2015
DOI: 10.1504/ijmp.2015.072768
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The capital structure choices of agro-food firms: evidence from Italian SMEs

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Cited by 21 publications
(22 citation statements)
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“…Many researchers have investigated the behavior of firms' capital structure aiming at detecting whether pecking order or trade -off hypothesis can better explain this behavior, but their results are contradictory. Using various methods, some of them conclude that pecking order hypothesis is dominant (Macas Nunes & Serrasqueiro, 2017;Trinh et al, 2017;Pacheco, 2016;Balios et al, 2016;Atiyet, 2012;Sheikh et al, 2012;Vijayakumar, 2011), while others support the superiority of trade -off theory over pecking order hypothesis (Sardo & Serrasqueiro, 2017;Rossi et al, 2015;Wang, 2013). Below, some of these surveys are presented, while a much more detailed presentation may be seen in Martinez et al (2018).…”
Section: Literature Reviewmentioning
confidence: 99%
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“…Many researchers have investigated the behavior of firms' capital structure aiming at detecting whether pecking order or trade -off hypothesis can better explain this behavior, but their results are contradictory. Using various methods, some of them conclude that pecking order hypothesis is dominant (Macas Nunes & Serrasqueiro, 2017;Trinh et al, 2017;Pacheco, 2016;Balios et al, 2016;Atiyet, 2012;Sheikh et al, 2012;Vijayakumar, 2011), while others support the superiority of trade -off theory over pecking order hypothesis (Sardo & Serrasqueiro, 2017;Rossi et al, 2015;Wang, 2013). Below, some of these surveys are presented, while a much more detailed presentation may be seen in Martinez et al (2018).…”
Section: Literature Reviewmentioning
confidence: 99%
“…Vijayakumar (2011) using a sample of 26 firms of Indian automobile sector investigated the adjustability of the two theories and concluded that pecking order paradigm overbears the trade -off hypothesis during the period 1996-2009. On the other hand, the research of Rossi et al (2015) resulted that trade -off theory is much more appropriate than pecking order hypothesis in explaining the managers' decisions on capital structure using a sample of 82 Italian firms in the Agro-food industry for a period beginning in 2007 and ending in 2011, while Wang's (2013) Chatzinas and Papadopoulos (2018) used data for 142 non-financial listed in Athens Stock Exchange firms and conclude that both theories can explain the capital structure's behavior depending on the general economic conditions. Banga and Gupta (2017) examined the capital structure of small and medium sized firms in India for a period from 2007 to 2012.…”
Section: Literature Reviewmentioning
confidence: 99%
“…Within this context, a proper definition of the financial structure has been made (Grandinetti and Nassimbeni, 2007), along with the balance between different sources of financing (Capasso et al, 2015;Giacosa and Mazzoleni, 2017;La Rocca, 2007), the attitude of self-financing (Brealey et al, 1999;Rossi et al, 2015), the balance between financing and investments (Golinelli, 1994;Miglietta, 2004) and the suitable level of financial independence from third parties (Giacosa and Mazzoleni, 2016). In terms of funding, a company needs to choose between equity and external borrowings (Miglietta, 2004;Rossi, 2014, b;Rossi et al, 2015), as their equilibrium influences the financial and economic situation in terms of financial costs and the freedom of action in terms of investment strategy and independence from third-party investors (Baginski and Hassel, 2004;Bernstein and Wild, 1998;Brealey et al, 1999;Singer, 2000).…”
Section: Literature Reviewmentioning
confidence: 99%
“…Among them, analysis of the financial structure allows to judge the degree of rigidity or elasticity of loans, on the one hand, and the company's decisions taken in terms of financing resources, on the other. In addition, the impact of financial decisions on the economic aspects is debated at length because of the influence of financial costs (Brealey, Myers and Sandri, 1999;Capasso, Gallucci and Rossi, 2015;Golinelli, 1994;La Rocca, 2007;Miglietta, 2004;Rossi et al, 2015).…”
Section: Literaturementioning
confidence: 99%