Artykuły w czasopismach: „Pecking theory”

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MUTAMIMAH, MUTAMIMAH, i RITA RITA. "KEPUTUSAN PENDANAAN : PENDEKATAN TRADE-OFF THEORY DAN PECKING ORDER THEORY". Jurnal Ekonomi dan Bisnis 10, nr 1 (1.01.2009): 241. http://dx.doi.org/10.30659/ekobis.10.1.241-249.

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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 arenâ€™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

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Culata, Priska Ralna Eunike, i Tri Gunarsih. "Pecking Order Theory and Trade-Off Theory of Capital Structure: Evidence from Indonesian Stock Exchange". Winners 13, nr 1 (30.03.2012): 40. http://dx.doi.org/10.21512/tw.v13i1.666.

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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.

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Agyei, James, Shaorong Sun i Eugene Abrokwah. "Trade-Off Theory Versus Pecking Order Theory: Ghanaian Evidence". SAGE Open 10, nr 3 (lipiec 2020): 215824402094098. http://dx.doi.org/10.1177/2158244020940987.

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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.

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Shah, Attaullah, i Jasir Ilyas. "Is Negative Profitability-Leverage Relation the only Support for the Pecking Order Theory in Case of Pakistani Firms?" Pakistan Development Review 53, nr 1 (1.03.2014): 33–55. http://dx.doi.org/10.30541/v53i1pp.33-55.

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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

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Marimuthu, Ferina, i Stephanie Caroline Singh. "Do South African state-owned entities follow the pecking order theory of capital structure?" Public and Municipal Finance 10, nr 1 (21.05.2021): 25–33. http://dx.doi.org/10.21511/pmf.10(1).2021.03.

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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.

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Sheikh, Jibran, Wajid Shakeel Ahmed, Waheed Iqbal i Muhammad Tahir Masood. "Pecking at Pecking Order Theory: Evidence from Pakistan’s Non-financial Sector". Journal of Competitiveness 4, nr 4 (31.12.2012): 86–95. http://dx.doi.org/10.7441/joc.2012.04.06.

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Serrasqueiro, Zélia, i 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, nr 2 (16.12.2014): 445–66. http://dx.doi.org/10.3846/16111699.2012.744344.

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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.

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Mabrouk, Lamia, i Adel Boubaker. "The pecking order theory and life cycle: Evidence from French firms". Corporate Ownership and Control 16, nr 3 (2019): 20–28. http://dx.doi.org/10.22495/cocv16i3art2.

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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.

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Singh, Priyanka, i Brajesh Kumar. "Trade-off Theory vs Pecking Order Theory Revisited". Journal of Emerging Market Finance 11, nr 2 (sierpień 2012): 145–59. http://dx.doi.org/10.1177/0972652712454514.

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정민규, 김동욱 i Byoung Gon Kim. "Complex Ownership and Pecking Order Theory". Korean Journal of Financial Engineering 18, nr 3 (wrzesień 2019): 153–76. http://dx.doi.org/10.35527/kfedoi.2019.18.3.007.

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Wijaya, Jesslyn, i Ciptawan Cen. "The Examination of Trade Off Theory and Pecking Order Theory to Capital Structure on Plantation Companies Listed in Indonesia Stock Exchange". Conference Series 3, nr 2 (14.12.2021): 323–38. http://dx.doi.org/10.34306/conferenceseries.v3i2.600.

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Plantation is a promising sector, but just like other firms, this sector will also face the financing problem. Capital structure determines the cost of capital and the risk assumed by the firm. Trade-off and Pecking order theory are the most common theory used to determine the capital structure. The objective of this research is to examine plantation companies tend to use trade-off theory or pecking order theory in determining the capital structure decision. This research used multiple linear regression analysis methods with capital structure as the dependent variable, and the asset structure, firm size, company growth, institutional ownership, effective tax rate, and non-debt tax shield as the independent variables.This is a quantitative research that uses secondary data from financial statements of plantation companies listed in the Indonesia Stock Exchange for 2014 to 2019. The sample was determined by using the purposive sampling technique and 5 out of 21 companies fulfill the sampling requirements. This study conducted observations for 6 years with a total of 30 research samples. The results of this research are both trade-off and pecking order theory are used and still relevant in the capital structure determination. Trade-off theory exerts more influence on capital structure decisions than pecking order theory. This is confirmed by the partial T-test where firm size, institutional ownership, effective tax rate, and non-debt tax shields suggest the use of trade-off theory, only asset structure indicates the tendency of pecking order theory.

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Wikartika, Ira, i Zumrotul Fitriyah. "Pengujian Trade Off Theory dan Pecking Order Theory di Jakarta Islamic Index". BISMA (Bisnis dan Manajemen) 10, nr 2 (20.04.2018): 90. http://dx.doi.org/10.26740/bisma.v10n2.p90-101.

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The operations of the company are always faced with the problem of meeting the needs of funds. Company funding is closely related to the selection and combination of internal funding sources and external funding sources. The funding decision of the capital structure determines the company in carrying out its operating activities that affect the company's value. There are two perspectives in determining the funding decision of capital structure, namely trade-off theory and pecking order theory. This study aims to analyze the effect of capital structure funding decision variables according to the perspective of trade-off theory and pecking order theory on funding decision of capital structure. The study population used companies listed in the Jakarta Islamic Index. The sample used is 30 companies during the period of June to November 2016. The result shows that according to trade-off theory, firm size and growth influence to leverage, but tangible fixed assets and profitability have no effect on leverage. While according to pecking order theory perspective, it shows that only variable of growth that influence to leverage. Thus it can be concluded that companies in Jakarta Islamic Index tend to follow trade-off theory perspective.

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박정주. "Comparison between static tradeoff theory and pecking order theory". Management & Information Systems Review 31, nr 1 (marzec 2012): 89–116. http://dx.doi.org/10.29214/damis.2012.31.1.005.

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Umdiana, Nana, i Shifa Tivana. "Determinan Struktur Modal Dalam Perspektif Pecking Order Theory Dan Agency Theory". Akuntabilitas 13, nr 2 (9.11.2020): 191–204. http://dx.doi.org/10.15408/akt.v13i2.17337.

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The capital structure seen from the perspective of pecking order theory explains that companies are more likely to prefer internal funding than external companies. Pecking Order Theory explains why highly profitable companies generally have less debt. This study aims to discuss Liquidity, Asset Structure, Business Risk, Growth Opportunity, Managerial Ownership of Capital Structures on Manufacturing Companies of the basic Consumer Good Industry Sector listed on the Indonesia Stock Exchange period 2016- 2019.This type of research is an associative causal research with the type of time series. The sample was selected using the purposive sampling method. Data analyzed amounted to 40. Data was tested using multiple linear regression analysis.The result of this study indicate that Liquidity is significant affect the Capital Structure. Asset Structure, Business Risk, Growth Opportunity, Managerial Ownership did not affect the Capital Structures.

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정민규, Byoung Gon Kim i 김동욱. "Pecking Order Theory and Korean Chaebol Firms". Korean Journal of Financial Engineering 12, nr 1 (marzec 2013): 99–122. http://dx.doi.org/10.35527/kfedoi.2013.12.1.005.

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Bagley, C. N., D. K. Ghosh i U. Yaari. "Pecking order as a dynamic leverage theory". European Journal of Finance 4, nr 2 (czerwiec 1998): 157–83. http://dx.doi.org/10.1080/135184798337362.

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Apsari, Ida Ayu Kayika, i Ni Ketut Rasmini. "The pecking order theory testing on company life cycle". International research journal of management, IT and social sciences 6, nr 5 (23.08.2019): 101–7. http://dx.doi.org/10.21744/irjmis.v6n5.704.

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This study was conducted on 49 property and real estate companies listed on the Indonesia Stock Exchange. Year of observation in this research is the year 2013-2017. Research samples of 49 property and real estate companies are grouped based on their life cycle criteria based on the company's net sales for 5 years. After the company is grouped based on its life cycle, multiple linear regression tests are used to test whether the company's Life Cycle affects the company in applying Pecking Order Theory in its funding decision. After multiple linear regression tests, the company in the Growth and Mature cycle stages is compared to whether firm growth is stronger than mature in applying Pecking Order Theory. The results of this study obtained Life Cycle property and real estate companies listed on the Stock Exchange did not significantly affect the Pecking Order Theory. The life cycle of the company does not affect the company in determining its funding decision. The life cycle of the company does not affect the company to apply the Pecking Order Theory in determining its capital structure. Companies that have been grouped according to their life cycle, in determining their capital structure, whether the company will fund with internal funds or external funds company, not based on the life cycle of the company.

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Camfield, Claudio Eduardo Ramos, Guilhermina Maria da Silva Freitas, Marco Rafael Fernandes Correia i Zélia Serrasqueiro. "A estrutura de capital de empresas de pequena dimensão em Portugal: uma abordagem segundo as teorias do Trade-off e da Pecking-order". RACE - Revista de Administração, Contabilidade e Economia 17, nr 1 (23.04.2018): 365–88. http://dx.doi.org/10.18593/race.v17i1.15434.

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Resumo: No corrente estudo analisaram-se os fatores explicativos das decisões de estrutura de capital das Pequenas Empresas (PEs) portuguesas, dado a estrutura de capital destas ter um interesse relevante ao nível econômico-social geral. Neste trabalho centrou-se na teoria Pecking-order (POT) e na teoria do Trade-off, considerando-as mutuamente explicativas e complementares, para avaliar o papel de um conjunto de fatores divididos em três níveis: os internos à empresa, os ligados ao mercado e os ligados ao sistema fiscal. Com base em uma amostra de 2.329 PEs portuguesas, os dados foram sujeitos a uma regressão multivariada. Os resultados obtidos mostram que a rentabilidade, a liquidez e a idade têm um impacto negativo e significativo no endividamento, evidenciando a importância dos princípios da teoria Pecking-order para as decisões de estrutura de capital das empresas portuguesas de menor dimensão. O relacionamento positivo entre a variável dimensão da empresa e o endividamento dá algum suporte à importância da teoria do Trade-off em contexto das decisões de estrutura de capital das pequenas empresas.Palavras-chave: Teoria Pecking-order. Teoria do Trade-off. Endividamento. Portugal. The small firms’ capital structure in Portugal: an approach to the Trade-off and Pecking-order theories Abstract: The present study analyzes the explanatory factors of the capital structure decisions of the Portuguese Small Companies (PEs), given that the capital structure of these companies has a relevant interest in the general economic-social level. This paper focuses on the Pecking-order (POT) theory and the Trade-off theory, considering them mutually explanatory and complementary, to evaluate the role of a set of factors divided into three levels: the internal to the company, market and the tax system. Based on a sample of 2.329 portuguese PEs, data were submitted to a multivariate regression. The results obtained show that profitability, liquidity and age have a significant impact on indebtedness, evidencing the importance of the principles of the pecking-order theory for the capital structure decisions of smaller portuguese firms. The positive relationship between the firm's variable size and indebtedness supports the importance of Trade-off theory in the context of the capital structure decisions of the companies analyzed.Keywords: Pecking-order theory. Trade-off theory. Debt. Portugal.

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Silva, Polyandra Zampiere Pessoa da, Victor Ranieri Bomfim Sampaio de Araújo i Paulo Aguiar do Monte. "UMA ANÁLISE DA PECKING ORDER THEORY NOS DIFERENTES NÍVEIS DE GOVERNANÇA CORPORATIVA DA BM&FBOVESPA". Revista Científica Hermes - FIPEN 20 (21.03.2018): 153. http://dx.doi.org/10.21710/rch.v20i0.364.

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Este trabalho tem como objetivo, verificar, empiricamente, se as empresas com maior governança corporativa, com base nos níveis de governança corporativa da BM&FBOVESPA, seguem a Pecking Order Theory. A amostra da pesquisa foi composta por todas as companhias abertas que estão listadas nos níveis de governança corporativa da BM&FBOVESPA (Nível 1, Nível 2 e Novo Mercado) no período entre 2008 a 2013. Assim, para atender o objetivo de pesquisa foram utilizadas a modelagens de Frank e Goyal (2003). Os parâmetros foram estimados pela técnica de MQO com dados em painel pooled não balanceado. Assim, os resultados indicam que as empresas do estudo não seguem a Pecking Order Theory. Contudo, verificou-se que as empresas do Novo Mercado tem maior tendência de seguir a Pecking Order Theory, se comparado com as organizações dos Níveis 1 e 2, contrariando o resultado esperado, uma vez que as empresas do Novo Mercado por apresentarem melhores práticas do governança corporativa, não deveriam seguir a hierarquia de financiamento da Pecking Order Theory. Assim, concluí-se que a hipótese de que as empresas com maior nível de governança corporativa não utilizam uma hierarquia de financiamento foi parcialmente rejeitada.

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HASHEMI-TILEHNOUEI, MOSTAFA, i B. SHIVARAJ B. SHIVARAJ. "Traditional Trade-off V/S Pecking Order, Which is a Better Theory". International Journal of Scientific Research 3, nr 7 (1.06.2012): 266–68. http://dx.doi.org/10.15373/22778179/july2014/85.

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Bettany, Shona M., i Ben Kerrane. "Figuring the pecking order". European Journal of Marketing 52, nr 12 (12.11.2018): 2334–55. http://dx.doi.org/10.1108/ejm-10-2017-0749.

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PurposeUsing the family activity of hobby stock-keeping (“petstock”) as a context, this paper aims to extend singularization theory to model the negotiations, agencies and resistances of children, parents and petstock, as they work through how animals become food within the boundaries of the family home. In doing so, the authors present an articulation of this process, deciphering the cultural biographies of petstock and leading to an understanding of the emergent array of child animal food-product preferences.Design/methodology/approachData were collected from petstock-keeping parents through a mixture of ethnographic, in-depth interviewing and netnographic engagements in this qualitative, interpretive study; with parents offering experiential insights into animal meat and food-product socialization behaviours played out within the family environments.FindingsThe findings discuss the range of parental behaviours, motivations and activities vis-à-vis petstock, and their children’s responses, ranging from transgression to full compliance, in terms of eating home-raised animal food-products. The discussion illustrates that in the context of petstock, a precocious child food preference agency towards animal meat and food products is reported to emerge.Research limitations/implicationsThis research has empirical and theoretical implications for the understanding of the development of child food preference agency vis-à-vis animal food products in the context of family petstock keeping.Practical implicationsThe research has the potential to inform policy makers around child education and food in regard to how child food preferences emerge and can inform marketers developing food-based communications aimed at children and parents.Originality/valueTwo original contributions are presented: an analysis of the under-researched area of how children’s food preferences towards eating animal food products develop, taking a positive child food-choice agency perspective, and a novel extension of singularization theory, theorizing the radical transformation, from animal to food, encountered by children in the petstock context.

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Bhama, Vandana, Pramod Kumar Jain i Surendra Singh Yadav. "Testing the pecking order theory of deficit and surplus firms: Indian evidence". International Journal of Managerial Finance 12, nr 3 (6.06.2016): 335–50. http://dx.doi.org/10.1108/ijmf-06-2014-0095.

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Purpose – The purpose of this paper is to test whether Indian firms follow the pecking order theory under situations of deficiency as well as surplus. Design/methodology/approach – The study examines Indian firms included in the Bombay Stock Exchange (BSE) 500 index, covering a time span of ten years (2003-2012). An extended model of pecking order theory is tested for deficit and surplus firms separately. The authors use ordinary least square regressions to test the results. Findings – The findings indicate that the pecking order theory is an excellent descriptor for deficit firms, but a poor one for surplus firms. Deficit firms frequently issue debt to fill up deficiency requirements but keep their debt ratios in limit. In marked contrast, surplus firms have low debt to equity ratios and only occasionally redeem debt. They tend to retain funds for future expansion and other operational needs. Research limitations/implications – The study is limited to firms included in the BSE 500 index, but could be extended to others. Future research work could also focus on debt sub-components. Practical implications – The present study is useful for firms that are considering capital structure decisions and supports finding that deficit and surplus firms behave differently. Originality/value – This is the first study separately testing the pecking order between deficit and surplus firms in an emerging market.

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Cheng, Yuxi (Lance), i Ani L. Katchova. "Testing capital structure theories for agricultural cooperatives". International Food and Agribusiness Management Review 22, nr 1 (28.01.2019): 1–14. http://dx.doi.org/10.22434/ifamr2018.0050.

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This study investigates adjustments in capital structures for agricultural cooperatives and differences before and during the agricultural downturn which started in 2013. We estimate a simultaneous equation model to test for cooperatives’ capital structure strategies based on two main theories from the corporate finance literature: the trade-off theory and the pecking order theory. Estimation results reveal that agricultural cooperatives in the U.S. generally adjust to short-term financial targets for equity and debt, supporting the trade-off theory while there is little support for the pecking order theory within the agricultural cooperatives sector.

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Rahmawati, Ika Yustina. "PENGARUH PROFITABILITAS, SIZE DAN GROWTH TERHADAP STRUKTUR MODAL PADA INDUSTRI BARANG KONSUMSI YANG DIDASARI OLEH PECKING ORDER THEORY DAN TRADE-OFF THEORY". Media Ekonomi 16, nr 2 (1.07.2016): 229. http://dx.doi.org/10.30595/medek.v16i2.1753.

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This study aims to determine the effect of profitability, size and growth of the company's capital structure in the consumer goods industry sector based on the pecking order theory and trade-off theory. This research was conducted using the procedure panel data for a sample of 26 consumer goods industry sector companies listed on the Indonesia Stock Exchange during 2009- 2013. The findings of this study is to support H1a, H2b and H3b. based on the results of the analysis of the profitability variable (measured ROE) there is a negative correlation significant at α = 5%, which means supporting the pecking order theory. The size variable (as measured by total assets) and growth (which was measured by the Market to Book Value) positively associated significant at α = 5% and 10%, which means supporting the trade-off theory. For the selection method of FEM and REM, researchers used a test in which the capital REM Test Hausmant be an option for the measurement of capital structure (DER, DAR and Working capital) while FEM selected for the measurement of capital structure (Leverage). Keyword: profitability, size, growth, capital struktur, pecking order theory and trade-off theory

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손인성 i 김진수. "Test of Pecking Order Theory Using Debt Capacity". Korea International Accounting Review ll, nr 48 (kwiecień 2013): 153–80. http://dx.doi.org/10.21073/kiar.2013..48.007.

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Frank, Murray Z., i Vidhan K. Goyal. "Testing the pecking order theory of capital structure". Journal of Financial Economics 67, nr 2 (luty 2003): 217–48. http://dx.doi.org/10.1016/s0304-405x(02)00252-0.

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Zeidan, Rodrigo, Koresh Galil i Offer Moshe Shapir. "Do ultimate owners follow the pecking order theory?" Quarterly Review of Economics and Finance 67 (luty 2018): 45–50. http://dx.doi.org/10.1016/j.qref.2017.04.008.

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Susanto, Andik, i Novy Rachma Herawati. "Pengaruh Defisit Pendanaan Internal Terhadap Struktur Modal". JURNAL EKOMAKS : Jurnal Ilmu Ekonomi, Manajemen, dan Akuntansi 9, nr 1 (10.05.2020): 22–29. http://dx.doi.org/10.33319/jeko.v9i1.50.

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Companies manage its capital structure in order to provide benefits to the company so as to encourage management to manage the capital structure so that the composition of debt or equity can be adjusted with the aim of management in selecting the composition. This research focuses on the pecking order theory by taking a sample of 33 property, real estate, and building construction companies listed on the Indonesia Stock Exchange with the observation year 2015 to 2017. The purpose of this study is to see if there is consistency of research, as well as the previous studies to answer the research gap of extended pecking order theory model to see the effects of internal funding deficit and the debt ratio to the addition of forming internal funding deficit (dividends payment, additional working capital, investment and net cash flow) for additional debt ratio that can be used as a factor affecting changes in capital structure. The final results in this study support the hypothesis that the entire internal funding deficit has a positive effect on additional debt ratio. Dividend payments, additional working capital, net cash flow, and investment have a positive effect. So the company can be said to support the pecking order theory. Keywords—: capital structure; pecking order theory; internal funding deficit; dividend payments; additional working capital.

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Pontoh, Winston, i Novi Swandari Budiarso. "Firm characteristics and capital structure adjustment". Investment Management and Financial Innovations 15, nr 2 (17.05.2018): 129–44. http://dx.doi.org/10.21511/imfi.15(2).2018.12.

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The adjustment for the firm capital structure is unclear from perspectives of trade-off theory, pecking order theory, life cycle theory, market timing theory, and free cash flow theory, since many research findings contradict each other. Adjustments for the capital structure are complex, since the conditions for each firm are different. The objective of this study is to provide empirical evidence of how firms adjust capital structure in relationship with maturity in context of trade-off, pecking order, free cash flow, and market timing theory. In terms of hypotheses testing, this study conducts logistic regression analysis with 138 Indonesian public firms as the sample in the observed period from 2010 to 2015. To distinguish the results, this study controls the sample by size and age based on the median. The study reports that preferences for the source of funds based on the cost of capital, internal conflict, and firm maturity indicate adjustments for the firm capital structure. Based on Indonesian firms, the form of capital structure in developing countries can refer to a single model or a combination of the trade-off model and pecking order model, as well as market timing.

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Bukalska, Elżbieta. "Testing trade-off theory and pecking order theory under managerial overconfidence". International Journal of Management and Economics 55, nr 2 (29.08.2019): 99–117. http://dx.doi.org/10.2478/ijme-2019-0008.

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Abstract We address our research to the problem of managerial overconfidence and financing behavior. The aim of the paper is, hence, to ascertain the pattern of financing decisions of overconfident managers and identify the relevant capital structure theory (trade-off or pecking order theory) that can be used to explain financing decisions of overconfident managers. We collected a sample of 145 private companies. The degree of overconfidence was distinguished by surveying the managers on overestimation, overplacement, and overoptimism. The financial data covers the period of 2010–2015. We calculated static ratios of capital structure and uncovered the determinants of capital structure. We then unveiled the target debt ratios using Fama and French methodology and identified the difference between target and actual debt ratios. We also calculated the value of deficit and the sources of financing according to Shyam-Sunder and Myers. We found that the companies managed by overconfident managers use higher value of equity and display similar debt ratios. They also utilize reverse pecking order preference—trying to use internal funds and then turning to equity. Moreover, we noted that companies managed by overconfident managers come closer to target debt ratios and implement more risky fixed assets financing strategies. The significance of our research is that we contribute to the understanding of capital structure decisions by taking into account behavioral biases and conducting comprehensive research on both static and dynamic capital structure.

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Ariawan, Ariawan, i Eka Zahra Solikahan. "Determinan Struktur Modal: Perspektif Pecking Order Theory dan Trade-off Theory". Journal of Technopreneurship on Economics and Business Review 3, nr 2 (27.09.2022): 121–36. http://dx.doi.org/10.37195/jtebr.v3i2.84.

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This study aims to determine how much influence the asset structure, non-debt tax shields, firm size and profitability have on the capital structure of the Food and Baverages Sub-Sector Companies listed on the Indonesia Stock Exchange. The method used in this study is a quantitative method. The data analysis technique used in this research is multiple regression analysis. Asset structure has a positive and significant impact on the capital structure of companies listed in the Food and Beverage Industry Sector on the IDX for the 2014-2018 period. With the value of the beta coefficient included in the low category, the results of this study are in accordance with the Trade-off theory. Non-debt tax shields have no significant effect on the capital structure of companies listed in the Food and Beverage Industry Sector on the IDX for the 2014-2018 period. With the value of the beta coefficient being very low, the results of this study are not in accordance with the trade-off theory. Firm size has a significant effect on the capital structure of companies listed in the Food and Beverage Industry Sector on the IDX for the 2014-2018 period. With a low beta coefficient value. The results of this study are not in accordance with the pecking order theory. Profitability has a positive and significant effect on the capital structure of companies in the Food and Beverage Industry Sector Listing on the IDX for the 2014-2018 period. With the value of the beta coefficient is included in the low category. The results of this study are in accordance with the pecking order theory.

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Pratheepan, Tharmalingam, i Y. K. Weerakon Banda. "The Determinants of Capital Structure: Evidence from Selected Listed Companies in Sri Lanka". International Journal of Economics and Finance 8, nr 2 (24.01.2016): 94. http://dx.doi.org/10.5539/ijef.v8n2p94.

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This research examines the determinants of capital structure of selected listed companies in Sri Lanka. The capital structure of 55 companies listed in Colombo Stock Exchange (CSE) is empirically examined using the fixed effects model. Based on the findings of the panel data analysis during the period of 2003-2012, Profitability exhibits statistically significant of inverse relationship with leverage while firm size and growth shows statistically significant of positive relationship with leverage for selected listed companies in Sri Lanka. Non–debt tax shields and tangibility indicate insignificant impacts on leverage. The results of this empirical study shows that there is robust evidence to support the pecking order theory by manufacturing based companies on the capital structure determinant of profitability variable, and growth variable also strongly supports to the association of the pecking order theory. Though, trade–off theory also can not be rejected because of the correct estimate of the positive sign of size variable of manufacturing based companies. Thus, implication of pecking order theory is more appropriate in Sri Lankan perspective.

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Lutsenko, S. I. "RATING EVALUATION OF SELF-REGULATING ORGANIZATIONS OF ARBITRATION MANAGERS AS A MECHANISM TO IMPROVE THEIR PERFORMANCE". Strategic decisions and risk management, nr 6 (25.10.2014): 72–80. http://dx.doi.org/10.17747/2078-8886-2013-6-72-80.

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The influence of macroeconomic factors and company characteristics on the financial decisions (financing sources, a choice of model of optimum financing) are considered. The economic policy of state allows to understand made decisions the company concerning the capital structure. The given work allows to draw certain conclusions on why the Russian companies, in a greater degree, adhere to the pecking order theory. On analogies to the public companies, the state in the field of a debt policy also adheres to the pecking order theory.

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Cordeiro Filho, Mario, João Batista Pamplona, Edimilson Costa Lucas i Ricardo Makoto Kawai. "Determinantes da Estrutura de Capital no Brasil: Evidências Empíricas a partir de Dados em Painel no período entre 2010 e 2016". Revista de Administração, Sociedade e Inovação 4, nr 2 (11.07.2018): 183–203. http://dx.doi.org/10.20401/rasi.4.2.211.

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Esse estudo analisa os fatores determinantes da estrutura de capital das companhias abertas brasileiras (exceto instituições financeiras e seguradoras) com ações listadas na BM&BOVESPA no período de 2010 a 2016, sob a perspectiva da pecking order theory e da tradeoff theory, empregando metodologia de dados em painel e modelos econométricos com variáveis de controle referentes à tangibilidade dos ativos, ao porte das empresas, a oportunidades de crescimento e à rentabilidade dos ativos. Este artigo preenche lacuna relativa ao reduzido número de estudos correlatos no período objeto da análise e considera base de dados homogênea oriunda das demonstrações financeiras elaboradas de acordo com as normas internacionais de contabilidade a partir de 2010. Possíveis limitações desse artigo advêm do reduzido número de companhias brasileiras com ações listadas em bolsa, assim como o reduzido número de observações comparativamente aos estudos semelhantes, notadamente os focados no mercado de capitais norte-americano. Os resultados obtidos sugerem que as companhias abertas brasileiras se financiam substancialmente por meio da emissão de dívida, corroborando o modelo da pecking order theory. Não foram encontradas evidências robustas que sugiram que empresas sigam o modelo da tradeoff theory. Palavras-Chave: Estrutura de capital, Pecking Order Theory, e Tradeoff Theory.

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Budiarso, Novi Swandari, i Winston Pontoh. "Pecking order, earnings management and capital structure". Accounting 7, nr 6 (2021): 1389–94. http://dx.doi.org/10.5267/j.ac.2021.3.026.

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Most of studies imply that firms decrease or increase their debt capacity in context of pecking order theory or agency problems. On this point, the setting of this study is based on two main problems related to capital structure: the first is determining the source of funds for financing investments, and the second is solving the conflict between shareholders and managers, or the agency problem. The objective of this study is to provide evidence about how firms establish their capital structure in relation to pecking order theory and the agency problem by controlling earnings management in the context of Indonesian firms. This study conducts logistic regression on 28 firms in the consumer goods industry listed on the Indonesia Stock Exchange from 2010 to 2017.This study finds that pecking order theory determines the capital structure of most Indonesian firms with high debt. The results imply that agency problems are unable to explain corporate capital structure and earnings management is not effective for motivating Indonesian firms to establish corporate governance.

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Qu, Wenzhou, Udomsak Wongchoti, Fei Wu i Yanming Chen. "Does information asymmetry lead to higher debt financing? Evidence from China during the NTS Reform period". Journal of Asian Business and Economic Studies 25, nr 1 (11.06.2018): 109–21. http://dx.doi.org/10.1108/jabes-04-2018-0006.

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Purpose The purpose of this paper is to test an implication of the pecking order theory to explain capital structure decisions among Chinese listed companies during the 2005-2007 NTS Reform transition period. Design/methodology/approach The authors utilize direct proxies for information asymmetry based on microstructure models including Probability of the arrival of informed trades (PIN), Adverse selection component of the bid-ask spread (λ), Illiquidity ratio (ILLIQ) and liquidity ratio, and Information asymmetry index (InfoAsy) to examine their relation with firms’ debt financing. Findings Consistent with the prediction of Pecking Order Theory, the authors find that companies for which stock investors are challenged with more severe informational disadvantages are associated with higher degree of leverage use. Originality/value The study provides a more direct test on the positive relation between information asymmetry and financial leverage of Chinese firms. In contrast to previous findings by Chen (2004), the results suggest that capital structure choices among Chinese firms progressively conform to conventional finance theories (e.g. Pecking Order Theory) with the decline of non-tradable shares.

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Portal, Márcio Telles, João Zani i Carlos Eduardo Schönerwald da Silva. "Financial frictions and substitution between internal and external funds in publicly traded Brazilian companies". Revista Contabilidade & Finanças 23, nr 58 (kwiecień 2012): 19–32. http://dx.doi.org/10.1590/s1519-70772012000100002.

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The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms) should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms). The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010), who suggest the following: first, because of the endogenous nature of investment decisions in constrained companies, the complementary relationship between internal and external funds prevails over the substitutive effects suggested by the Pecking Order Theory; and second, the negative relationship between cash flow and external funds cannot be interpreted as evidence of costly external funds and therefore does not corroborate the Pecking Order Theory.

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Vásquez Tejos, Francisco Javier, i Hernan Pape Larre. "Market Timing and Pecking Order Theory in Latin America". Revista Finanzas y Política Económica 13, nr 2 (26.08.2021): 345–70. http://dx.doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.4.

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This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies.

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Vásquez Tejos, Francisco Javier, i Hernan Pape Larre. "Market Timing and Pecking Order Theory in Latin America". Revista Finanzas y Política Económica 13, nr 2 (26.08.2021): 79–104. http://dx.doi.org/10.14718/revfinanzpolitecon.3674.

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This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies.

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Sakr, Ahmed, i Amina Bedeir. "Firm Level Determinants of Capital Structure: Evidence From Egypt". International Journal of Financial Research 10, nr 1 (18.11.2018): 68. http://dx.doi.org/10.5430/ijfr.v10n1p68.

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The purpose of this paper is to investigate the firm level determinants of capital structure of Egyptian publicly traded non-financial firms. The study investigates the firm level determinants of capital structure of Egyptian companies utilising data from the financial statements of 62 listed companies over the time period from 2003 to 2016. The study investigates whether the capital structure decisions in Egypt are closer to the assumptions of Trade-Off Theory, of Pecking Order Theory or of the Agency Cost Theory. The empirical evidence obtained allows us to conclude that Trade-Off and Pecking Order Theories are the most theories to describe the financial behaviour of the Egyptian companies' choice of capital structure whereas there was little evidence to support the agency cost theory.

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Moyo, Vusani, Hendrik Wolmarans i Leon Brummer. "Trade-Off Or Pecking Order: Evidence From South African Manufacturing, Mining, And Retail Firms". International Business & Economics Research Journal (IBER) 12, nr 8 (29.07.2013): 927. http://dx.doi.org/10.19030/iber.v12i8.7989.

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This study tests the trade-off and pecking order hypotheses of corporate financing decisions and estimates the speed of adjustment toward target leverage using a cross-section of 42 manufacturing, 24 mining and 21 retail firms listed on the Johannesburg Stock Exchange (JSE) for the period 2000-2010. It uses the generalised least squares (GLS) random effects, maximum likelihood (ML) random effects, fixed effects, time series regression, Arellano and Bond (1991), Blundell and Bond (1998) and random effects Tobit estimators to fit the two versions of the partial adjustment models. The study finds that leverage is positively correlated to profitability and this supports the trade-off theory. The trade-off theory is further supported by the negative correlation on non-debt tax shields. Consistent with the pecking order theory, capital expenditure and growth rate are positively correlated to leverage while asset tangibility is inversely related to leverage. The negative correlation on financial distress and the positive correlation on dividends paid support both the pecking order and trade-off theories. These results are consistent with the view that the pecking order and trade-off theories are non-mutual exclusive in explaining the financing decisions of firms. The results also show that South African manufacturing, mining and retail firms do have target leverage ratios and the true speed of adjustment towards target leverage is 57.64% for book-to-debt ratio and 42.44% for market-to-debt ratio.

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Qureshi, Muhammad Azeem. "Does pecking order theory explain leverage behaviour in Pakistan?" Applied Financial Economics 19, nr 17 (wrzesień 2009): 1365–70. http://dx.doi.org/10.1080/09603100902817592.

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Vasiliou, Dimitrios, Nikolaos Eriotis i Nikolaos Daskalakis. "Testing the pecking order theory: the importance of methodology". Qualitative Research in Financial Markets 1, nr 2 (5.06.2009): 85–96. http://dx.doi.org/10.1108/17554170910975900.

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WANG, KUANG-CHENG A., i CHUN-HUNG A. LIN. "PECKING-ORDER THEORY REVISITED: THE ROLE OF AGENCY COST". Manchester School 78, nr 5 (3.08.2010): 395–411. http://dx.doi.org/10.1111/j.1467-9957.2010.02201.x.

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Dada, Felix Babatunde, i Ben Ukaegbu. "The Pecking Order Theory: Evidence from Listed Firms in Nigeria". International Finance and Banking 2, nr 2 (20.12.2015): 72. http://dx.doi.org/10.5296/ifb.v2i2.8679.

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Pecking order theory of capital structure demonstrates how managers could reduce inefficiency in the presence of information asymmetry in the source of finance. This study aims at a critical evaluation of the relevance of pecking order theory to firms, using the panel data of the listed firms on the Nigerian Stock Exchange. The study adopt the fixed effect model for the determination of the target capital structure and the decision is based on the result of the Hausman test. The study applies the Vector error correction model to establish causality between the variables. The outcome indicates that the capital structure of Nigerian firms is positively related to asset structure while it is negatively related to profitability and liquidity. The study also shows that there is a causal relationship ranging from profitability and liquidity to the capital structure.

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Dinis Mendes, Sílvia M., Paula Machado, Carla David Reis i Vera L. Mendes Cunha. "Trade Off and Pecking Order Capital Structure Theories in Tourism Sector in the Portuguese Central Region". Athens Journal of Tourism 10, nr 3 (19.07.2023): 155–76. http://dx.doi.org/10.30958/ajt.10-3-1.

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The present study aims to identify the predominant theory in financing decisions, and which are the determinants of the capital structure of small and medium enterprises (SMEs) of the tourism sector in the Central Region of Portugal. The statistical method applied was the econometric model of linear regression, using a sample of 606 SMEs in the tourism sector in the Central Region, for a period of analysis between 2011 and 2018. The focus on the tourism sector is due to its importance in the Portuguese economy and to the existence of few studies, particularly in the Central Region. In the analysis of the determinants of capital structure decisions we used as explanatory variables profitability, asset tangibility, size, total liquidity, other non-debt tax shields, risk and age of SMEs. The results obtained suggest that the capital structure decisions follow more closely the assumptions of the Pecking Order theory but may also follow the assumptions of the 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. We may conclude that SMEs firstly finance themselves with retained earnings, then use external financing and finally resort to capital increases. Keywords: determinants of capital structure, SMEs, tourism sector, pecking order theory, trade-off theory

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Couderc, Nicolas. "Financial policy determinants: Evidence from a nested logit model". Corporate Ownership and Control 3, nr 4 (2006): 88–98. http://dx.doi.org/10.22495/cocv3i4p7.

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How do managers set financial policy? The aim of this paper is to document the driving factors of the financial policy choice and to evaluate the relevance of two alternative theories, the trade-off theory and the pecking order theory. We use a database of 3,659 firms, over the period 1991-2002; our study relies upon the estimation of two qualitative variable models, a multinomial logit model and a nested logit model. We show that trade-off models are more pertinent than pecking-order models so as to explain the financial policy choice of a firm, but none of these models are sufficient to explain all our results

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Kirui, Benard Kipyegon, i Seth Omondi Gor. "Financial Constraints and Firm Capital Structure in Kenya". International Journal of Economics and Finance 10, nr 1 (15.12.2017): 177. http://dx.doi.org/10.5539/ijef.v10n1p177.

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Empirical evidence suggests that capital structure varies across firms facing different levels of information asymmetry, however, this evidence contradict the prediction of pecking order hypothesis. Although debt capacity constraints offer some explanation for this discrepancy, it fails to explain the behavior of small high growth firms who do not issue debt even with no debt capacity constraints. Against this backdrop, this study investigated the effects of financial constraints on firm capital structure in Kenya. This was implemented by interacting a financial constraints dummy with the right-hand side variables of pecking order test equation to allow for any variation of capital structure across financial constraints regimes. The results show that constrained firms use less internal funds and have less cash than unconstrained firms. Pecking order theory was not supported. However, allowing financial constraints regimes in pecking order equation improved the fit of the model and produced results that are consistent with pecking order prediction. Financing behavior varies with financial constraints status. The wider the wedge between the cost of debt and the opportunity cost of internal funds, the higher the value transferred to debt-holders and the lower the debt utilization. To improve firm access to capital, policies should be geared towards reducing the wedge between the cost of external and internal funds.

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Sujoko, Sujoko. "PENGARUH STRUKTUR KEPEMILIKAN, STRATEGI DIVERSIFIKASI, LEVERAGE, FAKTOR INTERN DAN FAKTOR EKSTERN TERHADAP NILAI PERUSAHAAN (Studi Empirik Pada Perusahaan Manufaktur Dan Non Manufaktur Di Bursa Efek Jakarta)". EKUITAS (Jurnal Ekonomi dan Keuangan) 11, nr 2 (7.02.2017): 236. http://dx.doi.org/10.24034/j25485024.y2007.v11.i2.2236.

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The main objective of the study is to examine the impact of ownership structure, diversification strategy, leverage, external factor, internal factor on the value of the firms in Jakarta Stock Exchange. It is argued that unlike the agency problem of advanced stock market, the agency problem in the Jakarta Stock Exchange is the divergence of interest between the minority holders and majority holders. This is because the Jakarta Stock Exchange is characterized, among other things, by the domination of large shareholders. The hypotheses are: (1) there are the impact of ownership structure, external factor, and internal factor on diversification strategy, (2) there are the impact of ownership structure, external factor, internal factor, and diversification strategy on leverage, (3) there are the impact of ownership structur, external factor, internal factor, leverage ,diversification strategy on value of the firm. This study is to examine Agency Theory, Jensen and Meckling (1976), Pecking Order Theory, Myers (1984), Trade Off Model and Signaling Theory (1979). Population in this study are public company listed in Jakarta Stock Exchange during 2000 – 2004. As many as 134 firms listed in Jakarta Stock Exchange were taken as a sample using a purposive sampling method.The data were then analyzed by the structural equation modeling ( SEM) analysis, using the AMOS Program version 4.01.The results of this study show that (1) there are the impact of ownership structure, external factor, internal factor on diversification strategy, (2) there are the impact of ownership structure, diversification, external factor, internal factor on leverage,(3)there are the impact of ownership structure, external factor, internal factor, leverage, diversification on value of the firm. The result of the study does not support the Agency Theory, from Jensen and Meckling (1976), but the result of the study supports Pecking Order Theory from Myers (1984), Trade off model and Signaling Theory from Battacharya (1979). The result of the study is hoped to contribute theoretically and practically.Theoritical contribution is bounded to examine the Agency Theory from Jensen and Meckling (1976), Pecking Order Theory from Myers (1984), Trade off model and Signaling Theory from Battacharya (1979). The result of the study to indicate that practice public company in Indonesia is not concern with Agency Theory from Jensen and Meckling (1976). The result of the study indicates that Pecking Order Theory from Myers (1984). Trade Off Model and Signaling Theory from Battacharya,(1979) are concerned with the practice public company in Indonesia.

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Sujoko, Sujoko. "PENGARUH STRUKTUR KEPEMILIKAN, STRATEGI DIVERSIFIKASI, LEVERAGE, FAKTOR INTERN DAN FAKTOR EKSTERN TERHADAP NILAI PERUSAHAAN (STUDI EMPIRIK PADA PERUSAHAAN MANUFAKTUR DAN NON MANUFAKTUR DI BURSA EFEK JAKARTA)". EKUITAS (Jurnal Ekonomi dan Keuangan) 11, nr 2 (17.09.2018): 236–54. http://dx.doi.org/10.24034/j25485024.y2007.v11.i2.317.

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The main objective of the study is to examine the impact of ownership structure, diversification strategy, leverage, external factor, internal factor on the value of the firms in Jakarta Stock Exchange. It is argued that unlike the agency problem of advanced stock market, the agency problem in the Jakarta Stock Exchange is the divergence of interest between the minority holders and majority holders. This is because the Jakarta Stock Exchange is characterized, among other things, by the domination of large shareholders. The hypotheses are: (1) there are the impact of ownership structure, external factor, and internal factor on diversification strategy, (2) there are the impact of ownership structure, external factor, internal factor, and diversification strategy on leverage, (3) there are the impact of ownership structur, external factor, internal factor, leverage ,diversification strategy on value of the firm. This study is to examine Agency Theory, Jensen and Meckling (1976), Pecking Order Theory, Myers (1984), Trade Off Model and Signaling Theory (1979). Population in this study are public company listed in Jakarta Stock Exchange during 2000 – 2004. As many as 134 firms listed in Jakarta Stock Exchange were taken as a sample using a purposive sampling method.The data were then analyzed by the structural equation modeling ( SEM) analysis, using the AMOS Program version 4.01.The results of this study show that (1) there are the impact of ownership structure, external factor, internal factor on diversification strategy, (2) there are the impact of ownership structure, diversification, external factor, internal factor on leverage,(3)there are the impact of ownership structure, external factor, internal factor, leverage, diversification on value of the firm. The result of the study does not support the Agency Theory, from Jensen and Meckling (1976), but the result of the study supports Pecking Order Theory from Myers (1984), Trade off model and Signaling Theory from Battacharya (1979). The result of the study is hoped to contribute theoretically and practically.Theoritical contribution is bounded to examine the Agency Theory from Jensen and Meckling (1976), Pecking Order Theory from Myers (1984), Trade off model and Signaling Theory from Battacharya (1979). The result of the study to indicate that practice public company in Indonesia is not concern with Agency Theory from Jensen and Meckling (1976). The result of the study indicates that Pecking Order Theory from Myers (1984). Trade Off Model and Signaling Theory from Battacharya,(1979) are concerned with the practice public company in Indonesia.

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