‐point, the paper first investigates whether they follow the financing pattern implied by the pecking order theory and then … financing hierarchy holds. Analysis should not rely solely on the mean‐oriented regression quantitative analysis to test the … on investigating the reasons that underlie actual firm financing. Practical implications – The fact that the pecking …

to test to what degree the financing patterns were steady during the observed period (2001-2012). Specifically, in … notion in Poland. Our results show that financing patterns changed importantly during the last 20 years, which manifests …

This review evaluates the four major theories of corporate financing: (1) the Modigliani–Miller theory of capital …-structure irrelevance, in which firm values and real investment decisions are unaffected by financing; (2) the trade-off theory, in which … financing responds to managers’ personal incentives; and (4) the pecking-order theory, in which financing adapts to mitigate …

empirical verification. This study aims to investigate Czech family businesses' corporate financing practices and compare them …