to pecking order theory, firms prefer debt over equity if external funds are required. The results of this study support … revision of the Commercial Act, which allows firms to issue various types of stocks, in 2010. This study aims to verify equity … regression analysis is used. Findings: This study shows that firms issuing RCPS have higher debt ratios and lower operating cash …

to a 0.44 percent decline in stock prices. Second, results point to the "irrelevance" of debt in mediating the effect of … the role of debt for oil firms. …