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Factors Affecting Financial Performance of Firms: An Exploration of the Existing Research Works

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Indian Manufacturing Sector in Post-Reform Period

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Abstract

This chapter highlights the existing research works carried out in India and abroad by the scholars exploring the microeconomic, macroeconomic and industry-specific factors affecting the firm-level performance. Comprehensive review of the existing literature on the effect of these factors on the efficiency, profitability and stock prices was accomplished. The research gap in the existing literature was identified in this chapter by using Evidence Gap Map. The chapter also outlines the objectives of the study in the perspective of such research gap.

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Notes

  1. 1.

    Banking sector is a notable exception in this regard. As a matter of fact, there are many empirical studies on the banking sector where the researchers have attempted to explain the profitability of banks of different countries on the basis of the various company-specific, industry-specific and macroeconomic factors (Ali et al., 2011; Goddard et al., 2004; Kosmidou et al., 2007; Ramya & Mahesha, 2012; Sufian & Habibullah, 2010a; Vejzagic & Zarafat, 2014; Vong & Chan, 2009; Williams, 2003; Zang & Daly, 2013). It has been observed that the profitability of banks and other firms is not only influenced by internal factors but also by the macroeconomic factors (Raza et al., 2013).

  2. 2.

    Some of these notable studies in this context are the studies carried out by Schumpeter (1912), Fama (1981, 1990), Chen (1986), Hamao (1988), Poterba and Summers (1988), Macdonald and Power (1991), Thornton (1993), Kaneko and Lee (1995), Cheung and Ng (1998), Darrat and Dickens (1999), Mukhopadhyay and Sarkar (2003), Maysami et al. (2004), Vikramasinghe (2006), Agrawalla and Tuteja (2008), Asaolu and Ogunmuyiwa (2011), Sultana and Pardhasaradhi (2012), Hassan and Sangmi (2013), Chkili and Nguyen (2014), Pradhan et al. (2015), and Wu et al. (2016).

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  1. Department of Commerce, The University of Burdwan, Burdwan, West Bengal, India

    Sumit Kumar Maji

  2. Department of Commerce, The University of Burdwan, Burdwan, West Bengal, India

    Arindam Laha

  3. Department of Commerce, The University of Burdwan, Burdwan, West Bengal, India

    Debasish Sur

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Maji, S.K., Laha, A., Sur, D. (2022). Factors Affecting Financial Performance of Firms: An Exploration of the Existing Research Works. In: Indian Manufacturing Sector in Post-Reform Period. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-19-2666-2_3

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