Building a BRIC?:stock market opening and investment finance in India since liberalization

Snowden, Nick and Muñoz, Jesús (2012) Building a BRIC?:stock market opening and investment finance in India since liberalization. World Development, 40 (6). pp. 1109-1121. ISSN 0305-750X

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Abstract

Portfolio equity inflows have been a feature of India’s improved growth performance in recent years. This study examines a possible connection through the equity financing of capital formation by manufacturing firms. Emphasis is placed on the funding preferences of owner-controlled enterprises with the empirical results connecting equity issues to the management of gearing and the availability of internal funds. This context suggests strongly that equity and debt are complementary choices, although two channels of influence—macroeconomic and allocative—combine to encourage investment spending, with pro-cyclical implications.

Item Type:
Journal Article
Journal or Publication Title:
World Development
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/3300/3305
Subjects:
ID Code:
65678
Deposited By:
Deposited On:
15 Jul 2013 09:11
Refereed?:
Yes
Published?:
Published
Last Modified:
24 Mar 2020 03:30