Over the years, researchers have carried out a large number of studies in an attempt to gather evidence in favour and against the prediction and implications of the pecking order theory. Most of the evidence is either based on statistical analysis of large sets of data (for example through regressions) or on surveys targeting top executives. What are the main findings that seem to be consistent with the pecking order theory? What are the main findings that are arguably inconsistent with the theory? Discuss these two questions. [Word limit: 500 words]