Abstract
ABSTRACT The study employs a text-based Phrase Matching Method (PMM) index for the financial constraint to identify the key determinants of financial constraints. The study finds that conventional determinants of financial constraint like size, age, dividend payment, long-term borrowing, credit rating, group membership, current ratio, price-to-book ratio, debt-to-equity ratio, capital expenditure, cash flow, and sales growth play a significant role in determining the financial constraint of Indian manufacturing firms. Apart from the conventional determinants, the study also finds that factors like tangibility, R and D intensity, and corporate governance also play an important role in determining financial constraints.
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