THE THEORY OF CAPITAL STRUCTURE
Abstract
Purpose – to discuss the various theories that help to explain the definition of optimal capital structure. Give a brief overview of each type of models and their relationship with each other. Summarize and discuss the results obtained by the researchers, compare them with the available evidence.
Methodology – general scientific and general economic methods of analyses were used to solve the problems of the study.
Originality/value – the paper analyzes the scientific and theoretical views on the choice and optimization of capital structure. Paper surveys capital structure theories based on agency costs and asymmetric information. For each type of model, a brief overview of the papers surveyed and their relation to each other is provided. The central papers are described in some detail, and their results are summarized and followed by a discussion of related extensions.
Findings – many researchers have approached the study of optimal corporate capital structure.
Unfortunately, there has been little consensus among researchers on what the optimal capital structure is. However, it is important to synthesize the literature on capital structure and where possible, to relate the literature to known empirical evidence. In recent years, SMEs are one of the major contributors of growth in developing countries. A comprehensive study on capital structure determinants of SMEs must be provide insightful knowledge in this area.
About the Authors
A. A. Adambekova
Narxoz University
Kazakhstan
Kazakhstan
Doctor of Economic Sciences, Professor
Almaty
S. E. Kokeyeva
Narxoz University
Kazakhstan
Kazakhstan
PhD student
Almaty
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Review
For citations:
Adambekova A.A., Kokeyeva S.E. THE THEORY OF CAPITAL STRUCTURE. Central Asian Economic Review. 2018;(5-6):33-43. (In Russ.)
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