Munich Personal RePEc Archive

Affiliation and Firm Performance: Evidence from Indian Business Groups

Ghosh, Saibal (2010): Affiliation and Firm Performance: Evidence from Indian Business Groups. Published in: The Manchester School , Vol. 78, No. 3 (June 2010): pp. 183-200.

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Abstract

Using data on a sample of Indian firms from 1996-2006, 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 RoA. Moreover, the evidence indicates that tunneling is not an important factor driving the valuation and profitability effect of group affiliation.

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