This paper investigates the effect of group-affiliation on the Indian corporate firms capital structure based on data of 875 Indian non-financial firms listed either in the Bombay Stock Exchange or in the National Stock Exchange, for the period 2002-2010. Among the three alternative estimation methodologies applied viz., (i) pooled OLS, (ii) generalized method of moments (GMM)and (iii) ‘lagged’...

The present study inspects the comparative effects of inside shareholding on firm value for group-affiliated firms and non-group-affiliated in Pakistan. research uses excess-value as a performance measure by employing chop-shop approach treatment regression model (TERM). results reveal that lower level higher negatively associated with firms’ value. However, it positively relates at moderate le...

Using Japanese firms that went public during the period 1998-2006, we find that independent venture capitalist-backed IPO firms are significantly younger and smaller than IPO companies backed by venture capital firms that are subsidiaries of financial institutions. Independent venture capitalists tend to make firms go public on stock exchanges with less strict listing requirements. Importantly,...

Using arguments from the behavioral theory of firm, agency theory, and literature on internal capital markets, this article investigates relationship between financial slack firms’ profitability in standalone versus business group–affiliated firms. a large sample French privately held firms, we show that there is quadratic, inverse U-shape for We observe relation steeper group affiliated firms ...

Results: The analysis finds that cash flow sensitivity is a valid measure of financial constraints in the Indian manufacturing sector. Results according to splitting criteria found that investment decisions of standalone firms are more sensitive to cash flow than group affiliated firms. Further, splitting the firms according to market capitalization and tangible net worth reveals a higher degre...