The full text of this article


Value relevance of the degree of leverages
by Pradeep Kumar Gupta; Shailendra Kumar; Piyush Verma
International Journal of Business and Emerging Markets (IJBEM), Vol. 8, No. 2, 2016


Abstract: This study empirically investigates the impact of the degree of leverages on the stock returns for the firms operating in an emerging market. We examine this phenomenon on 232 manufacturing firms listed in National Stock Exchange (NSE) in India over a period from 2002 to 2011. The findings of this study indicate that the degrees of operating, financial and total leverage have statistically significant impact on the stock returns of the select listed Indian manufacturing firms over the period under study. This study is limited to the Manufacturing firms in India for a period from 2002 to 2011 including the recessionary period. Our study provides an important insight to the practitioners, the researchers and the investors for the significance of accounting numbers in the context of India, one of fastest growing emerging markets in the world.

Online publication date: Tue, 17-May-2016


is only available to individual subscribers or to users at subscribing institutions.

Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Business and Emerging Markets (IJBEM):
Login with your Inderscience username and password:


    Username:        Password:         

Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email