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Dear This a part of “Capital Structure studies” it’s a very deep science you should to read it carefully
But there are 6 important elements which briefly reply to your question
1- Business Risk Excluding debt “debt ratio”.
2- Growth Rate
3- Market Conditions
4- Financial Flexibilitycompanies have no problem raising capital when sales are growing and earnings are strong. However, given a company's strong cash flow in the good times, raising capital is not as hard.
5- Tax Exposure
6- Management Styleaggressive or conservative
