Relevant bibliographies by topics / Pecking theory

Contents

  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers

Academic literature on the topic 'Pecking theory'

Author: Grafiati
Published: 6 September 2023

Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles

Select a source type:

Consult the lists of relevant articles, books, theses, conference reports, and other scholarly sources on the topic 'Pecking theory.'

Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.

You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.

Journal articles on the topic "Pecking theory"

1

MUTAMIMAH, MUTAMIMAH, and RITA RITA. "KEPUTUSAN PENDANAAN : PENDEKATAN TRADE-OFF THEORY DAN PECKING ORDER THEORY." Jurnal Ekonomi dan Bisnis 10, no. 1 (January 1, 2009): 241. http://dx.doi.org/10.30659/ekobis.10.1.241-249.

Full text
Abstract:
The purpose of this study is to analyze what Trade-off Theory and Pecking Order Theory ableto explain the financing decision in Indonesian Capital Market. In this study, determinant ofTrade-off theory are non-debt tax shields, size, and liquidity. The determinant of Pecking Ordertheory are profitability, cash deficit, and investment. Sample in this study are 40 manufacturingcompanies that active and liquid at Indonesian capital market over two years, from 2005 to2006. Thus, this study have 80 observations. Sample used the method of purposive sampling.Multiple regression model is used to test this hypothesis. The result of this Trade-off theoryapproach is found that partially all proxy aren’t statistically significant. But simultaniously nondebt tax shields, size, and liquidity variable give statistically significant. While Pecking Ordertheory approach is found that partially only cash deficit and investment variable statisticallysignificant. But simultaneously profitability, cash deficit, and investment variable have statisticallysignificant. So, firms that go public at Indonesian capital market tend to follow peckingorder theory than trade-off theory in their financing decision.Keyword : trade-off theory and pecking order theory
APA, Harvard, Vancouver, ISO, and other styles
2

Culata, Priska Ralna Eunike, and Tri Gunarsih. "Pecking Order Theory and Trade-Off Theory of Capital Structure: Evidence from Indonesian Stock Exchange." Winners 13, no. 1 (March 30, 2012): 40. http://dx.doi.org/10.21512/tw.v13i1.666.

Full text
Abstract:
Numerous empirical studies in the finance field have tested many theories for firms’ capital structure. The pecking order theory and the trade-off theory of capital structure is among the most influential theories of firms’ capital structure. The trade-off theory predicts optimal capital structure, while the pecking order theory does not predict an optimal capital structure. According to pecking order theory, the order of financial sources used is the source of internal funds from profits, short-term securities, debt, preferred stock and common stock last. The main objective of this study is to econometrically test whether the listed companies in Indonesian Stock Exchange follow the pecking order theory or the trade-off theory. Samples in this study are public companies listed during 2009-2010. The research questions are tested by running regression models. The empirical result of this study shows that the pecking order theory is not supported, while the trade-off theory is supported. This suggests that the capital structure of listed companies in Indonesian Stock Exchange is financed based on optimal capital structure, not by the order financial resources.
APA, Harvard, Vancouver, ISO, and other styles
3

Agyei, James, Shaorong Sun, and Eugene Abrokwah. "Trade-Off Theory Versus Pecking Order Theory: Ghanaian Evidence." SAGE Open 10, no. 3 (July 2020): 215824402094098. http://dx.doi.org/10.1177/2158244020940987.

Full text
Abstract:
The objective of this study was to examine the theoretical predictions of the pecking order theory and the trade-off theory to establish which of the two competing theories better explains the financing decisions of small and medium enterprises (SMEs). The study examined 187 SMEs in Ghana using the panel data methodology. The results reveal that the explanatory power of both theories apply and are pertinent to Ghanaian SMEs. The results also show that profitability, age, liquidity, growth, size, and tangibility of assets all have a significant impact on SMEs’ capital structure. In addition, the findings show that risk plays no vital role in how SMEs choose their capital structure. Broadly, the results provide evidence to back the pecking order theory, indicating that Ghanaian SMEs’ funding decisions exhibit the theoretical predictions of the pecking order theory.
APA, Harvard, Vancouver, ISO, and other styles
4

Shah, Attaullah, and Jasir Ilyas. "Is Negative Profitability-Leverage Relation the only Support for the Pecking Order Theory in Case of Pakistani Firms?" Pakistan Development Review 53, no. 1 (March 1, 2014): 33–55. http://dx.doi.org/10.30541/v53i1pp.33-55.

Full text
Abstract:
Previous studies on capital structure in Pakistan have reported evidence in support of the pecking order theory. However, this evidence is largely based on testing one dimensional relationship between leverage ratios and firms’ profitability. The objective of this paper is to extensively test the pecking order theory in Pakistan with well-known pecking order testing models. Specifically, we use a sample of 321 firms listed on the Karachi Stock Exchange from 2000 to 2009 and test pecking order theory with models suggested by Shyam-Sunder and Myers, Frank and Goyal, Watson and Wilson, and Rajan and Zingales. Results of these models indicate that there exits only weak evidence in support of pecking order theory in Pakistan. However, strong support is found for pecking order theory when leverage ratios are regressed on profitability ratio, along with a set of control variables. This discrepancy in the results of the two sets of models needs further investigation, as well as care in interpreting the results of existing studies on capital structure in Pakistan. Our results show robustness even after controlling for possible profits understatements or weak corporate governance practices. JEL Classification: G10, G21, G32 Keywords: Pecking Order Theory, Profitability-Leverage Relation, KSE
APA, Harvard, Vancouver, ISO, and other styles
5

Marimuthu, Ferina, and Stephanie Caroline Singh. "Do South African state-owned entities follow the pecking order theory of capital structure?" Public and Municipal Finance 10, no. 1 (May 21, 2021): 25–33. http://dx.doi.org/10.21511/pmf.10(1).2021.03.

Full text
Abstract:
In corporate finance, the pecking-order theory suggests that companies adhere to a particular financing hierarchy, with internal funding taking preference over external funding, and debt financing taking preference over equity. This paper examines whether South African state-owned entities prioritize their financing sources as predicted by the pecking-order theory. A financing deficit variable comprising various cash flow-based components was used to test the theory. A panel regression model was employed using panel data estimators. Using a cross-section sample of 33 state-owned entities from 1995 to 2018, the study finds no evidence that South African state-owned entities follow a pecking order to finance investment projects. The pecking order theory proposition that costs of adverse selection are dominant for lower levels of leverage provides a reason for the financing deficit coefficient not being close to unity and hence an indication that the SOEs in South Africa do not follow the pecking order behavior in their financing decisions, an indication that South African capital market is still developing.
APA, Harvard, Vancouver, ISO, and other styles
6

Sheikh, Jibran, Wajid Shakeel Ahmed, Waheed Iqbal, and Muhammad Tahir Masood. "Pecking at Pecking Order Theory: Evidence from Pakistan’s Non-financial Sector." Journal of Competitiveness 4, no. 4 (December 31, 2012): 86–95. http://dx.doi.org/10.7441/joc.2012.04.06.

Full text
APA, Harvard, Vancouver, ISO, and other styles
7

Serrasqueiro, Zélia, and Ana Caetano. "TRADE-OFF THEORY VERSUS PECKING ORDER THEORY: CAPITAL STRUCTURE DECISIONS IN A PERIPHERAL REGION OF PORTUGAL." Journal of Business Economics and Management 16, no. 2 (December 16, 2014): 445–66. http://dx.doi.org/10.3846/16111699.2012.744344.

Full text
Abstract:
This paper seeks to analyse whether the capital structure decisions of Small and Medium-Sized Enterprises (SMEs) are closer to the assumptions of Trade-Off Theory or to those of Pecking Order Theory. We use a sample of SMEs located in the interior region of Portugal, using the LSDVC dynamic estimator as method of estimation, the empirical evidence obtained allows us to conclude that the most profitable and oldest SMEs resort less to debt, which corroborates the forecasts of Pecking Order Theory. SMEs, with greater size, resort more to debt, corroborating the forecasts of Trade-Off Theory and Pecking Order Theory. In addition, SMEs adjust noticeably their current level of debt towards the optimal debt ratio, which corroborates what is forecast by Trade-Off Theory. Therefore, this paper enhances that Trade-Off and Pecking Order Theories are not mutually exclusive in explaining the capital structure decisions of SMEs. The results suggest that younger and smaller SMEs should be object of public financing support, when the internal financing is clearly insufficient to fund those firms’ activities.
APA, Harvard, Vancouver, ISO, and other styles
8

Mabrouk, Lamia, and Adel Boubaker. "The pecking order theory and life cycle: Evidence from French firms." Corporate Ownership and Control 16, no. 3 (2019): 20–28. http://dx.doi.org/10.22495/cocv16i3art2.

Full text
Abstract:
Contrary to the trade-off theory, pecking order theory is based on the information asymmetry that exists between internal stakeholders (owners, managers) and external stakeholders (donors) to the company. We study firms’ financing behaviour over life cycle stages in the context of the pecking order theory. This paper is interested in testing the relation between ownership structure, the life cycle and the funding classification in French companies in the period 2005-2014. The hypotheses tested were derived from the pecking order models and analysis was conducted on data panel with econometric software Stata. The results show that the pecking order explains the debt in French companies that are in growth phase, maturity or decline.
APA, Harvard, Vancouver, ISO, and other styles
9

Singh, Priyanka, and Brajesh Kumar. "Trade-off Theory vs Pecking Order Theory Revisited." Journal of Emerging Market Finance 11, no. 2 (August 2012): 145–59. http://dx.doi.org/10.1177/0972652712454514.

Full text
APA, Harvard, Vancouver, ISO, and other styles
10

정민규, 김동욱, and Byoung Gon Kim. "Complex Ownership and Pecking Order Theory." Korean Journal of Financial Engineering 18, no. 3 (September 2019): 153–76. http://dx.doi.org/10.35527/kfedoi.2019.18.3.007.

Full text
APA, Harvard, Vancouver, ISO, and other styles
More sources

Dissertations / Theses on the topic "Pecking theory"

1

Visentin, Lisa <1996&gt. "POLITICHE FINANZIARIE AZIENDALI: TRADE-OFF THEORY E PECKING ORDER THEORY A CONFRONTO." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/18868.

Full text
Abstract:
Da sempre gli studiosi si domandano cosa spinga gli imprenditori a compiere determinate scelte di natura finanziaria: esiste una regola convenzionale o sono scelte irrazionali? Da che fattori sono influenzate? Esiste un debito target che incrementi il valore dell’impresa? Non c’è una risposta univoca a queste domande ma nel tempo sono sorte diverse teorie che cercano di spiegare i motivi per cui una determinata fonte di finanziamento è preferita rispetto ad un’altra. Le due teorie che trovano maggior riscontro nella realtà, ma che si fondano su presupposti completamente differenti, sono le cosiddette Trade-off theory e Pecking Order theory; ed è per questo motivo che ho deciso di sviluppare questa tesi che, tramite una regressione multivariata, esamina l’incidenza di alcune variabili sulla struttura del capitale e decreta quale delle due teorie supporta maggiormente tale decisione. Per un’analisi più completa ho deciso di differenziare la regressione per Paese, in questo caso Italia e Svezia, e per settore economico: le differenze macro economiche, il tipo di attività e quindi i diversi fabbisogni finanziari incidono in maniera significativa nelle scelte finanziarie aziendali?
APA, Harvard, Vancouver, ISO, and other styles
2

Zurigat, Ziad. "Pecking order theory, trade-off theory and determinants of capital structure : empirical evidence from Jordan." Thesis, Heriot-Watt University, 2009. http://hdl.handle.net/10399/2244.

Full text
Abstract:
The theoretical framework of the pecking order and trade-off theories of capital structure has suggested the potential for exhibiting asymmetrical financing behaviour for firms with leverage below or above the target level of leverage or for firms with financial surplus or deficit. Such analyses shed light on how firms choose their capital structure under pecking order and trade-off theories and mainly when they have leverage target with leverage above-or below-target leverage or surplus or deficit. However, a lack of empirical studies on these issues can be noted in both developed and developing countries. This thesis examines a variety of pecking order and trade-off asymmetric models and compares their performance with the symmetric alternative. Using data from 114 non-financial Jordanian firms (of which 62 are industrial firms and the remaining are services firms), we report evidence suggesting that firstly, equity issues track the financing deficit relatively more closely, suggesting that equity is not the last resort for financing as the pecking order theory predicts Secondly, Jordanian firms are more sensitive in retiring debt to take up surplus than in expanding debt to meet their financing requirement, implying that financial surplus and deficit affect leverage differently. Thirdly, Jordanian firms have a target leverage ratio and adjust their leverage at rate higher for above-target leverage than for below-target leverage and at rate higher for firms with financial surplus than those with financial deficit. Finally, we report evidence suggesting that the rates of adjustment vary depending on whether the deviation from the target level is large or small, with rates higher for large size deviation than for small size deviation.
APA, Harvard, Vancouver, ISO, and other styles
3

Sabino, Marisa da Luz Clérigo. "Pecking order theory: evidência das 100 maiores empresas da região de Leiria." Master's thesis, Universidade de Évora, 2010. http://hdl.handle.net/10174/21045.

Full text
Abstract:
Este estudo tem por objectivo testar se a Pecking Order Theory fornece uma explicação empírica adequada para as 100 maiores empresas da região de Leiria para o período de 2005 a 2007. De acordo com esta teoria as empresas preferem financiar-se através de fundos internos, e apenas quando estes não são suficientes é que recorrem ao financiamento externo. À partida esperava-se que as empresas seguissem esta teoria, uma vez que se tratam de empresas familiares. No entanto, os resultados mostraram que esta teoria não é valida, neste período para esta amostra de empresas. Relativamente à estrutura do endividamento destas empresas, os resultados indicaram que as variáveis que melhor explicam a dívida de médio longo prazo são a tangibilidade dos activos, os dividendos e a rentabilidade. Relativamente à dívida de curto prazo além da tangibilidade dos activos e da rentabilidade, tangibilidade dos activos e da rentabilidade, também a dimensão se revelou altamente significativa. – ABSTRACT: This study analyses whether the Pecking Order Theory provides an adequate explanation for the capital structure decisions of the top 100 companies in the region of Leiria for the period 2005-2007. According to this theory, firms prefer to finance themselves through internal funds, and only when these are not sufficient they use external funds. It would be expected that Leiria firms follow this theory, since they are typically family companies, which is the type of firms to which the Pecking Order Theory seems to be particularly suitable. However, the results showed that this theory is not valid, in this period for these companies. Concerning the structure of the debt of these companies, the results indicate that the variables that better explain the medium­ long term debt are the tangibility of assets, dividends and profitability. For the short­ term debt beyond tangibility of assets and profitability, size is also highly significant. JEL classification: G32
APA, Harvard, Vancouver, ISO, and other styles
4

Iasonidou, Sofia. "Determinants of Capital Structure of Swedish limited companies : Testing Trade-off Theory Against Pecking Order Theory." Thesis, Högskolan Dalarna, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:du-21886.

Full text
Abstract:
Research question- This thesis investigates the determinants of capital structure of the Swedish companies. In order to do so, the two dominant theories of the corporate structure are studied and their assumptions are tested. Thus, the study researches which one of the two theories is more appealing for the Swedish market. Methodology-The study follows a purely quantitative study, by conducting an econometric analysis. The data are collected from a secondary source and more particularly the "Retriever" database, which contains financial data of the Swedish companies. Findings- The findings indicate that the determinants of the corporate structure for the Swedish market do not differ from other studies which have been conducted in other countries. However, there is a difference when it comes to tax and non-tax shields. The results suggest that in most cases the Pecking Order Theory appears to be more representative for the Swedish market, since most of the coefficient appear to be in favour of it. Moreover, the significance of the effect of the industry for the financial leverage is confirmed.
APA, Harvard, Vancouver, ISO, and other styles
5

Dedes, Vasilis. "Reconciling capital structure theories: How pecking order and tradeoff theories can be equated." Thesis, Umeå University, Umeå School of Business, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-34930.

Full text
Abstract:

In this paper we study the pecking order and tradeoff theories of capital structure on a sample of 121 Swedish, non-financial, listed firms over the period between 2000 - 2009. We find that the Swedish firms’ financing behavior appears to have features consistent with the predictions of both theories. The evidence shows a preference for a financing behavior consistent with the tradeoff theory for the whole sample and for a sample of small firms, whereas large firms appear to follow a pecking order on their financing decisions. We show that under sufficient conditions both theories might be seen as “reconciled” and not mutually exclusive, and we find evidence for the large firms of our sample consistent with this notion.

APA, Harvard, Vancouver, ISO, and other styles
6

Ek, Henrik, and Sofia Fjelkestam. "Determinants of Capital Structure - Testing the Pecking Order Theory on the Swedish Construction Industry." Thesis, KTH, Fastigheter och byggande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-276745.

Full text
Abstract:
Building new homes and oÿces are vital for the well-being in a country from both an economic sense and from a viewpoint that a growing population needs more housing. For construction companies to be able to meet their objectives, an important issue is the capital structure choice. The discussion of capital structure and company value became one of the most contentious areas in finance in the decades following the publication of the famous paper by Modigliani and Miller. Since then, there has been a lot of work exploring the optimal capital structure for firms in di˙erent situations, however the work has been rather limited in Sweden. This study tested the pecking order theory of capital structure on publicly traded Swedish construction firms between 1995 to 2019. The study had a focus on how well the pecking order theory can account for financial decisions made by Swedish construction firms through a series of tests. The purpose is to understand what factors are the most important, with regards to the capital structure, for listed firms in the Swedish construction industry. The result of the tests showed that the pecking order theory failed to outperform the conventional leverage model. Therefore, the study was unsuccessful in finding support for the hypothesis that the pecking order theory would be the dominant financial theory to explain capital structure decisions.
Att bygga nya bostäder och kontor är avgörande för välfärden i ett land ur både ekonomisk mening och ur en synvinkel att en växande befolkning behöver fler bostäder. För att byggföretag ska kunna nå sina mål är valet av kapitalstruktur en viktig fråga. Diskussionen om kapitalstruktur och företagsvärde blev ett av de mest debatterade områdena inom finansiell ekonomi under årtiondena efter den berömda publiceringen av Modigliani och Miller. Sedan dess har det gjorts mycket arbete med att utforska den optimala kapitalstrukturen för företag i olika situationer, däremot är forskningen något begränsat i Sverige. Denna studie testade pecking order teorin om kapitalstruktur hos börsnoterade svenska byggföretag mellan 1995 och 2019. Studien hade ett fokus på hur väl pecking order teorin kan förklara ekonomiska beslut som fattats av svenska byggföretag genom en serie av tester. Syftet är att förstå vilka faktorer som är de viktigaste med avseende på kapitalstrukturen för börsnoterade företag i den svenska byggbranschen. Resultatet av testerna visade att pecking order teorin inte överträ˙ade den konventionella modellen av finansiell hävstång. Därmed hittades inte stöd för hypotesen att pecking order teorin skulle vara den dominerande finansiella teorin för att förklara beslut av kapitalstruktur.
APA, Harvard, Vancouver, ISO, and other styles
7

Richards, Paul Howard. "Pecking order and trade-off explanations of capital structure and the maturity structure of corporate debt obligations." Thesis, University of Birmingham, 2018. http://etheses.bham.ac.uk//id/eprint/8429/.

Full text
Abstract:
It is shown i) that the under-investment problem is caused by the debt-equity mix of the financing rather than the investment itself and that a transfer of value (from shareholders to debt-holders) can be reversed by a post-investment adjustment in capital structure that restores the pre-investment gearing ratio. This simple, low-cost solution is preferable to reducing debt maturity (as in Myers (1977)) or gearing; ii) that transfers in value from debt-holders to shareholders to promote over-investment are not sustainable since investors will seek to avoid being disadvantaged by demanding higher returns, greater restrictions on the company or both; and that information asymmetry that restricts the issue of new shares can be managed by using several alternatives such as bridge financing in ways that remove the rationale for the pecking order theory; and iii) that managers have incentives to engage in empire building which is facilitated by a capital structure that reflects the degree of concentration among the other companies in the sector: faced with a low (high) degree of concentration, companies have lower (higher) gearing. The implications of these outcomes are empirically investigated using an extensive sample and robust estimating procedures providing strong support for the hypotheses tested.
APA, Harvard, Vancouver, ISO, and other styles
8

Weinberg, Viktor, and Johan Hellmér. "Ägande och kontroll : En kvantitativ studie om sambandet mellan ägar- och kapitalstruktur i bolag noterade på NASDAQ OMX Stockholm." Thesis, Umeå universitet, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-96690.

Full text
APA, Harvard, Vancouver, ISO, and other styles
9

Iara, Renielly Nascimento. "Análise da estrutura de capital em empresas brasileiras com diferentes níveis de endividamento: um estudo comparativo entre as teorias pecking order e trade off." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-23012014-105642/.

Full text
Abstract:
As decisões relacionadas à configuração da estrutura de capital das empresas impulsionam as pesquisas há mais de cinqüenta anos. Muito embora o assunto seja recorrente e atual no meio acadêmico, ele se mantém bastante controverso. Neste trabalho são exploradas diretamente duas bases teóricas distintas: a Static Trade off Theory (STT), a partir do modelo proposto por Frank e Goyal (2003) e a Pecking Order Theory (POT), a partir do modelo proposto por Shyam-Sunder e Myers (1999). Os resultados destes testes são comparados aos modelos propostos por Qiu e Smith (2007) e Bahng e Jeong (2012) para analisar a estrutura de endividamento das empresas a níveis diferentes de alavancagem. A amostra selecionada consiste de empresas brasileiras de capital aberto, não-financeiras e não-regulamentadas, listadas na Bolsa de Valores Mobiliários de São Paulo (BM&FBovespa) no período entre 2002 e 2011. Utilizou-se como metodologia as técnicas Regressão Múltipla por meio do método dos Mínimos Quadrados Ordinários (MQO) comparativamente à Regressão Quantílica. Como resultados destacou-se uma velocidade de ajuste à estrutura de capital alvo entre 6% e 14% ao ano, nos teste da teoria trade off. Quanto aos testes da teoria pecking order, constatou-se que as empresas brasileiras se orientam conforme esta teoria na tomada de decisão sobre estrutura de capital, financiando-se em grande parte com capital de terceiros.
Decisions related to the configuration of the capital structure of companies drive research for over fifty years. Although it is recurrent and current in academia, it remains quite controversial. This paper explored directly two different theoretical bases: the Static Trade off Theory (STT), from the model proposed by Frank and Goyal (2003) and the Pecking Order Theory (POT), from the model proposed by Shyam-Sunder and Myers (1999). The results of these tests are compared to the models proposed by Qiu and Smith (2007) and Bahng and Jeong (2012) to analyze the debt structure of firms at different levels of leverage. The sample consists of Brazilian companies traded, non-financial and non-regulated, listed on the Securities Exchange of São Paulo (BM & FBovespa) between 2002 and 2011. It was used as a methodology techniques Multiple Regression by the method of Ordinary Least Squares (OLS) compared to Quantile Regression. The results pointed to a speed of adjustment to target capital structure between 6% and 14% per year, the trade off theory test. As for testing the pecking order theory, it was found that Brazilian companies are oriented according to this theory in decision making on capital structure, financing itself largely with debt capital.
APA, Harvard, Vancouver, ISO, and other styles
10

Lew, Sung Hee. "Investigation of the most appropriate capital structure theory and leverage level determinants." Thesis, University of Edinburgh, 2012. http://hdl.handle.net/1842/7909.

Full text
Abstract:
This thesis examines capital structure theories and debt level determinants to develop a better understanding, and to establish the most appropriate theory to explain the behaviour of firms‟ debt and equity choices. It tests three major capital structure theories (e.g. the trade-off, pecking order and market timing theories) using static and dynamic statistical models and 13 capital structure determinants, based on three major capital structure theories. The study uses 4,598 sample companies from 11 countries and 27 industries over a 20 year period. This method provides a clear insight into firms‟ debt and equity choice behaviours. The static trade-off theory is tested by first searching for similarities and differences between industries, countries and time periods and, second, by observing whether firms change their capital structures towards optimal levels and whether the coefficient signs are the same as the predictions. The "stock price effect‟ on debt levels is used to examine the pecking order and market timing theories. The pecking order theory is likewise tested by confirming whether firms issue debt when they face a financial deficit. Furthermore, these theories are tested using cluster analyses. The sample examines 11 different characteristics, which include firm size, debt level, and bankruptcy probability. As each characteristic is related to one or more capital structure theories, the most appropriate theory can be derived, based on such characteristics. There are five main findings. First, firms which are financial stable issue relatively more debt. Second, they have a preference for moderate debt levels and thus limit their bankruptcy probability. They also try to exploit opportunities from overestimated stock price by issuing stocks to increase cash inflows. Third, the effects from bankruptcy costs are greater than transaction costs in terms of capital structure adjustment. Fourth, during the sample period, firms continuously decrease leverage levels. Fifth, firms‟ characteristics and macro-economic factors affect their capital structure. There are three main conclusions. First, the behaviour of firms appears generally aligned with the trade-off theory, although the pecking order and market timing theories also partially explain the equity issuance condition. Second, the "equity and debt choice modes‟ can likewise be explained by the use of a theoretically combined approach, using the three major capital structure theories. In this approach, firms increase their value by both increasing debt for tax benefits and low adverse selection costs, and by issuing equity when the stock price is high. Third, this second conclusion implies that the trade-off, pecking order and market timing theories can be combined on the assumption that firms maximise their values under conditions of the existence of asymmetric information, tax shields and bankruptcy probability.
APA, Harvard, Vancouver, ISO, and other styles
More sources

Books on the topic "Pecking theory"

1

Razin, Assaf. A pecking order theory of capital inflows and international tax principles. London: Centre for Economic Policy Research, 1996.

Find full text
APA, Harvard, Vancouver, ISO, and other styles
2

Fund, International Monetary, ed. A pecking order theory of capital inflows and international tax principles. Washington, D.C: International Monetary Fund, 1996.

Find full text
APA, Harvard, Vancouver, ISO, and other styles
3

Ferguson, John. The effect of quality of earnings and pecking order theory upon UK dividend payout ratios. (s.l: The Author), 2003.

Find full text
APA, Harvard, Vancouver, ISO, and other styles
4

Unavoidable Hierarchy Using Network and Game Theories to Redefine the Workplace Pecking Orde. Taylor & Francis Group, 2016.

Find full text
APA, Harvard, Vancouver, ISO, and other styles
5

Hertz, Rosanna, and Margaret K. Nelson. The 7008 Builders. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780190888275.003.0007.

Full text
Abstract:
This chapter introduces the members of the 7008er network at the occasion of a significant gathering, when seven families with children born from the same sperm donor come together at a hotel in the Midwest. From the beginning, the children in this network seek to construct themselves as a family. Love, trust, and harmony serve as guideposts in the unscripted land of donor-linked families. They also use structures they know from traditional families, such as a sibling pecking order. As the group expands to incorporate new members, the original narrative of family membership fails to describe the reality of competing allegiances among teenagers. Instead of remaining a coherent group, the members of this network break into a number of separate factions. Born between 1995 and 2001, the kids interviewed are between fifteen and nineteen years old.
APA, Harvard, Vancouver, ISO, and other styles
6

Weede, Erich. The Expansion of Economic Freedom and the Capitalist Peace. Oxford University Press, 2016. http://dx.doi.org/10.1093/acrefore/9780190228637.013.276.

Full text
Abstract:
On the one hand, the idea of a capitalist peace is a set of loosely integrated, but testable propositions. On the other hand it is part of a wider, libertarian philosophy of life. The spirit of this wider conception is best expressed by a quote from a pioneer of quantitative international politics, in 1981 Rummel wrote, “If you want peace, then minimize the power of government.” Although there has been a proliferation of variables assessing capitalism and economic interdependence—from economic freedom via contract intensity to the avoidance of state ownership or protectionism—the most frequently analyzed proposition about the capitalist peace says that trade makes military conflict and war less likely. By and large, the evidence supports this proposition in dyadic designs as well as in monadic designs. This cross-design validity of the proposition is important, because it distinguishes the peace by trade proposition from the democratic peace proposition. Most researchers agree that war is extremely unlikely in dyads where both nations are democracies. But only a minority contends that democracies are less frequently involved in military conflict than other states. The dyadic and the monadic findings are compatible because military conflict looks even more likely between an autocracy and a democracy than between two autocracies. Whereas the democratic peace is limited in application, the pacifying impact of trade or economic interdependence is more general. Moreover, the democratic peace may be embedded in a wider economic or capitalist peace. There is strong evidence that democracy rests on a foundation of capitalism or economic freedom and the prosperity that has been gained only by capitalism or some degree of economic freedom. Moreover, economic freedom and prosperity contribute to the avoidance of civil war. Better still: Economic freedom does not only promote economic growth and prosperity among those nations where people enjoy economic freedom, but the economic freedom of rich countries provides poor countries with the advantages of backwardness and catch-up opportunities.Capitalist peace theory evolves. It has been suggested that the pacifying impact of trade rests on the expectation that trade, or access to resources and markets, will continue. This suggestion requires a new look at economic sanctions, too. By interfering with trade, sanctions must undermine the expectation of future benefits of trade and globally interconnected markets. Given the rareness of evidence in favor of the effectiveness of economic sanctions in eliminating undesirable policies of other nations, a capitalist peace perspective implies the recommendation to use sanctions much less frequently than politicians do. They are likely to eliminate a pacifying factor when it is most urgently needed.The wider or visionary perspective on the capitalist peace is useful not only in connecting it with the issue of sanctions, but also in demonstrating the inherent limitations of capitalism as a tool to achieve peace. From a static perspective, capitalism, economic freedom, or trade may exert some pacifying impact, as argued above. But capitalism is a dynamic economic order. It is about “creative destruction”. Capitalism is not egalitarian. Nations grow at different speeds. They rise and decline. Capitalism and unequal economic growth upset pecking orders and contribute to power transitions that are related to risks of war, especially great power war. Whether the contribution of capitalism to power transitions—or its pacifying impact prevails—cannot be judged with much confidence.
APA, Harvard, Vancouver, ISO, and other styles
7

Thompson, William R. American Global Pre-Eminence. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780197534663.001.0001.

Full text
Abstract:
Most discussions of US decline in global politics couch their arguments and evidence in the most contemporary context. But US systemic leadership is not entirely novel. The United States follows a global lineage that has been emerging and evolving for centuries. From this perspective, systemic leadership is based not so much on executive personality, clever diplomacy, or randomness as it is on a pecking order established by leads in technological innovation, energy, and global reach. When these leads falter, the ability to engage in systemic leadership becomes more difficult, regardless of whoever occupies the American presidency. The context that facilitates systemic leadership does not determine what chief executives will attempt to do, but it does play an important facilitative or non-facilitative role. Similarly, the people who compete for and win the presidency reflect that systemic and sub-systemic (domestic politics) context. Thus, the interactions among global and domestic contexts and politicians are more complex and yet more shaped by long-term history than is commonly accepted. The ultimate irony is that as it becomes clearer how these variables interact, the possibility that the processes are undergoing fundamental transformation cannot be ruled out. The real policy question is not whether the United States is ahead or behind China but, rather, will it be possible for a single state to lead the global system as in the past? As technological innovation, energy consumption, and global reach capability become less concentrated, the prospects for systemic leadership shrink—even as global problems become more complex and acute.
APA, Harvard, Vancouver, ISO, and other styles

Book chapters on the topic "Pecking theory"

1

Prędkiewicz, Katarzyna, and Paweł Prędkiewicz. "Pecking Order Theory and Innovativeness of Companies." In New Trends in Finance and Accounting, 631–42. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-49559-0_58.

Full text
APA, Harvard, Vancouver, ISO, and other styles
2

Mustafa, Muh Sabir, Ubud Salim, Nur Khusniyah Indrawati, and Siti Aisjah. "Hulontalo Ethnic’s Values in Making Business Capital Funding Decisions." In Proceedings of the 19th International Symposium on Management (INSYMA 2022), 71–77. Dordrecht: Atlantis Press International BV, 2022. http://dx.doi.org/10.2991/978-94-6463-008-4_10.

Full text
Abstract:
AbstractThis study aims to explore and understand the Hulontalo ethnic group in the furniture business in Gorontalo City values in making business capital funding decisions. This research was conducted with a qualitative approach using Spradley’s ethnographic design as the analysis knife and the Developmental Research Sequence method was used as the analysis technique. This study shows that the more widely used capital structure approach is the Pecking Order theory. The Hulontalo ethnic group’s values in making business capital funding decisions are caring, trust, and brotherhood.
APA, Harvard, Vancouver, ISO, and other styles
3

Lawrence, Alistair, and Belinda Vigors. "Farm animal welfare: origins, and interplay with economics and policy." In The economics of farm animal welfare: theory, evidence and policy, 1–29. Wallingford: CABI, 2020. http://dx.doi.org/10.1079/9781786392312.0001.

Full text
Abstract:
Abstract In this chapter we look at the origins of animal welfare as a societal concern and the interplay between the concept of animal welfare, economics and policy. We firstly propose adjustments to the 'standard view' of the development of animal welfare concerns (which we refer to as the Harrison-Brambell- FAWC (HBF) sequence). For example, we suggest that the role of science in setting animal welfare policy is a more complex process than is sometimes acknowledged. We discuss the application of economics to animal welfare including the analysis of the costs of animal welfare improvements to more recent work on trade-offs relating to animal welfare across the supply chain. Considering this range of uses of economics relating to animal welfare, we identify that the question of how to value animal welfare in economic terms remains unresolved. Lastly, we suggest that the period 1965-2008 may come to be regarded as a 'golden era' for the translation of animal welfare concerns into positive socio-political actions. We discuss a raft of issues which appear to have diminished the position of animal welfare in the policy 'pecking order'. However, societal concern over animal welfare will mean that government and others will need to be cautious of breaching 'red lines'. On a more positive note, the public profile that animal welfare enjoys will continue to provide the opportunity for policy and business innovations to improve animals' lives.
APA, Harvard, Vancouver, ISO, and other styles
4

Corne, David, and Peter Ross. "Peckish initialisation strategies for evolutionary timetabling." In Practice and Theory of Automated Timetabling, 227–40. Berlin, Heidelberg: Springer Berlin Heidelberg, 1996. http://dx.doi.org/10.1007/3-540-61794-9_62.

Full text
APA, Harvard, Vancouver, ISO, and other styles
5

"Capital Structure: Tests of Optimality vs. Pecking Order Theory." In Capital Structure and Firm Performance, 15–28. Routledge, 2017. http://dx.doi.org/10.4324/9781315081793-2.

Full text
APA, Harvard, Vancouver, ISO, and other styles
6

Eldomiaty, Tarek Ibrahim, Islam Azzam, Mohamed Bahaa El Din, Wael Mostafa, and Zahraa Mohamed. "An Empirical Assessment of the Reality of Pecking Order Theory." In Research in Finance, 43–73. Emerald Publishing Limited, 2017. http://dx.doi.org/10.1108/s0196-382120170000033004.

Full text
APA, Harvard, Vancouver, ISO, and other styles
7

"China in the International Order: A Contributor or a Challenger?" In China’s Rise and Rethinking International Relations Theory, edited by Chengxin Pan, Emilian Kavalski, Chengxin Pan, and Emilian Kavalski, 125–44. Policy Press, 2022. http://dx.doi.org/10.1332/policypress/9781529212945.003.0007.

Full text
Abstract:
This chapter tackles China’s position in the international order. It recognises China’s rapid growth in power and influence as one of the most salient phenomena in world politics. China has adopted becoming assertive in conducting its foreign relations since President Xi Jinping became its top leader. Following the diversity of Chinese identity that would influence the order, the chapter discusses the actions needed to be taken by China, such as changing or integrating into the existing international order. Eventually, China and the United State will have to fight a war to assert the leadership order in the international pecking order.
APA, Harvard, Vancouver, ISO, and other styles
8

Santarelli, Enrico, and Hien Thu Tran. "The Interaction of Institutional Quality and Human Capital in Shaping the Dynamics of Capital Structure." In Micro, Small, and Medium Enterprises in Vietnam, 63–87. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198851189.003.0004.

Full text
Abstract:
This chapter aims to find if trade-off theory or pecking order theory best explain the capital structure of non-state firms during the post-transition process in Vietnam. We investigate the effect of human capital, institutional quality, and their interaction on the capital structure decision. Findings suggest the capital structure of Vietnamese firms is a balance between the trade-off theory and the pecking order theory. Accessing formal debts is tough for young and non-state firms, whereas those with access to formal loans take advantage of their leverage tools to exploit the tax benefits against the costs of financial distress. Other findings include: (i) profitability and debt tax shields are no longer important when entrepreneurs adopt informal debt financing; (ii) high-quality institutions enable firms to reduce reliance on debt financing; (iii) while human capital encourages entrepreneurs to obtain more loans, its interaction with institutional quality deters debt financing and favours other financial sources.
APA, Harvard, Vancouver, ISO, and other styles
9

Lussuamo, João, João Lopes, and Márcio José Sol Pereira Oliveira. "The Importance of Financial Theories for SME Capital Structure Decisions." In Handbook of Research on Accounting and Financial Studies, 82–95. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-2136-6.ch005.

Full text
Abstract:
This chapter aims to analyze the importance of financial theories for SME capital structure decisions. The financial theories considered for this study were trade-off theory and pecking order theory. From the various empirical evidences researched in the Web of Science and Scopus database, it was found that most SME capital structure decisions follow the financial theory of hierarchical hierarchy, that is, the SME finance their investment opportunities through retained earnings, debt issuance, and finally stock issuance.
APA, Harvard, Vancouver, ISO, and other styles
10

Santos, Sandra Isaelle Figueiredo dos, José Antonio de França, Wilfredo Sosa Sandoval, and Átila Pires dos Santos. "A ESTRUTURA DE FINANCIAMENTO DAS EMPRESAS BRASILEIRAS DO NEGÓCIO DE ENERGIA ELÉTRICA: UMA ABORDAGEM À PECKING ORDER THEORY." In Ciências Contábeis e Atuariais: tópicos atuais em pesquisa, 11–31. Editora Científica Digital, 2023. http://dx.doi.org/10.37885/230613243.

Full text
Abstract:
Este artigo discute formas de financiamento de empresas de energia elétrica no Brasil, porcontrole de capital, listadas na BOVESPA, de 1997 a 2013. A amostra é composta de 31empresas sendo 21 com controle privado e 10 com controle governamental. A motivação dapesquisa está relacionada com a importância da energia elétrica no crescimento da indústria,geração de emprego e riqueza, e na forma que as empresas se financiam. O problema depesquisa investiga como as empresas de energia elétrica são preponderantemente financiadas,por capital próprio seguindo a Pecking Order Theory ou por capital de terceiros, e qual arelação do financiamento com a taxa de retorno, por controle de capital. Neste contexto oobjetivo da pesquisa é analisar as formas de financiamento das empresas e a relação do usopreponderante de capital (UPC) e com o retorno preponderante de capital (RPC), que é aprincipal inovação da pesquisa. A metodologia é quantitativa, utilizando modelos analíticosespecíficos e modelo de regressão linear múltipla, para subsidiar testes de hipóteses. Osresultados sinalizam que as empresas do negócio de energia elétrica, preponderantementeusam capital próprio, compatível com a Pecking Order Theory; a relação entre o capitalpróprio e o capital de terreiros é menor nas firmas com controle privado; o retorno das firmascom controle privado é superior ao das firmas com controle governamental, e o usopreponderante de capital (UPC), com deslocamento dinâmico, é inverso ao retornopreponderante de capital (RPC). Finalmente, ainda que não se possa generalizar apreponderância do uso do capital próprio como preferência ou restrição à obtenção de capitalde terceiros, as contribuições da pesquisa são relevantes para pesquisadores e usuários dainformação do negócio de energia elétrica.
APA, Harvard, Vancouver, ISO, and other styles

Conference papers on the topic "Pecking theory"

1

Novita, Dian, Yasmi, Dinar, and Nirwana. "Pecking Order Theory." In Proceedings of the First International Conference on Materials Engineering and Management - Management Section (ICMEMm 2018). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/icmemm-18.2019.36.

Full text
APA, Harvard, Vancouver, ISO, and other styles
2

Oktaviani, Marista, Mochamad Mochklas, and Ezif Fahmi. "Pecking Order Theory as a Strengthening Capital Structure." In Proceedings of the 1st International Conference on Business, Law And Pedagogy, ICBLP 2019, 13-15 February 2019, Sidoarjo, Indonesia. EAI, 2019. http://dx.doi.org/10.4108/eai.13-2-2019.2286027.

Full text
APA, Harvard, Vancouver, ISO, and other styles
3

Li, Yanxi, Yang Wang, Chunyan Zheng, and Hong Yao. "Testing the Pecking Order Theory and Trade-Off Theory of Capital Structure." In 2009 International Conference on Management and Service Science (MASS). IEEE, 2009. http://dx.doi.org/10.1109/icmss.2009.5305191.

Full text
APA, Harvard, Vancouver, ISO, and other styles
4

CÀMARA-TURULL, XAVIER, XAVIER BORRÀS BALSELLS, MARIA TERESA SORROSAL FORRADELLAS, and M. A. FERNÁNDEZ IZQUIERDO. "VALIDATING THE PECKING ORDER THEORY IN THE SPANISH CHEMICAL INDUSTRY." In Proceedings of the MS'10 International Conference. WORLD SCIENTIFIC, 2010. http://dx.doi.org/10.1142/9789814324441_0028.

Full text
APA, Harvard, Vancouver, ISO, and other styles
5

Himmah, Elok Faiqoh, and Astari Dianty. "Analysis of Capital Structure on Multinational Corporation: Trade off Theory and Pecking Theory Perspective." In First International Conference on Science, Technology, Engineering and Industrial Revolution (ICSTEIR 2020). Paris, France: Atlantis Press, 2021. http://dx.doi.org/10.2991/assehr.k.210312.012.

Full text
APA, Harvard, Vancouver, ISO, and other styles
6

"Funding Decision Trade Off Theory and Pecking Order Theory Perspectives in Jakarta Islamic Index." In International Seminar of Research Month Science and Technology in Publication, Implementation and Commercialization. Galaxy Science, 2018. http://dx.doi.org/10.11594/nstp.2018.0167.

Full text
APA, Harvard, Vancouver, ISO, and other styles
7

Fu, Mengyao. "The Influence of Pecking Order Theory to the Dividend Policy of Hanrs Laser." In 2018 International Conference on Sports, Arts, Education and Management Engineering (SAEME 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/saeme-18.2018.58.

Full text
APA, Harvard, Vancouver, ISO, and other styles
8

Mangku, I. Ketut, Bambang Jatmiko, and Titi Laras. "Investor Decisions with Pecking Order Theory Method: Strategy of an Investor to Get Right Issue." In International Conference on Applied Science, Engineering and Social Science. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0009879301220129.

Full text
APA, Harvard, Vancouver, ISO, and other styles
9

Sheng, Dachen, and Heather A. Montgomery. "The dynamics of capital structure." In New outlooks for the scholarly research in corporate governance. Virtus Interpress, 2023. http://dx.doi.org/10.22495/nosrcgp17.

Full text
Abstract:
The research explores the causality relationship between dividend distribution and capital structure among Chinese stock exchange-listed manufacturing firms. The research results confirm the pecking order theory and discover a non-linear U-shaped relationship between firm performances and dividend distributions. State-owned enterprises (SOEs) prefer more steady and regular dividends than private firms
APA, Harvard, Vancouver, ISO, and other styles
10

Octavia, A. N., G. S. Wicaksono, D. P. Sari, and V. V. Mambay. "Empirical testing of trade off theory and pecking order theory on companies in the LQ45 index on the Indonesian stock exchange." In Proceedings of the First International Conference on Economics, Business and Social Humanities, ICONEBS 2020, November 4-5, 2020, Madiun, Indonesia. EAI, 2021. http://dx.doi.org/10.4108/eai.4-11-2020.2304563.

Full text
APA, Harvard, Vancouver, ISO, and other styles
You might also be interested in the extended bibliographies on the topic 'Pecking theory' for particular source types:
Journal articles Dissertations / Theses
We offer discounts on all premium plans for authors whose works are included in thematic literature selections. Contact us to get a unique promo code!

To the bibliography