Article2010

AFFILIATION AND FIRM PERFORMANCE: EVIDENCE FROM INDIAN BUSINESS GROUPS

19 citations0/0 files storedManchester School

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Corporate Finance and Governance Family Business Performance and Succession Corporate Governance and Financial Management

Abstract

Using data on a sample of Indian firms from 1996 to 2006, we examine the effect of group affiliation on firm performance. After controlling for the differences in firm size, growth opportunities and leverage, the findings indicate that group affiliation exerts a salutary impact on firm performance, measured in terms of adjusted Q or return on assets. Moreover, the evidence indicates that tunnelling is not an important factor driving the valuation and profitability effect of group affiliation.

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References

1985The economic institutions of capitalism firms, markets, relational contracting 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?2002Investor Protection and Corporate Valuation 2000Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups 1994Tobin's q, Corporate Diversification, and Firm Performance 1991Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups 2000Tunneling 2000The Cost of Diversity: The Diversification Discount and Inefficient Investment

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