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| Author: | Seifert, B. Gonenc, H. |
| Title: | Pecking order behavior in emerging markets |
| Journal: | Journal of international financial management & accounting
2010 : SPRING, VOL. 21:1, p. 1-31 |
| Index terms: | emerging markets information financial management budgetary control |
| Language: | eng |
| Abstract: | In this paper, examined is the validity of the pecking order hypothesis (henceforth as: p-o-h.) in 23 emerging market countries (here as: e-m-ctrs.) which would seem to be an ideal setting for the p-o-h. to hold due to the presence of strong asymmetric information issues and agency costs. However, there is little support found for the p-o-h. as the primary financing theory for all emerging market firms where firms finance their deficit mainly with equity, the opposite of what would be expected. However, there is found support for the p-o-h. for firms in e-m-ctrs. suffering the most from either asymmetric information issues and/or agency costs. |
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