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a survey of the relation between capital structure and
Australasian Accounting,
Business and Finance Journal
olume 2
Issue 2 Aus tralasian Accounting B usiness and Finance Article 1
J ournal
A survey of the relation between capital structure
and corporate strategy
M. La Rocca
University of C alabria, Italy
T. La Rocca
University of C alabria, Italy
D. Gerace
University of Wollongo ng
Follow this and additional works at : .au/aabfj
Copyright ©2008 Australasian Accounting Business and Finance Journal and Authors.
Recommended Citation
La Rocca, M.; La Rocca, T.; and Gerace, D., A survey of the relation between capital structure and
corporate strategy, Aus tralasian Accounting, B usiness and Finance Journal, 2(2), 2008.
Available at :.au/aabfj/vol2/iss2/1
Research Online is the open access institutional repository for the
University of Wollongong. For further information contact the UOW
Library: research-pubs@.au
A survey of the relation between capital structure and corporate strategy
Abstract
This paper responds to the general call for integration between finance and strategy research by examining
how financial decisions are related to corporate strategy. In particular, the paper focuses on the link between
capital structure and strategy. Corporate strategies complement traditional finance paradigms and extend our
insight into a firm’s decisions regarding capital structure. Equity and debt must be considered as financial
instruments as well as strategic instruments of corporate governance (Williamson 1988). Debt subordinates
governance activities to stricter management, while equity allows for greater flexibility and decisionmaking
power. The literature on finance and strategy analyzes how the strategic actions of key players (managers,
shareholders, debtholders, competitors, workers, suppl
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