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Productivity and Financial StructureEvidence from Indian High-tech FirmsThe author is presently on lien from the Reserve Bank of India, Mumbai. E-mail: saibal{at}gmail.com. The views expressed and the approach pursued in the paper are strictly personal. The article utilizes data on high-tech Indian firms for 1996–2007 to explain the association between leverage and productivity. Accordingly, firm-level productivity measures are regressed on a set of control variables, which includes leverage among the regressors. The findings suggest that low leveraged firms tend to be more productive, on average. Robustness tests support the results.
Global Business Review, Vol. 10, No. 2,
261-278 (2009) |
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