bibliography -...

221

BIBLIOGRAPHY

LIST OF BOOKS

Arthur, J. Keown, David, F. Scott., Jr. John, D. Martin., Petty, J.

William, Basic Financial Management, (Third Edition), Prentice Hall of

India Pvt. Ltd., New Delhi, 1986.

Barges, A., The Effect of Capital Structure on the Cost of Capital,

Prentice Hail Inc., Englewood Cliffs, N.J., 1963.

Brigham, E.F., Fundamentals of Financial Management, The Dry Dew

Press, Hinsdale, Illinois, p. 397.

Cherunilam, F., Business Environment, (First Edition), Himalaya

Publishing House, 1985.

Elhance, D.N., Fundamentals of Statistics, Kitab Mahal (W.D.), Pvt.

Ltd., Allahabad.

Financial Crises in Emerging Markets, Alexander Lamfalussy,

University Press, 2002.

Financial Decision Making Concepts and Problems, John J. Hamption,

Prentice Hall of India, New Delhi, 2003.

Financial Management and Policy, Van Horne James C., Printice Hall of

India, New Delhi, 1995.

Financial Management, Arthur Keown, Printice Hall of India, New

Delhi, 2002.

Financial Management, I.M. Pandey, Vikas Publishing House, 1995.

Please purchase PDF Split-Merge on www.verypdf.com to remove this watermark.

222

Financial Management, Khan, Tata McGraw Hill Ltd., New Delhi,

2000.

Financial Management, Prasanna Chandra, Tata McGraw Hill Ltd., New

Delhi, 1997.

Financial Management, the Essence, Mydoeltion, Printice Hall of India,

New Delhi, 2003.

Financial Markets and Services, Gordon, E., Himalaya Publication

House, Mumbai, 2000.

Gitman, L., Principles of Managerial Finance, Harper and Row, New

York, 1976.

Gordon, Mykrov, j., The investment Financing and Valuation of the

Corporation, Home-wood, Illinois, Richard D. Irwin, Inc., 1962.

Gujrati, Damodar N., Basic Econometrics, (Second Edition), McGraw-

Hill Book Company, 1988.

Gupta, L.C., The Changing Structure of Industrial Finance in India,

London, Oxford, 1969.

Gupta, S.P., Statistical Methods, Sultan Chand and Sons, New Delhi,

1991.

Gutham, H.G. and Dougall, H.E., Corporate Financial Policy, 4th

Edition, Prentice Hall of India Pvt. Ltd., New Delhi, 1966.

Hampton, J.J., Financial Decision Making, Prentice Hail of India

Pvt.Ltd.,New Delhi, 1977.


223

Hanson, J.L. A Dictionary of Economics and Commerce (Sixth Edition:

Pitman Publishing Limited, 1986.

Hunt, P., Williams, C. and Donaldson, G., Basic Business Finance,

Illinois. chord D. Irwin Inc., 1966.

Jain, T.R., Indian Economy, V.K. Publications, 2001-02.

Khan, M. and Jain, P., Financial Management, Tata McGraw Hill

Publishing Co. Ltd , New Delhi, 1987.

Kishore, Ravi M., Management Accounting, Taxman Allied Services

Pvt Ltd, 2000.

Koutsoyiannis, Theory of Econometrics, Second Edition, ELBS edition,

1988.

Kuchhal, S.C Financial Management (Ninth Edition), Chaitanya

Publishing Hous. Allahabad, 1986.

Kulkarni, P.V., Financial Management - A Conceptual Approach,

Himalaya Publishing House, Bombay, 1985.

Lincoln, E.E., Applied Business Finance, McGraw-Hill Book Co.,

Newyork, 1945.

Maheswari S.N., Financial Management – A Conceptual Approach,

Himalaya Publications, 1985.

Manmohan and Goyal S.N., Principles of Management Accounting,

Sahitya Bhavan, Agra, 1982.

Ogley, Brain, Business Finance, Longman, London, 1981.


224

Pandey, I.M., Capital Structure and Cost of Capital, Vikas Publishing

House (P) Ltd., New Delhi, 1981.

Pandey, I.M., Finance Management, (7th Revised Edition), Vikas

Publishing (P) Ltd., New Delhi, 1996.

Philippatos, George, “Financial Management: Theory and Techniques,

Holden-Day, Inc., San Francisco, 1973.

Philippatos, George C and Sillier, William., Financial Management

and Tax and Cases, Ally Bacon, Inc., 7 Wells Avenue, Massachusetts

02159, 1987.

Pinches, George E., Essentials of Financial Management, Harper and

Row, Publishers New York, 1984.

Porterfield, Investment Decisions and Capital Costs, Prentice Hall,

Englewood Chitt, 1965.

Research Methodology, Bhatachariya, Excel Books, New Delhi, 2003.

Research Methodology, Cauvery, R. Printice Hall of India (P) Ltd., New

Delhi, 2005.

Research Methodology, Kumar Dipak, Excel Books, New Delhi, 2006.

Research Methodology, Panneer Selvam, Printice Hall of India, New

Delhi, 2006.

Research Methodology, Saravanavel, Kitab Mahal, Alagabad, 2007.

Research Methodology, Taylor Bill Guatam Sinha, Printice Hall of

India, New Delhi, 2006.


225

Research Methodology, Thanulingam, Himalaya Publishing House,

Mumbai, 2001.

Roy, G.D., Survey of Accounting Ideas, Alpha Publishing Concern,

Calcutta, 1963.

Ruddar Dutt, Sundharam, K.P.M., Indian Famoim/, S. Chand and

Company Ltd., 1997.

Sharma, R.K., Gupta, Shashi, K., Management Accounting and Bushiest

Finance, Kalyani Publishers, New Delhi, 1999.

Spiegel, Murray, R., Theory and Problems of Statistics, McGraw-Hill

International Hook Company, Singapore, 1981.

Srivastava, R.M., Essentials of Business Finance (First Edition),

Himalaya Publishing House, Bombay, 1986.

Stephen, H.A. and Charles, A.D., Business Finance: Theory and

Management, Mc Millani Ltd., London, 1966.

Sur, A.K., Principles of Corporate Finance, 2nd Edition, Chakarborty,

Chatterjee and Company Ltd., Calcutta, 1962.

Vanhorne, James, C, Financial Management and Policy (Tenth Edition),

Prentice Hall of India Pvt. Ltd., New Delhi, 1996.

Walker, E.W. and Baugh, W.H., Financial Planning and Policy, (10th

Edition), Prentice Hall of India (P) Ltd., New Delhi, 1996.

Waterman, M., “Trading on the Equity” in [Wilford J., Eitman (ed.)],

Essays on Business Finance, Master Co. Press Inc., Ann Arbor, Mich,

1963.


226

II. LIST OF JOURNALS AND MAGAZINES

101. Ahmed Elashker and Tanongsak Wattanasuwannee (1997), “Capital

Structure in Thailand on the Eve of Recovery: An Empirical Inquiry, Vol.7,

No.15, pp.156-158.

102. Allan and Tillman Marcus (1993), “Capital Structure Determinants in

Real Estate Limited Partnership”, Dissertation Abstract International, Vol.

53, No.7, pp. 2437A.

103. Antoniou, A, Guney, Y and Paudyal, K. (2002), “Determinants of

corporate capital structure: Evidence from European Countries.” Working

paper, University of Durham.

104. Appelbaum, Elie, Bankruptcy (1992), “Warranties and the Firm’s

Capital Structure”, International Economic Review, Vol.33, No.2, pp. 399-

412.

105. Artikis, Panayiotis G; Nifora, Georgia(2012), International Advances in

Economic Research, 18. 1 : 87-101.

106. Badhani, K.N. (1997), “Effects of Financial Leverage on Systematic

Risk, Cost and Value of Equity Under Capital Asset Pricing Mode”,

Finance India, Vol. XI, No.2, pp. 343-352.

107. Bandopadhyay, P.K.(1997), “Capital Structure and Profitability

Analysis of Central Public Sector Undertakings”, Indian Journal of

Commerce, Vol.39, No. 145, pp.41-48.


227

108. Ben-Shahar, Haim (1968), “The Capital Structure and the Cost of

Capital: A suggested Exposition”, The Journal of Finance, Vol. 23, No. 4,

pp. 395-403.

109. Berglof, Erik, A. (1993), “Corporate Control and Capital Structure:

Essays on Property Rights and Financial Contracts”, Dissertation Abstract

International, Vol. 54,1, pp. 44.

110.Bhabra, Harjeet S; Liu, Tong; Tirtiroglu, Dogan (2008), “Capital Structure

Choice in a Nascent Market: Evidence from Listed Firms in China”,

Financial Management, Vol. 37, 2 : 341-364.

111.Bhaduri, S. (2002). “Determinants of corporate borrowing : Some evidence

from the Indian corporate structure.” Journal of Economics and Finance.

26(2), pp.200-215.

112.Bhattacharyya P.K. (1985), “Capital Structure and Profitability Analysis of

Central Public Sector Undertakings”, Indian Journal of Commerce, Vol.39,

No.145, pp.41-48.

113.Bistrova, Julia; Lace, Natalja; Peleckiene, Valentina (2011), “The influence

of capital structure on baltic corporate performance/KAPITALO

STRUKTURA BALTIJOS IMONESE” Journal of Business Economics and

Management, Vol. 12. 4: 655.

114.Boodhoo Roshan (2009), “Capital Structure and Ownership Structure” The

Journal of Online Education, New York.

115.Castanias, R. (1991), “Bankruptcy Risk and Optimal Capital Structure”,

The Journal of Finance, Vol. XXXVIII, No. 5, pp.1617-1635.


228

116.Chakrabarty S.K.,( 1977), “Corporate Capital Structure and Cost of

Capital”, ICWAI, Calcutta, pp. 87-90.

117.Chandra S. Mishra (2011), “Determinants of Capital Structure – A Study of

Manufacturing Sector PSUs in India”. International Conference on

Financial Management and Economics.

118.Chandra Sekher Mishra (2004), “Determinants of Capital Structure in PEs”

published paper presented at Conference IIM, Lucknow.

119.Chevalier, Judith A.(1995), “Capital Structure and Product Market

Competition: Empirical Evidence from the Super Market Industry”,

American Economic Review, Vol. 85, No. 3, pp. 415-435.

120.Danbolt J. (2004), “Testing for inconsistencies in the estimation of UK

capital structure determinants”, Applied Financial Economics, 14, 55–66.

121.Dann, Larry Y. and Mikkelson, Wayne H. (1984), “Convertible Debt

Issuance, Capital Structure Change and Financing Related Information”,

Journal of Financial Economics, Vol. 13, No. 2, pp. 157-186.

122.De Jong, Abe, Rezaul Kabir & Thuy Thu Nguyen (2008), “Capital

structure around the world: The roles of firm- and country-specific

determinants.” Journal of Banking & Finance.

123.Deesomsak R., Paudyal K. & Pescetto G. (2004), “The determinants of

capital structure: evidence from the Asia Pacific region,” Journal of

Multinational Financial Management, 14, pp.387-405.

124.Dellas, Harris and Galor, Oded (1992), “Growth Via External Public Debt

and Capital Controls”, International Economic Review, Vol. 33, No. 2,

pp.269-281.


229

125.Emilio Colombo (2001), “Determinants of corporate capital structure:

evidence from Hungarian firms Applied Economics”, Vol.33, pp. 1689 -

1701.

126.Fawad Ahmad, Juniad-ul-Haq, Rao Umer Nasir, Mohsin Ali, Wasim Ullah,

(2011), “Extension of determinants of capital structure: Evidence from

Pakistani non-financial firms”, African Journal of Business Management

Vol. 5(28), pp. 11375-11385.

127. Flath, D. and Knoebar, C.R., (1980), “Taxes Failure Cost and Optimal

Industry Capital Structure : An Empirical Test”, The Journal of Economic

Literature, Vol. XVIII, No.3, pp. 34-36.

128. Friend, Irwin and Lang, Larry H.P (1988), “An Empirical Test of the

Impact of Management Self-interested on Corporate Capital Structure”,

The journal of Finance, Vol. 43, No.3.

129. Gavin Cassara, Scott Holmes (2003), “Capital structure and financing

of SMEs: Australian Evidence”, Accounting and Finance, 43, pp.123-147.

130. Ghosh, T.P., (1995), “Cost of Capital and Leverage”, The Management

Accountant, pp. 244-245.

131. Gonzalez, Nestor, Litzenberger, Robert and Rolfo, Jacques (1977) “On

Mean Variance Models of Capital Structure and the Absurdity of their

Predictions”, Journal of Financial and Quantitative Analysis, pp. 165-175.

132. Harris, M and Raviv. (1991). “The Theory of Capital Structure.” Journal

of Finance, 46, pp.297-355.


230

133. Haugen, Robert A. and Senbet, Lemma W., (1978), “The Insignificance

of Bankruptcy Cost to the Theory of Optimal Capital Structure”, The

Journal of finance, Vol.33, No.2, pp. 383-392.

134. Heinkel, Robert (1982), “A Theory of Capital Structure Relevance under

Imperfect Information”, The Journal of Finance, Vol. 37, No. 5, pp.141-

150.

135. Hodder, James E. and Senbet, Lemma W., (1990), “International

Capital Structure Equilibrium”, The Journal of Finance, Vol. 55, No. 5, pp.

1495-1515.

136. Homaifar, G, Ziets, J and Benkato, O. (1994). “An empirical model of

capital structure: Some new evidence.” Journal of Business Finance and

Accounting. 21(1), pp.1-14.

137. Hoque, Monzurul; Chishty, Muhammad; Halloway, Rashid (2011),

“Commercialization and changes in capital structure in microfinance

institutions”, Managerial Finance, Vol. 37. 5: 414-425.

138. Husni Ali Khrawish and Ali Husni Ali Khraiwesh (2010), “The

Determinants of the Capital Structure: Evidence from Jordanian Industrial

Companies”, JKAU: Econ. & Adm., Vol. 24 No. 1, pp: 173-196.

139. Indranarain Ramlall (2009), “Determinants of Capital Structure Among

Non-Quoted Mauritian Firms under Specificity of Leverage: Looking for a

Modified Pecking Order Theory”, International Research Journal of Finance

and Economics, Issue 31.


231

140. Israel Romen (1991), “Capital Structure and the Market for Corporate

Control: The Defensive Role of Debt Financing”, The Journal Finance,

Vol. XLVI, No. 4, pp. 1391-1409.

141. Jagannath Panda(2010),“Determinants of capital structure: an empirical

study of Indian companies”, International Journal of Research in

Commerce and Management, Vol.No: 1, 8.

142. Jalill Abolhassan and Harris, Robert S.( 1984), “Corporate Behaviour in

Adjusting to Capital Structure and Dividend Targets: An Econometric

Study”, The Journal of Finance, Vol. 39, No.1, pp. 127-145.

143. Jo Danbolt (2002), “Capital structure and its determinants in the UK a

decompositional analysis”, Applied Financial Economics, 12, pp.159 -170.

144. Joanne Loundes (2001), The Financial performance of Australian

Government Trading Enterprises pre-and post-Reform”, Melbourne

Institute of Applied Economic and Social Research, The University of

Melbourne, Vol. 5, pp.121-123.

145. Kerry Pattenden (2006), “Capital Structure Decisions Under Classical,

and Imputation Tax Systems: A Natural Test for Tax Effects in Australia”,

Australian Journal of Management, Vol. 31, No. 1.

146. Keshar J. Baral (2004), “Determinants of Capital Structure: A Case

Study of Listed Companies of Nepal”, The Journal of Nepalese Business

Studies, Vol. I , No. 1.


232

147. Kimberly C. Gleason (2000), “The Interrelationship between Culture,

Capital Structure, and Performance: Evidence from European Retailers”.

Journal of Business Research 50, pp. 185–191.

148. Krishnan and Moyer (1996). “Determinants of capital structure : An

empirical analysis of firms in industrial countries.” Managerial Finance.

22(2), pp.39-55.

149. Lev, Baruch and Pekelman, Dov (1975), “A Multiperiod Adjustment

Model of the Firm’s Capital Structure”, The Journal of Finance, Vol. 30,

No.1, pp. 75-91.

150. Lewellen, Wilbur G. and Mayer, David C. (1988), “Tax Options and

Corporate Capital Structure”, Journal of Financial and Quantitative

Analysis, Vol. 23, No.4, pp. 387-400.

151. Litzenberger, Robert H. (1986), “Some Observations on Capital

Structure and the Impact on Recent Recapitalisation on Share Prices”,

Journal of Financial Quantitative Analysis, Vol.21, No. 1.

152. Mallik P.( 1987), “Trends in Capital Structure of Medium and Large

Pvt. Ltd., Companies”, The Chartered Accountant, 527-531.

153. Masulis, Ronald W. (1983), “The Impact of Capital Structure Change

on Firm Value: Some Estimates:, The Journal of Finance, Vol. 38, No. 1,

pp. 107-126.

154. Mehran, Hamid (1992), “Executive Incentive Plans, Corporate Control

and Capital Structure”, Journal of Financial and Quantitative Analysis, Vol.

27, 4, pp.539-560.


233

155. Melgarejo, Zuray; Simon, Katrin; Arcelus, Francisco J (2010),

“Differences in Financial Performance Amongst Spanish Smes According

to their Capital-Ownership Structure: A Descriptive Analysis: Annales De

L'economie Collective, Annals of Public and Cooperative Economics, Vol.

81. 1 : 105-129.

156. Milton, Harris and Artur, Raviv (1988), “Corporate Control Contests

and Capital Structure”, The Journal of Financial Economics, Vol.20, pp.55-

86.

157. Milton, Harris and Artur, Raviv (1990), “Capital Structure and the

Informational Role of Debt”, The Journal of Finance, Vol. XLV, 2,

pp.321-349.

158. Muhammad Rafiq, Asif Iqbal, Muhammad Atiq (2008), “The

Determinants of Capital Structure of the Chemical Industry in Pakistan”,

The Lahore Journal of Economics, Vol.13, pp. 139-158.

159. Myers C. Stewart (2001), “Capital Structure”, Journal of Economic

Perspective, Vol. 15, No.2, pp. 81-102.

160. Narashimhan M.S and Vijayalakshmi (2003), “Capital Structuring

Decisions in a Comparative Market Environment”, Presented at

International Conference on Business and Finance, Organised by the ICFAI

University, Hyderbad, Jointly with Philadelphia University, USA,

pp. 15-16.


234

161. Nivorozhkin, E., (2002), “Analysis of the Subordinated Debt Proposal

in Banking: the Case of Costly Bankruptcy”, Working Paper in Economics

No 44, Department of Economics, Gothenburg University.

162. Ofek, Eli (1993), “Capital Structure and Firm Response to Poor

Performance – An Empirical Analysis”, Journal of Financial Economics,

Vo. 34, 1, pp. 3-30.

163. Ong Tze San (2011) “Capital Structure and Corporate Performance of

Malaysian Construction Sector” International Journal of Humanities and

Social Science, Vol. 1 No. 2.

164. Ooi, Joseph (1999), “The determinants of capital structure Evidence on

UK property companies”, Journal of Property Investment & Finance,

Vol.17. 5: pp.464.

165. Ozenbas, Deniz; Portes, Luis San Vicente (2009), “Relationship between

GDP Volatility, Idiosyncratic Stock Price Risk and Firms' Capital

Structure: An Explanation within the Financial Accelerator Framework”,

The Business Review, Cambridge, Vol.14, 1: pp. 1-8.

166. Panno A.(2003), “An empirical investigation on the determinants of

capital structure: the UK and Italian experience”, Applied Financial

Economics, 13, 97-112.

167. Parvathy S (2004), “The Financial Analysis of Hindustan Photo films,

Ooty” The Journal of Finance, Vol. 49, No. 4, pp. 53-71.

168. Puwanenthiren Pratheepkanth (2011), “Capital Structure and Financial

Performance: Evidence from selected business companies in Colombo


235

Stock Exchange Sri Lanka”, Journal of Arts, Science & Commerce,

Vol.- II, Issue -2.

169. Raghuram G. Rajan and Luigi Zingales (1995), “What Do We Know

about Capital Structure? Some Evidence from International Data, The

Journal Of Finance. Vol. 50. No. 5, pp.15-17.

170. Ram Kumar Kakani (1999), “The Determinants of Capital Structure –

An Econometric Analysis”, Finance India, Vol. 13, pp. 51-69.

171. Ramesh K. Bhatt (1980), “Determinants of Financial Leverage: Some

Further Evidence”, Chartered Accountant, Vol. 29, No. 6, pp.451-456.

172. Rao, Hanumanta, K.S.(1986), “Corporate Goals, Capital Structure,

Leverage, Cost of Capital and Growth – Some Gleaning from the U.S.,

Japanese and German Experience”, The Management Accountant, Vol.

XIX, 5.

173. Robust and fragile (2011), “Firm-specific determinants of

the capital structure of Chinese firms”. Applied Financial Economics,

Vol. 21 Issue 18, pp.1331-1343.

174. Ronny Manos, Clairette Ah-Hen (2002), “Evidence on the Determinants

of Capital Structure of Non-Financial Corporate In Mauritius, 42.

175. Saeed Bagherzadeh (2004), “The Iranian Journal of Financial

Research”, Vol. 5, No.16, pp. 23-47.

176. Sanbet, Lemma, W and Taggart, Robert, A. (1984), “Capital Structure

Equilibrium under Market Imperfection and Incompleteness”, The Journal

of Finance, Vol.39, 1.


236

177. Saumitra N. Bhaduri (2010), “Determinants of capital structure choice:

a study of the Indian corporate sector”, Applied Financial Economics,

Volume 12, Issue 9, pp. 655-665.

178. Schneller, M.I., (1980) “Taxes and the Optimal Capital Structure of the

Firm”, The Journal of Economic Literature, Vol. 17.

179. Sealey, C.W. (1983), “Valuation, Capital Structure and Shareholder

Unanimity for Depository Financial Intermediaries”, The Journal of

Finance, Vol. 38, No.3, pp.857-874.

180. Shah Khalid, Chakdara (2011), “Financial Reforms and Dynamics of

Capital Structure Choice: A Case of Publically Listed Firms of Pakistan”,

Journal of Management Research, Vol. 3, No. 1.

181. Shah, Atta, and Hijazi S. (2004), "The Determinants of Capital Structure

in Pakistani Listed Non-Financial Firms,” The Pakistan Development

Review, 43.

182. Shah, Kshity (1994), “The Nature of Information Conveyed by Pure

capital structure changes”, Journal of Financial Economics, Vol. 36, 1,

pp.89-126.

183. Shanmugasundaram (2008), “Intra-Industry Variations of Capital

Structure in Pharmaceutical Industry in India”, International Research

Journal of Finance and Economics, Vol.16.

184. Singh, L.P. (1986), “Capital Structure Practice in Indian Public Sector:

An overview (A Study of Central Government Undertakings)”, Indian

Journal of Commerce, Vol. 39, 2(147).


237

185. Sinha, Sidharth (1992), “Inter-Industry Variations in Capital Structure

in India,” Indian Journal of Finance and Research, Vol. 2 (2), pp.13-26.

186. Steven, Raymar (1991), “A Model of Capital Structure When Earning

are Mean- Reverting”, Journal of Financial Quantitative Analysis, Vol. 26,

pp.3.

187. Taggart, Robert A.( 1981), “Rate of Return Regulation and Utility

Capital `Structure Decisions”, The Journal of Finance, Vol. 36, 2, pp.383-

393.

188. Taggart, Robert A., (1980), “Taxes and Corporate Capital Structure in

an Incomplete Market”, The Journal of Finance, Vol. 35, 3.

189. Talat Afza, Amer Hussain (2011), “Determinants of Capital Structure

across Selected Manufacturing Sectors of Pakistan”, International of

Humanities and Social Science. Vol. No. 1 No. 12.

190. Tarek I. Eldomiaty, (2008), “Determinants of corporate capital

structure: evidence from an emerging economy", International Journal of

Commerce and Management, Vol. 17 Iss: 1/2, pp.25-43.

191. Titman, Sheridan (1984), “The Effect of Capital Structure on a firm’s

Liquidation Decisions”, The Journal of Financial Economics, Vol. 13, No.1,

pp.137-151.

192. Titman, Sheridan and Wessels, Roberto (1986), “The Determinant of the

Capital Structure Choice”, The Journal of Finance, Vol. 43, 1.


238

193. Torben Juul Andersen (2009), “Effective risk management outcomes:

exploring effects of innovation and capital structure”, Journal of Strategy

and Management Vol.2. 4: 352-379.

194. Tugba Bas (2009), “Determinants of Capital Structure in Developing

Countries”, Gulnur Muradoglu and Kate Phylaktis.

195. Voulgaris F.(2004), “Size and Determinants of Capital Structure in the

Greek Manufacturing Sector”, International Review of Applied Economics,

Vol. 18, No. 2, 247–262.

196. Vunyale Narender and Abhinav Sharma (2006), “Determinants of

Capital Structure in Public Enterprises”, The IUP Journal of Applied

Finance, Vol. IX, pp.565-567.

197. Wafaa Sbeiti (2010), “The Determinants of Capital Structure: Evidence

from the GCC Countries”, International Research Journal of Finance and

Economics, Issue 47.

198. Wedig, Gerand, Sloan, Frank A., Hassan, Mahmud and Morrisey,

Micheal A.(1988), “Capital Structure, Ownership and Capital Payment

Policy: The Journal of Finance, Vol. 53, 1, pp. 21-40.

199. Welch, Emma (2003), “The Relationship Between Ownership Structure

and Performance” in Listed Australian Companies, Australian Journal of

Management, Vol. 28. 3: 287-305.

200.Williams, Joseph (1987), “Perquisites, Risk and Capital Structure”, The

Journal of Finance, Vol. 42, 1.


239

III. WEBSITES

1. www.indianjournaloffinance.co.in

2. www.nibmindia.org

3. www.indianmba.com

4. www.icai.org

5. www.financeindia.org

6. www.iff.edu

7. www.fortunejournal.com

8. www.fiibindia.com

9. www.finance-research.net

10. www.fibrefashion.com

11. www.pharmaceuticaldrug.manufacture.com

12. www.info.shine.com

13. www.businesswire.com


240

ABBREVIATIONS

ANOVA : Analysis of Variance

CAGR : Compound Annual Growth Rate

CAPM : Capital Asset Pricing Model

CMIE : Centre for Monitoring Indian Economy

D/E : Debt-equity

DGCIS : Directorate General of Commerce of Intelligence and

Statistics

DYE & PIG : Dye and Pigments

EBA : Extreme Bounds Analysis

EBIT : Earning before income tax

EBRs : Extra-Budgetary Resources

EPS : Earning per share

FDI : Foreign Direct Investment

GDP : Gross Domestic Product

LBO's : Leveraged buyouts

LDCs : Less Developed Countries

LSEs : Large Sized Enterprises

LTD : Long-Term Debt

MM : Modigliani Millar

NDTS : Non-Debt Tax Shield

NFATA : Net Fixed Assets to Total Assets


241

NI : Net Income

NOI : Net Operating Income

PEST : Pesticides

PETRO : Petrochemicals

PHARMA : Pharmaceuticals

RELPs : Real Estate Limited Partnerships

ROA : Return on Assets

ROI : Return on Investment

SMEs : Small and Medium sized Enterprises

SSI : Small Scale Industries

STD : Short-Term Debt

SWOT : Strength, Weakness, Opportunities and Threats


242

LIST OF RESPONDENTS COMPANIES

Inorganic

1. Associated Pigments Ltd

2. Borax Morarji Ltd.

3. Indo Borax & Chemicals Ltd

4. Kilburn Chemical Ltd.

5. Natl. Peroxide Ltd.

6. Pondy Oxides Ltd

7. SRHHL Industries Ltd

8. TCM Ltd.

9. TECIL Chemical Ltd.

10. Vishnu Chemicals Ltd

Organic1. Camphor & Allied Ltd.

2. Excel Inds.Ltd.,

3. Jyoti Resins Ltd

4. Aarti Industries Ltd

5. Alkyl Amines Ltd

6. Balaji Amines Ltd

7. Godrej Inds Ltd.

8. Gujarat Organics Ltd

9. Jocil Ltd.,

10. Pidilite Industries Ltd.


243

Dye and Pigments

1. Atul Ltd

2. Sudarshan Chemical Ltd.

3. Bagadia Colourch Ltd.

4. Daikaffil Chemical Ltd

5. Indokem Ltd

6. Indian Toners Ltd

7. Mazda Colours Ltd

8. Vidhi Dyestuffs Ltd

9. Ultramarine Pig. Ltd

10. Polson Ltd

Fertilizer

1. Basant Agro Tech Ltd

2. Coromandel Inter Ltd

3. F A C T Ltd

4. G N F C Ltd

5. G S F C Ltd

6. IFFCO Ltd

7. Khaitan Chemical Ltd

8. Liberty Phosphat Ltd

9. Mangalore Chemical Ltd

10. Nag. Fert & Chemical Ltd


244

Pesticides

1. Aimco Pesticides Ltd

2. Bhagiradha Chemical Ltd.,

3. Bharat Rasayan Ltd

4. Dhanuka Agritech Ltd.

5. Excel Crop Care Ltd.

6. Nag. Agrichem Ltd.

7. P I Industries Ltd

8. Rallis India Ltd

9. Sabero Organics Ltd

10. United Phosphorus Ltd

Pharmaceuticals

1. Abbott India Ltd

2. Aurobindo Pharma Ltd

3. Cipla Ltd

4. Glaxosmit Pharma Ltd

5. Lupin Ltd

6. Merck Ltd

7. Orchid Chemicals Ltd

8. Ranbaxy Labs. Ltd

9. Dr Reddy's Labs Ltd

10. Sun Pharma.Inds. Ltd


245

Petrochemical

1. Vinyl Chemicals Ltd.

2. Manali Petrochemical Ltd

3. Unimers India Ltd

4. Rama Petrochemical Ltd

5. Supreme Petrochemical Ltd.

6. Chemplast Sanmar Ltd

7. DCW Ltd

8. Finolex Industries Ltd

9. I P C L Ltd

10. Hind.Fluoro Carbon Ltd.

11. SVC Superchem Ltd

12. Polychemical Ltd


246

LIST OF RATIOS

CURRENT RATIO

Year Inorganic Organic Dye & pig Fertilizer Pesticides Pharma Petro

2001 2.18 3.01 2.76 2.78 2.61 2.8 2.17

2002 2.29 2.99 2.77 3.04 2.42 3 1.99

2003 2.03 3 2.74 2.99 3.02 2.72 1.78

2004 1.83 2.96 2.39 3.19 4.19 2.39 1.94

2005 1.75 2.72 2.74 2.46 3.28 2.91 1.67

2006 2.34 3.09 3.1 2.52 3.26 3.28 1.43

2007 2 3.11 3.06 2.88 3.42 3.11 1.76

2008 1.85 3.19 2.67 2.67 2.92 2.83 1.65

2009 2.51 3.2 3.02 2.42 2.73 3.09 5.61

2010 2.58 3.06 2.57 2.37 2.65 2.93 4.45

QUICK RATIO


2001 1.32 2.07 1.76 1.68 1.71 1.74 1.28

2002 1.48 2.22 1.88 1.98 1.72 2.15 1.22

2003 1.37 2.11 1.78 1.88 1.99 1.9 0.92

2004 1.18 1.91 1.71 2.31 2.98 1.6 1.1

2005 1.14 1.81 1.9 1.57 2.31 2.11 0.93

2006 1.81 1.95 2.05 1.59 2.2 2.43 0.9

2007 1.43 2.08 2.2 1.81 2.46 2.3 1.22

2008 1.3 2.2 1.93 1.61 1.98 2.07 1.16

2009 1.69 2.06 2.2 1.66 1.91 2.32 4.47

2010 1.84 1.83 1.94 1.33 1.86 2.16 3.01


247

ABSOLUTE LIQUID RATIO


2001 0.07 0.74 0.54 0.17 0.08 0.12 0.31

2002 0.11 0.15 0.73 0.23 0.07 0.41 0.89

2003 0.09 0.15 0.71 1.1 0.08 0.41 0.66

2004 0.09 0.11 0.91 0.15 0.26 0.27 0.25

2005 0.11 0.12 0.92 0.13 0.16 0.69 1

2006 0.12 0.14 0.23 0.12 0.19 0.86 0.28

2007 0.2 0.18 0.17 0.2 0.22 0.87 1.01

2008 0.11 0.26 0.15 0.19 0.2 0.74 0.82

2009 0.35 0.38 0.35 0.11 0.12 0.93 3.31

2010 0.23 0.33 0.29 0.18 0.17 0.69 2.98

DEBT EQUITY RATIO


2001 0.91 1.18 0.97 1.45 1.82 0.43 1.9

2002 0.74 0.94 0.95 2.13 1.64 0.42 1.1

2003 0.83 0.82 0.88 2.26 1.76 0.43 0.93

2004 0.52 0.8 0.75 2.09 1.39 0.42 0.82

2005 0.55 0.76 0.66 1.26 1.1 0.53 0.75

2006 4.14 0.76 0.59 1.83 1.09 0.67 0.84

2007 0.96 0.75 0.57 1.31 1.13 0.74 0.99

2008 0.75 0.76 0.62 1.19 1.09 0.71 1

2009 0.75 0.83 0.54 1.17 1.07 0.68 1.31

2010 0.82 0.77 0.46 1.28 1.03 0.53 0.97


248

PROPRIETORY RATIO


2001 0.98 1.15 1.1 1.41 0.96 2.27 0.84

2002 0.92 1.09 1.05 0.8 1.02 2.76 0.22

2003 0.88 3.67 1.16 0.81 1.19 3.08 2.58

2004 0.72 3.87 1.3 0.87 1.46 3.84 2.78

2005 0.73 4.07 1.49 0.99 1.76 4.04 1.11

2006 1.06 4.28 1.67 0.98 2.05 4.72 0.58

2007 1.67 1.27 1.74 1.38 1.8 5.33 0.89

2008 1.27 1.49 1.83 1.59 1.95 5.08 0.78

2009 1.62 1.55 1.97 1.94 2.05 5.41 1.27

2010 1.85 1.7 2.33 2.05 2.25 5.67 4.95

INTEREST COVERAGE RATIO

Year Inorganic Organic Dye & Pig Fertilizer Pesticides Pharma Petro

2001 1.20 12.68 3.02 1.96 0.87 0.79 0.34

2002 2.10 4.75 4.36 1.62 1.43 0.98 0.65

2003 1.92 6.2 4.17 1.91 2.07 5.95 0.52

2004 2.69 8.3 7.6 3.26 2.64 5.50 1.18

2005 11.31 12.65 12.59 4.72 4.8 1.75 8.16

2006 7.08 7.47 13.08 3.97 4.08 6.30 3.62

2007 15.34 13.56 14.45 4.81 3.49 5.48 3.04

2008 8.91 8.18 10.24 6.66 3.92 6.50 9.9

2009 7.24 7.16 6.99 5.18 5.25 1.60 4.05

2010 3.9 10.44 9.16 4.95 8.07 8.05 4.38


249

CAPITAL GEARING RATIO


2001 0.57 0.85 0.65 0.75 0.37 1.14 0.15

2002 0.55 0.85 0.61 0.59 0.46 1.31 0.07

2003 0.48 2.72 0.71 0.74 0.39 -2.66 0.54

2004 0.36 2.75 0.73 1.27 0.48 0.42 0.05

2005 0.31 2.92 0.74 0.75 0.49 1.4 0.06

2006 0.53 3.12 0.78 0.52 0.52 5.57 0.03

2007 0.35 1.23 0.74 0.64 0.53 1.5 1.12

2008 0.5 1.82 0.78 0.69 0.57 1.17 4.41

2009 0.55 2 0.81 0.82 0.58 1.92 0.1

2010 0.85 2.92 0.89 0.8 0.76 1.22 2.95

INVENTORY TURNOVER RATIO


2001 5.98 6.78 7.53 5.51 6.19 6.44 5.67

2002 6.9 6.89 7.5 5.96 6.7 6.16 5.72

2003 7.97 6.73 7.66 5.63 7.47 6.38 6.27

2004 7.98 6.36 7.68 6.44 7.81 6.88 7.72

2005 8.56 5.88 7.4 8 7.28 6.36 7.82

2006 5.76 5.82 6.4 8.22 6.17 6.1 7.65

2007 7.03 5.83 6.81 8.77 7.47 6.24 8.01

2008 8.92 5.95 6.74 7.26 6.13 5.76 7

2009 6.79 7.09 8.57 9.52 6.69 5.68 6.5

2010 6.54 6.9 9 8.31 6.42 5.46 6.13


250

FIXED ASSETS TURNOVER RATIO


2001 1.83 1.54 1.73 1.87 2.06 3.36 1.04

2002 1.9 1.49 1.45 1.99 2.18 3.35 0.89

2003 1.92 1.41 1.73 1.78 2.77 3.31 0.9

2004 1.94 1.44 1.74 2.02 2.58 3.29 1.02

2005 2.39 1.46 1.77 2.24 3.14 3.1 1.19

2006 2.07 1.5 1.66 2.51 3.09 3.15 1.31

2007 2.25 1.57 1.86 2.85 3.44 3.36 1.79

2008 3.13 1.65 1.81 2.76 2.99 3.28 1.33

2009 2.55 1.92 1.86 4.84 3.6 3.31 28.02

2010 2.92 1.92 2.14 3.3 3.41 3.27 48.53

DEBTORS TURNOVER RATIO


2001 6.37 6.29 7.55 7.35 4.12 7.79 33.01

2002 6.31 6.26 6.73 6.83 4.46 7.41 25.69

2003 6.14 6.32 6.47 6.34 5.48 7.53 13.26

2004 6.11 6.49 6.1 9.06 6.22 8.41 12.87

2005 7.43 6.28 6.17 1.05 6.26 8.69 13.22

2006 5.46 6.26 6.21 1.4 5.41 9.14 13.82

2007 6.2 6.16 5.87 1.36 5.29 9.98 18.22

2008 8.44 5.66 4.97 1.63 5.2 9.63 15.63

2009 8.08 6.09 5.75 3.76 5.9 9.05 25.59

2010 8.93 6.42 6.17 3.02 5.24 9.5 12.68


251

GROSS PROFIT RATIO


2001 11.23 13.46 17.25 12.95 13.21 14.54 21.20

2002 13.37 15.32 19.02 14.50 15.46 18.32 26.18

2003 14.69 16.21 18.76 15.18 13.26 19.12 28.31

2004 16.13 18.30 20.21 18.43 16.23 18.19 30.18

2005 15.27 12.01 21.23 22.63 17.21 16.13 32.15

2006 18.23 14.80 24.56 26.31 19.15 21.12 35.16

2007 17.21 19.32 21.74 29.81 22.10 26.08 33.18

2008 22.31 21.22 26.36 30.08 24.50 23.98 36.10

2009 27.02 23.46 25.31 33.43 26.36 27.40 24.18

2010 25.33 26.72 23.18 36.18 28.32 31.14 37.08

NET PROFIT RATIO


2001 10.27 11.91 14.35 10.78 10.86 12.66 18.90

2002 12.35 12.61 15.11 11.04 12.59 14.70 23.37

2003 13.69 13.92 14.80 12.84 11.62 15.72 24.89

2004 15.13 15.82 15.95 13.66 12.70 16.17 25.53

2005 14.29 10.08 16.13 15.72 14.34 13.55 26.15

2006 16.14 11.72 17.26 18.96 15.15 16.16 24.16

2007 15.14 13.89 19.79 20.89 18.34 17.72 23.48

2008 20.67 15.86 20.70 23.82 21.45 16.27 27.12

2009 25.05 16.93 23.24 24.74 22.44 18.83 20.02

2010 23.30 18.52 19.13 25.59 24.71 19.10 28.13


252

RETURN ON CAPITAL EMPLOYED


2001 7.84 13.76 12.17 8.23 7.26 30.37 4.52

2002 9.11 16 14.08 7.49 11.87 32.91 3.74

2003 7.78 15.32 13.54 8.64 15.47 33.56 5.52

2004 9.9 14.38 14.54 12.39 20.1 31.45 6.15

2005 19.25 11.58 14.53 13.7 25.98 21.57 1.99

2006 21.9 11.23 13.46 13.54 20.22 23.02 12.07

2007 14.03 12.46 12.58 13.15 16.25 25.83 10.18

2008 18.95 11.48 11.64 12.42 17.39 22.16 17.71

2009 14.95 13.52 15.33 20.64 24.57 22.45 4.53

2010 15.69 17.41 19 11.83 24.23 21.06 19.13

PRICE EARNING RATIO


2001 1.69 13.26 2.5 4.55 0.56 19.51 28

2002 1.72 3.39 2.57 26.95 2.25 16.96 1.16

2003 0.91 4.91 3.23 1.82 2.93 15.26 2.46

2004 1.84 47.82 9.56 4.96 7.43 23.55 9.67

2005 8.42 7.36 7.39 6.96 16.99 37.57 3.86

2006 5.21 35.27 8.32 9.43 27.15 31.24 6.28

2007 5.67 20 6.65 6.77 18.72 19.38 13.04

2008 8.79 25.26 10.1 21.4 12.2 13.01 15.15

2009 1.78 29.04 3.13 6.5 6.26 17.62 5.47

2010 13.78 13.6 5.03 16.38 10.65 25.96 5.14


bibliography -...

Documents