pecking-order view

pecking-order view
(of capital structure)
The argument that external financing transactions 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, followed by new debt, and debt- equity hybrids . Finally, new equity is at the least preferred source. Bloomberg Financial Dictionary

Financial and business terms. 2012.

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