مساهمة فكرية في تطوير النظرية التوافقية

Abstract EN

The study aims to analyse the balanced relationship between borrowing advantages, representing tax savings which result from profits tax with investor and his disadvantages of bankruptcy and agency costs through the development of an analytical model, by to the researcher, basing on the trade-off theory models.

The study, through this model, that the decision to borrow is a function of the effect of the tax on corporate profits and the tax on the income of the investor on the one hand and the costs of bankruptcy and the agency On the other hand, this balance between the advantages and disadvantages of borrowing weaken the attractiveness of debts as a basis for creating value.