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OptimalCapitalStructure:Reflectionsoneconomicandothervalues

ByMarcSchautenJaapSpronk1

1.Introduction

Despiteavastliteratureonthecapitalstructureofthefirm(seeHarrisandRaviv,1991,

GrahamandHarvey,2001,Bravetal.,2005,foroverviews)therestillisabiggapbetween

theoryandpractice(seee.g.Cools,1993,Tempelaar,1991,BootCools,1997).Starting

withtheseminalworkbyModiglianiMiller(1958,1963),muchattentionhasbeenpaid

totheoptimalityofcapitalstructurefromtheshareholders’pointofview.

Overthelastfewdecadesstudieshavebeenproducedontheeffectofother

stakeholders’interestsoncapitalstructure.Well-knownexamplesaretheinterestsof

customerswhoreceiveproductorserviceguaranteesfromthecompany(seee.g.Grinblatt

Titman,2002).Anotherareathathasreceivedconsiderableattentionistherelation

betweenmanagerialincentivesandcapitalstructure(Ibid.).Furthermore,theissueof

corporatecontrol2(seeJensenRuback,1983)and,related,theissueofcorporate

governance3(seeShleiferVishney,1997),receivealion’spartofthemorerecent

academicattentionforcapitalstructuredecisions.

Fromallthesestudies,onethingisclear:Thecapitalstructuredecision(orrather,

themanagementofthecapitalstructureovertime)involvesmoreissuesthanthe

maximizationofthefirm’smarketvaluealone.Inthispaper,wegiveanoverviewofthe

differentobjectivesandconsiderationsthathavebeenproposedintheliterature.Wemakea

distinctionbetweentwobroadlydefinedsituations.Thefirstisthetradit