Beyond Value Maximization: A Capital Structure Perspective Based on Financial Resilience

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AudienciaPúblico en generales_ES
CoberturaMéxicoes_ES
Fecha de ingreso2026-09-15T00:29:59Z
Fecha de publicación2026-01-01
ResumenCapital structure theory has historically been dominated by the objective of maximizing firm value through the optimal combination of debt and equity. However, contemporary environments characterized by systemic uncertainty, financial volatility, and elevated risk exposure have highlighted the limitations of an exclusively value-oriented perspective. In response, this study adopts a theory-building approach and develops a conceptual framework grounded in corporate financial resilience through an integrative theoretical review. Drawing on a critical examination of the principal theories of capital structure, including Modigliani and Miller’s propositions, trade-off theory, pecking order theory, agency theory, signaling theory, and market timing theory, the study argues that long-term financial sustainability depends not only on value maximization but also on the organizational capacity to absorb shocks, preserve liquidity, maintain solvency, and reduce vulnerability to financial distress. As its primary theoretical contribution, the study extends the explanatory domain of capital structure theory by formalizing a resilience-oriented framework that integrates key constructs, conceptual relationships, and theoretical propositions linking leverage, liquidity, solvency, financial flexibility, and financial resilience. Within this framework, moderate leverage, financial flexibility, and operational stability emerge as central mechanisms for strengthening corporate continuity under conditions of systemic uncertainty.es_ES
Doihttps://doi.org/10.3390/ijfs14080204es_ES
URIhttps://riuat.uat.edu.mx/handle/123456789/1933
Idiomaeses_ES
EditorialMDPI AGes_ES
RelaciónInternational Journal of Financial Studieses_ES
URL relacionadohttps://doi.org/10.3390/ijfs14080204es_ES
DerechosAcceso abierto (Metadatos de producción científica)es_ES
Licenciahttp://purl.org/coar/access_right/c_abf2es_ES
FuenteInternational Journal of Financial Studies
TítuloBeyond Value Maximization: A Capital Structure Perspective Based on Financial Resiliencees_ES
TipoArtículoes_ES
ArbitradoHa sido Arbitradoes_ES
AutorSanJuan-Paz, Fernando
AutorPelagio, Ricardo Cristhian Morales
AutorBriseño-García, Arturo
AutorReyna-Castillo, Miguel
AutorPérez-Cruz, Jorge-Alberto
AutorSanJuan-Paz, Fernandoes_ES
AutorPelagio, Ricardo Cristhian Moraleses_ES
AutorBriseño-García, Arturoes_ES
AutorReyna-Castillo, Migueles_ES
AutorPérez-Cruz, Jorge-Albertoes_ES
InstituciónUniversidad Autónoma de Tamaulipas
InstituciónUniversidad Autónoma de Tamaulipases_ES
Número8es_ES
Rango de páginas204es_ES
URL relacionadahttps://doi.org/10.3390/ijfs14080204
Tipo de artículoIndexado
Tipo de artículoIndexadoes_ES
Volumen14es_ES

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