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dc.contributor.authorSalim, Ruhul
dc.contributor.authorJarallah, S.
dc.contributor.authorSaleh, A.
dc.date.accessioned2018-12-13T09:11:05Z
dc.date.available2018-12-13T09:11:05Z
dc.date.created2018-12-12T02:46:21Z
dc.date.issued2018
dc.identifier.citationSalim, 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.
dc.identifier.urihttp://hdl.handle.net/20.500.11937/71714
dc.identifier.doi10.1002/ijfe.1657
dc.description.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.

dc.publisherJohn Wiley and Sons
dc.relationhttps://onlinelibrary.wiley.com/doi/10.1002/ijfe.1657
dc.titleExamining pecking order versus trade-off theories of capital structure: New evidence from Japanese firms
dc.typeJournal Article
dcterms.source.volume24
dcterms.source.startPage204
dcterms.source.endPage211
dcterms.source.issn1076-9307
dcterms.source.titleInternational Journal of Finance and Economics
curtin.departmentSchool of Economics and Finance
curtin.accessStatusFulltext not available


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