啄序理论在肯尼亚企业中是否成立?

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2020-03-13 DOI:10.31014/aior.1992.03.01.205

Douglas M. Wanja, Peter W. Muriu

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摘要

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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Does Pecking Order Theory Hold Among Kenyan Firms?

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.

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ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)

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