期刊名称：Annals of the University of Oradea : Economic Science
印刷版ISSN：1222-569X
电子版ISSN：1582-5450
出版年度：2009
卷号：XVIII
期号：03
出版社：University of Oradea
摘要：Determining the optimal capital structure of a firm faces a difficult decision that involves the strategic
trade-off between risk and profitability. Although many empirical studies have been done since the Miller
and Modigliani theorem forms the bases for modern thinking on capital structure, no consensus has been
reached with regard to the relationship between profitability and leverage. In contrast to theoretical
deductions, many empirical studies show that leverage is negatively related to profitability. The main
objective of this study is to explain the role played by profitability in establishing the firm‟s capital
structure by examining the relationship between profitability, risk and leverage, and attempts to find the
answer to the question: why do more profitable firms have lower leverage ratios?
关键词：Capital Structure, Profitability, Leverage, Risk and Return Trade-off
