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Capital Structure: Manajemen Keuangan (MM Reguler 48-2)
Capital Structure: Manajemen Keuangan (MM Reguler 48-2)
Capital Structure: Manajemen Keuangan (MM Reguler 48-2)
Risk
Risk
High risk
Return
Low risk Return
Low return
High return :
:Interest
Dividend
Capital
Debt Equity
Structure Ownership
Ownership
Ownership rights
No ownership Operational – Voting rights
Operational
rights Recapitalize a
Flexibility Flexibility
business
Restriction Maximum
operational operational
flexibility Issue debt and Issue debt and pay flexibility
repurchase equity Issue equity and a large dividend to
repay debt equity investors