पूंजी संरचना सिद्धांत का 'शुद्ध आय दृष्टिकोण' (Net Income Approach) किसके द्वारा प्रतिपादित किया गया था?

Consider the following statements regarding the Net Operating Income (NOI) approach to capital structure: Statement 1: The Net Operating Income (NOI) approach posits that the overall capitalization rate (Ko) remains constant for all levels of leverage because the total value of the firm depends solely on its operating earnings and business risk. Statement 2: According to the Net Operating Income (NOI) approach, the cost of equity (Ke) remains constant regardless of the degree of borrowing, allowing the firm to reduce its weighted average cost of capital (WACC) by using more debt.

Which capital structure theory posits that the overall cost of capital (Ko) and the cost of debt (Kd) remain constant for all levels of financial leverage, meaning leverage does not affect the total firm value?