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.
Results
Showing 1 to 20 of 40 for “"pecking order"”.
-
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 …
-
The impact of firm size and industry on capital structure decisions
… 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 structure and …
-
Essays on the Dynamics of Capital Structure
… study complements the previous studies on the pecking order theory and the trade-off theory. The main purpose of this study is to investigate three issues that are not considered in the previous studies. The adequacy of the specification and the assumptions of the models used in testing the …
-
Capital structure theory and flotation costs: an empirical analysis of utility debt and equity decisions
… theory -- an optimal, irrelevance, or modified pecking order -- best explains a firm's capital structure. A sample of 457 debt and equity utility offerings made from 1973-1982 is used in logit regression analysis to test the predictions of the different theories and the relevance of flotation …
-
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 theory …
-
SME financing in dollarised multicurrency system: Zimbabwe case study
… over debt capital for SMEs financing. The Pecking Order and Credit Rationing Models were used to assess whether SMEs should consider outside or inside finance and again whether the ideal source of capital should be debt or equity. The research document introduced the demand side data set of …
-
Fluctuations in the supply of credit and its effects on the capital structure of Japanese firms
… of capital structure, the trade-off and the pecking order hypothesis, is run. The methodology utilised to perform this test is similar to that derived by Shyam-Sunder & Myers (1999). Finally the role of trade credit, a factor overlooked by the majority of previous capital structure studies, …
-
The impact of taxation reforms and other factors on the capital structure of real estate enterprises
… Hypotheses utilising Static Trade-off, Pecking Order and Market Timing theories are empirically examined using a series of the taxes variables (i.e., effective tax rate and non-debt tax shields); firm characteristics (such as size, asset structure, profitability, growth and business …
-
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, …
-
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 …
-
Two essays on shareholder returns and the form of financing in mergers and tender offers
… firms. The latter finding is consistent with the pecking order hypothesis.
-
Are the capital structures of JSE listed companies influenced by equity market timing?
… 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 in Dutch …
-
Farm Financing Strategy and the Lending Policy From Financial Institutions
… financial safety when they jointly employ the pecking order financing in the short-run, and trade-off their capital structure in the long-run. Concurrently, low credit risk farm businesses which send credible signals to lenders could benefit from lower interest rates, further strengthening …
-
The determinants of capital structure : a study of industrial firms listed on the JSE
… 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 assets/total assets), profitability …
-
The Impact of Debt Financing on the Financial Performance of Airline Companies Listed on the London Stock Exchange
… airlines, supporting the Trade-off and Pecking Order theories while challenging Modigliani–Miller’s irrelevance view. Prudent debt management is essential for sustaining financial stability and shareholder value in the airline sector.
-
The impact of new equity financing on firms' investment, dividend and debt-financing decisions
… 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.
-
Two Essays On Cross-Country Differences In Corporate Dividend Policies
… `bird in hand', signaling, agency and pecking order theories. The hypotheses are supported by empirically robust evidence. The first essay is forthcoming in Journal of International Business Studies, a top-tier journal in international business. In the second essay, we combine the two …
-
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 …
-
Riding the dragon : entrepreneurship under market transition
… that the Chinese economic system has a political pecking order in which private enterprises are located at the bottom. FDI-seeking behavior, while diluting local entrepreneurs' ownership controls, helps change their firms' political status to transcend institutional constraints. The third essay …
-
Inter-relationship between the capital structure and distribution policies of companies listed on the JSE
… 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 structure and …
Page 1 of 2