Capital financing behaviour: evidence from firms listed on the Nairobi Stock Exchange

dc.contributor.author	Ngugia, Rose W.
dc.date.accessioned	2013-05-16T12:14:22Z
dc.date.available	2013-05-16T12:14:22Z
dc.date.issued	2008
dc.identifier.citation	The European Journal of Finance	en
dc.identifier.uri	http://www.tandfonline.com/doi/pdf/10.1080/13518470802042245
dc.identifier.uri	http://erepository.uonbi.ac.ke:8080/xmlui/handle/123456789/23616
dc.description.abstract	This study investigates the determinants of capital structure for a sample of 22 firms listed on the Nairobi Stock Exchange during the period 1991–1999. Reduced form equations derived from the static trade-off model and the pecking order hypothesis are estimated and tested using panel data techniques. The results show that a pecking order model with an adjustment process cannot be rejected. Specifically, it is found that the main determinants of capital financing behaviour consist of information asymmetries, non-debt tax shields and local capital market infrastructure.	en
dc.language.iso	en	en
dc.relation.ispartofseries	Volume 14, Issue 7, 2008;
dc.title	Capital financing behaviour: evidence from firms listed on the Nairobi Stock Exchange	en
dc.title.alternative	Volume 14, Issue 7, 2008	en
dc.type	Article	en
local.publisher	School of Economics, University of Nairobi	en