Business groups, financing constraints and investment: The case of India

被引：61

作者：

Lensink, R ^{[1
]}

Van der Molen, R ^{[1
]}

Gangopadhyay, S ^{[1
]}

机构：

[1] Univ Groningen, NL-9700 AV Groningen, Netherlands

来源：

JOURNAL OF DEVELOPMENT STUDIES | 2003年 / 40卷 / 02期

关键词：

D O I：

10.1080/00220380412331293787

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

We examine the effect of business group affiliation on corporate investment behaviour in India. More specifically, we test whether group affiliation reduces financing constraints for the affiliated firms. We use a data set containing 694 listed Indian companies for the 1989-97 period. We estimate a simple investment equation and find evidence that the investment-cash flow sensitivity is much lower for group affiliates. This suggests that business group affiliates have better access to external funds than stand-alone firms.

引用

页码：93 / 119

页数：27

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