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- Pecking_order_theory abstract "In corporate finance, pecking order theory (or pecking order model) postulates that the cost of financing increases with asymmetric information. Financing comes from three sources, internal funds, debt and new equity. Companies prioritize their sources of financing, first preferring internal financing, and then debt, lastly raising equity as a “last resort”. Hence: internal financing is used first; when that is depleted, then debt is issued; and when it is no longer sensible to issue any more debt, equity is issued. This theory maintains that businesses adhere to a hierarchy of financing sources and prefer internal financing when available, and debt is preferred over equity if external financing is required (equity would mean issuing shares which meant 'bringing external ownership' into the company). Thus, the form of debt a firm chooses can act as a signal of its need for external finance.The pecking order theory is popularized by Myers and Majluf (1984) where they argue that equity is a less preferred means to raise capital because when managers (who are assumed to know better about true condition of the firm than investors) issue new equity, investors believe that managers think that the firm is overvalued and managers are taking advantage of this over-valuation. As a result, investors will place a lower value to the new equity issuance.".
- Pecking_order_theory wikiPageID "5409651".
- Pecking_order_theory wikiPageLength "6766".
- Pecking_order_theory wikiPageOutDegree "17".
- Pecking_order_theory wikiPageRevisionID "679266568".
- Pecking_order_theory wikiPageWikiLink Asymmetric_information.
- Pecking_order_theory wikiPageWikiLink Author.
- Pecking_order_theory wikiPageWikiLink Capital_structure.
- Pecking_order_theory wikiPageWikiLink Capital_structure_substitution_theory.
- Pecking_order_theory wikiPageWikiLink Category:Business_theory.
- Pecking_order_theory wikiPageWikiLink Category:Financial_economics.
- Pecking_order_theory wikiPageWikiLink Corporate_finance.
- Pecking_order_theory wikiPageWikiLink Cost_of_capital.
- Pecking_order_theory wikiPageWikiLink Dividend_payout_ratio.
- Pecking_order_theory wikiPageWikiLink Information_asymmetry.
- Pecking_order_theory wikiPageWikiLink Internal_financing.
- Pecking_order_theory wikiPageWikiLink Market_timing_hypothesis.
- Pecking_order_theory wikiPageWikiLink Stewart_Myers.
- Pecking_order_theory wikiPageWikiLink Stock.
- Pecking_order_theory wikiPageWikiLink Trade-off_theory.
- Pecking_order_theory wikiPageWikiLink Trade-off_theory_of_capital_structure.
- Pecking_order_theory wikiPageWikiLinkText "Pecking order theory".
- Pecking_order_theory wikiPageWikiLinkText "pecking order theory".
- Pecking_order_theory wikiPageWikiLinkText "pecking order".
- Pecking_order_theory hasPhotoCollection Pecking_order_theory.
- Pecking_order_theory wikiPageUsesTemplate Template:Corporate_finance_and_investment_banking.
- Pecking_order_theory wikiPageUsesTemplate Template:Reflist.
- Pecking_order_theory subject Category:Business_theory.
- Pecking_order_theory subject Category:Financial_economics.
- Pecking_order_theory comment "In corporate finance, pecking order theory (or pecking order model) postulates that the cost of financing increases with asymmetric information. Financing comes from three sources, internal funds, debt and new equity. Companies prioritize their sources of financing, first preferring internal financing, and then debt, lastly raising equity as a “last resort”.".
- Pecking_order_theory label "Pecking order theory".
- Pecking_order_theory sameAs Hackordnungstheorie.
- Pecking_order_theory sameAs Hakkeordensteorien.
- Pecking_order_theory sameAs m.0dkl1d.
- Pecking_order_theory sameAs Q1567268.
- Pecking_order_theory sameAs Q1567268.
- Pecking_order_theory wasDerivedFrom Pecking_order_theory?oldid=679266568.
- Pecking_order_theory isPrimaryTopicOf Pecking_order_theory.