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• W2297225410 abstract "Previous studies that have tested the pecking order theory have been inconclusive. In this paper, we use unique survey results for private Brazilian firms in order to investigate firms’ choice of capital structure. We document that ultimate owners of privately owned firms follow the pecking order theory, even in presence of subsidized loans. We also show that whether a firm is debt constrained or unconstrained does not affect this finding." @default.
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• W2297225410 date "2018-02-01" @default.
• W2297225410 modified "2023-09-28" @default.
• W2297225410 title "Do ultimate owners follow the pecking order theory?" @default.
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• W2297225410 doi "https://doi.org/10.1016/j.qref.2017.04.008" @default.
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