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| Titel: |
Pecking order or trade-off hypothesis? Evidence on the capital structure of Chinese companies |
| Auteur: |
Tong, Guanqun Green, Christopher J. |
| Verschenen in: |
Applied economics |
| Paginering: | Jaargang 37 (2005) nr. 19 pagina's 2179-2189 |
| Jaar: |
2005-10-20 |
| Inhoud: |
This study tests the pecking order and trade-off hypotheses of corporate financing decisions using a cross-section of the largest Chinese listed companies. The study is built on Allen (1993), Baskin (1989) and Adedeji (1998) to set up three models in which trade-off and pecking order theories give distinctively different predictions: (1) the determinants of leverage; (2) the relationship between leverage and dividends; and (3) the determinants of corporate investment. In model 1, a significant negative correlation is found between leverage and profitability; in model 2 a significant positive correlation between current leverage and past dividends is found. These results broadly support the pecking order hypothesis over trade-off theory. However, model 3 is inconclusive. Overall, the results provide tentative support for the pecking order hypothesis and demonstrate that a conventional model of corporate capital structure can explain the financing behaviour of Chinese companies. |
| Uitgever: |
Routledge |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 32 van 46 gevonden artikelen
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