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Creditor Rights, State-Owned Banks, and Investment Efficiency: Evidence from SARFAESI Act

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  • Vishal Vaibhav

Abstract

I examine whether firms borrowing exclusively from government-owned banks respond differently to SARFAESI Act and how it affects the investment efficiency. I find that firms borrowing exclusively from government-owned banks experience a significant increase in investment inefficiency following the reform. I also find the increase in inefficiency is concentrated among firms with high levels of tangible assets, suggesting that collateral enforcement is the primary mechanism driving the results

Suggested Citation

  • Vishal Vaibhav, 2025. "Creditor Rights, State-Owned Banks, and Investment Efficiency: Evidence from SARFAESI Act," IIMA Working Papers WP 2025-05-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
    • Handle: RePEc:iim:iimawp:14730
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    File URL: https://www.iima.ac.in/sites/default/files/2026-05/WP-2026-05-01.pdf
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