Capital Structure Decision Making in Privately Held Firms: Beyond the Finance Paradigm
整合战略管理、决策科学和社会心理学，提出一个概念模型，解释私营企业主的债务态度如何受个人控制欲、风险偏好、经验、社会规范和个人净资产影响，并受外部环境调节，最终决定资本结构。
Capital structure theories grounded in the finance paradigm (agency theory, transaction cost theory) have contributed to our understanding of capital structure decision making. However, they do not address the intricacies of capital structure decision making from a managerial choice perspective, especially in privately held firms. This article brings together research from strategic management, decision sciences, and social psychology to develop a conceptual model for understanding capital structure decision making in privately held firms. In general, it is posited that capital structure decisions are influenced by the firm owner's attitude toward debt as moderated by external environmental conditions. Attitude toward debt is a function of one's belief about debt as influenced by the individual's need for control, risk propensity, experience, social norms, and personal net worth. The integration of theoretical perspectives yields eight propositions for understanding the determinants of privately held firm capital structure.