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International Journal of Corporate Governance
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International Journal of Corporate Governance (1 paper in press)
Impact of Blockholder Promoters on Debt Financing of Indian firms by Anuja Sethiya, Thenmozhi M Abstract: We examine the effect of blockholder promoters on financing decisions of Indian firms. A fixed effect panel analysis of 13,131 observations during the period 2001-2017, confirm that, greater the promoter ownership, less the preference for leverage. However, the impact of promoter ownership on financing decisions varies with the type of blockholders. We find that the moderating effect of state-owned and private-foreign blockholders with promoter ownership is negatively associated with leverage, while family-owned blockholders with promoter ownership is positively associated with leverage. The study finds that the significance of agency cost II varies with the identity of blockholder promoters. Keywords: promoter ownership; leverage; blockholder; state-owned; private-Indian; family-owned; private-foreign; agency cost.