An International Survey of the Evidence on the Pecking Order Theory of Corporate Financing

Despite theoretical continuing developments in many past years, our understanding of the
relationship between theories and practical corporate financing decisions remains incomplete.
Therefore, this paper aims to supply the comprehensive material for better understanding of
the capital structure, in particular, of the pecking order theory of corporate financing. With
this aim, more specifically, we first survey literature related to the pecking order theory to
widely introduce the empirical evidence including not only for the US but also for other
international countries. Furthermore, in order to introduce the literature that conducted survey
research as well, we also survey the international practical situations of corporate financing
decisions related to the pecking order theory