Search results for "Pecking order"
showing 8 items of 8 documents
Financial Structure of the Family Business: Evidence From a Group of Small Spanish Firms
2007
This article presents empirical evidence on the determinants of the financial behavior of small family businesses and their differences from nonfamily small businesses. Taking into account two consolidated financial approaches, (1) the trade-off theory and (2) the pecking order theory, several hypotheses on the financial behavior of both groups of firms have been tested. By estimating these models through panel data methodology, using a sample of Spanish family businesses together with another control group of nonfamily businesses, we have obtained results confirming that a business's family nature does lead it to employ financial policy different from the rest of businesses. Furthermore, …
La Psicologga Financiera Y La Estructura De Capital De Las Pymes (The Financial Psychology and SME's Capital Structure)
2015
Spanish Abstract: El objetivo de este trabajo es estudiar las Teorias de la Estructura de Capital para detectar aquellas variables que pueden determinar el nivel de endeudamiento elegido por una empresa. Para ello se examina la naturaleza y dificultades financieras de las pymes, y se realiza una comparativa con la piramide de Maslow para mostrar la vertiente psicologica de la estructura de capital de las companias. Estos argumentos posteriormente son contrastados con un analisis empirico de las pymes de la Comunidad Valenciana, complementado con varias entrevistas a pymes valencianas para conocer la opinion y experiencia de las personas mas cercanas a estas. Entre otras cosas, se concluye q…
TRADE-OFF THEORY VS. PECKING ORDER THEORY – EMPIRICAL EVIDENCE FROM THE BALTIC COUNTRIES
2014
Capital structure is of particular importance in estimating the company value; an accurately estimated and selected equity and debt ratio can maximize the company value and minimizes the cost of capital; therefore, this issue is especially significant in the changing conditions of economic development. The main purpose of this study is to simultaneously evaluate the pecking order and trade-off theories of capital structure and determine which one performs better for a sample of companies from the Baltic states. Analysis is conducted on a sample of 75 listed companies (Baltic Stock Exchange) over the period from 1998 to 2011. The authors test theories using panel data and regression analysis…
Influence of the Pecking Motion Frequency on the Cyclic Fatigue Resistance of Endodontic Rotary Files
2019
This article belongs to the Special Issue Innovations in Endodontic Dentistry.
Pecking Order Versus Trade-off: An Empirical Approach to the Small and Medium Enterprise Capital Structure
2003
In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. Panel data methodology is used to test the empirical hypotheses over a sample of 6482 Spanish SMEs during the five-year period 1994?1998. The results suggest that both theoretical approaches contribute to explain capital structure in SMEs. However, while we find evidence that SMEs attempt to achieve a target or optimum leverage (trade-off model), there is less support for the view that SMEs adjust their leverage level to their financing requirements (pecking order model). En este trabajo, exploramos dos de las teorías má…
Capital Structure and Sensitivity in SME Definition: A Panel Data Investigation
2003
We provide an empirical examination of the pecking order theory on capital structure in the field of Small and Medium Enterprises (SMEs). We mainly investigate if the results are sensitive to different definitions commonly used for these types of companies. Our evidence offers strong support for the growth opportunities and cash flow hypotheses. Firms that have many growth opportunities and small cash flows clearly show more debt in their capital structure. Moreover, results do not change when different SME definitions or sample sizes are used.
Women executives and financing pecking order of GEM-listed companies: Moderating roles of social capital and regional institutional environment
2021
Abstract This paper investigates the financing options of female executives within China’s unique environment. We examined 154 GEM enterprises listed on the Shenzhen Stock Exchange from 2009 to 2016. The data were analyzed using statistical procedures including multilevel regression analysis based on the existing financing pecking order models. Empirical evidence shows that women executives are less likely to use internal and debt financing. In terms of internal financing willingness, social capital and external institutional environment have negative and positive moderating effects respectively. In terms of debt financing willingness, social capital has a positive moderating effect. In add…