27(2)
/
2022 / 6
/
pp. 106 - 114
Pledging and firm performance: Evidence from Indian firms
作者
Rajni Kant Rajhans
*
(National Institute of Construction Management and Research, NICMAR, Delhi-NCR Campus, Dulhera, Bahadurgarh-Jhajjar State Highway 22, Bahadurgarh, Haryana, 124507, India)
Rajni Kant Rajhans
*
National Institute of Construction Management and Research, NICMAR, Delhi-NCR Campus, Dulhera, Bahadurgarh-Jhajjar State Highway 22, Bahadurgarh, Haryana, 124507, India
英文摘要
The paper analyses the relationship between share pledging and firm performance and explores the influence of the monitoring mechanism on share pledging using the Indian dataset. The data set includes BSE Midcap firms from March 2009 to March 2019. Following Two-way Fixed Effect Model (2FE) with lagged dependent variables (LDV), we conclude that pledging activity is positively associated with stock volatility and institutional-holding serves as a monitoring mechanism for share pledging.
英文關鍵字
Pledging;Tobin's Q;Stock volatility;Firm performance;Monitoring