Testing capital structure theories for agricultural cooperatives
2019 ◽
Vol 22
(1)
◽
pp. 1-14
◽
Keyword(s):
This study investigates adjustments in capital structures for agricultural cooperatives and differences before and during the agricultural downturn which started in 2013. We estimate a simultaneous equation model to test for cooperatives’ capital structure strategies based on two main theories from the corporate finance literature: the trade-off theory and the pecking order theory. Estimation results reveal that agricultural cooperatives in the U.S. generally adjust to short-term financial targets for equity and debt, supporting the trade-off theory while there is little support for the pecking order theory within the agricultural cooperatives sector.
Keyword(s):
2016 ◽
Vol 11
(2)
◽
pp. 2694-2701
Keyword(s):
2012 ◽
Vol 4
(11)
◽
pp. 553-557
◽
Keyword(s):
Keyword(s):
2018 ◽
Vol 15
(2)
◽
pp. 129-144
◽
Keyword(s):
Keyword(s):
Keyword(s):
Keyword(s):
Keyword(s):