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When testing between the two theories , we provide support for the pecking order theory , as we find that the choice between equity and debt financing is driven mostly by the firm 's ability to acquire debt financing , the industry mean capital structure being only a secondary benchmark . Most will create a boring or repetitive pattern . A few offspring could distinguish between the tones slightly better than their parents - - and they produced a third generation . The volume of syndicated credits rose rapidly , in part reflecting a rise in merger and acquisition activity over the past year , according to the Shared National Credit ( SNC ) 2 review released today by federal bank and thrift regulators . Thus , the availability of credit at a reasonable cost is a key concern for small firms .