Provide a comprehensive (and yet concise) discussion on typical facts about capital structure choices among SMEs (e.g. unlisted companies), especially in the context of New Zealand. If you can also provide an example based on the practice of your own business (owned or employed) in your discussion, that will be a plus.
Comprehensively describe the concept/idea of ‘Pecking Order Theory’ in explaining capital structure choices among firms, especially in the context of SMEs. Based on Table 3 of the article, does any of the findings in this study consistent with the ‘Pecking Order Theory’ of capital structure? Explain your answers with specific details (You can ignore the econometrics issues around the use of GMM or the treatment of endogeneity issues through the use of lag instrumental variables (L1 seen in Table 3))
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