Does bankruptcy reforms enhance firm performances for politically connected firms? : evidence from India
Autor*in: |
Ganguly, Kousik [verfasserIn] Mishra, Ajay Kumar [verfasserIn] |
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Format: |
E-Artikel |
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Sprache: |
Englisch |
Erschienen: |
2024 |
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Schlagwörter: |
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Übergeordnetes Werk: |
Enthalten in: Journal of emerging market finance - Thousand Oaks, Calif. : Sage Publications, 2002, 23(2024), 2 vom: Juni, Seite 170-196 |
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Übergeordnetes Werk: |
volume:23 ; year:2024 ; number:2 ; month:06 ; pages:170-196 |
Links: |
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DOI / URN: |
10.1177/09726527231196926 |
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Katalog-ID: |
1897814763 |
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982 | |2 26 |1 00 |x DE-206 |b Using a sample of 1,953 listed firms on the National Stock Exchange from 2009 to 2021, we investigate whether politically connected firms alter their cash holding patterns following the Insolvency and Bankruptcy Code (IBC) reforms introduced in 2016. We also examine the impact of changes in a firm’s cash holdings on its performance. Results show that politically connected firms reduced their cash holdings following the implementation of IBC in 2016, as new reforms better protected creditors through strict enforcement rights. We also find that politically connected firms with large amounts of cash perform poorly in the post-IBC period compared to their nonconnected peers. The results are robust after excluding the COVID-19 period and controlling for firm size, leverage, and business group affiliations. |
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10.1177/09726527231196926 doi (DE-627)1897814763 (DE-599)KXP1897814763 DE-627 ger DE-627 rda eng Ganguly, Kousik verfasserin aut Does bankruptcy reforms enhance firm performances for politically connected firms? evidence from India Kousik Ganguly and Ajay Kumar Mishra 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Political connections (dpeaa)DE-206 Insolvency and Bankruptcy Code (IBC) (dpeaa)DE-206 cash holding (dpeaa)DE-206 bankruptcy reforms (dpeaa)DE-206 Creditors’ rights (dpeaa)DE-206 India (dpeaa)DE-206 Mishra, Ajay Kumar verfasserin (DE-588)1165545535 (DE-627)1029484163 (DE-576)510426506 aut Enthalten in Journal of emerging market finance Thousand Oaks, Calif. : Sage Publications, 2002 23(2024), 2 vom: Juni, Seite 170-196 Online-Ressource (DE-627)481905073 (DE-600)2180453-9 (DE-576)276558960 0973-0710 nnns volume:23 year:2024 number:2 month:06 pages:170-196 https://journals.sagepub.com/doi/pdf/10.1177/09726527231196926 Verlag lizenzpflichtig https://doi.org/10.1177/09726527231196926 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2574 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 23 2024 2 6 170-196 26 01 0206 4562936290 x1z 05-08-24 26 00 DE-206 Using a sample of 1,953 listed firms on the National Stock Exchange from 2009 to 2021, we investigate whether politically connected firms alter their cash holding patterns following the Insolvency and Bankruptcy Code (IBC) reforms introduced in 2016. We also examine the impact of changes in a firm’s cash holdings on its performance. Results show that politically connected firms reduced their cash holdings following the implementation of IBC in 2016, as new reforms better protected creditors through strict enforcement rights. We also find that politically connected firms with large amounts of cash perform poorly in the post-IBC period compared to their nonconnected peers. The results are robust after excluding the COVID-19 period and controlling for firm size, leverage, and business group affiliations. |
spelling |
10.1177/09726527231196926 doi (DE-627)1897814763 (DE-599)KXP1897814763 DE-627 ger DE-627 rda eng Ganguly, Kousik verfasserin aut Does bankruptcy reforms enhance firm performances for politically connected firms? evidence from India Kousik Ganguly and Ajay Kumar Mishra 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Political connections (dpeaa)DE-206 Insolvency and Bankruptcy Code (IBC) (dpeaa)DE-206 cash holding (dpeaa)DE-206 bankruptcy reforms (dpeaa)DE-206 Creditors’ rights (dpeaa)DE-206 India (dpeaa)DE-206 Mishra, Ajay Kumar verfasserin (DE-588)1165545535 (DE-627)1029484163 (DE-576)510426506 aut Enthalten in Journal of emerging market finance Thousand Oaks, Calif. : Sage Publications, 2002 23(2024), 2 vom: Juni, Seite 170-196 Online-Ressource (DE-627)481905073 (DE-600)2180453-9 (DE-576)276558960 0973-0710 nnns volume:23 year:2024 number:2 month:06 pages:170-196 https://journals.sagepub.com/doi/pdf/10.1177/09726527231196926 Verlag lizenzpflichtig https://doi.org/10.1177/09726527231196926 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2574 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 23 2024 2 6 170-196 26 01 0206 4562936290 x1z 05-08-24 26 00 DE-206 Using a sample of 1,953 listed firms on the National Stock Exchange from 2009 to 2021, we investigate whether politically connected firms alter their cash holding patterns following the Insolvency and Bankruptcy Code (IBC) reforms introduced in 2016. We also examine the impact of changes in a firm’s cash holdings on its performance. Results show that politically connected firms reduced their cash holdings following the implementation of IBC in 2016, as new reforms better protected creditors through strict enforcement rights. We also find that politically connected firms with large amounts of cash perform poorly in the post-IBC period compared to their nonconnected peers. The results are robust after excluding the COVID-19 period and controlling for firm size, leverage, and business group affiliations. |
allfields_unstemmed |
10.1177/09726527231196926 doi (DE-627)1897814763 (DE-599)KXP1897814763 DE-627 ger DE-627 rda eng Ganguly, Kousik verfasserin aut Does bankruptcy reforms enhance firm performances for politically connected firms? evidence from India Kousik Ganguly and Ajay Kumar Mishra 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Political connections (dpeaa)DE-206 Insolvency and Bankruptcy Code (IBC) (dpeaa)DE-206 cash holding (dpeaa)DE-206 bankruptcy reforms (dpeaa)DE-206 Creditors’ rights (dpeaa)DE-206 India (dpeaa)DE-206 Mishra, Ajay Kumar verfasserin (DE-588)1165545535 (DE-627)1029484163 (DE-576)510426506 aut Enthalten in Journal of emerging market finance Thousand Oaks, Calif. : Sage Publications, 2002 23(2024), 2 vom: Juni, Seite 170-196 Online-Ressource (DE-627)481905073 (DE-600)2180453-9 (DE-576)276558960 0973-0710 nnns volume:23 year:2024 number:2 month:06 pages:170-196 https://journals.sagepub.com/doi/pdf/10.1177/09726527231196926 Verlag lizenzpflichtig https://doi.org/10.1177/09726527231196926 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2574 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 23 2024 2 6 170-196 26 01 0206 4562936290 x1z 05-08-24 26 00 DE-206 Using a sample of 1,953 listed firms on the National Stock Exchange from 2009 to 2021, we investigate whether politically connected firms alter their cash holding patterns following the Insolvency and Bankruptcy Code (IBC) reforms introduced in 2016. We also examine the impact of changes in a firm’s cash holdings on its performance. Results show that politically connected firms reduced their cash holdings following the implementation of IBC in 2016, as new reforms better protected creditors through strict enforcement rights. We also find that politically connected firms with large amounts of cash perform poorly in the post-IBC period compared to their nonconnected peers. The results are robust after excluding the COVID-19 period and controlling for firm size, leverage, and business group affiliations. |
allfieldsGer |
10.1177/09726527231196926 doi (DE-627)1897814763 (DE-599)KXP1897814763 DE-627 ger DE-627 rda eng Ganguly, Kousik verfasserin aut Does bankruptcy reforms enhance firm performances for politically connected firms? evidence from India Kousik Ganguly and Ajay Kumar Mishra 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Political connections (dpeaa)DE-206 Insolvency and Bankruptcy Code (IBC) (dpeaa)DE-206 cash holding (dpeaa)DE-206 bankruptcy reforms (dpeaa)DE-206 Creditors’ rights (dpeaa)DE-206 India (dpeaa)DE-206 Mishra, Ajay Kumar verfasserin (DE-588)1165545535 (DE-627)1029484163 (DE-576)510426506 aut Enthalten in Journal of emerging market finance Thousand Oaks, Calif. : Sage Publications, 2002 23(2024), 2 vom: Juni, Seite 170-196 Online-Ressource (DE-627)481905073 (DE-600)2180453-9 (DE-576)276558960 0973-0710 nnns volume:23 year:2024 number:2 month:06 pages:170-196 https://journals.sagepub.com/doi/pdf/10.1177/09726527231196926 Verlag lizenzpflichtig https://doi.org/10.1177/09726527231196926 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2574 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 23 2024 2 6 170-196 26 01 0206 4562936290 x1z 05-08-24 26 00 DE-206 Using a sample of 1,953 listed firms on the National Stock Exchange from 2009 to 2021, we investigate whether politically connected firms alter their cash holding patterns following the Insolvency and Bankruptcy Code (IBC) reforms introduced in 2016. We also examine the impact of changes in a firm’s cash holdings on its performance. Results show that politically connected firms reduced their cash holdings following the implementation of IBC in 2016, as new reforms better protected creditors through strict enforcement rights. We also find that politically connected firms with large amounts of cash perform poorly in the post-IBC period compared to their nonconnected peers. The results are robust after excluding the COVID-19 period and controlling for firm size, leverage, and business group affiliations. |
allfieldsSound |
10.1177/09726527231196926 doi (DE-627)1897814763 (DE-599)KXP1897814763 DE-627 ger DE-627 rda eng Ganguly, Kousik verfasserin aut Does bankruptcy reforms enhance firm performances for politically connected firms? evidence from India Kousik Ganguly and Ajay Kumar Mishra 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Political connections (dpeaa)DE-206 Insolvency and Bankruptcy Code (IBC) (dpeaa)DE-206 cash holding (dpeaa)DE-206 bankruptcy reforms (dpeaa)DE-206 Creditors’ rights (dpeaa)DE-206 India (dpeaa)DE-206 Mishra, Ajay Kumar verfasserin (DE-588)1165545535 (DE-627)1029484163 (DE-576)510426506 aut Enthalten in Journal of emerging market finance Thousand Oaks, Calif. : Sage Publications, 2002 23(2024), 2 vom: Juni, Seite 170-196 Online-Ressource (DE-627)481905073 (DE-600)2180453-9 (DE-576)276558960 0973-0710 nnns volume:23 year:2024 number:2 month:06 pages:170-196 https://journals.sagepub.com/doi/pdf/10.1177/09726527231196926 Verlag lizenzpflichtig https://doi.org/10.1177/09726527231196926 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2574 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 23 2024 2 6 170-196 26 01 0206 4562936290 x1z 05-08-24 26 00 DE-206 Using a sample of 1,953 listed firms on the National Stock Exchange from 2009 to 2021, we investigate whether politically connected firms alter their cash holding patterns following the Insolvency and Bankruptcy Code (IBC) reforms introduced in 2016. We also examine the impact of changes in a firm’s cash holdings on its performance. Results show that politically connected firms reduced their cash holdings following the implementation of IBC in 2016, as new reforms better protected creditors through strict enforcement rights. We also find that politically connected firms with large amounts of cash perform poorly in the post-IBC period compared to their nonconnected peers. The results are robust after excluding the COVID-19 period and controlling for firm size, leverage, and business group affiliations. |
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Enthalten in Journal of emerging market finance 23(2024), 2 vom: Juni, Seite 170-196 volume:23 year:2024 number:2 month:06 pages:170-196 |
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Ganguly, Kousik misc Political connections misc Insolvency and Bankruptcy Code (IBC) misc cash holding misc bankruptcy reforms misc Creditors’ rights misc India Does bankruptcy reforms enhance firm performances for politically connected firms? evidence from India |
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26 00 DE-206 Using a sample of 1,953 listed firms on the National Stock Exchange from 2009 to 2021, we investigate whether politically connected firms alter their cash holding patterns following the Insolvency and Bankruptcy Code (IBC) reforms introduced in 2016. We also examine the impact of changes in a firm’s cash holdings on its performance. Results show that politically connected firms reduced their cash holdings following the implementation of IBC in 2016, as new reforms better protected creditors through strict enforcement rights. We also find that politically connected firms with large amounts of cash perform poorly in the post-IBC period compared to their nonconnected peers. The results are robust after excluding the COVID-19 period and controlling for firm size, leverage, and business group affiliations Does bankruptcy reforms enhance firm performances for politically connected firms? evidence from India Kousik Ganguly and Ajay Kumar Mishra Political connections (dpeaa)DE-206 Insolvency and Bankruptcy Code (IBC) (dpeaa)DE-206 cash holding (dpeaa)DE-206 bankruptcy reforms (dpeaa)DE-206 Creditors’ rights (dpeaa)DE-206 India (dpeaa)DE-206 |
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ind1=" " ind2=" "><subfield code="a">GBV_ILN_4328</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4333</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4335</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4338</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4346</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4367</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4393</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4753</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">23</subfield><subfield code="j">2024</subfield><subfield code="e">2</subfield><subfield code="c">6</subfield><subfield code="h">170-196</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4562936290</subfield><subfield code="y">x1z</subfield><subfield code="z">05-08-24</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">Using a sample of 1,953 listed firms on the National Stock Exchange from 2009 to 2021, we investigate whether politically connected firms alter their cash holding patterns following the Insolvency and Bankruptcy Code (IBC) reforms introduced in 2016. We also examine the impact of changes in a firm’s cash holdings on its performance. Results show that politically connected firms reduced their cash holdings following the implementation of IBC in 2016, as new reforms better protected creditors through strict enforcement rights. We also find that politically connected firms with large amounts of cash perform poorly in the post-IBC period compared to their nonconnected peers. The results are robust after excluding the COVID-19 period and controlling for firm size, leverage, and business group affiliations.</subfield></datafield></record></collection>
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