Gordon Donaldson (Finance Scholar)

Gordon Donaldson is a renowned finance scholar known for his work on corporate finance and capital structure. His research focuses on how companies make financial decisions, such as how they finance their operations and investments. Donaldson introduced the concept of the "pecking order theory," which suggests that companies prefer to finance themselves using internal funds first, then debt, and issue new equity as a last resort. His insights have influenced both academic research and practical approaches to corporate financial management, helping businesses understand the implications of their funding choices on performance and risk.