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Lakshmi, K.
- Ownership Structure and Capital Structure:Evidence from Indian Firms
Abstract Views :189 |
PDF Views:93
Authors
Affiliations
1 VIT Business School, VIT University, Vellore, Tamilnadu, IN
1 VIT Business School, VIT University, Vellore, Tamilnadu, IN
Source
PES Business Review, Vol 5, No 1 (2010), Pagination: 20-29Abstract
This paper examines the cross sectional variation in the capital structure of 1314 Indian firms from the ownership structure perspective. Ownership structure is defined as promoters' shareholding and institutional investors' shareholding. The study finds a negative relationship between the ownership structure variables and capital structure. This could be because the average promoters' shareholding for the sample firms is 50 per cent. Hence, the concentration of promoters'shareholding increases the risk of the promoters and prompts them to reduce the risk of financial risk by employment of higher levels of debt Institutional investors' shareholding and debt employment are also inversely related. This may be because the institutional investors choose to avoid high debt firms as they have a higher probability of suffering from financial risk in the future.Keywords
Ownership Structure, Capital Structure, Financial Risk, Agency Costs, Concentration of Promoters' Shareholding.Full Text
- Indian Commodity Derivatives Markets:Some Measures for the Future
Abstract Views :178 |
PDF Views:98
Authors
Affiliations
1 Thiagarajar School of Management, Madurai, IN
1 Thiagarajar School of Management, Madurai, IN
Source
PES Business Review, Vol 3, No 1 (2008), Pagination: 41-51Abstract
The Government of India is contemplating allowing the Institutional investors like Foreign Institutional Investors, Mutual funds and Banks to trade in a few selected products of commodity derivatives markets in India. This paper argues that if the institutional investors are allowed to operate in all the products of the commodity derivative markets, it has implications for both liquidity and broad basing of commodity derivatives markets given the assets under management of these investors. Their entry into commodity derivatives markets is also expected to benefit them given the portfolio diversification opportunities. This paper discusses some aspects of the gains that the commodity derivatives markets can derive if institutional investors are allowed to operate.Keywords
Derivatives, Commodity Markets, Institutional Investors, Forward Markets, Futures.Full Text