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Do ultimate owners follow the pecking order theory?.
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Do ultimate owners follow the pecking order theory?.

2.018 Oxford , The Quarterly Review Of Economics And Finance, v. 67, p. 45-50, Feb. 2018.   ZEIDAN, Rodrigo Mariath;  GALIL, Koresh;  SHAPIR, Offer Moshe. Artigo Zeidan, Rodrigo Mariath ZEIDAN, Rodrigo Mariath;  GALIL, Koresh;  SHAPIR, Offer Moshe. Previous studies that have tested the pecking order theory have been inconclusive. In this paper, we useunique survey results for private Brazilian firms in order to investigate firms’ choice of capital structure.We document that ultimate owners of privately owned firms follow the pecking order theory, even inpresence of subsidized loans. We also show that whether a firm is debt constrained or unconstraineddoes not affect this finding. Inglês