{"id":"https://openalex.org/W2158263349","doi":null,"title":"Financing practices on the JSE - an empirical test of the trade-off and pecking order theories of capital structure","display_name":"Financing practices on the JSE - an empirical test of the trade-off and pecking order theories of capital structure","publication_year":2014,"publication_date":"2014-08-13","ids":{"openalex":"https://openalex.org/W2158263349","mag":"2158263349"},"language":"en","primary_location":{"id":"pmh:oai:wiredspace.wits.ac.za:10539/15176","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10539/15176","pdf_url":"http://hdl.handle.net/10539/15176","source":{"id":"https://openalex.org/S4306400603","display_name":"University of the Witwatersrand, Johannesburg Institutional Repository on DSpace (University of the Witwatersrand, Johannesburg)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I192619145","host_organization_name":"University of the Witwatersrand","host_organization_lineage":["https://openalex.org/I192619145"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Thesis"},"volume":null,"type":"dissertation","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://hdl.handle.net/10539/15176","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5052826596","display_name":"Adrian Jardine","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Adrian Jardine","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5052826596"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":2,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.001500000013038516,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.7580000162124634},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.9869999885559082},{"id":"https://openalex.org/keywords/pecking-order-theory","display_name":"pecking order theory","score":0.9940000176429749},{"id":"https://openalex.org/keywords/capital-structure-puzzle","display_name":"capital structure puzzle","score":0.777999997138977},{"id":"https://openalex.org/keywords/debt-equity-ratio","display_name":"debt to equity ratio","score":0.8679999709129333},{"id":"https://openalex.org/keywords/leverage-determinants","display_name":"leverage determinants","score":0.7239999771118164},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.6079999804496765},{"id":"https://openalex.org/keywords/asset-tangibility","display_name":"tangibility","score":0.8429999947547913},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.8429999947547913},{"id":"https://openalex.org/keywords/growth-opportunities","display_name":"growth opportunities","score":0.7360000014305115},{"id":"https://openalex.org/keywords/johannesburg-stock-exchange-listed-companies","display_name":"Johannesburg Stock Exchange listed companies","score":0.7860000133514404},{"id":"https://openalex.org/keywords/non-financial-firms","display_name":"non-financial firms","score":0.6370000243186951},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.41200000047683716},{"id":"https://openalex.org/keywords/equity-financing","display_name":"equity financing","score":0.8450000286102295}],"concepts":[{"id":"https://openalex.org/C172983313","wikidata":"https://www.wikidata.org/wiki/Q1567268","display_name":"Pecking order theory","level":4,"score":0.8687151670455933},{"id":"https://openalex.org/C59485491","wikidata":"https://www.wikidata.org/wiki/Q1438403","display_name":"Pecking order","level":2,"score":0.7946861982345581},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.5954849720001221},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.5544334650039673},{"id":"https://openalex.org/C2777267654","wikidata":"https://www.wikidata.org/wiki/Q3519023","display_name":"Test (biology)","level":2,"score":0.5093311071395874},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4846270978450775},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.4472101330757141},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.4300777018070221},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3353283405303955},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3256887197494507},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2764781713485718},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.18517163395881653},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.13678160309791565},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.11219730973243713},{"id":"https://openalex.org/C127313418","wikidata":"https://www.wikidata.org/wiki/Q1069","display_name":"Geology","level":0,"score":0.053370118141174316},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.05077347159385681},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.0},{"id":"https://openalex.org/C78458016","wikidata":"https://www.wikidata.org/wiki/Q840400","display_name":"Evolutionary biology","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:wiredspace.wits.ac.za:10539/15176","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10539/15176","pdf_url":"http://hdl.handle.net/10539/15176","source":{"id":"https://openalex.org/S4306400603","display_name":"University of the Witwatersrand, Johannesburg Institutional Repository on DSpace (University of the Witwatersrand, Johannesburg)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I192619145","host_organization_name":"University of the Witwatersrand","host_organization_lineage":["https://openalex.org/I192619145"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Thesis"},{"id":"mag:2158263349","doi":null,"is_oa":false,"landing_page_url":"https://wiredspace.wits.ac.za/bitstream/10539/15176/1/Adrian%20Jardine%20300889.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":{"id":"pmh:oai:wiredspace.wits.ac.za:10539/15176","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10539/15176","pdf_url":"http://hdl.handle.net/10539/15176","source":{"id":"https://openalex.org/S4306400603","display_name":"University of the Witwatersrand, Johannesburg Institutional Repository on DSpace (University of the Witwatersrand, Johannesburg)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I192619145","host_organization_name":"University of the Witwatersrand","host_organization_lineage":["https://openalex.org/I192619145"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Thesis"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2158263349.pdf","grobid_xml":"https://content.openalex.org/works/W2158263349.grobid-xml"},"referenced_works_count":52,"referenced_works":["https://openalex.org/W822837960","https://openalex.org/W1481048593","https://openalex.org/W1517605942","https://openalex.org/W1546993880","https://openalex.org/W1574262780","https://openalex.org/W1968146290","https://openalex.org/W1969151017","https://openalex.org/W2000578291","https://openalex.org/W2009933976","https://openalex.org/W2010917876","https://openalex.org/W2019373222","https://openalex.org/W2025655973","https://openalex.org/W2054467010","https://openalex.org/W2071206222","https://openalex.org/W2074928461","https://openalex.org/W2077121140","https://openalex.org/W2084310832","https://openalex.org/W2085189944","https://openalex.org/W2089052482","https://openalex.org/W2091596451","https://openalex.org/W2093928214","https://openalex.org/W2105536695","https://openalex.org/W2112675628","https://openalex.org/W2117627310","https://openalex.org/W2121308228","https://openalex.org/W2136700650","https://openalex.org/W2144306343","https://openalex.org/W2159851295","https://openalex.org/W2166579829","https://openalex.org/W2170790204","https://openalex.org/W2586338753","https://openalex.org/W2752617332","https://openalex.org/W3022689532","https://openalex.org/W3121131820","https://openalex.org/W3121408182","https://openalex.org/W3121819860","https://openalex.org/W3121938770","https://openalex.org/W3122073963","https://openalex.org/W3122124451","https://openalex.org/W3122206384","https://openalex.org/W3122420571","https://openalex.org/W3122550102","https://openalex.org/W3123002126","https://openalex.org/W3123142049","https://openalex.org/W3123363562","https://openalex.org/W3124114405","https://openalex.org/W3124117485","https://openalex.org/W3124223064","https://openalex.org/W3124450204","https://openalex.org/W3124871904","https://openalex.org/W3125000257","https://openalex.org/W3125087107"],"related_works":["https://openalex.org/W2897434579","https://openalex.org/W349541095","https://openalex.org/W67250496","https://openalex.org/W78760110","https://openalex.org/W7097614365","https://openalex.org/W3122153419","https://openalex.org/W163018125","https://openalex.org/W2913019234","https://openalex.org/W7006323478","https://openalex.org/W1549840296"],"abstract_inverted_index":{"This":[0,175,350,437],"study":[1,176,279],"offers":[2],"an":[3,58,140,244,267,432,481,537,543],"empirical":[4,145,245],"test":[5,401],"of":[6,13,21,24,48,68,102,110,118,135,142,163,170,195,207,233,240,253,283,304,361,369,402,457,500,520,546,587,605,627,637,663],"the":[7,18,31,37,45,52,65,69,74,77,82,95,106,116,124,136,143,171,200,205,251,287,294,331,442,455,458,490,498,510,547,553,574,585,588,601,612,648,659],"trade-off":[8,38,288,554,575,589],"and":[9,92,112,120,179,204,211,226,263,289,298,310,317,325,336,338,348,355,404,416,424,450,468,493,531,535,590,655],"pecking":[10,78,290,407,443,591],"order":[11,79,291,408,444,592],"theories":[12,126,217,593],"capital":[14,70,137,201,246,373,517,548,602,652,660],"structure":[15,71,138,173,202,247,518,549,603,661],"by":[16,397,651],"examining":[17],"financing":[19,96,114,426,475,628],"practices":[20,629],"a":[22,88,100,185,238,305,312,319,327,339,358,393,425,473,514,598],"panel":[23],"104":[25],"non-financial":[26],"JSE-listed":[27,503,606,664],"companies":[28],"observed":[29],"over":[30],"1999-2011":[32],"period.":[33],"\\nAt":[34],"its":[35],"core,":[36],"theory":[39,80,160,197],"predicts":[40],"that":[41,56,84,148,183,191,231,259,277,352,411,533,561,584,614],"firms":[42,85,192,354,356,376,504],"will":[43,177],"balance":[44],"marginal":[46,53],"benefits":[47],"additional":[49],"leverage":[50,297,391,539],"against":[51],"costs,":[54],"such":[55],"achieving":[57,534],"optimal,":[59],"value-maximising,":[60],"target":[61,89],"debt-to-equity":[62,90],"ratio":[63,91,335],"becomes":[64],"focal":[66],"point":[67],"decision.":[72],"On":[73],"other":[75,214],"hand,":[76],"rejects":[81],"notion":[83],"focus":[86],"on":[87,99,388,454],"instead":[93],"make":[94,564],"decision":[97,550,604,662],"based":[98],"hierarchy":[101],"preference":[103],"derived":[104],"from":[105,577],"relative":[107],"informational":[108],"costs":[109],"internal":[111,463],"external":[113,485],"(in":[115],"form":[117],"debt":[119,334,370,488],"equity":[121],"issuances).":[122],"\\nAlthough":[123],"two":[125],"have":[127],"classically":[128],"been":[129],"viewed":[130],"as":[131,480,489],"mutually":[132],"exclusive":[133],"characterisations":[134],"decision,":[139,203],"examination":[141],"available":[144],"evidence":[146,303],"reveals":[147],"it":[149,188,256,274,565],"is":[150,189,209,257,275,302,429,438,505,609],"difficult,":[151],"if":[152],"not":[153,219,617],"impossible,":[154],"to":[155,181,236,365,381,460,465,507,567,596],"clearly":[156],"reject":[157],"any":[158],"one":[159,228],"in":[161,184,243,371,413,422,435,446,509,600,622,630,642,658],"favour":[162],"another.":[164],"Indeed,":[165],"Myers":[166],"(1984)":[167],"famously":[168],"speaks":[169],"\u2018capital":[172],"puzzle\u2019.":[174],"argue":[178],"attempt":[180],"demonstrate":[182],"dynamic":[186,260],"sense,":[187],"likely":[190,258],"apply":[193],"aspects":[194,232,636],"each":[196,208,234,594],"when":[198],"making":[199],"relevance":[206],"context-dependent":[210],"time-varying.":[212],"In":[213],"words,":[215],"these":[216,581],"are":[218,418,616],"applied":[220,618],"with":[221,357,420,431,441,611,619],"mutual":[222,620],"exclusivity":[223,621],"through":[224],"time,":[225],"thus":[227,634],"should":[229,633,645],"find":[230],"appear":[235],"hold":[237],"degree":[239,360],"explanatory":[241],"power":[242],"model.":[248],"Although":[249],"beyond":[250],"scope":[252],"this":[254,272,278,631,643],"study,":[255],"market-timing,":[261],"industry":[262,332,389,656],"macroeconomic":[264,654],"conditions":[265,657],"play":[266,597],"important":[268,544],"role":[269,395,599,649],"too.":[270],"\\nAgainst":[271],"backdrop,":[273],"unsurprising":[276],"finds":[280],"varying":[281],"levels":[282,368],"support":[284],"for":[285,484,502,516],"both":[286,414,638],"theories.":[292,639],"Examining":[293],"relationship":[295,307,314,321,329,343],"between":[296,308,315,322,330,344,521],"firm-specific":[299],"factors,":[300],"there":[301],"negative":[306],"profitability":[309,379,417,451],"leverage;":[311,318,326,337,423],"positive":[313,320,328,340,386],"size":[316],"asset":[323,362],"tangibility":[324,363],"median":[333,390],"(but":[341],"insignificant)":[342],"perceived":[345],"growth":[346],"opportunities":[347],"leverage.":[349,384,436,496],"suggests":[351,392],"larger":[353],"higher":[359,495,527],"tend":[364,380],"carry":[366,382],"greater":[367,378],"their":[372],"structures,":[374],"while":[375],"experiencing":[377],"less":[383],"The":[385],"coefficient":[387],"significant":[394],"played":[396,650],"industry-specific":[398],"factors.":[399],"\\nA":[400],"Frank":[403],"Goyal\u2019s":[405],"(2003)":[406],"model":[409],"shows":[410,478],"decreases":[412],"sales/turnover":[415],"associated":[419,430],"increases":[421],"deficit":[427],"(surplus)":[428],"increase":[433],"(decrease)":[434],"notably":[439],"consistent":[440,610],"model,":[445],"which":[447,477,608],"declining":[448],"sales":[449],"puts":[452],"pressure":[453],"ability":[456],"company":[459],"generate":[461],"sufficient":[462],"funds":[464,486],"meet":[466],"investment":[467],"payout":[469],"demands":[470],"(thus":[471],"creating":[472],"possible":[474],"deficit),":[476],"up":[479],"increased":[482],"demand":[483],"(with":[487],"first":[491],"choice)":[492],"consequently":[494],"\\nFinally,":[497],"speed":[499],"adjustment":[501,571],"estimated":[506],"lie":[508],"30-50%":[511],"range":[512],"(i.e.":[513],"half-life":[515],"shocks":[519],"1":[522],"\u2013":[523],"2":[524],"years),":[525],"slightly":[526],"than":[528],"US-based":[529],"estimates,":[530],"suggesting":[532],"maintaining":[536],"optimal":[538],"outcome":[540],"may":[541],"be":[542,558],"aspect":[545],"(as":[551,572],"per":[552,573],"model).":[555],"It":[556],"must":[557],"noted,":[559],"however,":[560],"methodological":[562],"drawbacks":[563],"difficult":[566],"effectively":[568],"disentangle":[569],"true":[570],"model)":[576],"mean":[578],"reversion.":[579],"\\nOverall,":[580],"results":[582],"suggest":[583],"predictions":[586],"seem":[595],"companies,":[607],"idea":[613],"they":[615],"practice.":[623],"An":[624],"accurate":[625],"characterisation":[626],"context":[632],"incorporate":[635],"Further":[640],"studies":[641],"area":[644],"look":[646],"into":[647],"market,":[653],"companies.":[665]},"counts_by_year":[{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}
