 (1999)
Issue (Month): 3-4 (March)
Pages: 287-305

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Handle: RePEc:kap:pubcho:v:98:y:1999:i:3-4:p:287-305

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Web page: http://www.springerlink.com/link.asp?id=100332

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Cited by:
  1. Kebewar, mazen, 2012. "La structure du capital et la profitabilité Une étude empirique sur données de panel françaises," MPRA Paper 42446, University Library of Munich, Germany.
  2. Mariarosaria Agostino & Francesco Trivieri, 2010. "Is banking competition beneficial to SMEs? An empirical study based on Italian data," Small Business Economics, Springer, vol. 35(3), pages 335-355, October.
  3. Laurent Weill, 2008. "Leverage and Corporate Performance: Does Institutional Environment Matter?," Small Business Economics, Springer, vol. 30(3), pages 251-265, March.
  4. Kebewar, mazen & SHAH, Syed Muhammad Noaman Ahmed, 2012. "The effect of debt on corporate profitability: Evidence from French service sector," MPRA Paper 43304, University Library of Munich, Germany.
  5. Hammes, Klaus & Chen, Yinghong, 2004. "Performance of the Swedish Real Estate Sector 1998-2002," Working Papers in Economics 124, University of Gothenburg, Department of Economics.
  6. Simonovska, Ana & Gjosevski, Dragan & Campos, Monica, 2012. "Capital Structure And Financial Performance Of Agricultural Companies – Evidences From The Macedonian Agricultural Sector In Transition," 132nd Seminar, October 25-27, 2012, Skopje, Republic of Macedonia 139501, European Association of Agricultural Economists.
  7. Kebewar, Mazen, 2012. "La structure du capital et la profitabilité : Le cas des entreprises industrielles françaises
    [Capital structure and profitability : The case of French industrial firms]    ," MPRA Paper 42899, University Library of Munich, Germany.
  8. Mazen Kebewar, 2013. "Does debt affect profitability? An empirical study of French trade sector," Working Papers halshs-00780310, HAL.
  9. Kebewar, mazen, 2012. "L’Endettement Affecte-T-Il La Profitabilité? Le Cas Des Firmes Agro-Alimentaires Françaises
    [Does Debt Affect Profitability? The Case Of French Agro-Food Firms]    ," MPRA Paper 42834, University Library of Munich, Germany.
  10. Kebewar, mazen, 2012. "L’impact de l’endettement sur la profitabilité: Une étude empirique sur données françaises en panel
    [The impact of debt on profitability: An empirical study on French data panel]    ," MPRA Paper 42579, University Library of Munich, Germany.
  11. Singh, Manohar & Nejadmalayeri, Ali & Mathur, Ike, 2007. "Performance impact of business group affiliation: An analysis of the diversification-performance link in a developing economy," Journal of Business Research, Elsevier, vol. 60(4), pages 339-347, April.

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