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Pecking order and debt capacity considerations for high-growth companies seeking financing
Vanacker, Tom; Manigart, Sophie - In: Small Business Economics 35 (2010) 1, pp. 53-69
Persistent link: https://www.econbiz.de/10008526662
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Trade-off-theory vs. pecking order theory and the determinants of corporate leverage : evidence from a panel data analysis upon French SMEs (2002 - 2010)
Adair, Philippe; Adaskou, Mohamed - In: Cogent economics & finance 3 (2015) 1, pp. 1-11
SMEs as well as growth opportunities support POT. However, the relationship between corporate leverage and the age of SMEs …
Persistent link: https://www.econbiz.de/10010492381
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The mystery of zero-leverage firms
Strebulaev, Ilya A.; Yang, Baozhong - In: Journal of Financial Economics 109 (2013) 1, pp. 1-23
We present the puzzling evidence that, from 1962 to 2009, an average 10.2% of large public nonfinancial US firms have zero debt and almost 22% have less than 5% book leverage ratio. Zero-leverage behavior is a persistent phenomenon. Dividend-paying zero-leverage firms pay substantially higher...
Persistent link: https://www.econbiz.de/10010665554
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A stubborn persistence: Is the stability of leverage ratios determined by the stability of the economy?
Hanousek, Jan; Shamshur, Anastasiya - In: Journal of Corporate Finance 17 (2011) 5, pp. 1360-1376
The choice of capital structure firms make is a fundamental issue in the financial literature. According to a recent finding, the capital structure of firms remains almost unchanged during their lives. This stability of leverage ratios is mainly generated by an unobserved firm-specific effect...
Persistent link: https://www.econbiz.de/10010574245
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Managerial optimism and post-financing stock performance in Taiwan: A comparison of debt and equity financing
Wang, Chih-Yung; Chen, Yu-Fen; Yu, Chia-Wen - In: Economics Letters 119 (2013) 3, pp. 332-335
We compare post-financing stock performance for debt-issuing portfolio with equity-issuing one in Taiwan to identify whether firms’ financing decisions were driven by managerial optimism or market timing. Our result supports corporate financing decisions in Taiwan are driven by managerial...
Persistent link: https://www.econbiz.de/10010693366
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Financing preferences : evidence from the Korean market
Yoon, Soon Suk; Kim, Hyo Jin; Lee, Hongbok; Waggle, Doug - In: Applied economics 49 (2017) 44, pp. 4501-4520
Persistent link: https://www.econbiz.de/10011843325
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Capital structure of small companies in the Spanish footwear sector : relevant factors
Acedo-Ramírez, Miguel A.; Ayala Calvo, Juan Carlos; … - In: SERIEs : Journal of the Spanish Economic Association 4 (2013) 2, pp. 155-173
. However, the positive coefficient of growth opportunities and negative coefficient of debt cost, age and cash flows is … issue debt in order to discipline the firm’s managers. The relationship between growth opportunities and debt level was … firms are likely to have insufficient earnings to finance internally all of their growth. Furthermore, the low debt level of …
Persistent link: https://www.econbiz.de/10009756929
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SELECTIVE ASYMMETRIC CAPITAL FINANCING BEHAVIOR: PREFERENCE TOWARDS EQUITY FINANCING
LIEN, DONALD; LO, MELODY; NI, JINLAN - In: Annals of Financial Economics (AFE) 07 (2012) 01, pp. 1250004-1
Using data from 1,217 publicly traded Chinese companies from 1994–2006, we show that the capital financing behavior of Chinese firms deviates substantially from the pecking order theory in that equity issues are always the preferred financing source for funding requirements. We further...
Persistent link: https://www.econbiz.de/10011011021
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Information ratings and capital structure
Pan, Lee-Hsien; Lin, Chien-Ting; Lee, Shih-Cheng; Ho, … - In: Journal of Corporate Finance 31 (2015) C, pp. 17-32
We examine the impact of information asymmetry on a firm's capital structure decisions with a unique information rating scheme that draws from 114 measures over five dimensions of information disclosures on each firm from 2006 to 2012. We find that a firm with high (low) information rating is...
Persistent link: https://www.econbiz.de/10011264343
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Panel data analyses of the pecking order theory and the market timing theory of capital structure in Taiwan
Chen, Dar-Hsin; Chen, Chun-Da; Chen, Jianguo; Huang, Yu-Fang - In: International Review of Economics & Finance 27 (2013) C, pp. 1-13
We exploit panel data of publicly-traded Taiwanese firms to test the pecking order theory the market timing theory over 1990–2005. On the one hand, the results indicate no support for pecking order behavior (consistent with Frank & Goyal, 2003), as net equity issues track the financing deficit...
Persistent link: https://www.econbiz.de/10010664349