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Determinants of Financial Structure of Corporate Sector in India- Some Empirical Evidence

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  • A. Vijayakumar

Abstract

The number of changes have been taken place in the Indian financial scenario such as government policy with increasing emphasis on liberalization, increasing incentives for global investments, emergence of new means and instruments like GDR, Euro-Issues, FDI, Futures, Options, Swaps etc., have entered the Indian financial Market in to the new era. The change in the financial market certainly has got impact on the financing pattern of corporate sector in India. Over the past, many researchers have tried to establish the factors which influence a firm's financial structure. Some of them have presented affirmative evidence in respect of a particular factor or a group of factors as determinant of corporate financial structure, others have presented dissenting evidence in respect of the same factor or factors to be a clear determinant of financial structure. Hence in this study, an attempt has been made to study the corporate financial structure relationship with reference to size, profitability, operating leverage, external financing and Income gearing. The overall analysis leads to the conclusion that Industry class, size and profitability are the most significant factors which influence, to a great extent, the financial structure of Indian Automobile Industry.

Suggested Citation

  • A. Vijayakumar, 2009. "Determinants of Financial Structure of Corporate Sector in India- Some Empirical Evidence," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 34(4), pages 471-487, November.
    • Handle: RePEc:sae:manlab:v:34:y:2009:i:4:p:471-487
    DOI: 10.1177/0258042X0903400402
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    1. Mark Rogers, 2001. "The Effect of Diversification on Firm Performance," Melbourne Institute Working Paper Series wp2001n02, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    2. Das Prabina & Ragunathan V, 1999. "Corporate Performance - Post Liberalisation," IIMA Working Papers WP1999-06-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
    3. Joanne Loundes, 2001. "The Financial Performance of Australian Government Trading Enterprises Pre- and Post-Reform," Melbourne Institute Working Paper Series wp2001n05, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    4. Derek Bosworth & Joanne Loundes, 2002. "The Dynamic Performance of Australian Enterprises," Melbourne Institute Working Paper Series wp2002n03, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
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