You really cannot say. It is purely an empirical issues. It really depends on the, not only

country or region, but also the time period.

I agree with Ghassan. One cannot say which capital structure theory is followed.. the different capital structure theories are different perspective of the same issue  of capital structure... however various empirical research has shown that one /more of the several hypothesis ( Signalling hypothesis/financial constraint hypothesis /economic cycle hypothesis ) seem to be working in some particular country or zone ot time.

Research requires Literature support for each and every concluded statement. So I suggest you to study literature on Capital Structure applications on Asian economies. Whenever you feel yourself confused just go back to literature. Its best tool for gripping research challenges’. Not a single researcher here, answer your question without strong empirical evidences regarding Asian economies and their Capital Structure. So refer to Crust of research the one and only Review of Literature.

Generally no one can say exactly one particular theory. It is merely empirical.But in Asian countries, as most of those countries are not much developed, Pecking order consideration is more significant compared to Trade-off consideration. My view is that capital structure surveys would be better explanation than using published secondary data. in that sense, Asian market would be testing lab.    

You may want to consider capital structure based on ownership. Intuitively ownership capital structure for Asian countries. 

Dear Pranesh Debnath

Yes there are many  factors effect to choose or think  about capital structure theory and may be the theory is different based on economic conditions in Asian countries .

Best Regards

This reference should help you put some of the thoughts regarding differences in capital structure. For example, it is likely that growth and profitability increase leverage in the Asian scenario

Anshu Handoo, Kapil Sharma, A study on determinants of capital structure in India, IIMB Management Review, Volume 26, Issue 3, September 2014, Pages 170-182, ISSN 0970-3896, http://dx.doi.org/10.1016/j.iimb.2014.07.009.

(http://www.sciencedirect.com/science/article/pii/S097038961400069X)

Abstract: Abstract

The paper identifies the most important determinants of capital structure of 870 listed Indian firms comprising both private sector companies and government companies for the period 2001–2010. Ten independent variables and three dependent variables have been tested using regression analysis. It has been concluded that factors such as profitability, growth, asset tangibility, size, cost of debt, tax rate, and debt serving capacity have significant impact on the leverage structure chosen by firms in the Indian context.

Keywords: Capital structure; Indian listed companies; Leverage; Corporate finance; India

Hi,

You may have a look at this paper:

Debt covenants and the speed of capital structure adjustment

Journal Of Corporate Finance, April 2017, forthcoming

In Press, Accepted Manuscript, Erik Devos, Shofiqur Rahman, Desmond Tsang

Best regards