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THE PECKING ORDER THEORY IN FIRMS WITH WELL-DEFINED CORPORATE CONTROL: A STUDY IN THE BRAZILIAN ENVIRONMENT

机译:利用明确规定的企业控制的公司啄食订单理论:巴西环境研究

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This work analyzes the pecking order theory for firms with well-defined corporate control, in environments that favors expropriation of minority shareholders. It is herein argued that, provided that the legal environment is favorable to expropriation, equity issue in that kind of firms will not appear as a negative signal to the market. We used panel-data to test the propositions derived from the model in the Brazilian market, and results did not reject the model.
机译:这项工作分析了利用明确规定的企业控制的公司的啄食订单理论,在征用少数股东的环境中。本文认为,如果法律环境有利于征收,那种公司的股权问题将不会成为市场的负面信号。我们使用面板数据来测试从巴西市场中的模型中派生的命题,结果没有拒绝模型。

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