t assets. The intensity of investment is also an indicator of asset flexibility (the lower the intensity of investment, the greater the asset flexibility): carriers have, due to their need for transportation assets, limited flexibility parison with the non-asset-based clusters.Р3.2 Capital structure of LSPsР The capital structure reveals how assets are financed, by debt or equity ([39] Modigliani and Miller, 1958). The debt-to-equity ratio is the major indicator for financial risk assessment ([7] Bhandari, 1988). As debtors have to guarantee payback, debt capital is relatively pared to equity, but associated with higher risk, because illiquidity may lead to foreclosure. Higher costs of equity can be ascribed to payments to stockholders in the form of dividends ([59] Speh and Novack, 1995).
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