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Capital Structure Determination, Evaluation, and Accounting

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Ahmed Riahi-Belkaoui

ISBN: 1-56720-234-9

ISBN-13: 978-1-56720-234-2

DOI:

224 pages

Praeger Publishers

Publication: 2/28/1999

List Price: $119.95 (UK Sterling Price: £82.95)

Availability: Print on demand

Media Type: Hardcover

Trim Size: 6 1/8 x 9 1/4

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Description: The mix of debt and equity called capital structure, representing major claims against a corporation's assets, has been the subject of a long debate focusing on its determination, evaluation, and accounting. Riahi-Belkaoui uses both theoretical and contingency approaches to examine the question of whether capital structure really can be determined. Using a bond rating model he looks at the evaluation of capital structure and the resolution of issues pertaining to equity and liabilities and their contribution to the quality of capital structure reports. The book will be of special value to corporate financial officers and to graduate students and their teachers in accounting and finance.

Riahi-Belkaoui presents, first, the popular theories underlying the potential optimality of capital structure, the most popular of which is based on agency costs, asymmetric information, product/input market interactions and corporate control considerations. He then examines the same problem, first under a contingency of diversification and then a contingency of multinationality and investment opportunity. Since the evolution of capital structure rests on the ratings of a corporation's bonds, Riahi-Belkaoui offers a model that can be used for the prediction of industrial bond ratings. He concludes with an examination for equity and accounting for long-term liabilities.

Table of Contents:

Exhibits
Preface
On the Existence of an Optimal Capital Structure
The Determination of Capital Structure: The Contingency of Diversification Strategy
Capital Structure and Investment Opportunity Set: The Contingency of Multinationality
The Evaluation of Capital Structure: The Prediction of Industrial Bond Ratings
Accounting for Stockholders' Equity: Contributed Capital and Retained Earnings
Accounting for Long-Term Liabilities
Appendix A: The Theory of Capital Structure
Appendix B: On the Existence of an Optimal Capital Structure: Theory and Evidence
Index

About the Author: AHMED RIAHI-BELKAOUI is CBA Distinguished Professor of Accounting in the College of Business Administration, University of Illinois at Chicago./e Author of more than 30 Quorum books and coauthor of several more, he is also a prolific author of articles published in the major scholarly and professional journals in his field, and has served on numerous editorial boards that oversee them.

LCC Class: 658


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