Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 20 of 20 for “"Pecking Order Theory"”.
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Determinants of Capital Structure in the South African Listed Property Sector
… results offer support for the trade-off theory, pecking order theory and market timing theory in the South African listed property context, and are generally in agreement with international findings. Thus, size is found to be positively correlated to debt levels, in line with trade-off …
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Macroeconomic conditions and capital structure: evidence from publicly listed companies in the U.K.
… in a manner that is consistent with the pecking order, trade-off and market timing theories. Without considering the effect of 2008 financial crisis, I find that, first, the results from static models and dynamic models of capital structures indicate that leverage is negatively associated …
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A cross sectional study of the capital structures of firms listed on the JSE
… debt, indicating possibly the presence of the pecking order theory. The consumer goods and consumer service industry firms' leverage ratios are mainly determined by the firms' profitability. The health care industry shows signs of the Trade-off Theory being present as the main determinant, …
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Essays on the Dynamics of Capital Structure
Tests of the static trade-off theory that posits that firms move towards the optimum capital structure necessitate a joint hypothesis test - whether firms adjust toward target leverage, and whether the proxy used for target leverage is the true target leverage. Prior studies use the time-series …
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Testing capital structure theories : Evidence from REITs
The trade-off theory, the pecking order theory and the market timing theory are three competing theories of capital structure that have been widely examined in finance literature. But empirical tests of REITs capital structure were limited.This study employs a partial adjustment model of Fama and …
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Are the capital structures of JSE listed companies influenced by equity market timing?
… been focused on testing the speed of adjustment theory, pecking order theory and the trade-off theory. This dissertation sets out to test whether evidence of the market timing theory exists in JSE listed firms by applying the method used by De Bie and De Haan (2007) for evidence of market timing …
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The impact of firm size and industry on capital structure decisions
… Johannesburg Stock Exchange and tests trade-off theory and pecking order theory for firms of various sizes, firms in different industries and also tests for differences between debt maturities. Multiple fixed effect models are used to firstly test for the main factors that impact capital …
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The determinants of capital structure : a study of industrial firms listed on the JSE
… as the Modigliani-Miller theorem, the trade-off theory, the agency theory and the pecking order theory. The determinants used in this study (and their respective measures) are; the firm's business risk (standard deviation of sales), size (natural log of sales), asset composition (fixed …
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The impact of new equity financing on firms' investment, dividend and debt-financing decisions
… John and Williams' (1985) dividend signalling theory. A pecking order theory by Donaldson (1961) and Myers (1984) is supported during the recession 1978 to 1982, but rejected during the prosperity period 1983 to 1987. There is also strong evidence of dividend smoothing for firms.
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The determinants of capital structure and internal factors that influence the performance of commercial banks in Botswana
… results conclude that in accordance with the pecking order theory and the finance literature, debt has an overall negative relationship with banks performance, and the bigger the bank the less debt is employed. Further, this study proves efficiency theory for Botswana banks. That is the …
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The impact of credit information flow on the growth of small and medium enterprises in Tanzania
… Model of Growth, growth theories and Pecking Order Theory of Financial Gearing. Empirical studies on factors influencing growth of SME were analyzed to establish their level of relationship. The research method used was mainly through survey and in some cases face to face interviews. …
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An empirical study of the impact of macroeconomic variables on the capital structure of South African firms during periods of heightened economic uncertainty
… of this study, which are explained by the pecking order theory, indicate that national debt to GDP, inflation rate and tax rate are important factors that influence the capital structure decisions of South African firms. The study concludes that South African firms tend to exhibit a risk …
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The impact of leverage on firm performance: evidence from start- ups in Swedan
… on classical frameworks—namely the trade‐off theory, pecking order theory, and signalling theory—the research situates the role of debt in the context of firms that operate under high uncertainty and limited internal resources. Using a comprehensive population dataset from the Serrano …
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Determinants of Capital Structure: the case of MENA countries
… theories of capital structure, namely: trade off theory and pecking order theory. The countries included in this thesis are Saudi Arabia, United Arab Emirates (Include both Abo-Dhabi and Dubai stock indexes), Bahrain, Qatar, Kuwait, Oman, Egypt, Morocco, Tunisia, Palestine and Jor- dan. The …
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Regulatory Framework of Commercial Banks and its Operational Efficiency in Lending to Small Medium (SMEs) in Nigeria
… This research is underpinned by intermediation theory and elaborated with public and private theory views on regulation, and the pecking order theory. The study examines bank regulatory framework relating to commercial bank lending to SMEs, and its impact on operational efficiency of banks in …
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IFRS 17 and its effects on financial performance and the statement of financial position: a comparative analysis of the South African insurance companies including banks
… This study, grounded in the Rational Choice Theory, the Liquidity Preference Theory and the Pecking Order Theory, analysed twelve insurance service providers licensed by the FSCA and operating in South Africa. The results of the study revealed that IFRS 17 did not have a statistically …
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An empirical study of Malaysian firms' capital structure
… of gearing. In particular was the support for pecking order theory, in that finance managers had given internal funds the highest priority, followed by debt and equity as a last option. The statistical analysis found a strong negative correlation between liquidity and the gearing ratio for both …
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Inter-relationship between the capital structure and distribution policies of companies listed on the JSE
… have invoked information costs, the trade-off theory and the pecking-order theory as well as agency problems to explain capital structure and distribution strategies independently. However, the theories of the signalling, pecking-order, trade-off and agency cost suggest that a company’s capital …
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Growth, Poverty, and Capital Structure Effects of Financial Development
… Our results seem to be consistent with the pecking order theory and suggest that firms in developed countries prefer debt to equity despite the expansion of the equity market, whereas firms in developing countries rely on bank finance. Further, the results show that the subprime crisis has …
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Le determinanti del ricorso al debito delle piccole e medie imprese italiane: un'analisi empirica
… nella letteratura, costituiti dalla Trade-off theory (Modigliani e Miller, 1963, De Angelo e Masulis, 1980, Miller, 1977), dalla Pecking order theory (Myers 1984, Myers e Majluf, 1984) e dalla Financial growth cycle theory (Berger e Udell, 1998), una prima serie di analisi econometriche è stata …