Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.jfi.2012.01.003
Title: Financing firms in India
Authors: Allen, F.
Chakrabarti, R.
De, S.
Qian, J.Q.J.
Qian, M. 
Keywords: Alternative finance
Banks
Growth
India
Markets
Small and medium enterprises
Issue Date: 2012
Citation: Allen, F., Chakrabarti, R., De, S., Qian, J.Q.J., Qian, M. (2012). Financing firms in India. Journal of Financial Intermediation 21 (3) : 409-445. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jfi.2012.01.003
Abstract: With extensive cross-country datasets and India firm samples, as well as our own surveys of small and medium firms, we examine the legal and business environments, financing channels, and growth patterns of different types of firms in India. Despite the English common-law origin and a British-style judicial system, Indian firms face weak investor protection in practice and poor institutions characterized by corruption and inefficiency. Alternative finance, including financing from all nonbank, nonmarket sources, and generally backed by nonlegal mechanisms, constitutes the most important form of . external finance. Bank loans provide the second most important external financing source. Firms with access to bank or market finance are . not associated with higher growth rates. Our results indicate that bank and market finance is not superior to alternative finance in fast-growing economies such as India. © 2012 Elsevier Inc.
Source Title: Journal of Financial Intermediation
URI: http://scholarbank.nus.edu.sg/handle/10635/44449
ISSN: 10429573
DOI: 10.1016/j.jfi.2012.01.003
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