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AuthorJarallah, Shaif
AuthorSaleh, Ali Salman
AuthorSalim, Ruhul
Available date2020-06-23T20:45:41Z
Publication Date2019
Publication NameInternational Journal of Finance and Economics
ResourceScopus
ISSN10769307
URIhttp://dx.doi.org/10.1002/ijfe.1657
URIhttp://hdl.handle.net/10576/15123
AbstractThis study empirically tests the traditional trade-off model against the pecking order model of capital structure using data from the Japanese listed companies on the Tokyo Stock Exchange. A pooled sample of 1,362 publicly listed nonfinancial companies from 1991 to 2015 is used to establish the relationship between leverage and its determinants by using the generalized methods of moments econometric framework. The results show that the financing pattern of Japanese firms is consistent with the basic pecking order model, which predicts external debt financing driven by the internal financial deficit. - 2018 John Wiley & Sons, Ltd.
Languageen
PublisherJohn Wiley and Sons Ltd
Subjectdebt maturity structure
panel data analysis
pecking order theory
trade-off theory
TitleExamining pecking order versus trade-off theories of capital structure: New evidence from Japanese firms
TypeArticle
Pagination204-211
Issue Number1
Volume Number24
dc.accessType Abstract Only


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