| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 7383371 | The Quarterly Review of Economics and Finance | 2018 | 19 Pages |
Abstract
Previous studies that have tested the pecking order theory have been inconclusive. In this paper, we use unique survey results for private Brazilian firms in order to investigate firms' choice of capital structure. We document that ultimate owners of privately owned firms follow the pecking order theory, even in presence of subsidized loans. We also show that whether a firm is debt constrained or unconstrained does not affect this finding.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Rodrigo Zeidan, Koresh Galil, Offer Moshe Shapir,