Cotei, Carmen; Farhat, Joseph; Abugri, Benjamin A. - In: Managerial Finance 37 (2011) August, pp. 715-735
trade-off theory, pecking order hypothesis and market timing hypothesis. The authors test the predictions of these theories … develop a modified pecking order model which controls for short- and long-term debt level changes and simultaneously test the … support for pecking order of financing. These results support their conjecture that stronger investor protection, higher …