ANALYSIS OF THE EPISTEMOLOGICAL EVOLUTION OF CAPITAL STRUCTURE THEORY AND ITS IMPACT ON DECISION MAKING: A BIBLIOMETRIC REVIEW
DOI:
https://doi.org/10.47847/Keywords:
SMEs, Digital Transformation, Industry 4.0, Technology, SustainabilityAbstract
The purpose of this study is to analyze the theoretical evolution of capital structure from its conceptual foundations to its application in business decision making in Small and Medium Enterprises (SMEs) in Latin America through a bibliometric study based on the analysis of 156 papers extracted from academic databases (SCOPUS and Web of Science), where the main theoretical approaches and their impact on financial management were identified. The results show a growing interest in financial risk management and the need to strengthen access to financing to improve the sustainability of organizations. Therefore, it is imperative to adopt a holistic approach in strategic decision making that considers both financial and organizational factors and that allows adapting theoretical models to the particularities of SMEs in the region. The theoretical analysis allowed us to examine the evolution of capital structure models starting from the classic proposal of Modigliani and Miller (1958, 1963) who postulated the irrelevance of capital structure in perfect markets and, later, the incorporation of the effect of corporate taxes. It also discusses the financial hierarchy theory (Myers, 1984), which suggests a preference for internal financing before resorting to debt or equity issuance, and the trade-off theory (Kraus and Litzenberger, 1973), which postulates a trade-off between the benefits of indebtedness and the costs of bankruptcy as a mechanism for financial optimization. The study also reviews recent research on information asymmetry and its impact on financial decision making, particularly on access to credit by SMEs, which face structural challenges in markets characterized by financing restrictions and government regulations.
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