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Capital structure dynamics of Indian corporates

机译：印度企业的资本结构动态

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Purpose-The purpose of this paper is to examine the capital structure determinants and speed of adjustment (SOA) toward the target capital structure of firms. Design/methodology/approach - The study has used the generalized method of moments (GMM) model and two-stage least squares (TSLS) to the panel data of 3,310 Indian firms, from January 2000 to March 2018, to determine the adjustment speed toward target capital structure. Further, the study employed a fully modified ordinary least square technique to shed light on the dynamic nature of the adjustment process. Findings - The results of the GMM estimations indicate that Indian firms are adjusting their capital structure toward the target rate of 10.38 percent per year. Similarly, the findings of TSLS estimate specify a SOA of 15.49 percent per year. The low adjustment speed suggests the prevalence of higher adjustment costs of Indian firms. Research limitations/implications - Future research can be undertaken by including certain macroeoonomic factors such as GDP, inflation and the interest rate, which also affect the SOA since firms are pretentious by market conditions while designing capital structure for firms. Practical implications - In the current financial and regulatory set-up when there are frequent perturbations in the capital market, the study will be valuable for regulators, firms and academicians. The work would enable the concerned stakeholders to manage their scare resources and capital effectively by a better way to make informed decisions. It will facilitate managers of young companies to identify and regulate the factors that are more pertinent for them to make flexible financial decisions concerning the capital structure. Originality/value - The study amplifies on previous studies and provides new insights on the speed of the adjustment process of Indian firms, helping to modify and refine their capital structures toward the optimum capital structure. This will not only enhance the financial flexibility in the capital structure of Indian corporates but also be of great value to the policymakers and other stakeholders.
机译：目的 - 本文的目的是研究资本结构决定因素和调整速度（SOA）对公司的目标资本结构。设计/方法/方法 - 该研究使用2000年1月至2018年3月的3,310家印度公司的面板数据，从2018年3月到3,310年的面板数据使用了一般的矩（GMM）模型和两级最小二乘法（TSL），以确定调整速度目标资本结构。此外，该研究采用了完全改性的常规最小二乘技术来揭示调整过程的动态性质。调查结果 - GMM估计的结果表明，印度公司正在将其资本结构调整为每年10.38％的目标率。同样，TSLS估计的发现指定了每年15.49％的SOA。低调整速度表明印度公司的更高调整成本普遍存在。研究限制/影响 - 未来的研究可以通过包括GDP，通货膨胀和利率等某些宏观组成因素，这也影响SOA以来，自公司在为公司设计资本结构的资本结构时自命不凡。实际意义 - 在当前的金融和监管机构时，当资本市场经常发生扰动时，该研究将对监管机构，公司和院士人员有价值。这项工作将使有关利益相关者能够通过更好的方法来管理他们的恐慌资源和资本来提出知情决定。它将促进年轻公司的管理人员，以识别和规范对他们更加相关的因素，以制定有关资本结构的灵活的财务决策。原创性/值 - 研究以往的研究，并提供了对印度公司调整过程的速度的新见解，有助于修改和改进其资本结构朝着最佳资本结构的资本结构。这不仅将提高印度企业资本结构的财务灵活性，而且对政策制定者和其他利益攸关方具有重要价值。

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