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This research examines how firm-specific factors influence stock returns across different capitalization categories in the equity market.

April 23, 2026Open Access

Capitalization Stratification and Firm Returns: Examining Financial Drivers in Equity Markets

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This research examines how firm-specific factors influence stock returns across different capitalization categories in the equity market.
Analyzed stock returns using panel quintile regression and ordinary least squares methods.
Selected companies from NSE Large Cap100, NSE Mid Cap 100, and NSE Small Cap 100 indices.
Used quarterly data from June 2010 to March 2022 for evaluation.
Net sales negatively affect stock returns in all capitalization categories.
Net profit and earnings per share positively impact returns, though significance varies across quintiles.
The influence of firm-specific factors on returns is inconsistent across large, mid, and small cap stocks.

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Analysis reveals the financial drivers of stock returns in various capitalization categories, suggesting varied impacts.

Anirudh Mahesh Chatterjee (2026) studied this question.

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