Industry dynamics and capital structure choice: Evidence from Indian manufacturing firms

被引：4
|
作者：
Saxena, Mohina [1 ]
Bhattacharyya, Surajit [1 ]
机构：
[1] Indian Inst Technol, Dept Humanities & Social Sci, Mumbai 400076, Maharashtra, India
来源：
MANAGERIAL AND DECISION ECONOMICS | 2022年 / 43卷 / 03期
关键词：
ENVIRONMENTAL DYNAMISM; OWNERSHIP STRUCTURE; AGENCY COSTS; DETERMINANTS; PERFORMANCE; DECISIONS; POSITION; FINANCE; IMPACT;
D O I：
10.1002/mde.3421
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We explicitly analyze the influence of industry-level attributes on a firm's capital structure choice, unlike other studies that have only used an "industry dummy" to depict industry effects on firm-level choices. An unbalanced panel of 503 firms from four major Indian manufacturing industries is considered for the period 2001-2017. A rise in industry munificence incentivizes firms to decrease their external financing. At the same time, firms in a relatively concentrated industry with higher growth opportunities increase their reliance on borrowings. A highly munificent environment and a lower risk of default incentivize firms to borrow more.
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页码：829 / 845
页数：17
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