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Apuntes del Cenes

Print version ISSN 0120-3053

Abstract

ZAMBRANO VARGAS, Sandra Milena  and  ACUNA CORREDOR, Gustavo Adolfo. Theory of the Pecking Order versus theory of the Trade Off for the company Coservicios S.A. E.S.P. Apuntes del Cenes [online]. 2013, vol.32, n.56, pp.205-236. ISSN 0120-3053.

This paper aims to analyze the degree of application of two theories of capital structure that have been contradictory and extensively compared. For the implementation of the Trade Off theory are used two models, the first proposed by Lopez and de Luna (2002) and the second model to be applied is that proposed by Cruz et al. (2003). For the implementation of the Pecking Order theory is analyzed how stocks have been managed, long-term debt, the growth of net operating assets, the trend that has been operating profitability of assets and EBITDA. At the end you will find that in the periods analyzed the most used theory has been to Pecking Order which has been more empirical evidence in other organizations and that Trade Off theory application was not found.

Keywords : capital structure; trade off; pecking order; debt level; cost of capital.

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