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Impacts of Transparency and Disclosures on Firm Valuation of the Healthcare Sector in India
Saumya SINGH(Saumya SINGH ),Pracheta TEJASMAYEE(Pracheta TEJASMAYEE ),Venkata Mrudula BHIMAVARAPU(Venkata Mrudula BHIMAVARAPU ),Arpita SHARMA(Arpita SHARMA ),Rameesha KALRA(Rameesha KALRA ),Sanjeev KA 한국유통과학회 2023 The Journal of Asian Finance, Economics and Busine Vol.10 No.2
This study’s principal goal is to find the interrelation between transparency & disclosure (TD) and the healthcare sector’s firm valuation (FV). The paper uses the market-to-book (MTB) ratio and market capitalization as proxies, where sales measure act as a control variable. Dynamic panel data regression (PD) is the method applied for analyzing data. Data pertains to 10 healthcare companies gathered over five years (2016-2020). Results imply that TD has a negative and significant influence on the FV, where market capitalization acts as a proxy for valuation. This association indicates that a greater degree of TD diminishes FV. TD is also reported to have a negative and insignificant association with MTB. Therefore, TD does not influence FV. The findings of this paper have significant practical implications. Results can help policymakers determine mandatory disclosure levels that are not detrimental to the healthcare sector. Managers and analysts must also analyze the dimensions of disclosure that can negatively impact the firm’s valuation and make decisions regarding TD accordingly. This is the first study to assess the influence of TD on the FV of the Indian healthcare sector, which makes it unique. This study is limited to the healthcare sector, which is its shortcoming.
Competition Impacts on the Financial Distress of Firms in the Healthcare Sector in India
Venkata Mrudula BHIMAVARAPU(Venkata Mrudula BHIMAVARAPU ),Jagjeevan KANOUJIYA(Jagjeevan KANOUJIYA ),Vikas TRIPATI(Vikas TRIPATI ),Pracheta TEJASMAYEE(Pracheta TEJASMAYEE ),Rameesha KALRA(Rameesha KALR 한국유통과학회 2023 The Journal of Asian Finance, Economics and Busine Vol.10 No.2
Competition assures improved products and services to meet customers’ needs. The soundness of a firm’s financial health is crucial for the country’s economic well-being. Distressed companies cause investor panic, which has a knock-on effect on the economy and leads to a deterioration in the image and value of the companies. This paper aims to empirically investigate the influence of competition on financial distress (FD) in the healthcare industry using the Altman Zscore values as the proxy for FD. This study uses secondary data from ten healthcare companies operating in India between 2016 and 2020. The study’s findings indicate a significant negative relation with the exogenous variables of the study, implying that a higher level of competition enhances a firm’s FD or adversely affects financial health. The main implication of the study is two-pronged. Firstly, the firms’ managers and decision-makers need not worry about competition as a deterrent to stability. Secondly, the policymakers need not be concerned that high competition may lead to financial stress for the firms. Therefore, this paper concludes that competition is good for firms operating in India.