The Capital Structure of Russian Companies: Testing Trade-off Theory Versus Pecking Order Theory
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...
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 کاملThe Capital Structure of Business Start-Up: Is There a Pecking Order Theory or a Reversed Pecking Order?
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 کاملPecking 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...
متن کاملPecking Order Theory and the Financial Structure Of
The principal objective in this paper is to ascertain the extent to which Myers’ (1984) Pecking Order Theory (POT) of business financing appears to explain financial structure amongst a panel of 871 manufacturing SMEs legally organised as proprietary companies, taken from the Australian federal government’s Business Longitudinal Survey for three financial years from 1995-96 to 1997-98. The rese...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438
سال: 2010
ISSN: 2073-0438
DOI: 10.17323/j.jcfr.2073-0438.1.2.2007.17-31