Abstract The traditional theories governing the capital structure decisions completely ignore the human side of the enterprise (e.g. attitude to work). The objective of this paper is to identify the optimal mix of Theory X and Theory Y type employees to be employed by an organization in order to maintain (i.e. unaffected by the type of employees at work) the optimal level of capital structure. The classification of an employee into Theory X and Theory of Y is made based on the organizational contribution conditional on motivation rather than merely considering the attitude to work. Internal motivation of an employee (i.e. inherently likes or dislikes) alone cannot be identified as the criterion of recognizing employees under Theory X and Theory of Y. Level of attainment of needs within the organization, psychological state of mind and cultural dimension (i.e. individualism-collectivism) of the individual attached to the organization are the main behavioural criteria that distinguish between Theory X-type and Theory Y-type employees. This paper shows that the optimal capital structure is unaffected by the employment mix at the optimal level of Theory X and Theory Y type employees employed by an organization. The firms’ managers must therefore consider the behavioral aspects of employees (e.g. attitude to risk) when making organizational decisions such as financial decisions. For example, mismatches in the capital structure can be explained by a careful analysis of behavioral aspects of employees. By making necessary adjustments to the current employment mix, the firm could eliminate the mismatches in the firm’s capital structure.

中文翻译：

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就业条件下的最优资本结构：理论X和理论Y的应用

摘要支配资本结构决策的传统理论完全忽略了企业的人性（例如工作态度）。本文的目的是确定组织要聘用的理论X和理论Y型雇员的最佳组合，以维持（即不受工作中雇员类型的影响）资本结构的最佳水平。将员工分为理论X和理论Y的依据是基于动机的组织贡献，而不是仅仅考虑工作态度。不能将员工的内部动机（即内在的喜欢或不喜欢）单独确定为根据X理论和Y理论对员工进行认可的标准。组织内需求的实现水平，依附于组织的个人的心理状态和文化维度（即个人主义-集体主义）是区分X型理论员工和Y型理论员工的主要行为准则。本文表明，在组织雇用的X型理论和Y型理论雇员的最佳水平上，最优资本结构不受雇佣组合的影响。因此，企业经理在制定组织决策（例如财务决策）时必须考虑员工的行为方面（例如，对风险的态度）。例如，资本结构的不匹配可以通过对员工行为方面的仔细分析来解释。通过对当前的就业结构进行必要的调整，企业可以消除企业资本结构的不匹配。依附于组织的个人的个体主义（集体主义）是区分X型理论员工和Y型理论员工的主要行为准则。本文表明，在组织雇用的X型理论和Y型理论雇员的最佳水平上，最优资本结构不受雇佣组合的影响。因此，企业经理在制定组织决策（例如财务决策）时必须考虑员工的行为方面（例如，对风险的态度）。例如，资本结构的不匹配可以通过对员工行为方面的仔细分析来解释。通过对当前的就业结构进行必要的调整，企业可以消除企业资本结构的不匹配。依附于组织的个人的个体主义（集体主义）是区分X型理论员工和Y型理论员工的主要行为准则。本文表明，在组织雇用的X型理论和Y型理论雇员的最佳水平上，最优资本结构不受雇佣组合的影响。因此，企业经理在制定组织决策（例如财务决策）时必须考虑员工的行为方面（例如，对风险的态度）。例如，资本结构的不匹配可以通过对员工行为方面的仔细分析来解释。通过对当前的就业结构进行必要的调整，企业可以消除企业资本结构的不匹配。