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In the finance literature, the concept of optimum capital structure has been discussed extensively. Academic researchers and corporate managers have been seeking endlessly to formulate the optimal capital structure; however, there is no universal and across the board understanding of this concept and its dynamics. However, it is noticeable that the notion of firm-level optimum capital structure is a mirage due to ever-changing business, and firm-specific environment. Many scholars suggest that instead of striving to achieve the specific point of optimal capital structure, firms should aim to achieve the range of it (Myers, 1984). The total capital requirements underpin the financial resources of a firm, and these resources can be utilized to acquire assets (investment), which are necessary to run firms. The capital structure underlines the relative share of debt and equity in the total capital of a firm. To find the right financing path a firm needs to balance the advantages of debt, for example, interest tax shield, and the risks associated with debt, for example, the financial distress costs. Thus, it is very important to study the pros and cons of different sources of finance. The choice of the capital structure depends on many factors such as the size of the company, industry/sector characteristics, profitability and corporate tax level, the tangibility of assets, and growth opportunities. However, corporate boards of directors play a major role in making decisions regarding the capital structure of firms they serve along with providing leadership and guidance to the Abstract

Board of directors, capital structure, investment decisions and firm-performance: An empirical study of Nordic firms