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Mr. Ashoka Mody, Anusha Nath, and Michael Walton

drivers of changes in economic performance, working via heightened competitive pressures on firm behavior. A related view could be characterized as a Schumpeterian process of creative destruction, in which corporate firms, and especially those connected to the business houses (conglomerates that are typically still controlled by founding families and their allies), have sufficient market power or economies of scale to protect profits, but also face sufficient incentives from home or abroad to induce investment and innovation. To inform this debate, this paper analyses

Michael Walton, Anusha Nath, and Mr. Ashoka Mody
Some see India’s corporate sector as the fundamental driver of recent and future prosperity. Others see it as a source of excessive market power, personal enrichment, and influence over the State, with an ultimately distorting influence. To inform this debate, this paper analyses the correlates of profitability of firms listed on the Bombay Stock Exchange, covering a dynamic period-in terms of firm entry and growth-from the early 1990s to the late 2000s. Overall, the results do not provide support for the systematic exercise of market power via the product market. At least for this period, the story is more consistent with a competitive and dynamic business sector, despite the continued dominance of business houses and public sector firms in terms of sales and assets. Those with opposing views can, with justification, argue that our analysis does not cover influences, such as corporate governance and state-corporate relations, which may paint a less flattering picture of the corporate sector’s role. Those broader themes deserve further attention.
Michael Walton, Anusha Nath, and Mr. Ashoka Mody

: Base Regressions, Annual Data, 1993–2007 4. Profitability Correlates: Changes over Time, Annual Data 5. Longer-Run Profitability Dynamics 6. Business Houses, Kiviet Estimation with Three-Year Data 7. Structural Differentiation, Kiviet Estimation with Three-Year Data 8. Sectoral Differentiation, Kiviet Estimation with Three-Year Data Figures 1. The Number of Firms and Median Gross Sales for Sample Firms 2. The Median Profit Rate for BSE Firms for all Firms with Data and for a Balanced Panel, 1989–2010 3. The Ratio of Profits to GDP for all BSE

Michael Walton, Anusha Nath, and Mr. Ashoka Mody

Commercial Enterprises 31 7.6% 0.86 0.26 0.40 37 8.4% 1.16 0.20 0.41 41 11.2% 1.05 0.17 0.41 Top Fifty Business Houses 183 10.9% 1.09 0.13 0.21 223 7.3% 0.93 0.09 0.21 222 8.7% 0.96 0.08 0.20 Large Business Houses 137 12.6% 1.12 0.08 0.24 176 7.4% 0.95 0.06 0.17 179 9.3% 1.06 0.04 0.19 Other Business Houses 179 11.5% 1.10 0.03 0.21 339 6.8% 0.94 0.02 0.18 321 7.9% 0.92 0.02 0.20 Private (Indian) Stand Alones

International Monetary Fund. External Relations Dept.

relevant factor is rampant corruption enveloping financial institutions, business houses, and political establishments. Nor have we heeded the caveats entered by such distinguished observers as Amartya Sen and Paul Krugman. One should hope the large support packages being put in place by the International Monetary Fund and the World Bank will prove effective. The situation in India and China is similar, though neither country is engulfed as yet. Any complacency based on so-called fundamentals is misplaced. In India, the liberalization process is flawed because of

Stephens Samuel J.

licence, he may revoke such licence, if in his opinion such bank or trust company is carrying on or intending to carry on banking or trust business, as the case may be, under a name which— ( a ) is identical with that of any company, firm or business house whether within the Colony or not or which so nearly resembles that name as to be calculated to deceive; or ( b ) is calculated to suggest, falsely, the patronage of or connection with some person or authority whether within the Colony or not. (6) Every person who contravenes the provisions of this

Mr. Tushar Poddar
India's exports nearly tripled in the 1990s. Decomposing export growth shows that it has been driven by incumbent firms rather than the entry of new firms. By using a new panel on Indian firms and estimating a dynamic discrete-choice model of the firm's decision to export, we find evidence that economic liberalization has led to greater domestic competition, spurring firm efficiency and increasing Indian firms' competitiveness and ability to export. We show that export growth has been an outcome of local firm innovation which has come about due to increased competitive pressure from FDI entry.
Mr. Charles Woodruff and Ms. G. C. Lim
While not widespread, the Philippine corporate sector is showing some signs of stress. The paper reviews the exposure of banks to distressed corporate borrowers, the ownership structure of the corporate sector, including the interlocking relationship of corporations and banks, and the legal framework in place for the resolution of debts of distressed companies and the protection of creditor rights. It recommends that immediate measures be taken to improve transparency and regulatory oversight, and to quickly resolve the debts of distressed companies by strengthening the policy framework and institutional capacity for suspension of debt payments by the Securities and Exchange Commission.
International Monetary Fund. Middle East and Central Asia Dept.

) framework are also commendable. Continued efforts to advance structural reforms are key to achieving higher and more inclusive growth. Upgrading infrastructure and strengthening trade integration will boost growth prospects. The new insolvency law for non-financial corporations and the Business House will help improve the business environment. The pension reform will increase the availability of domestic savings to support investment, as long as contributions are enforced. Improved capital market infrastructure, by facilitating mobilization of funds, will support

Mr. Tushar Poddar

top 50 firms by assets, large business houses (such as the Birlas or Tatas), and other private businesses. Foreign firms can be divided into foreign business houses, those which are owned by nonresident Indians (NRIs), and other private foreign firms. This allows us to investigate whether these distinctions in ownership matter for export behavior. E. Location Location can have a large role to play in the export decision of a firm. The spillover variables discussed above catch some of the locational variation. However, is there additional variation coming