Theoretical Conceptions of Optimal Capital Structure
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Aneta Michalak: Silesian University of Technology, Poland
Is there an optimal capital structure in a company? There is no definite answer to that question. There are many theoretical conceptions in which authors try to indicate a way to determine an optimal capital structure. Most of them are based on the assumption that the optimal capital structure is the one that provides the maximum company value. In practice, however, there are many problems with its determination. The problems already start on the stage of defining the notion of capital and they also occur in the area of capital selection, its valuation, evaluation of its cost and influence on company value. The purpose of the hereby article is to present the basic problems connected with determining the optimal capital structure. The article is of character of theoretical-cognitive study. When defining the scale of the research subject, firstly, it was attempted to concentrate on the issues of relatively permanent cognitive values, emphasizing ambiguous notions and the ones interpreted in a different way and to present the content having its reflection in the international scientific publications. As the result of the research conducted, the theoretical problem was indicated which constitutes a starting point for further empirical studies in the area of company finance management, especially capital management.
Keywords: capital; capital structure; company value; education; management (search for similar items in EconPapers)
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