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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

Determinants of Capital Structure in Non-Financial Companies

Kühnhausen, Fabian; Stieber, Harald W. - Volkswirtschaftliche Fakultät, … - 2014

-section, we are able to show that firm size, industry leverage, industry growth and tax shield positively affect leverage ratios …

Persistent link: https://www.econbiz.de/10011019340

Do Tanzanian Companies Practice Pecking Order Theory, Agency Cost Theory or Trade-Off Theory? An Empirical Study in Tanzanian Listed Companies

Ntogwa Ng’habi Bundala - In: International Journal of Economics and Financial Issues 2 (2012) 4, pp. 401-422

The empirical study was focused predominantly on validity tests of the three theories on capital structures, the static trade-off theory, the pecking order theory (information asymmetry theory), and agency cost theory in the Tanzanian context. The study used secondary data from eight of the...

Persistent link: https://www.econbiz.de/10010583142

Capital Structure Determinants of Publicly Listed Companies in Saudi Arabia

Alzomaia, Turki SF - In: The International Journal of Business and Finance Research 8 (2014) 2, pp. 53-67

relationship between size, growth of the firm and leverage. On the other hand, the results show there are negative relationships …

Persistent link: https://www.econbiz.de/10010943323

Financial Determinants of Firms Profitability: A Hazard Function Investigation

Di Guilmi, Corrado - Dipartimento di Scienze Economiche e Sociali, Facoltà … - 2008

In this paper a hazard function analysis is performed on a set of European firms in order to identify a stochastic relationship among financial structure and profits. The relative proportions of debt and equity financing appear to influence expected profitability with a different degree for each...

Persistent link: https://www.econbiz.de/10004990635

La structure financière du capital:tests empiriques sur le marché français

Molay, Eric - In: Revue Finance Contrôle Stratégie 8 (2005) 4, pp. 153-175

(VF)Cette étude s’intéresse à deux théories alternatives expliquant la structure financière du capital : la théorie du financement hiérarchisé et la théorie du ratio d’endettement optimal. Les analyses empiriques sur un échantillon d’entreprises françaises cotées à la bourse...

Persistent link: https://www.econbiz.de/10005042545

What are the Determinants of the Capital Structure? Evidence from Switzerland

Drobetz, Wolfgang; Fix, Roger - In: Swiss Journal of Economics and Statistics (SJES) 141 (2005) I, pp. 71-113

We test leverage predictions of the trade-off and pecking order models using Swiss data. At an aggregate level, leverage of Swiss firms is comparatively low, but the results depend crucially on the exact definition of leverage. Confirming the pecking order model but contradicting the trade-off...

Persistent link: https://www.econbiz.de/10005577831

The capital structure of Swiss companies: an empirical analysis using dynamic panel data

Gaud, Philippe; Jani, Elion; Hoesli, Martin; Bender, André - Swiss Finance Institute - 2003

companies, the importance of tangible assets and business risk are positively related to leverage, while growth and …

Persistent link: https://www.econbiz.de/10005771830

ESTRUCTURA DE PROPIEDAD Y OPORTUNIDADES DE CRECIMIENTO COMO DETERMINANTES DEL ENDEUDAMIENTO DE LAS EMPRESAS CHILENAS

PALENZUEA, VALENTÍN AZOFRA; HOFFMANN, PAOLO SAONA; … - In: Abante 7 (2004) 2, pp. 105-145

their growth opportunities, their ownership structure and the environment in which they operate. We perform an empirical … analysis over an unbalanced panel of 169 Chilean firms for the period 1990-2001. Chilean firms growth opportunities are … financed with long term debt. However, when firms need external funds they finance their growth opportunities with short term …

Persistent link: https://www.econbiz.de/10005549494

Determinants of corporate financing decisions: a survey evidence from Czech firms

Körner, Pavel; Jindřichovská, Irena - Institut ekonomických studií, Univerzita Karlova v Praze - 2008

This paper investigates the empirical evidence on determinants of financing decisions on the pool of respondents among financial managers of Czech firms. The theoretical section provides an overview of prominent contemporary theories on capital structure. Employing Chi-square Sign Test and Logit...

Persistent link: https://www.econbiz.de/10005698698