Decision of Indian Firms Substitution between Debt and Trade Credit in the Capital Structure Decision of Indian Firms


We examine leverage choice issues of private vs. public, and group vs. non-group Indian firms during the preceding two decades. We include trade credit in measuring leverage as it is an extensively used form of debt financing in India. Indian firms employ high levels of leverage. Unlisted firm exhibit higher leverage, but such firms have moderated their use… (More)


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