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Accepted Manuscript
Title: Capital Structure Theory: Reconsidered
Author: Kavous Ardalan
PII: S0275-5319(15)30071-4
DOI: /doi:10.1016/j.ribaf.2015.11.010
Reference: RIBAF 444
To appear in: Research in International Business and Finance
Received date: 14-4-2015
Revised date: 26-10-2015
Accepted date: 27-11-2015
Please cite this article as: Ardalan, K.,Capital Structure Theory:
Reconsidered, Research in International Business and Finance (2016),
/10.1016/j.ribaf.2015.11.010
This is a PDF file of an unedited manuscript that has been accepted for publication.
As a service to our customers we are providing this early version of the manuscript.
The manuscript will undergo copyediting, typesetting, and review of the resulting proof
before it is published in its final form. Please note that during the production process
errors may be discovered which could affect the content, and all legal disclaimers that
apply to the journal pertain.
Capital Structure Theory: Reconsidered
Abstract
In the mainstream of the academic field of finance, the Modigliani and Miller’s (1958) proof of
t
capital structure irrelevance theory, has been praised as the cornerstone of modern scientific
finance. However, the capital structure irrelevance theory is based on a set of assumptions, which
p
are both unrealistic and contradictory to the main assumption of the mainstream academic finance.
i
This paper shows that by making more appropriate assumptions, capital structure becomes relevant.
r
The paper, on a foundational ground, argues that since the
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