Dynamism in financing decision patterns: A life cycle approach

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dc.contributor.authorAnis, Sumera
dc.date.accessioned2017-09-14T03:38:48Z
dc.date.available2017-09-14T03:38:48Z
dc.date.issued2016
dc.descriptionSupervised by:Dr. Abdur Rashiden_US
dc.description.abstractThis empirical study is conducted to analyse the dynamics of financing decisions for Pakistani non-financial firms. The approach to investigate the problem is life cycle approach incorporating dynamic panel data methodology. Three life cycle stages; growth, maturity and decline are selected for analysis. The basic criteria for samples are information about IPOs. Five hypotheses are postulated for the study which is about life cycle impact, reverse of life cycle impact, reputational effect, in search for reputational effect and pecking order theory. Hypotheses H1a & H1b state that in the beginning firms use more equity finance and then gradually rebalance this with debt. In hypotheses H2a & H2b reverse of H1a & H1b are analysed. In hypothesis H3, as pecking order theory predicts, importance of profitability is considered and utilization of internal finance against debt and equity is studied. Results illustrate that the impact of life cycle theory, reputational effect and pecking order theory are present for Pakistani firms. In the growth stage firms mostly rely upon equity finance and after getting maturity they augment use of debt financing. Pecking order theory is confirmed too.en_US
dc.identifier.urihttps://escholar.umt.edu.pk/handle/123456789/2112
dc.language.isoenen_US
dc.publisherUniversity of Management and Technology Lahoreen_US
dc.subjectLife cycle stagesen_US
dc.subjectFinancing decision patternsen_US
dc.subjectMS Thesisen_US
dc.titleDynamism in financing decision patterns: A life cycle approachen_US
dc.typeThesisen_US
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