LEADER 06695nam 2200481 450 001 9910755084303321 005 20231110192808.0 010 $a981-9950-41-4 035 $a(MiAaPQ)EBC30828845 035 $a(CKB)28555287000041 035 $a(Au-PeEL)EBL30828845 035 $a(PPN)272916005 035 $a(EXLCZ)9928555287000041 100 $a20231110d2023 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 00$aIndian Business Groups and Other Corporations $eComparative Organisational Perspectives on Indian Corporate Firms /$fedited by Achin Chakraborty and Indrani Chakraborty 205 $aFirst edition. 210 1$aSingapore :$cSpringer,$d[2023] 210 4$d©2023 215 $a1 online resource (272 pages) 225 1 $aIndia Studies in Business and Economics Series 311 $a9789819950409 320 $aIncludes bibliographical references. 327 $aIntro -- Preface and Acknowledgments -- Contents -- Editors and Contributors -- 1 Business Group Firms in India: A Short Introduction -- 1.1 The Backdrop -- 1.2 Business Group Affiliates and Stand-Alone Firms -- 1.3 Chapters in This Volume -- References -- 2 The Regime of Capital Accumulation, the Hindu Undivided Family and the Business Group in Independent India -- 2.1 Firm-Family Duality and the HUF in India -- 2.2 Institutional Embedding of the HUF in Corporate Governance Structures -- 2.3 HUF as a Vehicle of Tax Avoidance -- 2.4 Conclusion -- References -- 3 Corporate Response to Public Policy Changes: Some Intriguing Aspects -- 3.1 Introduction -- 3.2 Data Sources -- 3.3 Rising Role of Private Corporate Sector -- 3.4 Changing Corporate Financing Practices -- 3.5 Trends in Incidence of Corporate Tax -- 3.6 External Sector Orientation -- 3.7 Understanding the Economy and Corporate Sector in Its New Incarnation -- References -- 4 Ownership Control and Board Governance of Indian Business Groups: Continuity or Change? -- 4.1 Introduction -- 4.2 Business Group as an Organizational Form -- 4.3 Characteristics of Indian Business Groups -- 4.3.1 Incidence of Business Groups -- 4.3.2 Dominance of Business Groups -- 4.3.3 Persistence of Business Groups -- 4.4 The Nature of the Governance Problem of Indian Business Groups -- 4.4.1 Agency Problems in Business Groups -- 4.4.2 Concentrated Ownership and Control in Indian Business Groups -- 4.4.3 The Persistence of Concentrated Ownership and Control -- 4.4.4 Ownership Complexity -- 4.5 Insider Control and Board Governance -- 4.5.1 Monitoring by the Board -- 4.5.2 Board of Directors: The Evolving Corporate Governance Framework in India -- 4.5.3 Promoter Presence and Board Governance -- 4.5.4 Board Independence -- 4.5.5 Women Directors on Board -- 4.6 Concluding Comments -- Annexure -- References. 327 $a5 The Multi-entity Structure and Control in Business Groups -- 5.1 Introduction -- 5.2 The Business Group as a Dynamic Structure -- 5.3 The Business Group: Control and Ownership -- 5.4 Liberalization and Control in Business Groups -- 5.5 Conclusion -- Appendix -- References -- 6 Business Group Affiliation, Financial Distress and Corporate Investment-Cash Flow Sensitivity: Evidence from India -- 6.1 Introduction -- 6.2 Literature Review -- 6.2.1 Theories of Corporate Investment -- 6.2.2 Neoclassical Theory of Investment -- 6.2.3 Accelerator Theory of Investment -- 6.2.4 Tobin's Q Theory of Investment -- 6.2.5 Empirical Evidence -- 6.2.6 Cash Flow and Corporate Investments -- 6.2.7 Other Firm Specific Factors and Corporate Investments -- 6.2.8 Business Group Affiliation and Corporate Investments -- 6.2.9 Financial Distress and Corporate Investment -- 6.3 Variables, Data and Preliminary Evidence -- 6.3.1 Variables -- 6.3.2 Data -- 6.3.3 Preliminary Evidence -- 6.4 Model Specification and Econometric Method -- 6.4.1 Models Specifications -- 6.4.2 Econometric Method -- 6.5 Discussion of Results -- 6.5.1 Empirical Results (Whole Period) -- 6.5.2 Empirical Results (Crisis vs. Non-crisis Periods) -- 6.5.3 Empirical Results (High Growth vs. Low Growth Companies) -- 6.6 Conclusions -- References -- 7 Promoter Ownership and Performance in Publicly Listed Firms in India: Does Group Affiliation Matter? -- 7.1 Introduction -- 7.2 Review and Hypotheses -- 7.2.1 The Role of Promoter Ownership in Indian Firms -- 7.2.2 Performance Effects of Variations in the Level of Promoter Ownership -- 7.2.3 Group-Affiliation Compared to Stand-Alone Firms with Promoter Ownership -- 7.2.4 Methodological Concerns -- 7.3 Data and Methods -- 7.3.1 Data -- 7.3.2 Variables -- 7.3.3 Analytical Approach -- 7.4 Results -- 7.4.1 Descriptive Statistics. 327 $a7.4.2 Propensity Score Matching (PSM) Results -- 7.4.3 Regression Results -- 7.5 Discussion and Conclusion -- 7.5.1 Limitations and Directions for Future Research -- References -- 8 Differences in the Performance of Group-Affiliated and Stand-Alone Firms -- 8.1 Introduction -- 8.2 Methodology -- 8.2.1 Performance of Group-Affiliated Firms as Against Stand-Alone Firms -- 8.2.2 Impact of Different Factors on the Performance of Group-Affiliated Firms -- 8.3 Data -- 8.4 Key Variables of the Study -- 8.4.1 Dependent Variable -- 8.4.2 Explanatory Variables -- 8.4.3 Control Variables -- 8.5 Empirical Analysis -- 8.6 Conclusion -- References -- 9 Related Party Transactions and Stock Price Crash Risk: Evidence from India -- 9.1 Introduction -- 9.2 Related Party Transactions in India: The Institutional Context -- 9.2.1 The Companies Act, 1956 -- 9.2.2 Indian Accounting Standard 18 -- 9.2.3 Kumar Mangalam Birla Committee Report and Clause 49 -- 9.2.4 Companies Act, 2013 -- 9.3 Data, Hypotheses and Methodology -- 9.4 Empirical Results -- 9.5 Conclusion -- Appendix -- Box 1: Related Parties Under the Indian AS18 -- Box 2: Related Parties Under the Ind As24 -- References -- 10 Minsky's Financial Instability Hypothesis: A Theoretical Engagement in the Indian Context -- 10.1 Introduction -- 10.2 Stylized Facts for the Indian Corporate Sector on FIH -- 10.3 Reinterpreting Minsky -- References. 410 0$aIndia studies in business and economics. 606 $aConglomerate corporations 615 0$aConglomerate corporations. 676 $a929.605 702 $aChakraborty$b Achin 702 $aChakraborty$b Indrani 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910755084303321 996 $aIndian Business Groups and Other Corporations$93592064 997 $aUNINA