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PECKING-ORDER THEORY REVISITED: THE ROLE OF AGENCY COST
The Manchester School, 2010 Considering conflicts between shareholders and managers, we revisit the external pecking order of corporate financing under conditions of information asymmetry.
KUANG-CHENG A. WANG, CHUN-HUNG A. LIN
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Firm Maturity and the Pecking Order Theory
SSRN Electronic Journal, 2010We identify firms according to two life cycle stages, namely growth and maturity, and test the pecking order theory of financing. We find a strong maturity effect, i.e., the pecking order theory describes the financing behavior of mature firms better than growth firms. Our findings show that firm maturity is an alternative proxy for debt capacity.
Laarni Bulan, Zhipeng Yan
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Pecking order as a dynamic leverage theory
The European Journal of Finance, 1998Static tradeoff theories, which do not explicitly treat the impact of transaction costs, do not explain the policy of asymmetry between frequent small debt transactions and infrequent large equity transactions. Nor do these theories explain why the debt ratio is allowed to wander a considerable distance from its alleged static optimum, or how much of a
C. N. Bagley, D. K. Ghosh, U. Yaari
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The Pecking Order Theory of Capital Structure
2020Abstract The pecking order theory of corporate capital structure developed by states that issuing securities is subject to an adverse selection problem. Managers endowed with private information have incentives to issue overpriced risky securities.
Frank, Murray +2 more
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Pecking order and market timing theory in emerging markets: The case of Egyptian firms [PDF]
Research in International Business and Finance, 2018 Using a unique dataset of 1270 Egyptian listed firm-year observations over 2003 to 2014, we investigate whether the basic premise according to the pecking order or market timing theories provide an explanation for the capital structure mix of Egyptian ...
Adele Caldarelli +2 more
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Do ultimate owners follow the pecking order theory?
The Quarterly Review of Economics and Finance, 2017Previous studies that have tested the pecking order theory have been inconclusive. In this paper, we use unique survey results for private Brazilian firms in order to investigate firms’ choice of capital structure. We document that ultimate owners of privately owned firms follow the pecking order theory, even in presence of subsidized loans.
Rodrigo Zeidan +2 more
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Pecking Order Theory and Innovativeness of Companies
2016The purpose of this paper is to explore whether the “pecking order hypothesis” applies to the capital finance preferences of innovative companies. The research is based on a survey of 409 companies. We asked them about attitude towards innovation—three answers were possible (neutral, innovation “on occasion” and pro-innovative attitude) and to indicate
Katarzyna Prędkiewicz +1 more
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Trade-Off and Pecking Order Theories of Debt
SSRN Electronic Journal, 2007Taxes, bankruptcy costs, transactions costs, adverse selection, and agency conflicts have all been advocated as major explanations for the corporate use of debt financing. These ideas have often been synthesized into the trade-off theory and the pecking order theory of leverage. These theories and the related evidence are reviewed in this survey.
Goyal, Vidhan K. FINA, Frank, Murray
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The Trade-Off Theory and the Pecking Order Theory: Are They Mutually Exclusive?
SSRN Electronic Journal, 2009The main purpose of this study is to simultaneously examine the pecking order and trade-off theories of capital structure and determine which one performs better for a sample of US firms. Our empirical models, which allow the financing coefficient and the rate of adjustment to vary with the firms' characteristics, provide evidence that the trade-off ...
Carmen Cotei, Joseph Farhat
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TESTING THE PECKING ORDER THEORY AND THE SIGNALING THEORY FOR FARM BUSINESSES
2004Numerous empirical studies in the finance field have tested many theories for firms¡¦ capital structure. Under the assumption of asymmetric information, the pecking order theory proposes the financing order for farm businesses, which implies a negative relationship between their cash flow and leverage.
Zhao, Jianmei +5 more
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