DO ROMANIAN COMPANIES FOLLOW PECKING ORDER FINANCING?

被引：0

作者：

Pirtea, Marilen ^{[1
]}

Nicolescu, Cristina ^{[1
]}

Botoc, Claudiu ^{[1
]}

机构：

[1] West Univ Timisoara, Fac Econ & Business Adm, Timisoara, Romania

来源：

ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH | 2014年 / 48卷 / 01期

关键词：

Capital structure; pecking order theory; profitability; non linear; taxation; CAPITAL STRUCTURE; DETERMINANTS;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Capital structure represents the combination of certain types of instruments issued by a company in order to support its assets. The main aim of the paper is to check if there is support for Pecking Order theory of capital structure for Romanian companies, through the relation between debt ratio and profitability. Secondary, we need to check if this relationship is linear or non-linear. In order to test these hypotheses we have employed large database, which contains the first 2000 major and most performing Romanian companies for period 2003-2011. The results do not reject any of hypotheses. There is a non-linear and negative relation between debt ratio and profitability, which support the pecking order theory.

引用

页码：49 / 63

页数：15

共 20 条

[1] The determinants of capital structure: Capital market-oriented versus bank-oriented institutions [J].

Antoniou, Antonios ;

Guney, Yilmaz ;

Paudyal, Krishna .

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2008, 43 (01) :59-92

[2]

Arce D, 2009, EVOLUTION CAPITAL ST

[3]

Bauer P, 2004, FINANC A UVER, V54, P2

[4]

Bevan A. A., 2000, APPL FINANCIAL EC, V12, P159

[5]

Buferna Fakher, 2008, U LIVERPOOL RES PAPE

[6] Determinants of capital structure of Chinese-listed companies [J].

Chen, JJ .

JOURNAL OF BUSINESS RESEARCH, 2004, 57 (12) :1341-1351

[7]

Dragota IM, 2008, ECON COMPUT ECON CYB, V42, P155

[8]

Ellili N. O. D., 2011, INT RES J FINANCE EC, V67, P82

[9] Non-linearity in the determinants of capital structure: evidence from UK firms [J].

Fattouh, Bassam ;

Harris, Laurence ;

Scaramozzino, Pasquale .

EMPIRICAL ECONOMICS, 2008, 34 (03) :417-438

[10]

Florinita Duca, 2012, CES WORKING PAPERS, V4, P523

← 1 2 →