Market Structure and Firm Level Returns: The Indian Evidence
نویسندگان
چکیده
In addition to the standard risk factors suggested by asset pricing models, extant literature shows mixed evidence of impact market structure on firm-level returns. Using data for 940 Indian firms listed Bombay Stock Exchange across 65 industries between FY 2010–11 FY2018-19 and Lowess smoothing followed a robust regression model with time fixed industry effects, we find that in more concentrated earn lower returns, after controlling well-known determinants prices. The relationship is stronger engage non-price competition. Further, explanatory power better higher levels concentration. Our study also provides an explanation why operating less environments are able achieve high returns context important implications both investors policymakers. Thus, novel attempt examine not just intensity competition firm level but type case developing country, i.e. India.
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ژورنال
عنوان ژورنال: International journal of global business and competitiveness
سال: 2023
ISSN: ['0976-1888', '0973-4619']
DOI: https://doi.org/10.1007/s42943-023-00076-0