Comparison of the pecking order theory and the research results
| Factor | Pecking order theory | CEE | Bulgaria | Czechia | Hungary | Poland | Romania | Slovakia |
|---|---|---|---|---|---|---|---|---|
| TANG | − | − | − | − | − | − | − | − |
| SIZE | ± | + | + | + | + | + | + | + |
| GROW | + | + | + | + | + | + | + | + |
| PROF | − | − | − | − | − | − | − | − |
| LIQ | − | − | − | − | − | − | − | − |
| NDTS | − | − | − | − | − | − | − | n/a |
| Factor | Pecking order theory | CEE | Bulgaria | Czechia | Hungary | Poland | Romania | Slovakia |
|---|---|---|---|---|---|---|---|---|
| TANG | − | − | − | − | − | − | − | − |
| SIZE | ± | + | + | + | + | + | + | + |
| GROW | + | + | + | + | + | + | + | + |
| PROF | − | − | − | − | − | − | − | − |
| LIQ | − | − | − | − | − | − | − | − |
| NDTS | − | − | − | − | − | − | − |
Note(s): +: positive dependence; −: negative dependence; ±: unspecified dependence; n/a: no grounds to identify the dependence
Source(s): Own elaboration
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