The purpose of this study was to obtain preliminary evidence in the fields of corporate financial reporting and financial risk analysis on the relevance of applying the constructal law, areas demarcated according to the golden ratio (≈ 1.618:1), and the second law of thermodynamics -assuming that business entities are attracted toward states of maximum debt. More specifically, the study was aimed at contributing to the interpretation of the capital structure formation of business sectors by

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... s of liabilities-to-assets ratio analyses. Data was obtained from published financial statements pertaining to companies that were listed on the Johannesburg Stock Exchange, mainly relating to the financials, basic materials and consumer goods sectors. It was found that, respectively, 82,35% and 100% of the liabilities to assets of the basic materials and consumer goods sectors fell within the demarcated areas during the periods that were reviewed. This indicates the tendency of these sectors to arrange their capital structures according to the constructal law. On the contrary, the highly leveraged capital structure of the financials sector fell distinctly out of the demarcated areas. It is posited that the constructal law, the second law of thermodynamics, as well as the golden ratio are relevant when analysing liabilities to assets; despite of the laws and the ratio being associated with the natural sciences. Further research could lead to the development of new theories regarding corporate financial reporting and risk analysis, with the potential to enhance the transdisciplinary standing and relevance thereof.