Capital structure and corporate life cycle : a deeper understanding of the capital life stage theory.

In this research a deeper understanding of the capital life stage theory is provided by literature review, documentary research, and semi-structured interviews. The main result is that the capital life stage theory is broader then only comparing corporate life stages and capital structures with each other. Besides, a critical note is written to the use of the cash flow method of Dickinson (2011) to assign life stages to specific moments of time of an organization.