Pecking order or trade-off hypothesis? Evidence on the capital structure of Chinese companies

References

• Adedeji , A . 1998 . Does the pecking order hypothesis explain the dividend payout ratios of firms in the UK? . Journal of Business Finance and Accounting , 25 : 1127 – 55 .
   Google Scholar
• Allen , DE . 1993 . The pecking order hypothesis: Australian evidence . Applied Financial Economics , 3 : 101 – 12 .
   Google Scholar
• Baskin , JB . 1985 . “ On the financial policy of large mature corporations, PhD dissertation ” . Department Economics, Harvard University .
   Google Scholar
• Baskin , JB . 1989 . An empirical investigation of the pecking order hypothesis . Financial Management , 18 : 26 – 35 .
   Web of Science ®Google Scholar
• Booth , L , Aivazian , V , Demirguc-Kunt , A and Maksimovic , V . 2001 . Capital structures in developing countries . Journal of Finance , 56 : 87 – 130 .
   Web of Science ®Google Scholar
• Bradbury , M and Lloyd , S . 1994 . An estimate of the direct costs of bankruptcy in New Zealand . Asia-Pacific Journal of Management , 11 : 103 – 11 .
   Google Scholar
• Chirinko , RS and Singha , AR . 2000 . Testing static trade-off against pecking order models of capital structure; a critical comment . Journal of Financial Economics , 58 : 417 – 25 .
   Web of Science ®Google Scholar
• Cobham , D and Subramaniam , R . 1998 . Corporate finance in developing countries: new evidence for India . World Development , 26 : 1033 – 47 .
   Web of Science ®Google Scholar
• Colombo , E . 2001 . Determinants of corporate capital structure: evidence from Hungarian firms . Applied Economics , 33 : 1689 – 701 .
   Web of Science ®Google Scholar
• Fama , EF and French , KR . 2002 . Testing trade-off and pecking order predictions about dividends and debt . The Review of Financial Studies , 15 : 1 – 33 .
   Web of Science ®Google Scholar
• Graham , JR . 1996 . Debt and the marginal tax rate . Journal of Financial Economics , 41 : 41 – 73 .
   Web of Science ®Google Scholar
• Graham , JR and Harvey , CR . 2001 . The theory and practise of corporate finance: evidence from the field . Journal of Financial Economics , 60 : 187 – 243 .
   Web of Science ®Google Scholar
• Green , CJ , Murinde , V and Suppakitjarak , J . 2003 . Corporate financial structures in India . South Asian Economic Journal , 4 : 245 – 74 .
   Google Scholar
• Harris , M and Raviv , A . 1991 . The theory of capital structure . Journal of Finance , 49 : 297 – 355 .
   Web of Science ®Google Scholar
• Huang , SGH and Song , FM . The determinants of capital structure: evidence from China . Working Paper of Hong Kong University . http://www.hiebs.hku.hk/working_papers.asp?ID=60
   Google Scholar
• Jensen , MC and Meckling , WH . 1976 . Theory of the firm: managerial behaviour, agency costs and ownership structure . Journal of Financial Economics , 3 : 305 – 60 .
   Web of Science ®Google Scholar
• Lintner , J . 1956 . Distribution of incomes of corporations among dividends, retained earnings, and taxes . American Economic Review , 46 : 97 – 113 .
   Web of Science ®Google Scholar
• Ministry of Finance of People's Republic of China (2003) . The Eighth Announcement of the Random Check of the Quality of Accounting Information , http://www.chinaacc.com/fagui/qyckfg/31013091521.htm
   Google Scholar
• Modigliani , F and Miller , MH . 1958 . The cost of capital, corporation finance and the theory of investment . American Economic Review , 48 : 261 – 97 .
   Web of Science ®Google Scholar
• Myers , SC . 1984 . The capital structure puzzle . Journal of Finance , 34 : 575 – 92 .
   Web of Science ®Google Scholar
• Myers , SC and Majluf , NS . 1984 . Corporate financing and investment decisions when firms have information that investors do not have . Journal of Financial Economics , 13 : 187 – 221 .
   Web of Science ®Google Scholar
• Ng , V , Yuen , J and Pacter , P . Chinese accounting standards: the process of international harmonization . China Financial Reporting Update, October . Deloitte Touche Tohmatsu. www.iasplus.com/china/01_02-e.pdf
   Google Scholar
• Peng , MW and Heath , PS . 1996 . The growth of the firm in planned economies in transition: institutions organizations, and strategic choice . Academy of Management Review , 21 : 492 – 528 .
   Web of Science ®Google Scholar
• Prasad , SJ , Green , CJ and Murinde , V . 2001a . Company financing, capital structure, and ownership: a survey, and implications for developing economies . SUERF Studies , 12
   Google Scholar
• Prasad , SJ , Green , CJ and Murinde , V . 2001b . Corporate financial structures in developing economies: evidence from a comparative analysis of Thai and Malay corporations . Finance and Development Research Programme Working Paper, No. 35 . December 2001b .
   Google Scholar
• Rajan , R and Zingales , L . 1995 . What do we know about capital structure? Some evidence from international data . Journal of Finance , 50 : 1421 – 60 .
   Web of Science ®Google Scholar
• Shenzhen Securities Information Company, Ltd . 2003 . Accounts of China's Top 50 Companies , www.cninfo.com.cn
   Google Scholar
• Shyam-Sunder , L and Myers , SC . 1999 . Testing static trade-off against pecking order models of capital structure . Journal of Financial Economics , 51 : 219 – 44 .
   Web of Science ®Google Scholar
• Singh , A . 1995 . “ Corporate financial patterns in industrialising economics: a comparative study ” . In IFC Technical Paper No. 2 , Washington DC : IFC .
   Google Scholar
• Singh , A and Hamid , J . 1992 . “ Corporate financial structures in developing countries ” . In IFC Technical Paper No. 1 , Washington DC : IFC .
   Google Scholar
• Titman , S and Wessels , R . 1988 . The determinants of capital structure choice . Journal of Finance , 43 : 1 – 19 .
   Web of Science ®Google Scholar
• Tong , G . 2003 . “ The pecking order hypothesis: evidence from China ” . In Department of Economics , Unpublished MSc Dissertation Loughborough University .
   Google Scholar
• Warner , JB . 1977 . Bankruptcy costs: some evidence . Journal of Finance , 32 : 337 – 47 .
   Web of Science ®Google Scholar
• Watson , R and Wilson , N . 2002 . Small and medium size enterprise financing: a note on some of the empirical implications of a pecking order . Journal of Business Finance and Accounting , 29 : 557 – 78 .
   Google Scholar
• Wiwattanakantang , Y . 1999 . An empirical study on the determinants of the capital structure of Thai firms . Pacific-Basin Finance Journal , 7 : 371 – 403 .
   Google Scholar