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Credit Risk and Capital Structure
Determinants of Capital Structure Choice and The Effects of Company's Capital Structure Characteristics on Credit Risk
English
114 b
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Questions related to the capital structure decisions of firms have gained increasingly importance in finance and management research. The traditional finance theory of Modigliani and Miller (1958), for instance, implies that the value of the firm is independent of its capital structure when it is presumed that there exist no bankruptcy costs, corporate income taxation, or other market implications. However, if there are imperfections such as taxes, underdeveloped financial markets, or inefficient legal systems, capital structure becomes dependent on the value of the firm. Due to this theory, companies have to make the best decision between issuing debt or equity securities in order to minimize the costs entailed by these imperfections and simultaneously maximize firm value.
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