頁籤選單縮合
題名 | Firm Maturity and the Pecking Order Theory= |
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作者 | Bulan, Laarni; Yan, Zhipeng; |
期刊 | International Journal of Business and Economics |
出版日期 | 20101200 |
卷期 | 9:3 2010.12[民99.12] |
頁次 | 頁179-200 |
分類號 | 555.42 |
語文 | eng |
關鍵詞 | Life cycle; Pecking order; Capital structure; |
英文摘要 | We identify firms according to two life cycle stages, namely growth and maturity, and test the pecking order theory of financing. We find a strong maturity effect, i.e., the pecking order theory describes the financing behavior of mature firms better than growth firms. Our findings show that firm maturity is an alternative proxy for debt capacity. In particular, mature firms are older, more stable, and highly profitable with good credit histories. Thus, they naturally have greater debt capacity. After controlling for firm maturity, the pecking order theory describes the financing behavior of firms fairly well. |
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