|Appears in Collections:||Accounting and Finance Journal Articles|
|Peer Review Status:||Refereed|
|Title:||Pecking order and market timing theory in emerging markets: The case of Egyptian firms|
Pecking order theory
Market timing theory
|Citation:||Allini A, Rakha S, McMillan D & Caldarelli A (2018) Pecking order and market timing theory in emerging markets: The case of Egyptian firms, Research in International Business and Finance, 44, pp. 297-308. https://doi.org/10.1016/j.ribaf.2017.07.098.|
|Abstract:||Using a unique dataset of 1270 Egyptian listed firm-year observations over 2003-2014, we investigate whether the basic premises according to the pecking order or market timing theories provide an explanation for the capital structure mix of Egyptian firms. Current work has provided mixed evidence in regard to these capital structure theories in the Egyptian context. Our results show that the most profitable firms are less likely to resort to external financing. However, in case where financial deficits exist then equity issued appears to track the deficit rather than debt. Moreover, issuances appear to track deficit periods instead of market timing attempts. Results obtained support notion that the typical Egyptian firm follows revised pecking order theory, with the importance of the four conventional determinants, profitability, tangibility, size effect and growth opportunity in debt holdings. © 2017 Elsevier B.V.|
|Rights:||This item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. Accepted refereed manuscript of: Allini A, Rakha S, McMillan D & Caldarelli A (2018) Pecking order and market timing theory in emerging markets: The case of Egyptian firms, Research in International Business and Finance, 44, pp. 297-308. DOI: https://doi.org/10.1016/j.ribaf.2017.07.098 © 2017, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/|
|EPOH_dm.pdf||Fulltext - Accepted Version||514.4 kB||Adobe PDF||Under Embargo until 2019-01-08 Request a copy|
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