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what are the elements of capital structure

by Miss Kelly Johns Published 3 years ago Updated 3 years ago

  • Capital structure. Capital structure describes the mix of a firm's long-term capital, which consists of a combination of debt and equity.
  • Equity. The equity portion of the debt-equity relationship is easiest to define. In a capital structure, equity consists of a company's common and preferred stock plus retained earnings.
  • Debt. A discussion of debt is less straightforward. Investment literature often equates a company's debt with its liabilities; however, there is an important distinction between operational liabilities and debt liabilities.

Capital structure can be a mixture of a company's long-term debt, short-term debt, common stock, and preferred stock. A company's proportion of short-term debt versus long-term debt is considered when analyzing its capital structure.

Full Answer

What factors determine capital structure?

The factors which influence the decisions of capital structure are as follows: –

  • Nature of Business: Capital structure is largely influenced by nature of business activities. ...
  • Degree of Control: The degree of control that a company prefers to keep plays an effective role in deciding the capital structure. ...
  • Cost of Capital: Cost of capital is the cost involved in raising funds for business from various sources. ...

More items...

How to determine your capital structure?

  • Estimate the financing deficit or surplus. First, Consumerco’s executives forecast the financing deficit or surplus from its operations and strategic investments over the course of the industry’s business cycle—in this ...
  • Set a target credit rating. ...
  • Develop a target debt level over the business cycle. ...

What is capital structure and why is it important?

What Is Capital Structure And Why It Matters In Business

  • Understanding financial statements. Financial statements help companies assess several aspects of the business, from profitability ( income statement) to how assets are sourced ( balance sheet ), and cash inflows ...
  • Understanding how assets are built from a financial standpoint. ...
  • Optimizing the capital structure. ...
  • Key takeaways. ...

What are the different forms of capital structure?

When seeking investment quality, the balance sheet tells the story

  • Capital Structure Terminology. Capital structure describes the mix of a firm's long-term capital, which consists of a combination of debt and equity.
  • Ratios Applied to Capital Structure. ...
  • Optimal Relationship Between Debt and Equity. ...
  • About Leverage. ...
  • The Bottom Line. ...

What are the three types of capital structure?

Types of Capital StructureEquity Capital. Equity capital is the money owned by the shareholders or owners. ... Debt Capital. Debt capital is referred to as the borrowed money that is utilised in business. ... Optimal Capital Structure. ... Financial Leverage. ... Importance of Capital Structure. ... Also See:

What is capital structure of a company what are the elements and why it is important?

Capital structure refers to the specific mix of debt and equity used to finance a company's assets and operations. From a corporate perspective, equity represents a more expensive, permanent source of capital with greater financial flexibility.

What are the types of capital structure?

Capital structure refers to the percentage of capital at work in a business. There are primary two forms of capital: Equity capital and debt capital. A majority of experienced corporate management is trying to find the perfect capital structure for risk/reward payoff.

What are the elements of the capital structure that need proper scrutiny and analysis co4?

Elements of Capital Structure that require proper analysis and...Capital Mix.Maturity and Priority.Terms and Conditions.Currency.Financial Innovations.

What is capital structure with example?

1 This mix of debts and equities make up the finances used for a business's operations and growth. For example, the capital structure of a company might be 40% long-term debt (bonds), 10% preferred stock, and 50% common stock. The capital structure of a business firm is essentially the right side of its balance sheet.

What factors influence capital structure?

Some of the major factors influencing capital structure are as follows: 1. Financial Leverage or Trading on Equity 2. Expected Cash Flows 3. Stability of Sales 4.

What are the objectives of capital structure?

Objectives of Capital StructureDecision of capital structure aims at the following two important objectives:1. Maximize the value of the firm. 2. Minimize the overall cost of capital.

What is the best capital structure?

What Is Optimal Capital Structure? The optimal capital structure of a firm is the best mix of debt and equity financing that maximizes a company's market value while minimizing its cost of capital. In theory, debt financing offers the lowest cost of capital due to its tax deductibility.

Capital Mix

Firms often need to take a decision on how much debt and equity must be sourced for the operation of the business.

Maturity and Priority

The companies that use debt must be aware of the maturity and priority of the debt instruments they own.

Terms and Conditions

It is important for firms to know the terms and conditions attached to their debt financing. The lenders often state the terms when they lend funds and companies can realize various issues of payments from the rules.

Currency

As overseas marketing offers a possibility of arranging large funds at an attractive interest rate, companies may check whether funding businesses with overseas funds is helpful.

Financial Innovations

Tweaks in the process of financing can also be helpful for companies to arrange funds and deploy them at a lower cost in various projects. For example, using convertible debentures instead of non-convertible ones can be useful in some cases. Companies can use financial innovation to structure capitalization to their advantage in many other ways.

How does a firm reduce equity?

In the second approach, the firm will borrow money (i.e., issue debt) and use that money to pay a one-time special dividend, which has the effect of reducing the value of equity by the value of the divided. This is another method of increasing debt and reducing equity.

How to recapitalize a business?

Methods of recapitalization include: Issue debt and repurchase equity. Issue debt and pay a large dividend to equity investors. Issue equity and repay debt. Each of these three methods can be an effective way of recapitalizing the business.

How does a firm borrow money?

In the first approach, the firm borrows money by issuing debt and then uses all of the capital to repurchase shares from its equity investors. This has the effect of increasing the amount of debt and decreasing the amount of equity on the balance sheet.

What are the pros and cons of equity?

Pros and cons of equity: 1 No interest payments 2 No mandatory fixed payments (dividends are discretionary) 3 No maturity dates (no capital repayment) 4 Has ownership and control over the business 5 Has voting rights (typically) 6 Has a high implied cost of capital 7 Expects a high rate of return (dividends and capital appreciation) 8 Has last claim on the firm’s assets in the event of liquidation 9 Provides maximum operational flexibility

What is capital structure?

From a technical perspective, the capital structure is the careful balance between equity and debt that a business uses to finance its assets, day-to-day operations, and future growth. Capital Structure is the mix between owner’s funds and borrowed funds.

What is the proportion of debt in the overall capital of a firm called?

The proportion of debt in the overall capital of a firm is called Financial Leverage or Capital Gearing. When overall debt in the firm increases, cost of funds declines as debt is a cheaper source of funds.

What determines a firm's debt capacity?

A firm’s ability to pay expenses and loans determines debt capacity. Some firms operate in volatile financial environments affecting their ability to meet financial obligations. The company may raise funds by issuing debts if it has a fluent cash flow position, as they are to be paid back after some time.

What influence do stock market conditions have on the stock market?

Conditions of the stock market influence the determination of securities. During the depression, people do not like to take a risk and do not take interest in the equity shares. During the boom, investors are ready to take a risk and invest in equity shares.

What is the most basic and practical thing required to start a company?

What is the most basic and practical thing required to start a company? Yes, it is money. Capital is the fund required to initiate the activities of any business. It is the foundation of business finance. The capital structure is how a firm finances its overall operations and growth by using different sources of funds.

What is capital structure?

Capital Structure is the composition of company’s sources of funds, which is a mix of owner’s capital (equity) and loan (debt) from outsiders and is used to finance its overall operations and investment activities . The owner’s capital is in the form of equity shares (i.e. common stock ), preference shares (i.e.

What does the appropriate level of capital structure do?

The appropriate level of the capital structure increases the valuation of the overall entity.

What is owner capital?

The owner’s capital is in the form of equity shares (i.e. common stock ), preference shares (i.e. preference stock), or any other form which is eligible to take control over the retained earnings Retained Earnings Retained Earnings are defined as the cumulative earnings earned by the company till the date after adjusting for the distribution of the dividend or the other distributions to the investors of the company. It is shown as the part of owner’s equity in the liability side of the balance sheet of the company. read more of the entity. Debt capital is in the form of the issue of bonds Bonds A bond is financial instrument that denotes the debt owed by the issuer to the bondholder. Issuer is liable to pay the coupon (an interest) on the same. These are also negotiable and the interest can be paid monthly, quarterly, half-yearly or even annually whichever is agreed mutually. read more or debentures of loans from a financial banker. Capital structure is a very critical factor in the case of project financing Project Financing Project Finance is long-term debt finance offered for large infrastructure projects depending upon their projected cash flows. Moreover, an investor has to form a Special Purpose Vehicle (SPV) to acquire the same. read more. The bankers are much concerned about the initial percentage of funding to the proposed project and usually assist up to 70% of the project cost.

What is preference capital?

Preference share capital is a mediatory form of capital wherein they are shareholders of the entity with a preference over the common stockholders of the entity. Here, preference means preference in case of payment of dividend.

What is retained earnings?

Retained earnings are nothing but an accumulation of profits over the years. In the case of liquidation Liquidation Liquidation is the process of winding up a business or a segment of the business by selling off its assets. The amount realized by this is used to pay off the creditors and all other liabilities of the business in a specific order. read more of the entity, the equity shareholders will be the last people to be paid.

What is equity shareholder?

Shareholders A shareholder is an individual or an institution that owns one or more shares of stock in a public or a private corporation and, therefore, are the legal owners of the company.

Why do enterprises borrow money?

An enterprise often borrows money from different financing sources to run their operations in return for interest payments and capital gains. read more. for the entity since the interest meter starts after the credit period & at a lower rate of interest as compared to normal debt capital.

What is capital structure?

Capital structure is how a company funds its overall operations and growth. Debt consists of borrowed money that is due back to the lender, commonly with interest expense. Equity consists of ownership rights in the company, without the need to pay back any investment. The Debt-to-Equity (D/E) ratio is useful in determining the riskiness ...

Which type of business uses capital structures?

Firms in different industries will use capital structures better suited to their type of business. Capital-intensive industries like auto manufacturing may utilize more debt, while labor-intensive or service-oriented firms like software companies may prioritize equity.

What is the difference between a high leverage ratio and a conservative capital structure?

Companies that use more debt than equity to finance their assets and fund operating activities have a high leverage ratio and an aggressive capital structure. A company that pays for assets with more equity than debt has a low leverage ratio and a conservative capital structure. That said, a high leverage ratio and an aggressive capital structure can also lead to higher growth rates, whereas a conservative capital structure can lead to lower growth rates.

Why is debt to equity important?

The debt-to-equity (D/E) ratio is useful in determining the riskiness of a company's borrowing practices.

What is equity capital?

Equity capital arises from ownership shares in a company and claims to its future cash flows and profits. Debt comes in the form of bond issues or loans, while equity may come in the form of common stock, preferred stock, or retained earnings. Short-term debt is also considered to be part of the capital structure.

Where are debt and equity found?

Both debt and equity can be found on the balance sheet. Company assets, also listed on the balance sheet, are purchased with this debt and equity. Capital structure can be a mixture of a company's long-term debt, short-term debt, common stock, and preferred stock. A company's proportion of short-term debt versus long-term debt is considered ...

Is a company's capital structure a credit risk?

However, if a company has too much debt, investors will often see this as a credit risk.

What is capital structure?

Capital structure refers to the way that a business is financed—the mix of debt and equity that allows a business to keep the doors open and the shelves stocked. A company's ideal capital structure will depend on its specific situation, including factors like the cost of capital, the business cycle, and any existing debt or equity.

How to assess a company's capital structure?

It's common to assess a company's capital structures using ratios like the debt-to-equity ratio. 1  This allows analysts to quickly gauge how much of the company's capital structure is made up of debt and how much is equity financing.

What is the cost of capital?

Both debt and equity come with costs, and these are known as the cost of capital. A simple cost of capital is the interest rate paid on a loan, but all forms of financing have their cost. Equity financing comes at the cost of some ownership stake in the business.

Which side of the balance sheet is capital structure?

The capital structure of a business firm is essentially the right side of its balance sheet.

How does a business recapitalize?

A business can recapitalize by essentially exchanging debt for equity. It can acquire more debt—either by issuing corporate bonds or by taking on a business loan—and then use that leverage to purchase back some of its equity in the form of a share buyback.

What is capital structure?

Capital structure is a term related to the components of business capital used by it for financing its expenses. It involves the proper arrangement of owner funds and borrowed funds in right proportion for carrying out the operations in an efficient way towards achievement of goals. Capital structure is also termed as debt-to-equity ratio.

What are the factors that determine the capital structure of a company?

The factors which influence the decisions of capital structure are as follows: –. Nature of Business: Capital structure is largely influenced by nature of business activities.

What is preferred capital?

Preferred Capital: Preference shareholders are the one that carry preferential rights over equity shareholders in terms of dividend payment and capital repayment. These shareholder carries a right of getting a fixed rate of dividend. They are also owners of firm with limited voting rights and control over affairs of company. Preference shares are of many types like redeemable and non-redeemable, cumulative and non-cumulative, convertible and non-convertible preference shares.

Why do companies prefer debt capital?

In case of high corporate taxes, companies prefer debt capital because interest paid on debt is allowed as a deduction while computing a tax liability. Dividend paid on equity and preference share capital are not allowed as tax deduction. Factors Determining the Capital Structure.

What is shareholder fund?

Shareholder funds is a funds that is contributed by owner of business and is also termed as ownership capital. It involves issuing shares for acquiring the funds or utilizing retained earnings for funding the expenses of company. Shareholder funds consists of three sources of funds which are: 1 Equity Capital: Equity capital refers to the owner’s capital which is permanent in nature. The equity shares are issued which provides the ownership rights to shareholders. They are liable to receive the dividend as per the proportion of company’s profit. Equity shareholders are real risk bears whose liability is restricted to their amount of contribution. 2 Preferred Capital: Preference shareholders are the one that carry preferential rights over equity shareholders in terms of dividend payment and capital repayment. These shareholder carries a right of getting a fixed rate of dividend. They are also owners of firm with limited voting rights and control over affairs of company. Preference shares are of many types like redeemable and non-redeemable, cumulative and non-cumulative, convertible and non-convertible preference shares. 3 Retained Earnings: Retained earnings is a part of profit earned by company that is not distributed as dividend but is kept aside for reinvesting in business. It is also termed as self-financing or ploughing back of profits. It accumulates funds by keeping a part of business profits which are used for financing various activities thereby leading to growth and expansion of business.

How does the size of a company affect the proportion of debt and equity in capital structure?

Size of Company: The size of company greatly influences the proportion of debt and equity in capital structure. Large companies are considered more reliable and can easily raise funds through the issue of debenture or taking loans. Whereas small companies face difficulty in raising debt capital, therefore are dependent on equity capital and retained earnings.

What is debt equity ratio?

Debt-Equity Ratio: Preference for a debt-equity ratio by company determine its capital structure. If a company aims to maintain a low debt-to-equity ratio, then it will prefer debt funds over the equity funds which do not leads to dilution of ownership and is a cheap source of funds.

What is capital structure?

Capital structure is a permanent type of funding that supports a company's growth and related assets. Expressed as a formula, capital structure equals debt obligations plus total shareholders' equity:

What are the three capitalization ratios?

The first two are popular metrics: the debt ratio (total debt to total assets) and the debt-to-equity (D/E) ratio (total debt to total shareholders' equity). However, it is a third ratio, the capitalization ratio — (long-term debt divided by (long-term debt plus shareholders' equity))—that delivers key insights into a company's capital position.

What is equity in debt?

In a capital structure, equity consists of a company's common and preferred stock plus retained earnings. This is considered invested capital and it appears in the shareholders' equity section of the balance sheet. Invested capital plus debt comprises capital structure.

What is equity in finance?

Equity consists of a company's common and preferred stock plus retained earnings. What constitutes debt varies, but typically includes short-term borrowing, long-term debt, and a portion of the principal amount of operating leases and redeemable preferred stock. Important ratios to analyze capital structure include the debt ratio, ...

What is a firm's judicious use of debt and equity?

A firm's judicious use of debt and equity is a key indicator of a strong balance sheet. A healthy capital structure that reflects a low level of debt and a high amount of equity is a positive sign of investment quality. This article focuses on analyzing the balance sheet based on a company's capital structure.

What is considered debt?

What constitutes debt varies, but typically includes short-term borrowing, long-term debt, and a portion of the principal amount of operating leases and redeemable preferred stock .

Is there a fixed payment of principal or interest attached to operational liabilities?

Also, unlike debt, there are no fixed payments of principal or interest attached to operational liabilities.

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Capital Mix

  • Firms often need to take a decision on how much debt and equity must be sourced for the operation of the business. 1. Debt can be acquired from a variety of sources. The firm must realize what is the debt-equity ratio to keep a track of the financial mix that is optimum for it. 2. The firm should also ascertain whether the dependence on debt is fre...
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Maturity and Priority

  • The companies that use debt must be aware of the maturity and priority of the debt instruments they own. 1. Commercial papers have the shortest maturity period, while public debt has the longest. 2. The company must be able to differentiate between the choices of the maturity periods in order to make the most of the debts it has accumulated. 3. A company may reach a risk-neutr…
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Terms and Conditions

  • It is important for firms to know the terms and conditions attached to their debt financing. The lenders often state the terms when they lend funds and companies can realize various issues of payments from the rules. 1. The firms can learn about the maturity period, when and how to use funds, and how to pay back the loans it has acquired from lenders. 2. Terms and conditions are …
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Currency

  • As overseas marketing offers a possibility of arranging large funds at an attractive interest rate, companies may check whether funding businesses with overseas funds is helpful. Currency rates often differ from country to country, and it offers an advantage to companies in arranging large funds for operations. Knowing the resources related to currency exchanges is, therefore, a nice i…
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Financial Innovations

  • Tweaks in the process of financing can also be helpful for companies to arrange funds and deploy them at a lower cost in various projects. For example, using convertible debenturesinstead of non-convertible ones can be useful in some cases. Companies can use financial innovation to structure capitalization to their advantage in many other ways. 1. Related Questions & Answers …
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Optimal Capital Structure

Image
The optimal capital structure of a firm is often defined as the proportion of debt and equity that results in the lowest weighted average cost of capital (WACC) for the firm. This technical definition is not always used in practice, and firms often have a strategic or philosophical view of what the ideal structure should be. In ord…
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Dynamics of Debt and Equity

  • Below is an illustration of the dynamics between debt and equity from the view of investors and the firm. Debt investors take less risk because they have the first claim on the assets of the business in the event of bankruptcy. For this reason, they accept a lower rate of return and, thus, the firm has a lower cost of capital when it issues debt compared to equity. Equity investors tak…
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Cost of Capital

  • A firm’s total cost of capital is a weighted average of the cost of equity and the cost of debt, known as the weighted average cost of capital (WACC). The formula is equal to: WACC = (E/V x Re) + ((D/V x Rd) x (1 – T)) Where: E = market value of the firm’s equity (market cap) D = market value of the firm’s debt V = total value of capital (equity plus debt) E/V = percentage of capital th…
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Capital Structure by Industry

  • Capital structures can vary significantly by industry. Cyclical industries like miningare often not suitable for debt, as their cash flow profiles can be unpredictable and there is too much uncertainty about their ability to repay the debt. Other industries, like banking and insurance, use huge amounts of leverage and their business models require large amounts of debt. Private co…
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How to Recapitalize A Business

  • A firm that decides they should optimize their capital structure by changing the mix of debt and equity has a few options to effect this change. 1. Issue debt and repurchase equity 2. Issue debt and pay a large dividend to equity investors 3. Issue equity and repay debt Each of these three methods can be an effective way of recapitalizing the business. In the first approach, the firm bo…
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Tradeoffs Between Debt and Equity

  • There are many tradeoffs that owners and managers of firms have to consider when determining their capital structure. Below are some of the tradeoffs that should be considered. 1. No interest payments 2. No mandatory fixed payments (dividends are discretionary) 3. No maturity dates (no capital repayment) 4. Has ownership and control over the business 5. Has voting rights (typicall…
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Video Explanation of Capital Structure

  • Watch this short video to quickly understand the main concepts covered in this guide, including the definition of capital structure, what is the optimal capital structure, and the calculation of the weighted average cost of capital (WACC).
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Capital Structure in Mergers and Acquisitions

  • When firms execute mergers and acquisitions, the capital structure of the combined entities can often undergo a major change. Their resulting structure will depend on many factors, including the form of the consideration provided to the target (cash vs shares) and whether existing debt for both companies is left in place or not. For example, if Elephant Inc. decides to acquire Squirrel C…
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Leveraged Buyouts

  • In a leveraged buyout (LBO)transaction, a firm will take on significant leverage to finance the acquisition. This practice is commonly performed by private equity firms seeking to invest the smallest possible amount of equity and finance the balance with borrowed funds. The image below demonstrates how the use of leverage can significantly increase equity returns as the deb…
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Additional Capital Structure Resources

  • Thank you for reading this guide and overview of capital structures and the important considerations that owners, managers, and investors have to take into account. To continue learning and advancing your career, these additional CFI resources will be a big help: 1. WACC Guide 2. Corporate Finance Overview 3. Financial Modeling Guide 4. DCF Modeling Guide
See more on corporatefinanceinstitute.com

Capital Structure Formula

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The formula of capital structure quantifies the amount of equity and the amount of outsiders’ capital at a point in time. We can do such calculations as a percentage of each money to the total capital or debt to equity ratio. Let us calculate capital structure using the Debt/Equity formula. A company with a higher debt-equity rati…
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Examples of Capital Structure

  • Example #1
    A company has proposed an investment in a project with information about its project cost. The project will be financed 20% by the common stock, 10% by the preferred stock, and the rest by the debt. The company intends to understand its calculations. Solution: Debt Equity will be – Debt E…
  • Example #2
    The capital structure of the entity over the projected years is as follows: – Note:The debt-equity share has been reducing over the years since the reserves increased, and the company can repay its debt holders.
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Types of Capital Structure

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Why Is It Important?

  1. Business increases when it has a higher amount of funds for disposal. Debt provides higher leverage for the entity and is therefore essential to increase the return on capital employedReturn On Cap...
  2. The market always rewards a balanced capital structure, reflected in the share price.
  3. It further ensures the appropriate utilization of funds for business.
  1. Business increases when it has a higher amount of funds for disposal. Debt provides higher leverage for the entity and is therefore essential to increase the return on capital employedReturn On Cap...
  2. The market always rewards a balanced capital structure, reflected in the share price.
  3. It further ensures the appropriate utilization of funds for business.
  4. The right level of capital structure minimizes the overall cost of capital to an optimum level.
See more on wallstreetmojo.com

Recommended Articles

  • This article has been a guide to capital structure and its meaning. Here, we discuss its formula, examples, types, and why it is important? You may learn more about financing from the following articles: – 1. Business Structure 2. Debt Financing vs Equity Financing 3. Debt vs Equity 4. Debt Schedule
See more on wallstreetmojo.com

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        Metadata
        Bindings
        • 0. 2025-06-23 09:06:25
        • 1. what-are-the-elements-of-capital-structure
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        • 18. /vendor/laravel/framework/src/Illuminate/Routing/Router.php:842
        • 19. Route binding:39
        • 20. /vendor/laravel/framework/src/Illuminate/Pipeline/Pipeline.php:167
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        Metadata
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        • 18. /vendor/laravel/framework/src/Illuminate/Routing/ControllerDispatcher.php:45
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        • 20. /vendor/laravel/framework/src/Illuminate/Routing/Route.php:205
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        • 20. /vendor/outl1ne/nova-menu-builder/src/helpers.php:33
        • 22. /vendor/laravel/framework/src/Illuminate/Routing/Controller.php:54
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        Metadata
        Backtrace
        • 24. /vendor/outl1ne/nova-menu-builder/src/Models/Menu.php:35
        • 25. /vendor/outl1ne/nova-menu-builder/src/helpers.php:33
        • 27. /vendor/laravel/framework/src/Illuminate/Routing/Controller.php:54
        • 28. /vendor/laravel/framework/src/Illuminate/Routing/ControllerDispatcher.php:45
        • 29. /vendor/laravel/framework/src/Illuminate/Routing/Route.php:261
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        Metadata
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