Preference hierarchies for internal finance, bank loans, bond, and share issues: evidence for Dutch firms

L De Haan, J Hinloopen - Journal of Empirical Finance, 2003 - Elsevier
We estimate the incremental financing decision for a sample of some 150 Dutch companies
for the years 1984 through 1997, thereby distinguishing internal finance and three types of
external finance: bank borrowing, bond issues, and share issues. First, we estimate a
multinomial logit model, which confirms several predictions of both the static trade-off theory
and the pecking order theory as to the determinants of financing choices. Next, we estimate
all possible ordered probit models to determine which financing hierarchy fits the data best …
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