Abstract
The purpose of this study is to obtain empirical evidence about negative relationship between internal funds and external funds. The research method used in this study is multiple linear regression using panel data with population of this study comes from manufacture listed companies in Indonesia Stock Exchange during 2010-2015. The result of this study proves that there is negative relationship between internal funds and external funds on constrained and unconstrained firms. The result of this study is in line with pecking order theory.
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