Pecking Order Theory versus Trade-Off Theory: are service SMEs’ capital structure decisions different?
نویسندگان
چکیده
منابع مشابه
Are 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...
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Based on two sub-samples of SMEs: i) 135 high-tech SMEs; and ii) 330 non high-tech SMEs, using panel data models and the two-step estimation method, this study investigates if the capital structure decisions of high-tech SME and non high-tech SMEs are closer to what is predicted by Pecking Order Theory, or if they are closer to what is predicted by Trade-Off Theory. The results suggest that the...
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ژورنال
عنوان ژورنال: Service Business
سال: 2011
ISSN: 1862-8516,1862-8508
DOI: 10.1007/s11628-011-0119-5