a pecking order

a pecking order

the order of importance of the people in a group or an organization There's a clearly established pecking order in this office.
See also: order, peck
References in periodicals archive ?
Wilson (2002) Small and Medium Size Enterprise Financing: A Note on Some of the Empirical Implications of a Pecking Order.
The pecking order theory states that financing behaviour of a firm follows a pecking order because information asymmetry costs are different for different sources of funds [Myers (1984)].
From a pecking order perspective, this correlation is counterintuitive as small firms have the highest potential for asymmetric information, which is the actual driver of the pecking order in the Myers and Majluf (1984) model.
A pecking order model for repurchase decisions is presented in Shyam-Sunder and Myers (1999).
The latter signal reduces the price investors are willing to pay for the equity issue resulting in a pecking order of corporate financing; managers will prefer using internal financing, then using debt, and then issuing equity.
Our findings are consistent with the predictions of a pecking order model that considers firms' debt capacities.