Does the WTO Increase Trade and Cause Convergence?

Paul, Justin

doi:10.1080/08853908.2015.1053632

Cited by 22 publications

(9 citation statements)

References 24 publications

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“…Thus, the present study intends to fill this gap by investigating the trade-off behaviour of firms in the two Asian emerging economies, namely, China and India (Chindia). There are multiple reasons to opt for these two economies in this study; to mention a few, China and India are the fastest emerging economies of the world (Economy Watch, 2010; Paul and Gupta, 2014; Paul, 2015, 2016; Paul and Mas, 2016; Tripathi et al , 2018; World Bank report, 2019; Paul and Mas, 2019). As stated by Paul and Mas (2016), they jointly represent around 40 per cent of the world’s total population, 19 per cent of the world’s total gross domestic product (GDP) and 32 per cent of global GDP growth, thereby emerging as the rising world powers.…”

Section: Introductionmentioning

confidence: 99%

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Capital structure dynamics: China and India (Chindia) perspective

Bajaj

Kashiramka

Singh

2020

EBR

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Purpose The purpose of this study is to investigate the dynamics of capital structure for businesses in China and India. Whether and how they adjust their capital structures to witness the trade-off behaviour in the light of different macro-level factors. Design/methodology/approach Firms listed on the National Stock Exchange and Shanghai Stock Exchange over the period of 2009-2018 are used for the study. System generalized method of moments proposed by Blundell and Bond (1998) is deployed due to the use of dynamic short panel data. Findings Indian firms revert to their target leverage ratios at a higher rate as compared to Chinese firms (30 and 20 per cent, respectively). Further, the inflation rate, bond market and stock market development are significant factors impacting leverage in the case of India, whereas bond market development significantly impacts leverage in the case of China. These results are robust across various definitions of leverage and other firm and institutional control variables. Research limitations/implications This study has implications for various stakeholders. The study highlights that development in financial markets and economy impact the financing decisions and should be a cause for concern for the financial managers and policymakers. Thus, managers can use the findings of the study if they desire to maintain their target capital structures for better firm valuation and the policymakers can support them in achieving the same. Even, the investors can make informed investment decisions considering macro-level factors impacting firms’ financing choices. Originality/value It is believed to be the first piece of research effort to consider the novel paradigm of the macro-level factors impacting the target leverage to estimate the adjustment speed. Secondly, it is a pioneering study, which attempts to compare the trade-off behaviour of the top two emerging economies of the world.

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Section: Introductionmentioning

confidence: 99%

“…Because of the presence of immense skilled manpower, infrastructure and a favourable work environment, they are the most preferred investment options in the Asia-Pacific region (Lanvin, 2017). Thus, both economies pose serious challenges to the developed nations (Paul, 2015; Paul and Mas, 2016; Paul and Benito, 2018).…”

Section: Introductionmentioning

confidence: 99%

Capital structure dynamics: China and India (Chindia) perspective

Bajaj

Kashiramka

Singh

2020

EBR

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“…Main statistical methods used in FDI research (1980-2015 AnalysisCount Key references OLS regression 127Liu et al (2002);Buckley et al (2006);Gao et al (2013);…”

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confidence: 99%

Five decades of research on foreign direct investment by MNEs: An overview and research agenda

Paul

Feliciano-Cestero

2021

Journal of Business Research

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Despite the significance attached to foreign direct investment (FDI) by Multinational enterprises (MNEs), there are is no comprehensive review of the FDI literature. Moreover, those that have been published, focus on subsets of FDI. This review systematically examines the empirical as well as theoretical research on FDI through an analysis of 500 articles published during the last five decades. Theoretical models, methods, context, and contributions to scholarship were reviewed. We strive to highlight the key theories, paradigms, and articles and provide directions for future research. We conclude that FDI has evolved as the most significant area of international business.

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“…China has recorded a very remarkable average growth rate in exports, imports and outward foreign direct investment in the past two decades, despite their late entry into the World Trade Organization (Paul 2015). In this context, extending the insights from organizational imprinting theory, Hongxin Zhao and Jieqiong Ma found that the institutionally induced pressures motivate Chinese private enterprises to seek legitimacy and knowledge through inward internationalization, and that inward internationalization could help private enterprises achieve better performance.…”

Section: Research Gap and Insights From This Special Issuementioning

confidence: 96%