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Econometric Analysis of Corporate Governance in India. Edition No. 1
VDM Publishing House, Oct 2008, Pages: 88
Econometric Analysis of Corporate Governance in India
empirically examines the influence of corporate
governance framework on firm performance and dividend
policy, for an unbalanced panel of Indian corporate
firms. The book finds that after controlling for
observed firm characteristics and unobserved firm
heterogeneity, the shareholding by institutional
investors and directors affect firm performance. Also
the equity ownership by dominant group influences
firm-performance only in case of managerial
ownership. However, there is no evidence in favor of
endogeneity in ownership structure. Unobserved firm
heterogeneity is found to be significant. In
analyzing the dividends payout behavior, the author
suggests an empirical model to explain the dividend
payout behavior, with the help of firm’s financial
structure and investments opportunities along with
dividends, earnings, and ownership structure.
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