Testing Static Tradeoff Against Pecking Order Models of Capital Structure in Brazilian Firms
Testing Static Tradeoff Against Pecking Order Models of Capital Structure in Brazilian Firms
复制标题
测试巴西公司资本结构优序模型的静态权衡
DOI：
10.2139/ssrn.631563
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发表时间：
2004
期刊：
影响因子：
--
通讯作者：
Cecilio Elias Daher
中科院分区：
文献类型：
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作者：
Otavio Ribeiro de Medeiros;Cecilio Elias Daher
我们测试了两个模型，目的是找到对巴西公司资本结构的最佳实证解释。测试的模型是为了代表静态权衡理论和优序理论而开发的。样本由 1995 年至 2002 年在圣保罗（巴西）证券交易所上市的公司组成。通过使用面板数据计量经济学方法，我们旨在确定两种理论中哪一种对巴西公司具有最佳解释力。对结果的分析得出这样的结论：优序融资理论为这些公司的资本结构提供了最好的解释。
We test two models with the purpose of finding the best empirical explanation for the capital structure of Brazilian firms. The models tested were developed to represent the Static Tradeoff Theory and the Pecking Order Theory. The sample consists of firms listed in the Sao Paulo (Brazil) stock exchange from 1995 through 2002. By using panel data econometric methods, we aimed at establishing which of the two theories has the best explanatory power for Brazilian firms. The analysis of the outcomes led to the conclusion that the pecking order theory provides the best explanation for the capital structure of those firms.
影响因子：
8
作者：
S. Titman;R. Wessels
通讯作者：
S. Titman;R. Wessels