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題 名 | Impact of Degrees of Operating and Financial Leverage on Systematic Risk: Evidence from India |
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作 者 | Gupta, Pradeep Kumar; Kumar, Shailendra; Verma, Piyush; | 書刊名 | Academy of Taiwan Business Management Review |
卷 期 | 12:1 2016.04[民105.04] |
頁 次 | 頁140-148 |
分類號 | 494.7 |
關鍵詞 | |
語 文 | 英文(English) |
英文摘要 | The paper examines the impact of degrees of operating and financial leverage on systematic risk of common stock of the firms in an emerging market. This study assumes importance due to inconsistencies in results of previous empirical studies (Gahlon and Gentry, 1982; Mandelker and Rhee, 1984;Huffman ,1989; Lord, 1996) conducted largely in developed economies. The focus of this research is on Indian context as the business organisations in emerging markets differ in terms of their structures (Sarkar, Sarkar and Sen, 2008) and economic environment from those in developed markets. The relationship between degree of leverages and systematic risk is analysed for a sample of 232 manufacturing firms listed on National Stock Exchange (NSE) of India over a period of 10 years from 2002 to 2011 including the period of recession. The findings of our study support the results of Huffman (1989) that the relationship between degree of operating leverage and systematic risk is found statistically insignificant but degree of financial leverage and systematic risk are significantly positively related. However, in our study we have observed a significant positive correlation between degree of operating leverage and systematic risk for the firms with high degree of sensitivity and operating leverage. Thus, our study provides managerial insight to practitioners, investors and scholars about the relevance of degrees of operating and financial leverage in the context of India, one of big 10 emerging markets (Garten,1997). |
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