“…Yet, there is no clarity on which theory (TOT or POT) can better explain the financing decisions made by a firm (Allini, Rakha, McMillan, & Caldarelli, 2017;Dang, 2013;Mai, Meng, & Ye, 2017;Serrasqueiro & Caetano, 2015). Therefore, there is a need for an integrated framework that incorporates the elements of POT and TOT (Dang & Garrett, 2015;Zhou, Tan, Faff, & Zhu, 2016).…”