(28) Specifically, we assume that the listing parent is most likely to be financially constrained when the parent has a low ratio of cash flow to assets, a low ratio of dividends to assets, a low ratio of cash to assets, high book leverage, high market leverage, or a high Yobin's Q.
The NNP spread in 1,985 square kilometres in Changlang district bordering Myanmar and declared a tiger reserve in 1983 is one of the largest sanctuaries for the big cats in India, while the magnificent animals have been facing serious threat posed by the illegal settlers (Yobin or Lisu community) in its core area.
While no variables result in statistically different means, financial firms have nominally lower cash holdings (CASH/TA) and a lower Yobin's Q (TOB1NQ), but higher free cash flow (FREE/TA) and debt funding (DEBT/TA) than unregulated firms.