Indian Business Groups and Other Corporations : Comparative Organisational Perspectives on Indian Corporate Firms / / edited by Achin Chakraborty and Indrani Chakraborty

• Pubblicazione: Singapore : , : Springer, , [2023]; ©2023
• Edizione: First edition.
• Descrizione fisica: 1 online resource (272 pages)
• Disciplina: 929.605
• Soggetto topico: Conglomerate corporations
• Persona (resp. second.): ChakrabortyAchin; ChakrabortyIndrani
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Intro -- 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. ; 5 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. ; 7.4.2 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.
• Titolo autorizzato: Indian Business Groups and Other Corporations
• ISBN: 981-9950-41-4
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910755084303321
• Lo trovi qui: Univ. Federico II
• Serie: India studies in business and economics.