Ispitivanje teorije hijerarhije financijskih izbora na hrvatskom tržištu kapitala (The Existence of the Pecking Order Theory of Capital Structure on Croatian Capital Market)

Ekonomski pregled, Vol. 69 No. 1, 2018.

15 Pages Posted: 15 Jul 2020

See all articles by Bojan Tomić

Bojan Tomić

EFFECTUS University College for Law and Finance

Date Written: March 15, 2018

Abstract

Croatian Abstract: Cilj rada je provođenje empirijskog testiranja teorije hijerarhijske financijskih izbora (pecking order theory) na hrvatskom tržištu kapitala. Istraživanje je obuhvatilo 17 nefinancijskih društava uvrštenih na Zagrebačkoj burzi za razdoblje od 2008. - 2016. godine, odnosno za sva uvrštena društva za koja su bili raspoloživi svi podatci za navedeno razdoblje. Iz uzorka su isključena društva iz financijskog sektora. Ispitivanje postojanja hijerarhije financijskih izbora provedeno je prema postavkama regresijskog modela Shyam-Sundersa i Myersa (1999). Rezultati indiciraju odbacivanje hipoteze o postojanju jakog oblika hijerarhije financijskih izbora i sugeriraju prihvaćanje postojanja slabog oblika hijerarhije financijskih izbora, što je u korelaciji s prijašnjim istraživanjima provedenim na drugim tržištima.

English Abstract: The purpose of this paper is empirical testing of the pecking order theory of the capital structure on Croatian capital market. The survey included 17 non-Þ nancial corporations listed on the Zagreb Stock Exchange for the period 2008 - 2016, i.e. all the listed companies for which all the required data were available. Companies from Þ nancial sector were excluded from the sample. The existence of the pecking order theory was carried out according to the regression model of Shyam-Sunders and Myers (1999). The results indicate the rejection of the hypothesis of the existence of a strong form of pecking order theory and suggest acceptance of the weak form of pecking order theory. The result is in accordance with other certain studies for the other markets.

Note: Downloadable document is in Bosnian.

Keywords: pecking order theory, trade-off theory, signaling theory, capital structure, market timing theory, Zagreb Stock Exchange

JEL Classification: C20, G10

Suggested Citation

Tomić, Bojan, Ispitivanje teorije hijerarhije financijskih izbora na hrvatskom tržištu kapitala (The Existence of the Pecking Order Theory of Capital Structure on Croatian Capital Market) (March 15, 2018). Ekonomski pregled, Vol. 69 No. 1, 2018., Available at SSRN: https://ssrn.com/abstract=3632904

Bojan Tomić (Contact Author)

EFFECTUS University College for Law and Finance ( email )

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