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    Examining pecking order versus trade-off theories of capital structure: New evidence from Japanese firms

    Access Status
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    Authors
    Salim, Ruhul
    Jarallah, S.
    Saleh, A.
    Date
    2018
    Type
    Journal Article
    
    Metadata
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    Citation
    Salim, R. and Jarallah, S. and Saleh, A. 2018. Examining pecking order versus trade-off theories of capital structure: New evidence from Japanese firms. International Journal of Finance and Economics. 24 (1): pp. 204-211.
    Source Title
    International Journal of Finance and Economics
    DOI
    10.1002/ijfe.1657
    ISSN
    1076-9307
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/71714
    Collection
    • Curtin Research Publications
    Abstract

    This 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.

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