{"id":"https://openalex.org/W2911723907","doi":"https://doi.org/10.1504/jgba.2018.097774","title":"Dynamics of capital structure: evidence from Indian manufacturing firms","display_name":"Dynamics of capital structure: evidence from Indian manufacturing firms","publication_year":2018,"publication_date":"2018-01-01","ids":{"openalex":"https://openalex.org/W2911723907","doi":"https://doi.org/10.1504/jgba.2018.097774","mag":"2911723907"},"language":"en","primary_location":{"id":"doi:10.1504/jgba.2018.097774","doi":"https://doi.org/10.1504/jgba.2018.097774","is_oa":false,"landing_page_url":"https://doi.org/10.1504/jgba.2018.097774","pdf_url":null,"source":{"id":"https://openalex.org/S4210185932","display_name":"J for Global Business Advancement","issn_l":"1746-966X","issn":["1746-966X","1746-9678"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","jufo-1","norway-1","poland-20","russia-white-list-2"],"host_organization":"https://openalex.org/P4310317825","host_organization_name":"Inderscience Publishers","host_organization_lineage":["https://openalex.org/P4310317825"],"host_organization_lineage_names":["Inderscience Publishers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"J. for Global Business Advancement","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5027511353","display_name":"Yukti Bajaj","orcid":"https://orcid.org/0000-0002-8534-4683","observed_orcids":["https://orcid.org/0000-0002-8534-4683"]},"institutions":[{"id":"https://openalex.org/I68891433","display_name":"Indian Institute of Technology Delhi","ror":"https://ror.org/049tgcd06","country_code":"IN","type":"education","lineage":["https://openalex.org/I68891433"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Yukti Bajaj","raw_affiliation_strings":["Department of Management Studies, Indian Institute of Technology (IIT) Delhi, HauzKhas, New Delhi - 110016, India"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management Studies, Indian Institute of Technology (IIT) Delhi, HauzKhas, New Delhi - 110016, India","institution_ids":["https://openalex.org/I68891433"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5059371631","display_name":"Smita Kashiramka","orcid":"https://orcid.org/0000-0002-0267-0572","observed_orcids":["https://orcid.org/0000-0002-0267-0572"]},"institutions":[{"id":"https://openalex.org/I68891433","display_name":"Indian Institute of Technology Delhi","ror":"https://ror.org/049tgcd06","country_code":"IN","type":"education","lineage":["https://openalex.org/I68891433"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Smita Kashiramka","raw_affiliation_strings":["Department of Management Studies, Indian Institute of Technology (IIT) Delhi, HauzKhas, New Delhi - 110016, India"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management Studies, Indian Institute of Technology (IIT) Delhi, HauzKhas, New Delhi - 110016, India","institution_ids":["https://openalex.org/I68891433"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5107888753","display_name":"Shveta Singh","orcid":"https://orcid.org/0000-0003-0836-7504","observed_orcids":["https://orcid.org/0000-0003-0836-7504"]},"institutions":[{"id":"https://openalex.org/I68891433","display_name":"Indian Institute of Technology Delhi","ror":"https://ror.org/049tgcd06","country_code":"IN","type":"education","lineage":["https://openalex.org/I68891433"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Shveta Singh","raw_affiliation_strings":["Department of Management Studies, Indian Institute of Technology (IIT) Delhi, HauzKhas, New Delhi - 110016, India"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management Studies, Indian Institute of Technology (IIT) Delhi, HauzKhas, New Delhi - 110016, India","institution_ids":["https://openalex.org/I68891433"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I68891433"],"apc_list":null,"apc_paid":null,"fwci":8.201,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.97076316,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":98},"biblio":{"volume":"11","issue":"6","first_page":"667","last_page":"667"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9932000041007996,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9932000041007996,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0044999998062849045,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.7730000019073486},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.8159999847412109},{"id":"https://openalex.org/keywords/optimal-capital-structure","display_name":"optimal capital structure","score":0.6899999976158142},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.4699999988079071},{"id":"https://openalex.org/keywords/speed-of-adjustment","display_name":"speed of adjustment","score":0.7940000295639038},{"id":"https://openalex.org/keywords/half-life","display_name":"half-life","score":0.703000009059906},{"id":"https://openalex.org/keywords/manufacturing-firms","display_name":"manufacturing companies","score":0.8119999766349792},{"id":"https://openalex.org/keywords/indian-manufacturing-industry","display_name":"Indian manufacturing","score":0.5860000252723694}],"concepts":[{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.8357383608818054},{"id":"https://openalex.org/C2778023277","wikidata":"https://www.wikidata.org/wiki/Q321703","display_name":"Premise","level":2,"score":0.7204043865203857},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.5964173078536987},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.5954723358154297},{"id":"https://openalex.org/C2777303404","wikidata":"https://www.wikidata.org/wiki/Q759757","display_name":"Convergence (economics)","level":2,"score":0.524903416633606},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.5008296966552734},{"id":"https://openalex.org/C162748667","wikidata":"https://www.wikidata.org/wiki/Q683131","display_name":"Generalized method of moments","level":3,"score":0.47792893648147583},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.47526711225509644},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.44489210844039917},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.44180214405059814},{"id":"https://openalex.org/C28719098","wikidata":"https://www.wikidata.org/wiki/Q44946","display_name":"Point (geometry)","level":2,"score":0.43543633818626404},{"id":"https://openalex.org/C145912823","wikidata":"https://www.wikidata.org/wiki/Q113558","display_name":"Dynamics (music)","level":2,"score":0.42745622992515564},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3957529664039612},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.36518383026123047},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.2318195104598999},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.16090533137321472},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.1552417278289795},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.06794628500938416},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C24890656","wikidata":"https://www.wikidata.org/wiki/Q82811","display_name":"Acoustics","level":1,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1504/jgba.2018.097774","doi":"https://doi.org/10.1504/jgba.2018.097774","is_oa":false,"landing_page_url":"https://doi.org/10.1504/jgba.2018.097774","pdf_url":null,"source":{"id":"https://openalex.org/S4210185932","display_name":"J for Global Business Advancement","issn_l":"1746-966X","issn":["1746-966X","1746-9678"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","jufo-1","norway-1","poland-20","russia-white-list-2"],"host_organization":"https://openalex.org/P4310317825","host_organization_name":"Inderscience Publishers","host_organization_lineage":["https://openalex.org/P4310317825"],"host_organization_lineage_names":["Inderscience Publishers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"J. for Global Business Advancement","raw_type":"journal-article"},{"id":"doi:10.1504/jgba.2018.10019004","doi":"https://doi.org/10.1504/jgba.2018.10019004","is_oa":false,"landing_page_url":"https://doi.org/10.1504/jgba.2018.10019004","pdf_url":null,"source":{"id":"https://openalex.org/S4210185932","display_name":"J for Global Business Advancement","issn_l":"1746-966X","issn":["1746-966X","1746-9678"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","jufo-1","norway-1","poland-20","russia-white-list-2"],"host_organization":"https://openalex.org/P4310317825","host_organization_name":"Inderscience Publishers","host_organization_lineage":["https://openalex.org/P4310317825"],"host_organization_lineage_names":["Inderscience Publishers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"J. for Global Business Advancement","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.7257999777793884,"id":"https://metadata.un.org/sdg/8"},{"display_name":"Industry, innovation and infrastructure","score":0.5378999710083008,"id":"https://metadata.un.org/sdg/9"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3201177180","https://openalex.org/W7160077637","https://openalex.org/W4379386917","https://openalex.org/W7110809331","https://openalex.org/W2058164858","https://openalex.org/W4365801733","https://openalex.org/W2156743691","https://openalex.org/W2985264742","https://openalex.org/W2604728150","https://openalex.org/W7163893717"],"abstract_inverted_index":{"An":[0],"optimal":[1,17,48],"capital":[2,72],"structure":[3,73],"is":[4,25,58,84],"the":[5,16,29,34,43,47,52,71,94,102,122],"fundamental":[6],"premise":[7],"of":[8,31,36,42,51,75,87,111,125,131],"dynamic":[9,103],"trade-off":[10],"theory.":[11],"However,":[12],"firms":[13,77,91,124],"deviate":[14],"from":[15,96],"level":[18],"and":[19,38,63],"display":[20],"adjustment":[21,32,119],"behaviour.":[22],"This":[23],"mechanism":[24],"referred":[26],"to":[27,69,98],"as":[28],"speed":[30,120],"towards":[33,46],"point":[35],"optimality":[37],"implies":[39],"an":[40,118],"examination":[41],"convergence":[44],"process":[45],"level.":[49],"One":[50],"key":[53],"issues":[54],"in":[55,78,81],"manufacturing":[56,76,90],"companies":[57],"their":[59],"leverage":[60],"ratios":[61],"(Mukherjee":[62],"Mahakud,":[64],"2012);":[65],"hence,":[66],"we":[67],"aim":[68],"investigate":[70],"dynamics":[74],"India.":[79],"Included":[80],"this":[82],"investigation":[83],"a":[85,129],"sample":[86,123],"55":[88],"Indian":[89],"listed":[92],"on":[93,101],"NSE200":[95],"2009":[97],"2016.":[99],"Based":[100],"panel":[104],"data":[105],"model":[106],"with":[107,128],"system":[108],"generalised":[109],"method":[110],"moments":[112],"(GMM)":[113],"estimation,":[114],"our":[115],"findings":[116],"indicate":[117],"for":[121],"around":[126],"25%,":[127],"half-life":[130],"nearly":[132],"2.4":[133],"years.":[134]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":7},{"year":2019,"cited_by_count":2}],"updated_date":"2026-11-05T12:25:35.769452","created_date":"2019-02-21T00:00:00"}