Pecking-Order or Static Trade-off Theory in Family Firms? Evidence from Belgium
نویسندگان
چکیده
منابع مشابه
Pecking Order or Trade-off Hypothesis
In this paper we test the pecking order and trade-off hypotheses of corporate financing decisions using a cross-section of the largest Chinese listed companies. We build on Allen (1993) and Baskin (1989) to set up three models in which trade-off and pecking order theories give distinctively different predictions: (1) the determinants of leverage, (2) the relationship between leverage and divide...
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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...
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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...
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ژورنال
عنوان ژورنال: International Business Research
سال: 2012
ISSN: 1913-9012,1913-9004
DOI: 10.5539/ibr.v5n11p1