{"id":"https://openalex.org/W2606488693","doi":null,"title":"A Revisit of Pecking Order Theory versus Trade-off Theory: Evidence from Pakistan","display_name":"A Revisit of Pecking Order Theory versus Trade-off Theory: Evidence from Pakistan","publication_year":2015,"publication_date":"2015-01-01","ids":{"openalex":"https://openalex.org/W2606488693","mag":"2606488693"},"language":"en","primary_location":{"id":"pmh:oai:ojs2.jes.ac.pk:article/411","doi":null,"is_oa":true,"landing_page_url":"https://jes.ac.pk/index.php/jes/article/view/411","pdf_url":"https://jes.ac.pk/index.php/jes/article/download/411/411","source":{"id":"https://openalex.org/S2738088027","display_name":"Pakistan Journal of Commerce and Social Sciences","issn_l":"1997-8553","issn":["1997-8553","2309-8619"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1","poland-20","russia-white-list-1"],"host_organization":"https://openalex.org/P4310319260","host_organization_name":"Johar Education Society","host_organization_lineage":["https://openalex.org/P4310319260"],"host_organization_lineage_names":["Johar Education Society"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"1997-8553","raw_type":"info:eu-repo/semantics/article"},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://jes.ac.pk/index.php/jes/article/download/411/411","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5103227918","display_name":"Muhammad Azeem Qureshi","orcid":"https://orcid.org/0000-0001-5107-2192","observed_orcids":["https://orcid.org/0000-0001-5107-2192","https://orcid.org/0000-0002-3209-123X"]},"institutions":[{"id":"https://openalex.org/I184531372","display_name":"OsloMet \u2013 Oslo Metropolitan University","ror":"https://ror.org/04q12yn84","country_code":"NO","type":"education","lineage":["https://openalex.org/I184531372"]}],"countries":["NO"],"is_corresponding":false,"raw_author_name":"Muhammad Azeem Qureshi","raw_affiliation_strings":["Oslo and Akershus University college of Applied Sciences"],"raw_orcid":"https://orcid.org/0000-0001-5107-2192","affiliations":[{"raw_affiliation_string":"Oslo and Akershus University college of Applied Sciences","institution_ids":["https://openalex.org/I184531372"]}]},{"author_position":"middle","author":{"id":null,"display_name":"Nadeem Ahmed Sheikh","orcid":"https://orcid.org/0000-0003-2405-1358","observed_orcids":["https://orcid.org/0000-0003-2405-1358"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Nadeem Ahmed Sheikh","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-2405-1358","affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5101736133","display_name":"Aftab Ahmad Khan","orcid":"https://orcid.org/0000-0002-9946-9030","observed_orcids":["https://orcid.org/0000-0002-9946-9030"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Aftab Ahmad Khan","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-9946-9030","affiliations":[]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":2.931,"has_fulltext":true,"cited_by_count":15,"citation_normalized_percentile":{"value":0.93891553,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"9","issue":"2","first_page":"344","last_page":"356"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9970999956130981,"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"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9970999956130981,"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/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0013000000035390258,"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/T12544","display_name":"Working Capital and Financial Performance","score":9.999999747378752e-05,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/pecking-order-theory","display_name":"pecking order theory","score":0.9990000128746033},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.9990000128746033},{"id":"https://openalex.org/keywords/corporate-leverage","display_name":"corporate leverage","score":0.9179999828338623},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.8420000076293945},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.8109999895095825},{"id":"https://openalex.org/keywords/dividends","display_name":"dividends","score":0.828000009059906},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.7749999761581421},{"id":"https://openalex.org/keywords/business-growth","display_name":"business growth","score":0.8889999985694885},{"id":"https://openalex.org/keywords/karachi-stock-exchange","display_name":"Karachi Stock Exchange","score":0.75},{"id":"https://openalex.org/keywords/non-financial-firms","display_name":"non-financial firms","score":0.7360000014305115},{"id":"https://openalex.org/keywords/pakistan","display_name":"Pakistan","score":0.44699999690055847}],"concepts":[{"id":"https://openalex.org/C172983313","wikidata":"https://www.wikidata.org/wiki/Q1567268","display_name":"Pecking order theory","level":4,"score":0.9364351630210876},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.7543398141860962},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.626085102558136},{"id":"https://openalex.org/C59485491","wikidata":"https://www.wikidata.org/wiki/Q1438403","display_name":"Pecking order","level":2,"score":0.6227443814277649},{"id":"https://openalex.org/C116168712","wikidata":"https://www.wikidata.org/wiki/Q181201","display_name":"Dividend","level":2,"score":0.6018581986427307},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.5926780700683594},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.5867894887924194},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.5439209938049316},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4605841040611267},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.4389984607696533},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.42635658383369446},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.41772976517677307},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4151776432991028},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.40474480390548706},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.36559778451919556},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.31350088119506836},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.23889580368995667},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.10307261347770691},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.08566451072692871},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"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/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"pmh:oai:ojs2.jes.ac.pk:article/411","doi":null,"is_oa":true,"landing_page_url":"https://jes.ac.pk/index.php/jes/article/view/411","pdf_url":"https://jes.ac.pk/index.php/jes/article/download/411/411","source":{"id":"https://openalex.org/S2738088027","display_name":"Pakistan Journal of Commerce and Social Sciences","issn_l":"1997-8553","issn":["1997-8553","2309-8619"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1","poland-20","russia-white-list-1"],"host_organization":"https://openalex.org/P4310319260","host_organization_name":"Johar Education Society","host_organization_lineage":["https://openalex.org/P4310319260"],"host_organization_lineage_names":["Johar Education Society"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"1997-8553","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:econstor.eu:10419/188201","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10419/188201","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:article"},{"id":"mag:2606488693","doi":null,"is_oa":true,"landing_page_url":"https://www.econstor.eu/bitstream/10419/188201/1/pjcss240.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S2738088027","display_name":"Pakistan Journal of Commerce and Social Sciences","issn_l":"1997-8553","issn":["1997-8553","2309-8619"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1","poland-20","russia-white-list-1"],"host_organization":"https://openalex.org/P4310319260","host_organization_name":"Johar Education Society","host_organization_lineage":["https://openalex.org/P4310319260"],"host_organization_lineage_names":["Johar Education Society"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Pakistan Journal of Commerce and Social Sciences (PJCSS)","raw_type":null}],"best_oa_location":{"id":"pmh:oai:ojs2.jes.ac.pk:article/411","doi":null,"is_oa":true,"landing_page_url":"https://jes.ac.pk/index.php/jes/article/view/411","pdf_url":"https://jes.ac.pk/index.php/jes/article/download/411/411","source":{"id":"https://openalex.org/S2738088027","display_name":"Pakistan Journal of Commerce and Social Sciences","issn_l":"1997-8553","issn":["1997-8553","2309-8619"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1","poland-20","russia-white-list-1"],"host_organization":"https://openalex.org/P4310319260","host_organization_name":"Johar Education Society","host_organization_lineage":["https://openalex.org/P4310319260"],"host_organization_lineage_names":["Johar Education Society"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"1997-8553","raw_type":"info:eu-repo/semantics/article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2606488693.pdf","grobid_xml":"https://content.openalex.org/works/W2606488693.grobid-xml"},"referenced_works_count":10,"referenced_works":["https://openalex.org/W1505352730","https://openalex.org/W1559772812","https://openalex.org/W1969151017","https://openalex.org/W1976630014","https://openalex.org/W2018184751","https://openalex.org/W2063669635","https://openalex.org/W2078146534","https://openalex.org/W2164327703","https://openalex.org/W2170790204","https://openalex.org/W3125087107"],"related_works":["https://openalex.org/W2063669635","https://openalex.org/W3122792129","https://openalex.org/W2257395797","https://openalex.org/W1692540282","https://openalex.org/W3162221557","https://openalex.org/W4394936665","https://openalex.org/W2167938578","https://openalex.org/W2114760201","https://openalex.org/W2199607182","https://openalex.org/W4235662742"],"abstract_inverted_index":{"The":[0,113],"objective":[1],"of":[2,9,46,50,115],"this":[3,32,116],"study":[4,117],"is":[5,74,84],"to":[6,77,87,98,123],"investigate":[7],"which":[8],"the":[10,25,120,126],"two":[11,67],"competing":[12],"theoretic":[13],"frameworks;":[14],"pecking":[15],"order":[16],"theory":[17,21],"(POT)":[18],"or":[19],"trade-off":[20],"(TOT);":[22],"better":[23,124],"explains":[24],"corporate":[26,121],"leverage":[27,65,73,83,127],"behaviour":[28],"in":[29,108],"Pakistan.":[30],"For":[31],"purpose,":[33],"we":[34],"use":[35],"fixed":[36],"effects":[37],"model":[38],"on":[39,54],"a":[40,95],"large":[41],"unbalanced":[42],"panel":[43],"data":[44],"comprising":[45],"13,026":[47],"firm-year":[48],"observations":[49],"non-financial":[51],"firms":[52],"listed":[53],"Karachi":[55],"Stock":[56],"Exchange":[57],"Pakistan":[58,109],"during":[59],"1972-2010":[60],"Our":[61],"results":[62,93,114],"indicate":[63],"that":[64],"has":[66],"pervasive":[68],"and":[69,79],"significant":[70],"relationships.":[71],"First,":[72],"negatively":[75],"related":[76,86],"current":[78],"past":[80,88],"profitability.":[81],"Second,":[82],"positively":[85],"dividends.":[89],"In":[90],"addition,":[91],"empirical":[92,106],"present":[94],"reasonable":[96],"support":[97,107],"POT":[99,103],"regarding":[100,110],"growth.":[101],"However,":[102],"gets":[104],"nominal":[105],"firm":[111],"size.":[112],"will":[118],"help":[119],"managers":[122],"formulate":[125],"policy.":[128]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2015,"cited_by_count":1}],"updated_date":"2026-10-31T12:09:11.096373","created_date":"2017-04-28T00:00:00"}
