Is there a pecking order? Evidence from a panel of IPO firms

• 成果类型: Article
• 署名作者: Helwege, J; Liang, N
• 署名单位: Federal Reserve System - USA
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(95)00851-5
• 发表日期: 1996
• 页码: 429-458
• 关键词: Pecking order; External financing; ipos

摘要

We test the pecking order model of capital structure by examining the financing of firms that went public in 1983, We estimate a legit to predict external financing, and a multinomial legit to predict the type of financing using data on the IPO firms' security offerings during 1984-1992. Our results indicate that the probability of obtaining external funds is unrelated to the shortfall in internally generated funds, although firms with cash surpluses avoid external financing. Firms that access the capital markets do not follow the pecking order when choosing the type of security to offer.