Pecking order theory of capital structure: empirical evidence from dynamic panel data
This paper tests the relation between profit and long term debt as well as the relation between profit and total debt in South Africa. This paper specifies a dynamic panel model and uses generalized method of moments (GMM) estimation technique which gives better results. The results show that profit...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Global Science and Technology Forum
2011
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| Online Access: | http://psasir.upm.edu.my/id/eprint/22751/1/Pecking%20order%20theory%20of%20capital%20structure.pdf http://psasir.upm.edu.my/id/eprint/22751/ |
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