Capital Structure
I think in general people have indicated that it really does depend on the organization and their specific ideal capital structure. I also do agree that it really does depend on the organization depending on which type of capital structure it is best for it. I would suspect most organizations might fall in the middle form of capital structure which indicates that they are not within the idealistic part of Modigligani-Miller theorem. Therefore, they are in the realistic portions of the trade and pecking order theory (which indicate that bankruptcy and internal financing is used first respectively).