Do Ultimate Owners Follow the Pecking Order Theory?

Previous studies that have tested the pecking order theory have been inconclusive. In this paper, we use unique survey results for private Brazilian firms in order to investigate firms' choice of capital structure. We document that ultimate owners of privately owned firms follow the pecking order theory, even in presence of subsidized loans. We also show that whether a firm is debt constrained or unconstrained does not affect this finding

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Year of publication:	2017
Authors:	Zeidan, Rodrigo M.
Other Persons:	Galil, Koresh (contributor) ; Shapir, Offer (contributor)
Publisher:	[2017]: [S.l.] : SSRN

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Extent:	1 Online-Ressource (10 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Quarterly Review of Economics and Finance, Forthcoming Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 28, 2017 erstellt
Other identifiers:	10.2139/ssrn.2747749 [DOI]
Classification:	G23 - Pension Funds; Other Private Financial Institutions ; G32 - Financing Policy; Capital and Ownership Structure ; L21 - Business Objectives of the Firm
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012969788