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Inside the risk management and corporate governance issues behind capital structure decisions
Practical ways of determining capital structures have always been mysterious and riddled with risks and uncertainties. Dynamic paradigm shifts and the multi-dimensional operations of firms further complicate the situation. Financial leaders are under constant pressure to outdo their competitors, but how to do so is not always clear. Capital Structure Decisions offers an introduction to corporate finance, and provides valuable insights into the decision-making processes that face the CEOs and CFOs of organizations in dynamic multi-objective environments.
Exploring the various models and techniques used to understand the capital structure of an organization, as well as the products and means available for financing these structures, the book covers how to develop a goal programming model to enable organization leaders to make better capital structure decisions. Incorporating international case studies to explain various financial models and to illustrate ways that capital structure choices determine their success, Capital Structure Decisions looks at existing models and the development of a new goal-programming model for capital structures that is capable of handling multiple objectives, with an emphasis throughout on mitigating risk.
There are a number of criteria that financial leaders need to consider before making any major capital investment decision. Capital Structure Decisions analyzes the various risk management and corporate governance issues to be considered by any diligent CEO/CFO before approving a project.
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Praise for Capital Structure Decisions
"Dr. Agarwal gives a thoroughly practical guide to capital structure that is also grounded in modern financial research and analysis. The parts of the book that take the perspective of a less developed capital market, India, are an excellent complement to the treatment of more standard issues."
—Ian Cooper, Professor of Finance, London Business School, UK
"This book provides an interesting and insightful blend of theoretical and practical issues confronting capital structure decisions. I especially like its emphasis on the important role of CFOs in such decisions; an emphasis that is both unique and refreshing. Anyone interested in capital structure decisions will find reading this book to be time well spent."
—Lawrence A. Gordon, PhD, Ernst & Young Alumni Professor of Managerial Accounting and Information Assurance and Affiliate Professor for Advanced Computer Studies, Robert H. Smith School of Business, University of Maryland, USA
"This book discusses the importance of balancing various, often conflicting goals of several stakeholders of a firm. The typical decision maker charged with capital structure decisions—the CFO—has to optimally weigh all the differing goals to run the firm smoothly and successfully. This treatise is extremely well written with explanations of all the accounting, financing, risk taking, and other relevant goals that the CFO faces. I applaud the author for writing this book with immense clarity and great rigor. It is a must-read book for all practitioners, students, and scholars alike."
—Kashi R. Balachandran, Profesor Emeritus, Stern School of Business, New York University, USA
"Dr. Yamini Agarwal has taken a much-needed holistic approach to analyzing the decision making by CFOs regarding a firm's capital structure. In addition, she has incorporated some of the opaque aspects of capital structure, such as off-balance sheet financing, that have important risk-return implications. She does an excellent job of blending theory and global practices. This book will be most beneficial for students of finance and also for senior executives responsible for financial decision making."
—Reena Aggarwal, Robert E. McDonough Professor of Business Administration and Professor of Finance and Director, Center for Financial Markets and Policy, McDonough School of Business, Georgetown University, USA
"This book gives an excellent summary on many different aspects that have an impact on capital structure decisions. I am very pleased that Professor Agarwal also includes important parts of capital structure decisions like the international aspects of this important management area and the complicated issue of bounded rationality that certainly exists in financial markets. Altogether, the wide range of angles from a research and a real-world perspective makes this modern book worthwhile reading, both for advanced students and practitioners."
—Hubert Fromlet, Professor of International Economics, Linnaeus University, Kalmar and Växjö, Sweden
Practical ways of appraising capital structures have always been riddled with risks and uncertainties. Demanding stakeholders and highly competitive markets with strict corporate governance measures make every penny invested accountable. Capital is not limited to on balance sheet choices, but extends to off balance sheet sources. Risk is not limited to profits, but extends to the value of the balance sheet and its claims. New and innovative means need to be used to develop and evolve structures that provide strategic competitive advantage.
Engaging and accessible, this reliable resource skillfully reveals how a decision maker who is tasked with creating value for stakeholders can make more informed strategic decisions on a firm's capital structure. Along the way, it offers valuable insights on:
Written for experienced practitioners as well as those aspiring to enter this field, Capital Structure Decisions puts into perspective the essential decision-making processes needed in today's dynamic multiobjective environment, and provides comprehensive coverage of the various elements associated with them. Each chapter uncovers the details that govern decision-making, helping readers develop an understanding of the different perspectives that guide the process in the real world.
For the first time, this book asserts that the focus of decision-making has shifted from using mathematically programmed formulas to considering more closely the choices of decision makers as well as the priorities that lead them in their decisions. Capital Structure Decisions shows you what it takes to excel at this challenging endeavor.
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