scholarly journals DETERMINANTES DE ESTRUTURA DE CAPITAL DE EMPRESAS DE CAPITAL ABERTO DO SETOR ELÉTRICO NO BRASIL: UMA ABORDAGEM BASEADA NA TRADE-OFF THEORY E NA PECKING ORDER THEORY

Exacta ◽  
2022 ◽  
Author(s):  
MARCELO FODRA
Keyword(s):  
Order Theory ◽  
Sao Paulo ◽  
São Paulo ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off

O objetivo deste trabalho foi avaliar os determinantes de estrutura de capital das empresas de capital aberto do setor elétrico brasileiro, listadas na Bolsa de Valores de São Paulo, em relação ao endividamento de curto prazo, longo prazo e geral. Foi coletada uma amostra composta por dados contábeis anuais de 80 empresas privadas e estatais, atuantes no setor elétrico brasileiro entre 2009 e 2019, empregando-se o método de regressões lineares múltiplas, com dados em painel, usando efeitos fixos e efeitos aleatórios. Os resultados apontaram que os determinantes de estrutura de capital lucratividade, oportunidade de crescimento e liquidez tiveram comportamento melhor alinhados à POT, ao passo que o risco se apresentou melhor explicado pela TOT e pela POT.

scholarly journals Testing capital structure theories for agricultural cooperatives

2019 ◽  
Vol 22 (1) ◽  
pp. 1-14 ◽  
Author(s):  
Yuxi (Lance) Cheng ◽  
Ani L. Katchova
Keyword(s):  
Capital Structure ◽  
Order Theory ◽  
Simultaneous Equation ◽  
Equation Model ◽  
Agricultural Cooperatives ◽  
Simultaneous Equation Model ◽  
Short Term ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off

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.

scholarly journals Capital structure determinants of hospitality sector SMEs

2016 ◽  
Vol 23 (1) ◽  
pp. 113-132 ◽  
Author(s):  
Luís Pacheco ◽  
Fernando Tavares
Keyword(s):  
Capital Structure ◽  
Small And Medium Enterprises ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Factors Affecting ◽  
Portuguese Economy ◽  
Hospitality Sector ◽  
The Capital Structure

The main objective of this article is to study the capital structure determinants of small and medium enterprises (SMEs) in the hospitality sector and how this can influence their level of indebtedness. Using panel data methodology and considering a sample of 43 Portuguese hotels, the authors study the capital structure determinants between 2004 and 2013. The study examines the indebtedness level in light of the two main theories – the Trade-off theory and the Pecking Order theory. The hospitality sector was chosen because of its importance in the Portuguese economy and because this particular sector has hardly been studied. In addition to total indebtedness, the authors extend the literature by analysing the differences between short-term and long-term indebtedness. The results obtained suggest that profitability, assets tangibility, firm dimension, total liquidity and risk are key factors affecting the capital structure of hospitality sector SMEs, while growth, other tax benefits and age were not deemed relevant. These results allow us to conclude that Trade-off and Pecking Order theories should not be considered in isolation to explain the capital structure of hospitality sector SMEs.

scholarly journals DETERMINENTS OF CAPITAL STRUCTURE: EVIDENCE FROM PAKISTAN SUGAR INDUSTRY.

2016 ◽  
Vol 11 (2) ◽  
pp. 2694-2701
Author(s):  
Prof. Dr. Abdul Ghafoor Awan ◽  
Prof. Dr ZahirFaridi ◽  
Abdullahi ShahbazAnwer Ghaz
Keyword(s):  
Capital Structure ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
Sugar Industry ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Factors Affecting ◽  
Financial Decision

Capital structure is one of the most complex areas of financial decision making because of its inter-relationship with other financial decision variables. Poor capital structure decisions can result in a high cost of capital which decreases the value of a firm. Effective capital structure decisions decrease the cost of capital and hence the value of a firm increases.  The objective of this empirical study is to analyze the factors affecting capital structure of sugar industry in Pakistan and to check whether the results confirm or not pecking order theory and trade-off theory. Different theories of capital structure have been reviewed like Modigliani and miller theory, trade-off theory, pecking order theory and market timing theory to make assumptions regarding capital structure of sugar firms. The findings are based on empirical results using panel data techniques for a sample of 30 firms listed on Karachi Stock Exchange from 2008-2011. The results show that tangibility is positively associated with leverage whereas size of the firm and liquidity are negatively associated with leverage. The results of profitability and growth opportunities are insignificant.

scholarly journals A Critical Review of Capital Structure Theories

2012 ◽  
Vol 4 (11) ◽  
pp. 553-557 ◽  
Author(s):  
Syed Muhammad Javed ◽  
Agha Jahanzeb . ◽  
Saif-ur-Rehman .
Keyword(s):  
Capital Structure ◽  
Critical Review ◽  
Market Timing ◽  
Order Theory ◽  
Agency Cost ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off

The purpose of this paper is to scrutinize and appreciate the theories of capital structure starting from theory of Miller and Modigliani (1958) of capital structure, which is also known as irrelevance theory of capital structure and also including theory like pecking order theory, trade off theory, market timing theory and agency cost theory. In addition, authors have tried to explain the theories and their contradiction with each other in detail. This paper will be an addition to understand the theories of capital structure.

scholarly journals DEFISIT VS SURPLUS FINANSIAL DAN KETERKAITANNYA DENGAN STRUKTUR MODAL

2018 ◽  
Vol 2 (1) ◽  
pp. 204
Author(s):  
Ida Puspitowati ◽  
Kartika Nuringsih ◽  
Rita Amelinda
Keyword(s):  
Cash Flow ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Internal Cash Flow

Keputusan pendanaan merupakan kombinasi pendanaan jangka panjang dan jangka pendek dengan mempertimbangkan kemampuan membayar biaya modal kepada investor. Salah satu faktor dipertimbangkan sebelum menambah sumber dana adalah kondisi defisit vs surplus finansial sehingga tujuan riset mengekplorasi kondisi tersebut serta keterkaitanya dengan perubahan struktur utang. Pertama mengidentifikasi kondisi defisit vc surplus finansial berdasarkan pembayaran dividen, investasi jangka panjang, modal kerja bersih dan internal cash flow. Kedua membandingkan jumlah rata-rata penambahan utang jangka panjang antara kondisi surplus dengan deficit. Ketiga menguji efek indikator serta kondisi defisit financial terhadap perubahan utang. Dilakukan observasi 292 sektor manufaktur terdaftar di BEI periode 2008-2013 dengan hasil yaitu: (1) Terdapat perbedaan rata-rata perubahan utang jangka panjang antara deficit dengan surplus keuangan, (2) Terdapat pengaruh signifikan 1% diantara indikator deficit keuangan terhadap perubahan utang. (3) Deficit financial berpengaruh positif signifikan 1% terhadap perubahan utang. Hasil mengidentifikasi pentingnya deteksi kondisi financial untuk memonitor perubahan struktur utang. Terakhir, disimpulkan bahwa strategi pendanaan belum sepenuhnya menganut pecking order theory, melainkan terjadi kombinasi dengan trade off models.

scholarly journals PENGARUH PROFITABILITAS, SIZE DAN GROWTH TERHADAP STRUKTUR MODAL PADA INDUSTRI BARANG KONSUMSI YANG DIDASARI OLEH PECKING ORDER THEORY DAN TRADE-OFF THEORY

Media Ekonomi ◽  
2016 ◽  
Vol 16 (2) ◽  
pp. 229
Author(s):  
Ika Yustina Rahmawati
Keyword(s):  
Capital Structure ◽  
Consumer Goods ◽  
Stock Exchange ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Industry Sector ◽  
Size Growth ◽  
Consumer Goods Industry

This study aims to determine the effect of profitability, size and growth of the company's capital structure in the consumer goods industry sector based on the pecking order theory and trade-off theory. This research was conducted using the procedure panel data for a sample of 26 consumer goods industry sector companies listed on the Indonesia Stock Exchange during 2009- 2013. The findings of this study is to support H1a, H2b and H3b. based on the results of the analysis of the profitability variable (measured ROE) there is a negative correlation significant at α = 5%, which means supporting the pecking order theory. The size variable (as measured by total assets) and growth (which was measured by the Market to Book Value) positively associated significant at α = 5% and 10%, which means supporting the trade-off theory. For the selection method of FEM and REM, researchers used a test in which the capital REM Test Hausmant be an option for the measurement of capital structure (DER, DAR and Working capital) while FEM selected for the measurement of capital structure (Leverage). Keyword: profitability, size, growth, capital struktur, pecking order theory and trade-off theory

scholarly journals Firm characteristics and capital structure adjustment

2018 ◽  
Vol 15 (2) ◽  
pp. 129-144 ◽  
Author(s):  
Winston Pontoh ◽  
Novi Swandari Budiarso
Keyword(s):  
Capital Structure ◽  
Cash Flow ◽  
Market Timing ◽  
Order Theory ◽  
Free Cash Flow ◽  
Internal Conflict ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Public Firms

The adjustment for the firm capital structure is unclear from perspectives of trade-off theory, pecking order theory, life cycle theory, market timing theory, and free cash flow theory, since many research findings contradict each other. Adjustments for the capital structure are complex, since the conditions for each firm are different. The objective of this study is to provide empirical evidence of how firms adjust capital structure in relationship with maturity in context of trade-off, pecking order, free cash flow, and market timing theory. In terms of hypotheses testing, this study conducts logistic regression analysis with 138 Indonesian public firms as the sample in the observed period from 2010 to 2015. To distinguish the results, this study controls the sample by size and age based on the median. The study reports that preferences for the source of funds based on the cost of capital, internal conflict, and firm maturity indicate adjustments for the firm capital structure. Based on Indonesian firms, the form of capital structure in developing countries can refer to a single model or a combination of the trade-off model and pecking order model, as well as market timing.

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