Does financial liberalisation reduce credit constraints: A study of firms in the Indian private corporate sector

The study analyses the determinants of investment of the private corporate manufacturing sector in India in the context of financial liberalization. Though financial liberalization is still on the way, based on the theoretical argument of financial liberalization and its limitations in the context of asymmetric information and market imperfections, such an analysis assumes significance. Because, in imperfect financial markets with asymmetric information, external funds are more expensive than internal funds and firms have to follow a hierarchy in which cheaper funds are preferable to more expensive ones and internal funds are the most preferred ones. We tested the hypothesis that whether financial liberalization had an impact on firms’ investment decisions with respect to cash flow and debt. The study found that small firms are facing financial market imperfections in the form of liquidity constraints since it is seen that credit constraints were not eliminated or relaxed for these firms. Against this, one surprising result is the positive and significant coefficient of debt-to-capital ratio for large firms irrespective of the financial liberalisation effect. From further enquiry we found that the positive and significant impact of debt on investment for large firms has changed once we estimate the model for large firms according other categories based on group and export orientation. It is seen that the positive and significant impact of debt does not hold for large non-group and non-exporting firms. On the other hand, the positive effect of debt remains the same for large group and exporting firms. To conclude, market imperfections exist in the financial markets that prevent an economy wide efficiency in the post liberalisation period.Information Asmmetry; Market Imperfection; Investment; Financing Pattern, Corporate Sector

Estimation of ploidy and hybridization status by erythrocyte and nucleus size analysis in carps

The present experiment was designed to observe whether the nuclear volume and area are affected by the ploidy and hybrid status of the individual. Polyploidy was induced by heat shock treatment given at 44 ± 0.5°C for 30 seconds and 45 seconds which was found to be most effective (64.7%) for induction of triploidy in Cyprinus carpio. Cell and nuclear volume and cell and nuclear area varied significantly in triploid fishes as compared to those of controls. Triploid fishes showed significantly higher growth compared to diploid counterparts. It was also observed that catla x rohu hybrid and its parents showed significant difference in the nuclear volume and area of their erythrocytes. Except nuclear volume, all the parameters were significantly different between catla and catla x rohu hybrid. The hybrids showed a closer relationship with catla as compared to rohu

Contribution of zooplankton to the fishery of Dharamtar Creek, adjoining Bombay Harbour

The rich zooplankton standing stock of Dharamtar Creek showed a variation of 8 to 5261 (av. 1032) mg C/100 m super(3)/d which led to a turnover of 29 tonnes C/km super(2)/y. The estimated fishery potential from zooplankton production was 0.079 tonnes C/km super(2) or 29.00 tonnes/km/y. The worked out yield in terms of wet weight of fish was 0.059 tonnes/km2u2/d. Experimental trawling within the creek showed a potential of 0.19 tonnes/km super(2)/d suggesting a transfer coefficient of only 31.4% form secondary to tertiary level. Fish eggs and larvae were very common in the area but contributed collectively only 1% to the total zooplankton population. On an average the outer zone sustained relatively higher population of fish eggs and larvae than the interior zone. The mean population density of larvae (334/100 m super(3)) was 3.5 times higher than fish eggs (93/100 m super(3)) suggesting the good survival rate and a congenial environment for larvae to thrive

Distribution of decapod larvae in the Bombay Harbour-Thana-Bassein Creek regions

Variations in the abundance and composition of larval decapods were studied from 90 km stretch of the Bombay Harbour-Thana Creek-Bassein Creek (BHTCBC) system for a period of 15 months. The larvae belonged to Penacidea, Caridea, Anomura and Brachyura. Among these, brachyurans were the most abundant in the entire study area indicating good potential for crab fishery. Penaeus, Metapenaeus and Parapenaeopsis were the genera recorded in the family Penaeidae of which Metapenaeus spp. were the most common. Generally there was a higher abundance of Penaeus and Metapenaeus during monsoon probably indicating intense breeding. A few genera of decapods showed patchy occurrence in this system. Results of this first investigation were quantitatively and qualitatively evaluated with comments on fishery potential of the commercially important groups of decapods

On the water quality of selected environments along Bombay coast

Water quality of three stations representing polluted (Sts. B & S) and relatively unpolluted (St. M) areas along the coast of Bombay was studied during Mar 1981 to May 1982. Stations B & S were characterized by relatively wider fluctuations in salinity, low range of dissolved oxygen and higher BOD, phosphate and nitrate levels. At St. M higher range of dissolved oxygen coupled with low values of BOD and nutrients suggest the prevailing good water quality. The deteriorating water quality of the polluted station probably lead to retarded growth of Saccostrea cucullata and Cerithium rubus living in the shallow intertidal region

Seasonal variations in the biochemical composition of the clam Tellina angulata from Bombay

Change in the proximate composition and energy value of Tellina angulata from Bombay were studied for a period of 15 months. Irrespective of sex protein as percentage at dry weight ranged from 39.04 to 75.72, carbohydrate 4.83 to 24. 89, lipid 7.41 to 19.81, carbon 21.99 to 39.89 and ash 4.01 to 27.56. Sexwise protein and lipid were maximum in male and carbohydrate in female. Seasonal variation in the proximate composition of the species was well defined

Fishery potential of the Thana-Bassein creek system

Quantitative variation in fish catch at Thana Creek was found 2-93.5 kg/h (av. 24.8 kg/h). The catch rate at Bassein Creek fluctuated between 1 and 34 kg/h (av. 8.2 kg/h). Seasonal effect on the fishery showed maximum catch for premonsoon and monsoon periods respectively for Thana and Bassein Creeks. The catch composition showed dominance of catfish and sciaenids at Thana Creek while engraulids predominated the collections from Bassein Creek. The overall fishery potential showed that yield from Thana Creek was three times more than the Bassein Creek. The importance of this baseline data for future monitoring and ecological assessment of the creek system is discussed

Seasonal variation in the proximate composition of rock oyster Saccostrea cucullata from Bombay coast

Changes in proximate composition of soft tissue of rock oyster Saccostrea cucullata inhabiting a polluted station at Bandra (stn. B) and a relatively clean area at Mudh Island (stn. M) were studied. An average protein content of 48.88 plus or minus 3.73 and 53.68 plus or minus 3.59% were recorded respectively for oysters from stns. M and B and the difference was significant. Mean carbohydrate content in oysters from stn. M amounted to 14.69 plus or minus 3.22 whereas at stn. B it was 8.70 plus or minus 1.61 and the difference was found highly significant. However, appreciable variation between stations was not observed in lipid and carbon content in oysters. Suitable periods for harvesting of these organisms are suggested

Some aspects on growth and condition index of Saccostrea cucullata (Born), Cerithium rubus (Desh) and Tellina angulata Gmelin from Bombay coast

Size variation, growth, condition index and spawning periodicities of three species of molluscs were studied for a period of 15 months from a polluted and a relatively clean marine habitat near Bombay, Maharashtra, India. Growth of Saccostrea cucullata was 1.2 times and of Cerithium rubus was 1.6 times higher in unpolluted habitat than the polluted water. Spawning was during premonsoon in S. cucullata, post monsoon in C. rubus and monsoon in Tellina angulata. Condition index and percentage edibility values were higher at less polluted stations

Distribution of planktonic decapods with special reference to Acetes from nearshore waters of Bombay

Distribution and seasonal variation of decapod larvae were studied from 8 stations off Versova and Mahim during Nov. 1979 to Dec. 1980. Decapod larvae were encountered throughout the year contributing 7.27% of total zooplankton. Numerically, they were more to Versova (av. 1766/100 m super(3)) than Mahim (av. 970/100 m super(3)). Acetes) spp. were common along both the transects. They were represented by Acetes indicus, A. siibogae and A. erythraeus. The effect of physico-chemical parameters in the occurrence of decapod larvae is discussed