| Description |
1 online resource (40 pages) |
| Series |
IMF working paper ; WP/11/8 |
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IMF working paper ; WP/11/8.
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| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Data; 1. The Number of Firms and Median Gross Sales for Sample Firms; III. Corporate Profitability Trends: Change or Continuity?; 2. The Median Profit Rate for BSE Firms for all Firms with Data and for a Balanced Panel, 1989-2010; 3. The Ratio of Profits to GDP for all BSE Firms and the Balanced Panel, 1989-2010; 4. The Profitability of Tradeable and Nontradeable Industries, 1989-2009; 5. The Rate of Corporate Profits and Growth Rate of GDP, 1993-2007; 6. The Changing Distribution of Profitability Across Firms, 2003-2007 |
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1. The Share of Sales Across Ownership Type of BSE Firms, 1989-20087. Firm Entry and Profitability for the Steel and Drugs Industries; 8. The Distribution of Market Shares in the BSE Sample of Firms, 1993-2007; 9. The Distribution of Sectoral Concentration in the BSE Sample of Firms, 1993-2007; 10. Patterns of Concentration for the Steel, Drugs, Computer Programming and Hotel Industries, 1993-2007; 2. Patterns of Entry, Profitability and Concentration for Fast and Slow-Growing Industries, ; IV. Empirical Strategy; A. Principal Findings |
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3. Correlates of Corporate Profitability: Base Regressions, Annual Data, 1993-2007B. The Persistence of Persistence?; 4. Profitability Correlates: Changes over Time, Annual Data; 5. Longer-Run Profitability Dynamics; C. Differentiating the Firms; 6. Business Houses, Kiviet Estimation with Three-Year Data; 7. Structural Differentiation, Kiviet Estimation with Three-Year Data; 8. Sectoral Differentiation, Kiviet Estimation with Three-Year Data; V. Conclusion; Appendix Figure 1. The Evolution of Profitability Across the Distribution; Appendix Figure 2. The Evolution of Profitability by Firm Size |
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Appendix Table 1. Descriptive Data from the Prowess Data BaseAppendix Table 2. Selected Characteristics of Firms in the BSE Sample, by Ownership Category; Appendix Table 3. Sectoral Distribution of Firms in the BSE Sample; Appendix Table 4. Principal Components Analysis: Correlation of First Two Principal Components with Underlying Variables; Appendix Table 5. Cross-Sectional Relationships; References; Footnotes |
| Summary |
Some see Indias corporate sector as the fundamental driver of recent and future prosperity. Others see it as a source of excessive market power, personal enrichment, and influence over the State, with an ultimately distorting influence. To inform this debate, this paper analyses the correlates of profitability of firms listed on the Bombay Stock Exchange, covering a dynamic period-in terms of firm entry and growth-from the early 1990s to the late 2000s. Overall, the results do not provide support for the systematic exercise of market power via the product market. At least for this period, the story is more consistent with a competitive and dynamic business sector, despite the continued dominance of business houses and public sector firms in terms of sales and assets. Those with opposing views can, with justification, argue that our analysis does not cover influences, such as corporate governance and state-corporate relations, which may paint a less flattering picture of the corporate sectors role. Those broader themes deserve further attention |
| Notes |
Title from PDF title page (IMF Web site, viewed March 25, 2011) |
|
"January 2011." |
| Bibliography |
Includes bibliographical references (pages 34-35) |
| Subject |
Corporations -- India
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Corporate profits -- India
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Markets -- India
|
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Economic development -- India
|
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Corporate profits
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Corporations
|
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Economic development
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Markets
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India
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| Form |
Electronic book
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| Author |
Nath, Anusha, author.
|
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Walton, Michael, 1953- author.
|
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International Monetary Fund, issuing body.
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| ISBN |
1283569981 |
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9781283569989 |
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9781455254903 |
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1455254908 |
|
9781455282142 |
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1455282146 |
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