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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

Pecking-order view (of capital structure)  

Definition 1.

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.
 
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