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Capital Structure decisions in the Portuguese corporate sector [PDF]

Diana Bonfim, Paula Antão
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Do ultimate owners follow the pecking order theory?

The Quarterly Review of Economics and Finance, 2017
Previous 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, Koresh Galil, Offer Moshe Shapir   +2 more
openaire   +1 more source

Trade-off Theory vs Pecking Order Theory Revisited

Journal of Emerging Market Finance, 2012
This 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.
Priyanka Singh, Brajesh Kumar
openaire   +1 more source

Pecking order as a dynamic leverage theory

The European Journal of Finance, 1998
Static 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
openaire   +1 more source

Firm Maturity and the Pecking Order Theory

SSRN Electronic Journal, 2010
We 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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The Pecking Order Theory of Capital Structure

2020
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. But they also understand that issuing such securities will result in a negative price reaction because rational ...
Frank, Murray, Goyal, Vidhan Krishan, Shen, Tao   +2 more
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Trade-Off and Pecking Order Theories of Debt

SSRN Electronic Journal, 2007
Taxes, 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
openaire   +2 more sources