While capital structure is usually presented in the context of a choice between debt and
equity, even within these choices we observe different sources of capital, especially related
to debt. Recent studies have arrived at differing conclusions regarding the reliance upon
different sources for capital and regarding the importance of those sources. We find that the
complexity of capital structure is related to the need for external capital, access to debt
markets and the capacity for additional borrowing. Each of these determinants has a unique …