An exploratory study on the impact of pro-market reforms on the Indian corporate sector. Issue 1 (2nd January 2018)

• Record Type: Journal Article
• Authors: Chakrabarti, Amit Baran; Ray, Sougata
• Is Part Of: Journal of economic policy reform. Volume 21:Issue 1(2018)
• Page Start: 1
• Page End: 20
• Publication Date: 2018-01-02
• Subjects: state owned enterprise -- economic reforms -- ownership -- financial performance -- new institutional economics -- public versus private -- emerging economy; Economic policy -- Periodicals; Commercial policy -- Periodicals; Monetary policy -- Periodicals; International trade -- Periodicals; Developing countries -- Economic policy -- Periodicals; Former Soviet republics -- Economic policy -- Periodicals; Post-communism -- Periodicals; Policy sciences -- Periodicals; 338.9
• DOI: 10.1080/17487870.2016.1235498
• Languages: English
• ISSNs: 1748-7870

Abstract

Abstract : Pro-market reforms were expected to increase competition, improve efficiency and reduce agency costs by improving the institutional environment in emerging markets. In an attempt to establish the macro–micro linkages of these goals, this paper aims to analyse the impact of reforms on the performance of firms belonging to different ownership categories. We find that while state owned enterprises have shown signs of convergence, the performance of other domestic firms has stagnated. Meanwhile multinational subsidiaries have shown consistently better performance, raising questions on the motive and direction of reforms. We end by discussing the policy implications and avenues for future research.