Indian Growth and Development Review最新文献

{"title":"Resilience of the group lending model to a COVID-19 induced shock: evidence from an Indian microfinance fund","authors":"Padma Kadiyala, Asli Ascioglu","doi":"10.1108/igdr-08-2023-0123","DOIUrl":"https://doi.org/10.1108/igdr-08-2023-0123","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The authors study the effect of an exogenous shock in the form of Coronavirus lockdowns on individual default and on default contagion within the microfinance (MF) sector in India. The authors rely on proprietary data obtained from an MF institution for the period from Nov 2019 to Dec 2020. The authors show that default increased to 95.29% in the month of April 2020, when Covid lockdowns were fully in place. However, borrowers bounced back thereafter, either making full or partial payments, so that defaults had fallen to 5.92% by December 2020. Static features of the group lending model like peer monitoring and joint liability help explain 90% of the monthly deficit during Covid lockdowns among uneducated borrowers. Dynamic features such as contingent renewal help explain why defaults were cured quickly through timely repayments. Finally, there is an absence of default contagion at the district level. Indeed, lagged own default explains 96.6% of variation in individual default, rather than contagion through group, village or district-level defaults. The authors conclude that the MF sector is resilient to exogenous shocks like the pandemic.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors use time series panel regressions, as well as cross-sectional regressions.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors find that borrower defaults increased significantly to 95.29% during the month of April 2020, when Covid lockdowns were fully in place. However, borrowers bounced back almost immediately, either making full or partial payments, such that defaults had fallen to 5.92% by December 2020. The group lending model does remarkably well in explaining defaults even during Covid lockdowns. Among the majority (92%) of borrowers who are residents of rural districts, the group lending model appears to blunt the impact of the exogenous shock on rates of default. Indeed, panel regressions demonstrate that the group lending model helps explain 90% of the monthly deficit among uneducated borrowers. Logistic regressions indicate that the group lending model is less persuasive among relatively affluent borrowers residing in semi-urban or urban areas who have some formal schooling. Contingent renewal is shown to be an effective disciplining mechanism when a group does default due to the Covid lockdowns. The authors find that groups who defaulted in April 2020 but repaid the outstanding balance within the next two months were more likely to receive subsequent loans from the lender. On the other hand, groups who defaulted in April 2020 and did not repay the outstanding balance until December 2020 did not receive follow-on financing. Finally, the authors find that lagged individual default is the primary source of individual default, rather than contagion through group, village or district-level defaults.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The limitation of the ","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"2 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142206187","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sociodemographic and institutional factors as determinants of access to food among rural households during COVID-19 pandemic in India","authors":"Jabir Ali, Waseem Khan","doi":"10.1108/igdr-07-2023-0088","DOIUrl":"https://doi.org/10.1108/igdr-07-2023-0088","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to analyze the nature, magnitude and determinants of access to food among rural households in India during the COVID-19 pandemic.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study is based on the World Bank’s Rural Impact Survey, which has documented the shocks of COVID-19 among 2,787 rural households across six states in India. The chi-square test and binary logistics regression have been used to analyze the data.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>About 49.7 % of rural households have reported the incidence of food inaccessibility and shortage, and the majority of them reported a reduction in food intake during the COVID-19 outbreak. However, the magnitude of food accessibility varied across the states and the sociodemographic characteristics of the households. Furthermore, regression analysis indicates that family size, social category and occupation as sociodemographic variables and membership in self-help groups, wage employment under Mahatma Gandhi National Rural Employment Guarantee Act and Cash transfer under Pradhan Mantri Kisan Samman Nidhi and Pradhan Mantri Garib Kalyan Yojana as institutional support factors have a significant effect on access to food among rural households.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The findings of the study have far-reaching policy implications for developing an effective food distribution system in crisis situations like the COVID-19 outbreak. The study also provides directions for extending the research on determinants of access to food during crisis.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The study is based on a large survey data from the rural households in India and provides empirical evidence on access to food faced by rural communities during the COVID-19 lockdown.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"32 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142227704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Structural transformation of the Indian states: heterogeneity among them in a ten-sector economy","authors":"Thasni T., Kausik Gangopadhyay, Debasis Mondal","doi":"10.1108/igdr-10-2023-0178","DOIUrl":"https://doi.org/10.1108/igdr-10-2023-0178","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to analyse the pattern of structural transformation and productivity growth of 15 major Indian states at a ten-sector level of disaggregation from 1983 to 2017.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The analysis has been carried over in a ten-sector disaggregated level through construction of the labour and output data from various micro data sets.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The majority of Indian states have bypassed the stage of industrialization, wherein labour previously engaged in agriculture has transitioned directly into the modern services sector while skipping the manufacturing. There are no sign of convergence of sectoral productivities and the heterogeneity among Indian states persists throughout the time period. The growth performance of states are not positively associated with the movement of labour across sectors as measured by the structural transformation index (STI). This goes against the narrative that structural transformation help reduce the misallocation of factors. Despite an increase in educational attainment of workers across all sectors, more than one-third of agricultural workers still remain either illiterate or lack formal schooling. Among sectors, construction (C) and trade, hotels and restaurants (THR) have absorbed the majority of workers who have left agricultural jobs. Finance, insurance, real estate and business services (FIRB), electricity, gas and water supply (EGWS) and mining and quarrying (MQ) are the three sectors that have seen significant gains in labour productivity during the study period.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the authors’ knowledge, this is the first attempt to analyse structural change and productivity growth in the Indian economy using Indian states as critical geographical marker. The results are new and add value to the literature.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"16 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141572487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Are we measuring the SDGs progress right? Evidence and insights from a review of India’s SDG index","authors":"Rajesh Gupta, Arjun Anand","doi":"10.1108/igdr-04-2022-0052","DOIUrl":"https://doi.org/10.1108/igdr-04-2022-0052","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to review the computational framework of SDGs in India, so that a mid-course correction can be contemplated.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study deploys, inter alia, econometric analysis to probe the robustness of indicators of SDG India Index 3.0. Methodologically, the study intensively probes the robustness of SDG India index and extensively refers to the global SDG indexes for cross-checking.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Though the three editions of SDGI index mark significant efforts taken towards measuring the progress of SDGs in India, the paradigm suffers from the problem of too many indicators chasing only few targets, quantitative and qualitative issues with indicators, vintage pollution, partial coverage of targets and robustness issues.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This study has the limitation that it could not check the robustness of SDG scores with different weights assigned to indicators and future researchers can take up that interesting assignment.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Since measuring the SDG progress through SDG index is a global endeavour, the findings of this study are important for almost all countries of the world, as it is still not too late to do mid-course correction because it is not the measurement that matters at the end of the day, rather it is the outcome of sustainable development that every country cares about.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The obfuscation of layers of SDG index in crafty, glossy and power-point-presentation-oriented SDG reports should get the reality check through such review of the computational framework of SDGs.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This is the first study that unpacks the layers of SDG index computation in general and comprehensively reviews the Indian SDG indexing method in particular.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"61 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141502780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"What explains exit in Indian manufacturing industries?","authors":"Vinish Kathuria, Rajesh Raj S.N.","doi":"10.1108/igdr-09-2023-0140","DOIUrl":"https://doi.org/10.1108/igdr-09-2023-0140","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this paper is to investigate the likelihood of firm exit, focusing on firm- and sector-specific factors and other potential constraints that may lead to exit.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors address the main research question by using hazard-cox and probit models on plant level data for the period 1998–1999 to 2012–2013, drawn from the Annual Survey of Industries collected by the Central Statistical Organisation.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors find that probability of exit reduces with improved firm performance. Urban firms, proprietary firms and smaller firms are more likely to exit as compared with their respective counterparts. The findings are robust to alternate measures of performance, alternate specifications and different methods.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Studies of entry and exit rates at a point in time are useful in examining the turnover of establishments. But to understand the establishment survival, the authors must also examine the probability of firm exit and the possible determinants that aid exit. There are institutional factors that prevent easy exit of firms from an industry. It would be worthwhile to see how the exit rate will be impacted if these barriers ceased to exist. In this study, the authors construct a model of exit, which would help us to predict firm exit.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"1 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141188534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Operational efficiency in the presence of undesirable byproducts: an analysis of Indian banking sector under traditional and market-based banking framework","authors":"Gargi Sanati, Anup Kumar Bhandari","doi":"10.1108/igdr-07-2023-0093","DOIUrl":"https://doi.org/10.1108/igdr-07-2023-0093","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>In the backdrop of an increase in market-based banking activities, this paper aims to study operational efficiency of Indian banking sector during 2009–2010 through 2017–2018 considering Capital Gain and Gain from Forex Market (as desirable outputs) and Slippage (as undesirable byproducts) simultaneously, along with Advances – a desirable output considered in the traditional banking performance assessment literature. This enables to have an assessment of performance (as captured by the measured efficiency scores) of Indian Banks following an alternative viewpoint about the banking activities. The authors also explain such efficiency scores in terms of bank-specific factors, banking industry competition scenario and interest rate channel.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using data envelopment analysis (DEA) method, the authors estimate six alternatives but interlinked operational efficiency scores (TES) of the Indian domestic commercial banks. In the second stage, they explain such TES in terms of bank-specific factors, banking industry competition scenario and interest rate channel.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors observe that the private sector banks as a group outperform those under public ownership. Moreover, although the private sector banks could maintain somewhat consistency in their operational efficiency performance over the sample period, public sector banks clearly show a declining tendency. The second stage econometric estimation results show that the priority sector lending has a negative effect on efficiency. Interestingly, the authors get varying results for the relationship between maturity and efficiency score depending on banks’ strategies on stressed assets management. Furthermore, the analyses result that banks are not so efficient in managing relatively larger-volume loans. It is also observed that banks’ efficiency positively depends on the Credit-to-Deposit (CD) ratio. It is found that the overall operational efficiency of the banks to manage their credit risk portfolio improves with a reduction in the lending rate (LR). However, the interaction of lending activities and capital market shows that with the increase in LR, corporate borrowers may switch to capital market to explore for desired funds, which may induce the banking sector to investment in capital markets and create a positive market sentiment.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Literature, although scanty, is there dealing stressed assets of a bank as some undesirable byproducts of its operational and business activities. However, such literature mostly done within the traditional framework of banking business activities and modern market-based business activities are almost absent in the literature. The authors have done it in the present study.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"20 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140800299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"SMEs and financial dependence: how important are foreign banks?","authors":"Saibal Ghosh","doi":"10.1108/igdr-03-2023-0026","DOIUrl":"https://doi.org/10.1108/igdr-03-2023-0026","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The importance of financial dependence of small and medium enterprises (SMEs) on their performance is a relatively unaddressed area of research. Relatedly, whether and to what extent foreign bank penetration exerts an impact in the presence of financial dependence also remains an open question. The purpose of the paper in this regard is to exploit unit-level data on Indian SMEs and assess the independent and interactive effects of financial dependence on SME behaviour, in the presence of foreign banks.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study uses fixed effects specification to address the issue. In subsequent analysis, this study also uses an instrumental variable approach for robustness.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results indicate that financial dependence improves investment and employment, although there is a decline in productivity. These findings differ across size classes of SMEs. Similar is the evidence in the presence of foreign banks. In particular, foreign bank penetration leads to a decline in investment for micro and medium SMEs, although for small SMEs, the impact is found to be the opposite.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the author’s knowledge, this is one of the early within-country studies to examine the interface between SMEs and financial dependence and the role played by foreign banks in this regard.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"36 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140608776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reducing gender-based unemployment in India: the impact of social inclusion and foreign funds inflows","authors":"Imran Khan, Darshita Fulara Gunwant","doi":"10.1108/igdr-07-2023-0103","DOIUrl":"https://doi.org/10.1108/igdr-07-2023-0103","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this paper is to empirically analyze the impact of social inclusion factors and foreign fund inflows on reducing gender-based unemployment in India.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A time series data set for the period of 1991–2021 has been considered, and an autoregressive distributed lag methodology has been applied to measure the short- and long-run impact of social inclusion and foreign fund inflows on reducing gender-based unemployment in India.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>According to the study’s findings, both social inclusion and foreign fund inflows are critical factors for reducing male unemployment. However, in the case of female unemployment, only social inclusion factors play an important role, whereas foreign fund inflows have no role in it.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Analyzing the factors that affect gender-based unemployment has always been a grey area in literature. There are very few studies that capture gender-based unemployment in India, making this study a novice contribution. Second, it examines the relationship between foreign fund inflows, social inclusion and unemployment, which is another novel area of investigation. Finally, this study provides comprehensive and distinct results for both male and female unemployment that can help policymakers devise gender-based unemployment policies.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"2 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140205659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does bankruptcy law affect the relation between leverage and firm performance?","authors":"Nikhil Rastogi, Satish Kumar","doi":"10.1108/igdr-10-2022-0122","DOIUrl":"https://doi.org/10.1108/igdr-10-2022-0122","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this paper is to examine the impact of bankruptcy reform in the year 2016 on the relation between leverage and firm performance for Indian firms, separately for business group and standalone firms.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Fixed effects panel regression is used to understand the role of bankruptcy reform on firm-level data to examine the relationship between leverage and firm performance after controlling for size, growth, age, liquidity and promoter shareholding. The authors also apply the generalized method of moments (GMM) to control for the endogeneity concerns.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors show that the introduction of the insolvency and bankruptcy code (IBC) positively moderates the relation between leverage and firm performance such that the extent of negative relation between leverage and firm performance is less in the post-IBC period. The positive impact of IBC on the relation between leverage and firm performance holds only for firms not affiliated to business groups and for firms with higher debt in their capital structure.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The study’s findings will help the regulators appreciate the effectiveness of bankruptcy reforms resulting from IBC implementation in terms of sound bankruptcy process and leading to safeguard the interests of minority shareholders.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The authors provide the only study to examine the role of bankruptcy law in moderating the relation between leverage and firm performance across a sample of business group and standalone firms.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"22 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140106878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Cross ownership and merger under technology adoption","authors":"Arijit Mukherjee","doi":"10.1108/igdr-10-2023-0162","DOIUrl":"https://doi.org/10.1108/igdr-10-2023-0162","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to consider the effects of a merger on technology adoption and welfare in the presence of passive cross ownership. Merger increases investments in process technology and may increase welfare. The results are important for antitrust policies and suggest that the antitrust authorities may not need to be too concerned about mergers in industries with cross ownership.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Game-theoretic analysis.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Merger increases investments in process technology and may increase welfare.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the author’s knowledge, this study is original.</p><!--/ Abstract__block -->","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"42 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140107392","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}