Abstract
ABSTRACT The current article examines the changes in the capital structure pattern of various industrial groups in India over two time phases. The results of the study indicate statistically significant differences between the capital structure of various industry groups. The majority of Indian companies are following mean industry leverages and thereby envisaging the application of optimal capital structure concept. Also, a decline is witnessed in the debt ratios in Phase II over Phase I. A prominent finding highlights the substitution of long-term debt with short-term debt. Overall results reveal the partial application of pecking order theory in Indian industries.
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