{"title":"动态面板数据分析:私募股权对印度公司投资和财务约束的影响","authors":"R. Dhankar, Kunjana Malik","doi":"10.3905/jpe.2015.18.4.065","DOIUrl":null,"url":null,"abstract":"The effects of private equity in the investment of firms and investment cash-flow sensitivity have long been debated. This paper analyzes the impact of private equity on the investment level of Indian firms and on investment cash-flow sensitivities. Endogeneity of private equity transactions and unobserved heterogeneity have been considered using dynamic panel data techniques. The paper covers listed companies backed by private equity during the 10 years from 2005-2014. In India, we found that private equity investment increases the investment level as well as the investment cash-flow sensitivity of the firms. The relation between investment cash-flow sensitivity and financial constraints is also discussed.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"14 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2015-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":"{\"title\":\"A Dynamic Panel Data Analysis: The Effect of Private Equity on Investment and Financial Constraints of Indian Companies\",\"authors\":\"R. Dhankar, Kunjana Malik\",\"doi\":\"10.3905/jpe.2015.18.4.065\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The effects of private equity in the investment of firms and investment cash-flow sensitivity have long been debated. This paper analyzes the impact of private equity on the investment level of Indian firms and on investment cash-flow sensitivities. Endogeneity of private equity transactions and unobserved heterogeneity have been considered using dynamic panel data techniques. The paper covers listed companies backed by private equity during the 10 years from 2005-2014. In India, we found that private equity investment increases the investment level as well as the investment cash-flow sensitivity of the firms. The relation between investment cash-flow sensitivity and financial constraints is also discussed.\",\"PeriodicalId\":342515,\"journal\":{\"name\":\"The Journal of Private Equity\",\"volume\":\"14 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2015-08-31\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The Journal of Private Equity\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3905/jpe.2015.18.4.065\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Journal of Private Equity","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3905/jpe.2015.18.4.065","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
A Dynamic Panel Data Analysis: The Effect of Private Equity on Investment and Financial Constraints of Indian Companies
The effects of private equity in the investment of firms and investment cash-flow sensitivity have long been debated. This paper analyzes the impact of private equity on the investment level of Indian firms and on investment cash-flow sensitivities. Endogeneity of private equity transactions and unobserved heterogeneity have been considered using dynamic panel data techniques. The paper covers listed companies backed by private equity during the 10 years from 2005-2014. In India, we found that private equity investment increases the investment level as well as the investment cash-flow sensitivity of the firms. The relation between investment cash-flow sensitivity and financial constraints is also discussed.
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