Does Pecking Order Theory Hold Among Kenyan Firms?

Douglas M. Wanja, Peter W. Muriu
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Abstract

This study examined the pecking order theory of capital structure through annual data of 37 firms listed at the Nairobi Securities Exchange for the period 2011-2016. Estimation results established a positive relationship between changes in debt and investments and a negative relationship between changes in debt and cash flows. Overall, the findings suggest that financial deficits determine net debt issues and hence a strong case for pecking order theory in Kenya in explaining capital structure decisions.
啄序理论在肯尼亚企业中是否成立?
本研究通过2011-2016年在内罗毕证券交易所上市的37家公司的年度数据,检验了资本结构的啄序理论。估计结果表明,负债变化与投资呈正相关,负债变化与现金流量呈负相关。总体而言,研究结果表明,财政赤字决定净债务问题,因此,在解释资本结构决策时,肯尼亚的啄序理论有很强的说服力。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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