Abstract
This study empirically examines the effect of GPR (geopolitical risk) on investment–cash flow sensitivity of Indian business group-affiliated firms and non-business group-affiliated (independent) firms. This study finds that GPR increases investment–cash flow sensitivity. Further, this study reveals that the impact of GPR on investment–cash flow sensitivity is less (greater) for business group-affiliated (independent) firms. In addition, the results of this study are robust across alternate measurements of the GPR (GPR Threat & GPR Act), dependent variable, and excluding the crisis & COVID-19 period.
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