Effect of Increased Disclosure on Firm Financing: An Assessment of the Impact of Clause 49 in India

2020 ◽  
Author(s):  
Sarmistha Pal ◽  
Zoya Saher
Keyword(s):  
Firm Financing ◽  
The Impact ◽  
Clause 49

scholarly journals The Impact of the Business Environment on Young Firm Financing

2011 ◽  
Vol 25 (3) ◽  
pp. 486-507 ◽  
Author(s):  
Larry W. Chavis ◽  
Leora F. Klapper ◽  
Inessa Love
Keyword(s):  
Business Environment ◽  
Firm Financing ◽  
The Impact

scholarly journals An empirical examination of the impact of corporate governance disclosure on financial performance

2015 ◽  
Vol 12 (3) ◽  
pp. 468-473
Author(s):  
Arunima Haldar ◽  
S.V.D. Nageswara Rao
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Positive Relationship ◽  
Empirical Examination ◽  
Regulatory Changes ◽  
Stakeholder Interactions ◽  
The Impact ◽  
Clause 49 ◽  
Governance Disclosure ◽  
Over Time

The Indian corporate governance relationships have evolved over time as a result of both formal and informal stakeholder interactions, with changes to Clause 49 triggering a further evolutionary move in Indian corporate governance towards global benchmarks. This study seeks to gain insights into how the regulatory changes impacted corporate governance (CG) practices in India by measuring their effect on performance. We construct a "CG Compliance Index" using three important governance mechanisms for the year 2008. The analysis reveals that majority companies have complied by the regulations depicted by high CG compliance score and have a significant positive relationship between CG Compliance Index and the market measure of financial performance of companies

scholarly journals The Impact Of The Business Environment On Young Firm Financing

2010 ◽  
Author(s):  
Inessa Love ◽  
Larry W. Chavis ◽  
Leora F. Klapper
Keyword(s):  
Business Environment ◽  
Firm Financing ◽  
The Impact

scholarly journals Does it pay to be green? Environmental performance and firm financing during COVID-19 outbreaks

2020 ◽  
Author(s):  
Nirosha Hewa Wellalage ◽  
Vijay Kumar
Keyword(s):  
Environmental Performance ◽  
Small And Medium Enterprises ◽  
Sample Selection ◽  
Jel Classification ◽  
Firm Level ◽  
Global Pandemic ◽  
Firm Financing ◽  
Medium Enterprises ◽  
The Impact ◽  
Negative Shock

Abstract This paper examines the effect of firm environmental performance on firm financing during the COVID-19 outbreak. Crises in multiple forms curtail Micro, Small and Medium Enterprises (MSMEs) stability and the livelihood of hundreds of millions of people who derive their living from these activities. The way in which MSMEs deal with crises and the extent to which environmental performance is beneficial when the market suffers a negative shock is relatively unexplored in the literature. We consider three aspects of financing -- firm level liquidity, bank credit and bankruptcy probabilities -- and argue that it pays for firms to show commitment to environmental responsibilities in a global pandemic. Through an examination of 3,356 MSMEs, we find that firms with better environmental performance reduce their probability of bankruptcies and their liquidities decreasing during the COVID-19 pandemic. Furthermore, analysis shows that the impact of a firm’s environmental performance is more pronounced in sensitive industries (hospitality and retail). The results are robust based on a series of robustness checks, including propensity score matching and the Heckman two-stage sample selection model. Our study suggests that the trust between a firm and its stakeholders, if it is grounded on environmental performance, pays off when the overall level of trust in markets suffers a negative shock. JEL Classification: F64; G01; Q14

The Impact of Institutional Factors on Female and Male Owned Firm Financing

2019 ◽  
pp. 616-634
Author(s):  
Stuart Murrin Locke ◽  
Nirosha Hewa-Wellalage
Keyword(s):  
World Bank ◽  
Small And Medium Enterprises ◽  
External Financing ◽  
Additional Information ◽  
External Finance ◽  
Standards Of Living ◽  
Firm Financing ◽  
Lost Potential ◽  
Medium Enterprises ◽  
The Impact

The study compares the impact of the commercial environment on external financing of female- owned micro, small and medium enterprises (MSMEs) compared to those that are male owned in seven South Asian countries. The region exhibits weak institutional and regulatory regimes which result in expropriation of profits from MSMEs. It is likely that such commercial environments add to the risk of lending to MSMEs and this may further manifest a gender bias toward males. This study uses a unique dataset of over 5000 firms from World Bank Enterprise Surveys and combines this with additional information drawn from World Bank macro-economic data. Interval and logit regressions are used. Contrary other studies, this research indicates that once females have access to formal financing they use a higher proportion of formal financing in their firm capital structure than their male-counterparts. A gap in accessing external finance for female-owned MSMEs presents both a waste of human resource and a lost potential to lift standards of living, presenting an opportunity for reform.

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