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Tripathi, Vibha
- Corporate Financing Pattern and Capital Structure Analysis of Leading Automobile Companies in India:A Panel Data Regression
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1 Finance Accounting and Control, Amrut Mody School of Management, Ahmedabad University, Gujarat, IN
1 Finance Accounting and Control, Amrut Mody School of Management, Ahmedabad University, Gujarat, IN
Source
Journal of Commerce and Accounting Research, Vol 5, No 4 (2016), Pagination: 44-55Abstract
Recently many Indian firms have faced bankruptcy issues due to the over reliance on debt or due to improper capital structure decisions. The fact that auto industry is cyclical in nature and highly capital intensive (which requires large financial commitments), an important measure for evaluating auto companies would be the capital structure analysis. The central theme in capital structure is whether an optimal or at least a target capital structure exists. Thus the present study examines the financing pattern by analysing mean, coefficient of variance, and CAGR of every component of capital structure. Further, panel data regression has been used to empirically investigate the impact of components of capital structure on D/E ratio of 10 sample units for 11 years 2003-04 to 20013-14. The findings of the study were consistent with the previous literature that majority of firms in India follow pecking order approach. The ANOVA results suggest that there is a significant difference in the components of capital structure. The panel data regression results show that borrowings have a positive and significant effect on D/E ratio while reserves and surplus have a negative and significant effect on D/E ratio. Total capital did not have any impact on D/E ratio.Keywords
Capital Structure, Leverage, Components, Automobile Industry, Debt Equity Ratio.
- Analysing the Black Polished Pottery of Proto-Historic-Early Historic India
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Authors
Affiliations
1 Department of AIHC and Archaeology, Banaras Hindu University, Varanasi 221 005, IN
1 Department of AIHC and Archaeology, Banaras Hindu University, Varanasi 221 005, IN
Source
Current Science, Vol 114, No 11 (2018), Pagination: 2373-2380Abstract
The development of ceramic technology in India can be traced back to a hoary past. Highly sophisticated potteries like black slipped ware (BSW), black-andred ware (BRW), painted grey ware, grey ware and northern black polished ware (NBPW) were present in proto-historic and early historic times (circa 2000–300 BCE). The present communication aims to throw light on the technology of one of the important wares, viz. BSW especially from sites located in the Vindhya–Ganga region. Through analytical examination of the ware, the authors propose to fill in a lacuna in the field of ancient ceramics.Keywords
Black Slipped Ware, Energy-Dispersive X-Rray Spectroscopy, Firing Technique, Proto-Historic, Scanning Electron Microscopic Study.Full Text
References
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- Panel Data Analysis of Determinants of Leverage in the Automobile Industry in India
Abstract Views :274 |
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Authors
Affiliations
1 Amrut Mody School of Management, Ahmedabad University, Gujarat, IN
1 Amrut Mody School of Management, Ahmedabad University, Gujarat, IN
Source
International Journal of Financial Management, Vol 8, No 4 (2018), Pagination: 29-47Abstract
The study tries to investigate the key determinants of capital structure of leading automobile companies and the Automobile Industry in India. The study also tracks the theory implications, i.e. trade off vs. pecking order in these firms and the industry in general. An attempt is to see, if individually each sample company and the whole industry are influenced by the same determinants of capital structure. Pooled ordinary least squares and panel data econometric techniques such as fixed effect models are used to investigate the most significant determinants that affect the capital structure choice of 10 leading companies categorized as BSE Auto Top 100 and the Automobile Industry as a whole for a period of 14 years from 2000–2001 to 2013–2014. The study reveals some interesting facts and results. Multiple regression analysis reveals that while profitability and size are significant determinants in most of the leading companies; NDTS, Growth, and Debt service coverage ratio are not significant for these companies. While the Panel data results of the Automobile Industry as a whole reveals that profitability is the only significant determinant having negative relationship with debt equity ratio; and the other variables are insignificant. Also individual companies coefficient results shows implications of mix of pecking order and trade off theories while the panel data results of the whole Industry strongly supports the Pecking order theory.Keywords
Capital Structure, Trade-Off, Pecking Order, Panel Data Analysis.References
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