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Inter-corporate loans: the Indian experience

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  • Anupam Naskar
  • Rajendra Vaidya

Abstract

We examine transactions of inter-corporate loans among Indian non-financial firms during 1999–2014. We find that the consolidated amount of these loans is not small and comparable to total short-term bank loans transacted in a year. Over the years, a number of such loan providers/receivers has increased. Both group and stand-alone firms across different industries receive and provide inter-corporate loans and these transactions are not one-off events. Larger and older firms grant these loans to smaller and younger firms. Loan receivers report higher leverage, accounts payable and lower cash balance than non-receivers and about thirty percent of loan receivers are financially distressed.

Suggested Citation

  • Anupam Naskar & Rajendra Vaidya, 2019. "Inter-corporate loans: the Indian experience," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 12(2), pages 134-154, May.
    • Handle: RePEc:taf:macfem:v:12:y:2019:i:2:p:134-154
    DOI: 10.1080/17520843.2019.1574853
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