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Title: Modelling the relationship between bond issuance and firm performance in the dynamic Indian scenario

Authors: Gaurav Singh

Addresses: VIT Business School, Vellore Institute of Technology, Vellore, Tamil Nadu, India

Abstract: The debt issuance and firm performance of an organisation have a contradictory relationship. The current study uses the matched sample to establish a relationship between bond issuance and firm performance. The data is collected from the CMIE database and verified with Bloomberg. The period taken for the study is seventeen years, from 2004 to 2020 and the sample is matched through coarsened exact matching (CEM) and analysed through difference-in-difference (DID) estimator. The study found that in the Indian economic scenario, there is a negative association between bond issuance and firm performance.

Keywords: bond market; corporate bond market; debt issuance; firm performance; coarsened exact matching; CEM; difference-in-difference; DID; India.

DOI: 10.1504/IJEBR.2025.150977

International Journal of Economics and Business Research, 2025 Vol.29 No.19, pp.1 - 19

Received: 04 Mar 2025
Accepted: 30 Jun 2025
Published online: 06 Jan 2026 *