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Impact of capital structure on corporate value—review of literature.

1. Introduction

2. materials and methods.

• inference related to particular theories—and therefore whether the debt affects the market value of an enterprise;
• accounting for taxation—tax and non-tax theories;
• assumptions about the functioning of the market.
• the trade-off theory;
• the pecking order theory;
• the signaling theory;
• the market timing theory.
• initial theories: ○ primary theories (the net income theory, the net operation income theory, the compromise theory), ○ the Modigliani–Miller theory for an economy without taxes;
• tax theories: ○ the Miller–Modigliani model for an economy with taxes, ○ the Miller model, ○ the DeAngelo Masulis model, ○ the Modigliani model;
• the bankruptcy costs theory;
• the agency costs theory;
• the information asymmetry theory: ○ the pecking order theory (the Myers–Mayluf model, the Myers model); ○ the signailing theory (the Ross model).
• does the capital structure affect the market value of a company?
• is there an optimal capital structure (i.e., one where the market value of a company is the highest and the cost of the capital is the lowest) and, if so, which factors determine it?

4. Discussion

5. conclusions, institutional review board statement, informed consent statement, data availability statement, conflicts of interest.

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Share and Cite

Kruk, S. Impact of Capital Structure on Corporate Value—Review of Literature. J. Risk Financial Manag. 2021 , 14 , 155. https://doi.org/10.3390/jrfm14040155

Kruk S. Impact of Capital Structure on Corporate Value—Review of Literature. Journal of Risk and Financial Management . 2021; 14(4):155. https://doi.org/10.3390/jrfm14040155

Kruk, Sylwia. 2021. "Impact of Capital Structure on Corporate Value—Review of Literature" Journal of Risk and Financial Management 14, no. 4: 155. https://doi.org/10.3390/jrfm14040155

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• DOI: 10.2139/ssrn.1729388
• Corpus ID: 165155585

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A Critical Literature Review of Capital Structure Theories

American Based Research Journal, Vol. 8 Issue 11, November 2019

5 Pages Posted: 26 May 2020

Mr. Douglas Wafula Simiyu

Affiliation not provided to ssrn, dr. willis (phd) otuya.

Masinde Muliro University of Science & Technology

Date Written: November 1, 2019

Capital structure is a vital component of any business entity. The success and or failure of many business enterprises arise from their capital structures. Many financial institutions adopt different approaches regarding their capital structure arrangement. Some depend entirely on debt financing, others depend more on equity financing and others still mix the two approaches. The question has been which capital structure is the best for financial institutions? For those firms which prefer mixing the two approaches, what would be the best portion for the two approaches? This paper critically reviews the capital structure theories, which include Franco Modigliani and Merton Miller theorem, Trade-off theory of capital structure and taxes, Pecking order theory, The market timing theory and Agency cost theory. This paper suggests that any financial institution should carefully analyze its operations before making its capital structure decision.

Keywords: Capital structure theories, Debt financing, Equity financing

Suggested Citation: Suggested Citation

Dr. Willis (Phd) Otuya (Contact Author)

Masinde muliro university of science & technology ( email ).

Box 190-50100 Kakamega, Nyanza 50100 Kenya

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Please note you do not have access to teaching notes, research on capital structure determinants: a review and future directions.

International Journal of Managerial Finance

ISSN : 1743-9132

Article publication date: 3 April 2017

The purpose of this paper is to study the status of studies on capital structure determinants in the past 40 years. This paper highlights the major gaps in the literature on determinants of capital structure and also aims to raise specific questions for future research.

Design/methodology/approach

The prominence of research is assessed by studying the year of publication and region, level of economic development, firm size, data collection methods, data analysis techniques and theoretical models of capital structure from the selected papers. The review is based on 167 papers published from 1972 to 2013 in various peer-reviewed journals. The relationship of determinants of capital structure is analyzed with the help of meta-analysis.

Major findings show an increase of interest in research on determinants of capital structure of the firms located in emerging markets. However, it is observed that these regions are still under-examined which provides more scope for research both empirical and survey-based studies. Majority of research studies are conducted on large-sized firms by using secondary data and regression-based models for the analysis, whereas studies on small-sized firms are very meager. As majority of the research papers are written only at the organizational level, the impact of leverage on various industries is yet to be examined. The review highlights the major determinants of capital structure and their relationship with leverage. It also reveals the dominance of pecking order theory in explaining capital structure of firms theoretically as well as statistically.

Originality/value

The paper covers a considerable period of time (1972-2013). Among very few review papers on capital structure research, to the best of authors’ knowledge; this is the first review to identify what is missing in the literature on the determinants of capital structure while offering recommendations for future studies. It also synthesize the findings of empirical studies on determinants of capital structure statistically.

• Literature review
• Meta-analysis
• Capital structure
• Pecking order

Kumar, S. , Colombage, S. and Rao, P. (2017), "Research on capital structure determinants: a review and future directions", International Journal of Managerial Finance , Vol. 13 No. 2, pp. 106-132. https://doi.org/10.1108/IJMF-09-2014-0135

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Opening Statement

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Background Information

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Research Question or Thesis Statement

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Organizing Results

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• Stick to the Findings:  Avoid analysis or speculation here; save that for the Discussion.

Discussion Tab

The discussion is where you interpret your findings. This is your opportunity to explain what the results mean, how they relate to your research question, and what implications they have for the field.

Interpretation of Results

• Explain what your results mean in the context of your research question. How do they answer the question or support (or refute) your hypothesis? Dive into the significance of the findings.

Connection to Existing Research

• Relate your findings back to the literature you reviewed earlier. How do your results compare with previous studies? Do they support or challenge existing theories?

Implications of the Study

• Discuss the broader implications of your research. What does it contribute to the field? Does it suggest changes in practice, policy, or further research avenues?

Limitations

• Acknowledge any limitations of your study. Were there constraints related to time, sample size, or methodology? Transparency about limitations adds credibility to your research.

Recommendations for Future Research

• Suggest areas where future researchers can explore. Perhaps there were aspects of the topic you couldn’t address fully, or new questions arose based on your findings.

Tips for a Strong Discussion Section

• Be Analytical:  Focus on interpretation, not just re-stating results.
• Relate to Literature:  Show how your findings fit within the broader research context.
• Be Honest About Limitations:  Acknowledging weaknesses shows thoroughness and integrity.
• Highlight the Importance:  Emphasize the practical or theoretical value of your work.

The conclusion ties everything together. It should succinctly summarize your key findings, emphasize their significance, and leave the reader with a clear understanding of what you’ve contributed to the field.

Summary of Key Findings

• Briefly restate your most important results. Focus on the findings that directly answer your research question and highlight their relevance.

Restating the Research Question/Thesis

• Revisit your original research question or thesis and clearly explain how your findings address it.

Implications and Impact

• Reinforce the broader significance of your work. How do your findings contribute to the academic field or practical applications? This is your chance to leave a lasting impression.

Recommendations for Future Research or Practice

• Suggest directions for future studies or practical steps that can be taken based on your findings. This ensures your conclusion looks forward rather than simply wrapping up.

Final Thought/Call to Action

• End on a strong note! Offer a thought-provoking statement, reflection, or call to action, encouraging further discussion or research.

Tips for a Strong Conclusion

• Be Concise:  Keep it focused—summarize, don’t rehash.
• Be Forward-Looking:  Emphasize the impact and potential future directions.
• End with Confidence:  Leave readers with a clear understanding of your research's importance.

How to Create a Clearly Structured Paper

Provides a step-by-step guide to organizing an effective essay or research paper outline, focusing on creating clear, logical sections that streamline the writing process.

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• Last Updated: Sep 24, 2024 4:32 PM
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