CORPORATE DEBT OWNERSHIP STRUCTURE IN AN EMERGING ECONOMY- INDIA

摘要

This paper investigates the relationship between debt ownership structure and firm-specific characteristics in the Indian economy. As an emerging economy, India operates in an environment of more market inefficiencies and institutional constraints than occurs in industrialized economies. Despite the differences in the institutions, the results reported are similar to those found using United States data. In particular, bank debt use is found to be negatively related to age, size, volatility of earnings growth, and leverage; and positively related to the fixed asset ratio.