, and thus, support Pecking Order Theory. …

-off theory assumptions. These empirical results imply that the pecking order theory and the trade-off theory are not mutually …

of the pecking order theory. Using data from Greek firms as a starting-point, the paper first investigates whether they … follow the financing pattern implied by the pecking order theory and then illustrates that conclusions concerning the pecking … solely on the mean-oriented regression quantitative analysis to test the pecking order theory, as it refers to a distinct …

established by Opler et al. (1999), which consist of the static trade-off theory, the pecking-order theory and the free cash … established by Opler et al. (1999), which consist of the static trade-off theory, the pecking-order theory and the free cash …, and equity financing, consistent with the financing hierarchy set by the pecking order theory. Further analysis provides …

is consistent with the pecking order theory: SMEs use profits to reduce their debt level, and growing firms increase …