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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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New Evidence on the Pecking Order Theory for the Spanish Case
SSRN Electronic Journal, 2004This 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 SSnchez Vidal +1 more
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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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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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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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A dynamic theory of the pecking-order based upon repeated signalling [PDF]
, 2007 regarding leverage ratios and announcement effects, and can also explain observed violations of the pecking-order hypothesis.
Dmitry Livdan +2 more
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Testing the pecking order theory of capital structure in European firms
2018Competitive theories and models, namely that of capital structure by Modigliani and Miller, static and dynamic trade-off theories, and the pecking order theory, are presented in this master’s thesis. The first aim of this research was to understand whether the pecking order theory is applicable to European publicly traded firms when compared to ...
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