UGC Approved Journal no 63975(19)

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Published in:

Volume 5 Issue 9
September-2018
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIRA006342


Registration ID:
189177

Page Number

127-131

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Title

ANALYSIS OF TOTAL SHAREHOLDER RETURN (TSR) ON BASIS OF MARKET CAP IN LISTED INDIAN COMPANIES

Abstract

Total Shareholder Return (TSR) is useful in determining the performance of any particular stock. The present study is focused on determining whether TSR is different across companies when they are grouped by market capitalization. The Indian equity market has grown to an aggregate market capitalization of over $ 2 Trillion and is growing fast. Since liberalization in 1991, Indian firms have shown steady growth in capitalization. The current literature does not adequately discuss the difference in TSR for Indian firms when grouped by market capitalization. Current literature does not account for change in market capitalization of firms each year and does not perform a comprehensive overhaul of portfolio as the current paper does. As there is churn in firm capitalization, the group constituents continue to alter and therefore rebalanced portfolios should be considered when ascertaining difference exhibited in mean TSR across the small, mid and large cap groups. The contribution of this paper is to divide the publicly traded Indian firms listed in the Bombay Stock Exchange (BSE) into groups of small, mid and large cap and to test for differences in the level of mean TSR across the groups. The study finds that there are statistically significant results when the groups are compared to each other when mean TSR is considered. The small cap firms possess a mean TSR statistically different from the large cap as well as the mid-cap firms. However, when mid-cap firms are compared to the large cap firms, the mean TSRs for the groups are not statistically different. The results have been done for two distinct years 2013 and 2016 and results are found to be consistent for the two years. The number of firms being considered in aggregate for 2013 is 2,863 and for 2016 total number of firms being considered is 3,110.

Key Words

Total Shareholder Return, Market Capitalization, Difference in Means JEL Classification codes:G11, E44, G32

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"ANALYSIS OF TOTAL SHAREHOLDER RETURN (TSR) ON BASIS OF MARKET CAP IN LISTED INDIAN COMPANIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 9, page no.127-131, September-2018, Available :http://www.jetir.org/papers/JETIRA006342.pdf

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2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"ANALYSIS OF TOTAL SHAREHOLDER RETURN (TSR) ON BASIS OF MARKET CAP IN LISTED INDIAN COMPANIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 9, page no. pp127-131, September-2018, Available at : http://www.jetir.org/papers/JETIRA006342.pdf

Publication Details

Published Paper ID: JETIRA006342
Registration ID: 189177
Published In: Volume 5 | Issue 9 | Year September-2018
DOI (Digital Object Identifier):
Page No: 127-131
Country: -, -, - .
Area: Engineering
ISSN Number: 2349-5162
Publisher: IJ Publication


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