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@article{192907,
        author = {Amalendu Bhunia and Rabindra Shil},
        title = {Leverage Influence on Firms’ Investment Behaviour – An Empirical Study of Select BSE-Listed Indian Steel Companies},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {12},
        number = {9},
        pages = {2916-2925},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=192907},
        abstract = {This study examined the long-run determinants of corporate investment using panel data techniques applied to firm-level financial variables. Secondary data were collected for selected firms over multiple years, forming a balanced panel dataset. Investment was treated as the dependent variable, while Return on Capital Employed, Firm Size, Asset Turnover, Growth Opportunity, Current Ratio, and Debt-Equity Ratio were considered explanatory factors. Panel unit root tests confirmed the stationarity properties of the variables, and Pedroni and Kao residual cointegration tests established the existence of a stable long-run equilibrium relationship among them. The Fully Modified Ordinary Least Squares estimation revealed that profitability, operational efficiency, and growth opportunities positively influence investment decisions, whereas financial leverage and firm size exert significant negative effects. Liquidity showed no meaningful long-term impact. The findings indicate that investment behaviour is primarily driven by internal performance efficiency and capital structure conditions rather than short-term financial stability.},
        keywords = {Corporate investment, panel data analysis, financial leverage, operational efficiency, long-run relationship.},
        month = {February},
        }