The joint determination of capital structure and investment risk is examined. Optimal capital structure re ects both the tax advantages of debt less default costs (Modigliani-Miller), and the agency costs resulting from asset substitution (Jensen-Meckling). Agency costs restrict leverage and debt maturity and increase yield spreads, but their importance is relatively small for the range of envi...

In this article I argue for a relational approach to the agency–structure problem. Structure has three dimensions from perspective but, at its most fundamental, it is network comprising social actors (human and corporate) relations connecting them. Defined thus structure measurable properties which generate both opportunities constraints shape processes, such as diffusion, affect implicate Agen...

This paper presents the relations among agency (A), structure (S), institutions (I), and discourse (D) and their analytical relevance for socio-economic development. It argues that an adequate account of these relations must recognize their inherent spatio-temporality and, hence, their space–time dynamics. This is not an optional extra but a definite descriptive and explanatory requirement. Mor...

the paper studies of the effect the related and unrelated diversification for products and ownership structure on capital structure for a sample of 87 firms out of 19 industry listed on the tehran stock exchange during the period 2004- 2009. for to regress of models to apply of multivariate approach include panel data and cross-sectional regressions. this study adopts panel fixed effects regres...