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1、OptimalCapitalStructure:ReflectionsoneconomicandothervaluesByMarcSchauten&JaapSpronk11.IntroductionDespiteavastliteratureonthecapitalstructureofthefirm(seeHarrisandRaviv,1991,GrahamandHarvey,2001,Bravetal.,2005,foroverviews)therestillisabiggapbetween
2、theoryandpractice(seee.g.Cools,1993,Tempelaar,1991,Boot&Cools,1997).StartingwiththeseminalworkbyModigliani&Miller(1958,1963),muchattentionhasbeenpaidtotheoptimalityofcapitalstructurefromtheshareholders’pointofview.Overthelastfewdecadesstudieshavebeen
3、producedontheeffectofotherstakeholders’interestsoncapitalstructure.Well-knownexamplesaretheinterestsofcustomerswhoreceiveproductorserviceguaranteesfromthecompany(seee.g.Grinblatt&Titman,2002).Anotherareathathasreceivedconsiderableattentionistherelati
4、onbetweenmanagerialincentivesandcapitalstructure(Ibid.).Furthermore,theissueofcorporatecontrol2(seeJensen&Ruback,1983)and,related,theissueofcorporategovernance3(seeShleifer&Vishney,1997),receivealion’spartofthemorerecentacademicattentionforcapitalstr
5、ucturedecisions.Fromallthesestudies,onethingisclear:Thecapitalstructuredecision(orrather,themanagementofthecapitalstructureovertime)involvesmoreissuesthanthemaximizationofthefirm’smarketvaluealone.Inthispaper,wegiveanoverviewofthedifferentobjectivesa
6、ndconsiderationsthathavebeenproposedintheliterature.Wemakeadistinctionbetweentwobroadlydefinedsituations.Thefirstisthetraditionalcaseofthefirmthatstrivesforthemaximizationofthevalueofthesharesforthecurrentshareholders.Wheneverotherconsiderationsthanv
7、aluemaximizationentercapitalstructuredecisions,theseconsiderationshavetobeinstrumentaltothegoalofvaluemaximization.Thesecondcaseconcernsthefirmthatexplicitlychoosesformoreobjectivesthanvaluemaximizationalone.Thismaybebecausetheshareholdersadoptamulti
8、plestakeholdersapproachorbecauseofadifferentownershipstructurethantheusualcorporatestructuredominatingfinanceliterature.Anexampleofthelatteristheco-operation,alegalentitywhichcanbefoundina.o.manyEuropeancountries.Foradiscussiononwhyfirmsarefacingmult
