Capital Structure, Equity Ownership and Corporate Performance: Evidence from Indian Manufacturing Firms

ISBN-13: 9781032503073 / Angielski

Krishna Dayal Pandey; Tarak Nath Sahu

Opis

This book provides empirical insights into the relationship between capital and ownership structure of Indian manufacturing companies and their financial performance. It discusses and analyzes the basic theories and concepts associated debt financing, levered and unlevered firms, the advantages and disadvantages of leverage, capital structure theories, the various forms of ownership, agency crisis and its kind and the dominance and expropriation of large and largest shareholders.

The book employs a set of the most reliable and suitable econometric estimation techniques to draw meaningful inferences on the Indian manufacturing sector. The novelty of this book lies in three particular aspects: the depth and dimension with which the topic is addressed; the robust empirical evidence that it has produced and the simple and intelligible approach with which it is authored. It communicates the crucial relevance of corporate ownership and capital structure to the moderation of agency relationship and shaping the internal governance mechanism which ultimately results in increased or decreased operational efficiency and financial performance. It will enable readers to understand whether an increased amount of debt capital would bring about positive results for firms or create an extra burden on the management of their finances, preventing them from taking productive investment decisions due to the threat of liquidation.

The book will find an audience among advanced students, scholars and researchers who are interested in understanding the corporate finance practices and governance mechanism of Indian organizations.

Spis treści

1. Introduction 2. Capital Structure and Corporate Performance: Theories and Literature 3. Ownership Structure: The Conceptual and Empirical Framework 4. Ownership Concentration and Agency Problem 5. Interaction among Capital Structure, Ownership Structure and Corporate Performance 6. Ownership Concentration and Corporate Performance: An Empirical Inquiry 7. Conclusion and Policy Recommendations

O autorze

Krishna Dayal Pandey is an Assistant Professor in the Department of Business Administration, Sidho-Kanho-Birsha University, West Bengal, India.

Tarak Nath Sahu is an Associate Professor in the Department of Business Administration, Vidyasagar University, West Bengal, India.