The study looked at how Indian companies adjust their debt levels over time, depending on whether they are part of a business group or not. They found that group-affiliated firms tend to adjust their debt slower than standalone firms, suggesting less benefit from making changes. However, both types of firms adjust at similar speeds when they have too much debt, but group firms adjust slower when they have too little debt. This suggests that group firms may have other ways to deal with financial issues when they are under-leveraged. These findings can help financial managers decide how to structure their company's debt based on ownership and how far they are from their target debt levels.