Transcription of How the Pecking-Order Theory Explain Capital Structure
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How the Pecking-Order Theory Explain Capital Structure
How the Pecking-Order Theory Explain Capital Structure Li-Ju Chen, Graduate School of Business and Operations Management, Chang Jung Christian University, Taiwan Shun-Yu Chen, Department of Business Administration, Chang Jung Christian University, Taiwan ABSTRACT The pecking order Theory of Capital Structure is one of the most influential theories of corporate finance. The purpose of this study is to explore the most important factors on a firm s Capital Structure by Pecking-Order Theory . Hierarchical regression is used as the analysis model. This study examines the determinants of debt decisions for 305 Taiwan electronic companies that are quoted on the Taiwan Stock Exchange of 2009.
Transaction costs play an important role in a firm’s capital structure decision. Transaction costs associated with obtaining new external financing are higher than the costs of obtaining internal financing.
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