Purpose

The present paper attempts to explain the impact of debt diversification and various debt financing sources on firm value. The paper also aims to address the long-run causality of various factors affecting firm value.

Design/methodology/approach

The study employs a dynamic panel data model for a sample of 233 listed firms from 2010 to 2019. Two-step generalized method of moments (GMM) is devised to study the impact of firm-specific factors on firm value.

Findings

The study establishes a negative impact of debt diversification on firm value. Further, the results also signal how the choice of debt instruments has a heterogeneous effect on firm value. Non-bank debt leads to a discount in firm value, while bank debt has no effect on firm value. The long-run determinants of firm value are debt ratio, tangibility and liquidity.

Research limitations/implications

The findings of the study would aid the mangers in making informed decisions regarding the debt financing structure. Too much reliance on non-bank debt instruments leads to a negative impact on firm value. Therefore careful evaluation is necessary before accessing multiple debt sources.

Originality/value

Debt heterogeneity is globally established; however, its presence in the Indian context has not been validated extensively. The study not only validates the existence of debt diversification but also investigates how individual debt instruments affect firm value that is yet to be examined in the Indian context.

中文翻译：

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债务异质性会影响公司价值吗？来自新兴背景的证据

目的

本文试图解释债务多元化和各种债务融资来源对公司价值的影响。本文还旨在解决影响公司价值的各种因素的长期因果关系。

设计/方法/方法

该研究对 2010 年至 2019 年的 233 家上市公司样本采用动态面板数据模型。设计了两步广义矩量法 (GMM) 来研究公司特定因素对公司价值的影响。

发现

该研究确定了债务多元化对公司价值的负面影响。此外，结果还表明债务工具的选择如何对公司价值产生异质性影响。非银行债务导致公司价值折价，而银行债务对公司价值没有影响。公司价值的长期决定因素是负债率、有形性和流动性。

研究限制/影响

研究结果将有助于管理人员就债务融资结构做出明智的决定。过度依赖非银行债务工具会对公司价值产生负面影响。因此，在访问多个债务来源之前需要仔细评估。

原创性/价值

债务异质性在全球范围内确立；然而，它在印度的存在尚未得到广泛验证。该研究不仅验证了债务多元化的存在，而且还调查了单个债务工具如何影响公司价值，这在印度的背景下尚待检验。