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Trade-off Theory vs Pecking Order Theory Revisited
Journal of Emerging Market Finance, 2012This article empirically tests the two competing theories of capital structure: Trade-off theory against Pecking Order theory using the time series hypothesis. This study is performed for an emerging market context taking the case of Indian firms with a sample from 10 industries for the period 1990 to 2007. Our results support the evidence of trade-off
Priyanka Singh, Brajesh Kumar
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An Empirical Assessment of the Reality of Pecking Order Theory
2017Abstract The main objective of this study is to examine whether firms follow the financing hierarchy as suggested by the Pecking Order Theory (POT). The External Funds Needed (EFN) model offers a financing hierarchy that can be used for examining the POT.
Tarek Ibrahim Eldomiaty +4 more
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An Analysis of Pecking Order Theory With the Analytic Hierarchy Process
International Journal of Applied Management Sciences and Engineering, 2022According to pecking order theory (POT), when a company feels the need for capital, it applies the hierarchies of accounts payable and accruals, retained earnings, debt, and new common stock. Similarly, the analytic hierarchy process (AHP) method calculates the hierarchical priorities for the solution of complex problems.
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Tests of the Pecking Order Theory and the Firm Life Cycle
SSRN Electronic Journal, 2009We examine the central prediction of the pecking order theory of financing among firms in two distinct life cycle stages, namely growth and maturity. In general, we find that firms in both stages follow the pecking order. More specifically, we find that within a life cycle stage and after sufficiently controlling for debt capacity constraints across ...
Laarni T. Bulan, Zhipeng Yan
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New Evidence on the Pecking Order Theory for the Spanish Case
2013This paper analyses some of the empirical implications of the pecking order theory in the Spanish market using a panel data analysis of 1,566 firms over 1994-2000. The results show that the pecking order theory holds for most subsamples analyzed, particularly for the small and medium-sized enterprises and for the high-growth and highly leveraged ...
Javier Sánchez Vidal +1 more
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Testing the Pecking Order Theory and Trade-Off Theory of Capital Structure
2009 International Conference on Management and Service Science, 2009This paper tests traditional capital structure models against the alternative of a pecking order model of corporate finance in Chinese stock market. We show that, the basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater explanatory power over the capital structure of Chinese listed
Yanxi Li +3 more
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Empirical Test of Pecking Order Theory for the US Listed Firms
SSRN Electronic Journal, 2020This paper is aimed at examining the appropriateness of pecking order theory in the US financial market. One of the most popular models of firm’s capital structure driven by asymmetric information is the pecking order theory (POT) of Myers (1984). It is based on the argument that firms have preference ranking over sources of funds for financing based ...
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The relevance of pecking order theory to friend and family financing
2010Abstract not available.
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Does pecking order theory explain leverage behaviour in Pakistan?
Applied Financial Economics, 2009This study uses a 34 years' standardized balance sheet data of the manufacturing firms in Pakistan to know the leverage behaviour of these firms over time. The results indicate that leverage has two pervasive and significant relationships: one, negative relationship with current and past profitability; and two, positive relationship with past dividends.
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