1、1200单词， 6500英文字符 ,中文 2000字 文献出处： Majumdar, Sumit K., and Kunal Sen. Debt in the Indian Corporate Sector: Its effects on firm strategy and performance. Strategic Management Journal 23.4 (2010): 345-358 ht t p: / / news/ 82B4C0E50DC877CC.html 原文 Debt in the Indian Corporate Sector:Its effects on firm
2、strategy and performance Majumdar； Kunal Abstract Indian firms are heavily leveraged. Unlike in the West, where debt ratios that are more than half of nominal equity capital values are considered to be high, in India high debt to equity ratios is the norm. In this paper, we study the consequences of
3、 the important role that debt plays in the capital structure of Indian corporate firms. We study the effects of debt structure on firms strategic behaviour, such as diversification, advertising and out-sourcing. We find that firms which rely on arms-length debt have better performance and are more l
4、ikely to engage in advertising and diversification than firms which rely on borrowing from institutional lenders such as term-lending institutions. We argue that the public ownership of many institutional lenders may explain why they have not been able to monitor firms as effectively as armslength d
5、ebt holders which are mostly in the private sector. Keywords: Debt, diversification, advertising, profitability, India Introduction We study the effects of debt structure on two aspects of firm strategy: their diversification and advertising behaviour. We also examine whether debt structure matters
6、in explaining firm performance in India, as measured by firm profitability. We find arms-length debt such as debentures and fixed deposits are most likely to have a positive impact on firm diversification and advertising expenditures. Borrowing from term-lending institutions is most likely to have a dampening effect of diversification and spending on advertising. We also find that fixed deposit holders are most likely to have a positive impact on firm profitability.
