“…implications of liberalization (Chaudhuri & Banerjee, 2007;Chaudhuri et al, 2006;Chaudhuri & Mukherjee, 2002;Ghosh & Paul, 2008;Beladi & Yabuuchi, 2001;Marjit & Kar, 2007;Marjit & Maiti, 2005). The few studies that have assessed the financial implications of the phenomenon have failed to rethink the basic premises for the relevance financial indicators (Aryeetey, 2005;Adeusi et al, 2012) …”