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In this research a survey was used to gain insight into the factors that affect the choice of capital structure, from the perspective of investment advisors. Content analysis of responses to open-ended questions in the questionnaire and interviews showed a clear support for the optimal capital structure theory and indicated theory-based approaches to the choice between different financing instruments. Factor analysis showed that taxation implications, market concerns and financing costs affectdoi:10.4102/sajbm.v26i2.824 fatcat:suzfzo2g3nc23dw7h3k5zjdupu