This paper examines how external governance pressure provided by both the product market and the market for corporate control affects a borrowing firm’s choice of debt source. Using reductions in import tariffs to capture exogenous changes in a firm’s competitive environment, we find that increased product market competition has a significant negative impact on a firm’s reliance on bank debt fi...

This study examines the interaction between external debt and economic growth, and analyses the sustainability of Nigeria’s foreign debt. Given the several reschedulings and persistent accumulation of the debt arrears, and consistently high debt burden ratios, it is doubtful if the debt burden can be judged as sustainable. This study employed analytical method and the findings from the analysis...

Ample evidence points to a negative relation between internal funds (profitability) and the demand for external funds (debt issuance). This relation has been interpreted as evidence supporting the pecking order theory. We show, however, that the negative effect of internal funds on the demand for external financing is concentrated among firms that are least likely to face high external financin...

Countries need short, medium, and long-term investment plans for production growth and development. Different sources for these investments can be supplied through retained profit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge amount of capitals for their survival, production, and also development of activities. In addition, these institutions and firms...

Technical debt is an emergent area that has stimulated academical concern, its practical application cope development activities such as documentation, design, code and test. However, literature review pointed out an integration gap between identifying and accurately cataloging technical debt. It also mentioned bunch of tools for most activities on software development process that could identi...