THE APPLICATION OF PECKING ORDER THEORY IN FINANCING

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HEJAZI R.; VALIPOOR H.; SIAMER M.

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Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2012 | Volume:5 | Issue:15 Page(s): 31-46

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Information Journal Paper

Title

THE APPLICATION OF PECKING ORDER THEORY IN FINANCING

Author(s)

HEJAZI R. | VALIPOOR H. | SIAMER M. | Issue Writer Certificate

Keywords

CAPITAL STRUCTURE THEORIESQ4

FINANCING DECISIONSQ4

PECKING ORDERQ4

ASYMMETRY INFORMATION HYPOTHESISQ4

PANEL DATAQ4

Abstract

In today's competitive environment, financial managers are trying to consider the capital structure and financial decision in order to increase their companies' value. This research is aimed at studying the ability of PECKING ORDER theory in explaining the capital structure pattern of companies in Iran’s capital market.The statistical population of this research includes all industrial companies listed in Tehran Stock Exchange (TSE).127 industrial companies have been selected in duration of 2000-2009 as samples based on a systematical method. Library method have used for data collecting, and balanced PANEL DATA and panel analysis model have used for examining the research hypothesis.The obtained results suggest that there is a positive significant relation between financing deficit and net long-term debt issued as well as between maturing long-term debt issued and long-term debt issued. This shows that the Iranian companies follow PECKING ORDER theory in their capital structure pattern.

Cites

THE RELATION BETWEEN FIRM FINANCIAL CHARACTERISTICS AND CAPITAL STRUCTURE DURING THE LIFE CYCLE OF THE FIRM

References

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APA: Copy

HEJAZI, R., VALIPOOR, H., & SIAMER, M.. (2012). THE APPLICATION OF PECKING ORDER THEORY IN FINANCING. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 5(15), 31-46. SID. https://sid.ir/paper/200336/en

Vancouver: Copy

HEJAZI R., VALIPOOR H., SIAMER M.. THE APPLICATION OF PECKING ORDER THEORY IN FINANCING. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2012;5(15):31-46. Available from: https://sid.ir/paper/200336/en

IEEE: Copy

R. HEJAZI, H. VALIPOOR, and M. SIAMER, “THE APPLICATION OF PECKING ORDER THEORY IN FINANCING,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 5, no. 15, pp. 31–46, 2012, [Online]. Available: https://sid.ir/paper/200336/en

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