In this paper we deal with the capital structure problem in the pharmaceutical industry that has recently changed its business model because of the biotechnology advent. We propose a set of hypotheses that explains the drivers of capital structure decision in this industry and then we test their validity over a sample of 50 biopharmaceutical firms. The obtained results show that pecking order t...

The paper aims to determine the effect of financial leverage on performance Vietnamese small and medium enterprises during COVID-19 pandemic. Based agency theory pecking order theory, combined with quantitative method, are statistically significant factors affecting in Vietnam. Significantly, author emphasizes that has a positive Furthermore, there is existence homoscedasticity no-autocorrelati...

This paper argues that trade liberalization has a potentially significant impact on financial leverage. We compare the predictions of the trade-off model of capital structure with the pecking order model. In the first case, we suggest that trade liberalization affects the trade-off between the tax advantages of debt and expected bankruptcy costs. This implies that a reduction in domestic tariff...

How do firms finance large cash flow requirements? We examine this in the context of firms that are subject to substantial cash flow requirements. We find that trade credit, inventory and cash stock reductions are all important in the short term for mild requirements. Larger and longer cash flow shortages give rise to more equity than debt finance. After the shocks, firms gradually adjust their...

We use the staggered introduction of a major financial reporting regulation worldwide as an exogenous shock to the information environment of individual companies and study whether treated firms change financing decisions consistent with the pecking-order theory. Exploiting within country-year variation in firms’ financing frictions, we document that financially constrained firms increase the i...

1. The aim was to test whether provision of foraging material and food form influence feather pecking and feather damage in laying hens. 2. From week 19 of age, 16 groups of 11 hens (white Lohman Selected Leghorn hybrids) were kept in pens with or without access to long-cut straw as foraging material and fed on either mash or pellets. 3. Foraging behaviour was increased in hens with access to s...