عنوان

Pecking order theory, trade-off theory and determinants of capital structure :

شماره

TLets507876

عنوان اصلي

Pecking order theory, trade-off theory and determinants of capital structure :

نام عام مواد

[Thesis]

نام نخستين پديدآور

Zurigat, Ziad

عنوان اصلي به قلم نويسنده ديگر

empirical evidence from Jordan

نام ساير پديدآوران

Brown, David ; Fennema, Julian ; Shareif, Mohammad

نام ناشر، پخش کننده و غيره

Heriot-Watt University

تاریخ نشرو بخش و غیره

2009

جزئيات پايان نامه و نوع درجه آن

Thesis (Ph.D.)

امتياز متن

2009

متن يادداشت

The theoretical framework of the pecking order and trade-off theories of capital structure has suggested the potential for exhibiting asymmetrical financing behaviour for firms with leverage below or above the target level of leverage or for firms with financial surplus or deficit. Such analyses shed light on how firms choose their capital structure under pecking order and trade-off theories and mainly when they have leverage target with leverage above-or below-target leverage or surplus or deficit. However, a lack of empirical studies on these issues can be noted in both developed and developing countries. This thesis examines a variety of pecking order and trade-off asymmetric models and compares their performance with the symmetric alternative. Using data from 114 non-financial Jordanian firms (of which 62 are industrial firms and the remaining are services firms), we report evidence suggesting that firstly, equity issues track the financing deficit relatively more closely, suggesting that equity is not the last resort for financing as the pecking order theory predicts Secondly, Jordanian firms are more sensitive in retiring debt to take up surplus than in expanding debt to meet their financing requirement, implying that financial surplus and deficit affect leverage differently. Thirdly, Jordanian firms have a target leverage ratio and adjust their leverage at rate higher for above-target leverage than for below-target leverage and at rate higher for firms with financial surplus than those with financial deficit. Finally, we report evidence suggesting that the rates of adjustment vary depending on whether the deviation from the target level is large or small, with rates higher for large size deviation than for small size deviation.

مستند نام اشخاص تاييد نشده

Zurigat, Ziad

مستند نام اشخاص تاييد نشده

Brown, David ; Fennema, Julian ; Shareif, Mohammad

مستند نام تنالگان تاييد نشده

Heriot-Watt University

نام الکترونيکي

فرمت انتشار

p

نوع ماده

[Thesis]

کد کاربرگه

276903

سطح دسترسي

a

تكميل شده

Y