Operating Liquidity and Financial Leverage: Evidences from Indian Machinery Industry

Utkarsh Goel · Saurabh Chadha · Anil Kumar Sharma

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Working Capital and Financial Performance Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

Operating liquidity and financial leverage are two significant aspects of overall firm management. This paper analyses the impact of financial leverage on various measures of operating liquidity. Further, we examine the effect of both operating liquidity and financial leverage on the firm's performance. We employ a sample of 151 Indian machinery firms and 10 years annual financial standalone data from 2004-05 to 2012-13 was collected using CMIE Prowess database. Ratio analysis and Panel data regression model have been applied to study the relationship. It was found that financial leverage has significant impact on different measures of operating liquidity. Further operating liquidity and financial leverage have considerable impact on performance of the Indian machinery firms. This study provides insights on interrelation between operation management and financial management and their impact on firm's performance.

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References

2002Testing Trade-Off and Pecking Order Predictions About Dividends and Debt 2006TRENDS IN WORKING CAPITAL MANAGEMENT AND ITS IMPACT ON FIRMS, PERFORMANCE: AN ANALYSIS OF MAURITIAN SMALL MANUFACTURING FIRMS 2006Relationship Between Working Capital Management and Profitability of Listed Companies in the Athens Stock Exchange 2009Working Capital Requirements and the Determining Factors in Pakistan 2010The Effect Of Working Capital Management On Firms Profitability: Empirical Evidence From An Emerging Market 2012The Relationship between Capital Structure and Firm Performance Evaluation Measures: Evidence from the Tehran Stock Exchange 2013The impact of capital structure on performance 2013Capital Structure and Corporate Performance of Nigerian Quoted Firms: A Panel Data Approach

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