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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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Testing trade-off and pecking order theories financing SMEs
Small Business Economics, 2008This paper explores two of the most important theories behind financial policy in Small- and Medium-Sized Enterprises (SMEs), namely, the pecking order and the trade-off theories. Panel data methodology is used to test empirical hypotheses on a sample of 3,569 Spanish SMEs over a 10-year period dating from 1995 to 2004.
José López-Gracia +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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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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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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Testing the Pecking-Order Theory: Evidence from Chinese Listed Companies
The Chinese Economy, 2008The pecking-order theory of capital structure, which predicts that firms prefer internal to external finance, is one of the most influential theories of corporate leverage. This article examines whether the financial structure of China's listed companies follows a pecking order from debt to equity.
Jinlan Ni, Miaomiao Yu
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The pecking order theory: evidence from the Italian market
2014In this paper we investigate the validity of the Pecking Order Theory on all Italian publicly traded firms from 1987 to 2012. According to this theory, firms have to rely first on internal cash flows to finance new investments. Whenever external financing is necessary, firms need to issue first debt whereas equity is the least preferred option, due to ...
PUOPOLO, GIOVANNI WALTER +2 more
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Trade-Off vs. Pecking Order Theory: Panel Data Approach
Research BulletinIn this study, an attempt has been made to investigate any significant changes in variables influencing the capital structure decisions among selected companies from Nifty-50 Index. The financing behaviour of the companies are explained by using Panel data analysis – fixed and random effects.
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Ferroelectric order in van der Waals layered materials
Nature Reviews Materials, 2022Pankaj Sharma, Jan Seidel
exaly