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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | Impact of Macroeconomic Factors on Capital Structure choice of Indian Firms |
| Authors Name: | Harsh Sharma |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_202909
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| Published Paper Id: | IJNRD2308027 |
| Published In: | Volume 8 Issue 8, August-2023 |
| DOI: | |
| Abstract: | Several studies have been conducted to explore the factors affecting choice of capital structure, i.e., split between debt and equity, of firms. Most of these studies have focused on firm specific factors. Recently, studies have been conducted to determine the influence of macroeconomic variables on this decision of firms, but they are still in the nascent stage. Moreover, most of these studies have been confined to developed countries, with different business environments, so their results may or may not be applicable in the Indian context. In this paper, influence of macroeconomic variables, like inflation, GDP growth rate, interest rates, and net FDI, on the capital structure of Indian firms has been empirically examined. Some firm-specific variables—return on equity and asset tangibility—have also been used to improve fit of the model. Panel data regression analysis has been conducted on the data of 65 NSE 100 companies, over the past 20 years. Inflation and net FDI flows, as a percentage of GDP, were found to be negatively related with leverage of firms, while GDP growth was found to have an insignificant relationship with the same. With respect to firm specific factors, both, return on equity and asset tangibility, were found to be positively related to leverage of firms. |
| Keywords: | Capital structure, Leverage, Interest rate, GDP, Indian firms, Panel Data, Random Effects Model |
| Cite Article: | "Impact of Macroeconomic Factors on Capital Structure choice of Indian Firms", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 8, page no.a227-a237, August-2023, Available :http://www.ijnrd.org/papers/IJNRD2308027.pdf |
| Downloads: | 000118750 |
| ISSN: |
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
| Publication Details: |
Published Paper ID:IJNRD2308027 Registration ID: 202909 Published In: Volume 8 Issue 8, August-2023 DOI (Digital Object Identifier): Page No: a227-a237 Country: Ahmedabad, Gujarat, India Research Area: Science Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2308027 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2308027 |
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ISSN: 2456-4184
Impact Factor: 8.76 and ISSN APPROVED
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