Pecking-order view (of capital structure)
Pecking-order view (of capital structure) The argument that external financing transaction costs, especially those associated with the problem of adverse selection, create a dynamic environment in which firms have a preference, or pecking-order of preferred sources of financing, when all else is equal. Internally generated funds are the most preferred, new debt is next, debt-equity hybrids are next, and new equity is the least preferred source.
Source: http://www.saint-claire.org/resources/Dictionary-of-Financial-and-Business-Terms.pdf
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