Pecking order, earnings management and capital structure
نویسندگان
چکیده
منابع مشابه
How the Pecking-Order Theory Explain Capital Structure
The pecking order theory of capital structure is one of the most influential theories of corporate finance. The purpose of this study is to explore the most important factors on a firm’s capital structure by pecking-order theory. Hierarchical regression is used as the analysis model. This study examines the determinants of debt decisions for 305 Taiwan electronic companies that are quoted on th...
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Using the Panel Study of Entrepreneurial Dynamics, we study if the problems of asymmetry and opacity of information, asset specificity, agency problem and signaling theory predict the financial structure at inception. Thus, we conduct a study in two steps. First, by analyzing the descriptive statistics, we find that novice entrepreneurs turn first to internal sources of finance. Then, they appl...
متن کاملThree essays on earnings management, financial irregularities, and capital structure
This thesis comprises of three essays. The first essay is titled ‘Do Acquiring Firms Manage Earnings?’ and is co-authored with Professor Anand M. Vijh. The second essay is titled ‘Do Firms Have a Target Leverage? Evidence from Credit Markets’ and is joint work with Professors Anand M. Vijh and Redouane Elkamhi. The third is essay is single authored and titled ‘Bondholder Wealth Effects of Fraud...
متن کاملAre trade-off and pecking order theories mutually exclusive in explaining capital structure decisions?
In this study, using various panel models and estimators, we find empirically that the trade-off and pecking order theories are not mutually exclusive in explaining quoted Portuguese companies capital structure decisions. However, the finance behaviour of quoted Portuguese companies comes close to that forecast by the pecking order theory: (i) the magnitude of the effects of financial deficit o...
متن کاملCan the Pecking Order Explain the Costs of Raising Capital?
The pecking order hypothesis predicts that equity costs exceed debt costs when managers require outside funding. Asymmetric information costs motivates this hypothesis. I use an econometric model to estimate issuance costs managers face to test the prediction and motivation of the pecking order. The estimates challenge the existence of a pecking order. First, debt costs increase from about 50% ...
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ژورنال
عنوان ژورنال: Accounting
سال: 2021
ISSN: 2369-7393,2369-7407
DOI: 10.5267/j.ac.2021.3.026