We need ‘operating capital’ to
support our daily life. In the case of
firm, fund must be raised to acquire that operating capital. It is usually a
combination between equity and debt. We
can interpret equity as something we have and debt as something we should do or
obligation. The mixture of debt and
equity is called capital structure. We have to make ‘capital structure
decision’ for our life in order to maximize our life’s value.
Allah mentioned in verse 282 of al-Baqarah that we have to write down our obligation. It means we have to
concern with our debt or our obligation. make a list of your ‘obligations’ to
family, friend, mankind, God, society, and the ummah then enjoy fulfilling
them. Sometimes Fulfilling obligation can be a pleasure, instead of onerous
responsibility. With this note, I’m trying to write down what I should fulfil.
May Allah gives Rahmah and Barokah.
For me, dreams are a ‘debt’ to
myself. Dreams are something that I should fulfil. If we treat dreams as a
debt, how much should I ‘borrow’? how much debt-ratio should I use? How high
dreams should I achieve? Several factors influence our life’s capital
structure. One of them is managerial conservatism or aggressiveness. If we are
conservative, we tend to be a risk averse while aggressive person wants to take
a risk.
The trade-off theory of capital
structure recognizes that target debt ratio may vary from firm to firm. Dreams
are also like that. It may vary among people. Some said that a high debt ratio
raises the threat of bankruptcy which carries a cost but which also forces us
to be more careful and less wasteful with that ‘money’. Let’s ask our self. Is
it ok if we create a target of high dream? Does that makes us more spirit and
less wasteful of our time or not?
An alternative theory of capital
structure relates to the signals by a decision to use a debt in positive, or at
least neutral, signals. As a result, we
have to know the signals whether positive or negative to use debt. We have to
see the prospects are positive or negative. That signals can be seen as our
considerations to achieve our dreams. The more we aware the more possible we
reach our dream.
What I want to be? What is my
‘debt’? to be honest, I really wanna be
a rich Muslim that gives benefit not only to myself and my family but also to
the society and the Ummah. I hope that the MBA knowledge I got can give a right
direction to my destination. I also want to be academician who shares knowledge
to other and finally Islamic scholars or we call it as Kiai in Indonesia is
another dream that I want to achieve. I define Kiai as someone who always serve
the society sincerely . Businessman, academician and also Kiai can be seen as
mission to be the best man who gives benefit to other people. Khoirunnas
anfauhum linnas.
Talking about ‘my debt’, Is it to
high? Is it achievable? Is it measurable? La Takhof wa la tahzan innalloha
ma’ana . don’t be fear and don’t be sad. To be sure, Allah is with us. To
answer those question. I believe that as long as Allah with me nothing
impossible. Related to capital structure theory, is there a theory of optimal
capital structure? The answer is NO. No one theory can capture everything that
drives thousands of corporations’ debt vs equity choices. It depends on each
particular corporation’s assets, operations and circumstance.
In the case of dream, it also
depends on us. The wise word said that if we think we can, we can!. Let’s do
our best to achieve our dreams. Let’s work the hardest we can to pay our debt. Today
7 November 2012 in my birthday. I’m with more than 25 orphans in Gombak Kuala
Lumpur praying to Allah to seek His help. I hope that Allah hears our dreams and accepts
all those things as worshipping Him or ‘Ibadah. All praise is for Allah
and all power is His. He is our Lord and to Him the end of all journeys. Wallohu
‘alam bisshawab.
Kuala Lumpur,
7 November 2012
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