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Marcelo de Souza Bispo (Universidade Federal da Paraíba, PPGA, Brazil)

David, M., Nakamura, W. T. & Bastos, D. D. (2009). Estudo dos modelos trade-off e pecking order para as variáveis endividamento e payout em empresas brasileiras (2000-2006). RAM. Revista de Administração Mackenzie, 10(6), 132-153.

We compare our sample averages to the North American sample of

There is not much difference conditional on firm characteristics for these three main factors. Only financial flexibility is significantly more important for younger CEOs than for older CEOs.