Determinants of Intercorporate Investments: An Empirical Investigation of Indian Firms
Determinants of Intercorporate Investments: An Empirical Investigation of Indian Firms
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企业间投资的决定因素：对印度企业的实证调查
DOI：
10.3390/ijfs9010001
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发表时间：
2020
影响因子：
2.3
通讯作者：
Seshadev Sahoo
中科院分区：
文献类型：
--
作者：
Vedika Saxena;Seshadev Sahoo
我们考察了2015-2019年期间在印度国家证券交易所(NSE)上市的127家公司的样本公司间投资的决定因素。研究表明，投资公司的公司间投资受到自由现金流、股息收益率、发起人持股和杠杆的影响。有趣的是，与财经媒体的传闻相反，发起人持有(股权)较多的投资公司倾向于较少投资于另一家公司的资本(作为公司间投资的一部分)。使用OLS回归，这一分析没有发现变量的证据，即公司的年龄、所需的资本支出、每股收益的增长、董事会独立性和CEO双重身份，这些变量对公司间投资具有显著影响。对行业效应的进一步测试表明，消费和零售部门的公司间投资与制造业和服务业有显著不同(即，较低)。
We examine the determinants of intercorporate investments for a sample of 127 firms listed in the National Stock Exchange (NSE) in India for the period 2015–2019. This research indicates that the investor firm’s intercorporate investments are influenced by free cash flows, dividend yield, promoter holding, and leverage. Interestingly, contrary to anecdotes in the financial press, the investor firms where promoter holding (equity) is more, prefer to invest less in the other firm’s capital (as part of intercorporate investment). Using OLS regression, this analysis does not find evidence for the variables, that is, the firm’s age, the capital expenditure required, growth in earnings per share, board independence, and CEO duality for significant influence on intercorporate investments. Further tests for industry effect reveal the consumer and retail sector’s intercorporate investments to be significantly different (i.e., lower) from the manufacturing and service sectors.