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Pecking Order Theory and Industry Dynamics in Taiwan High-Technology Industries

This paper studies the relation between the pecking order theory and industry dynamic. First,we discuss the contribution in industry between debt and equity. And we analyze all possible sorts of debt and equity. Then,we verify the pecking order theory is not exist in Taiwan¡¦s high tech. The empirical work is based on firm level data of Taiwan high-technology industries during 2003 ~2007. The empirical results show that (1) debt capital ¡¥s contribution is negative and equity capital¡¦contribution is uncertainty.(2) we can observe high-tech industries in Taiwan are high risk and great development and still need government subsidy.Cause of high-tech¡¦s uniqueness ,manager will give up the plan of net present value over one,and like finance in equity without interest expense. Consequently,Pecking Order theory is not proven in Taiwan¡¦high tech industries.

Identiferoai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0720108-232225
Date20 July 2008
CreatorsHsieh, Chang-Fu
ContributorsLi Cheng-Feng, Diana Tsai, Kuo Hsiu Jen
PublisherNSYSU
Source SetsNSYSU Electronic Thesis and Dissertation Archive
LanguageCholon
Detected LanguageEnglish
Typetext
Formatapplication/pdf
Sourcehttp://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0720108-232225
Rightsnot_available, Copyright information available at source archive

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