M-M theory (1958) what could possibly be the most important theory for the structure of capital, through which it explains the effect of the capital structure for the value of companies that the firm’s value and cost of capital are autonomous of the capital structure decision and as such debt is irrelevant in determining a company’s cost of capital.

Assess and make a critical review of Modigliani and Miller\'s Theory and the dominating literature that is pro and against this theory, aiming to identify the theory\'s importance and contribute to the field modern finances.