How to cite this paper
Lim, D., Supratikno, H., Ugut, G & Hulu, E. (2022). Causative dynamics of overconfidence, optimism, framing effects and demographic attributes as capital structure determinants for publicly listed firms in Indonesia.Accounting, 8(2), 123-138.
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Abdeldayem, M. M. & Sedeek, D. S. (2018). Managerial behavior and capital structure decisions; do overconfidence, optimism and risk aversion matter? Asian Economic and Financial Review, Asian Economic and Social Society, 8(7), 925–945.
Abeywardhana, D. K. Y. (2017). Capital structure theory: An overview. Accounting and Finance Research, 6(1), 131–138.
Adusei, M. & Obeng, E. Y. T. (2018). Board gender diversity and the capital structure of microfinance institutions: A global analysis. The Quarterly Review of Economics and Finance, 71, 258–269.
Al-Tally, H. A. (2014). An investigation of the effect of financial leverage on firm financial performance in Saudi Arabia’s public listed companies. Unpublished doctoral dissertation, Victoria University, Victoria, Australia.
Alti, A. (2006). How persistent is the impact of market timing on capital structure? The Journal of Finance, 61(4), 1681–1710.
Armstrong, M., Brown, D. & Reilly, P. (2010). Evidence-base reward management. London Kogan Page.
Aghazadeh, S., Sun, L., Wang, Q. & Yang, R. (2018). Investors’ perception of CEO overconfidence: Evidence from the cost of equity capital. Review of Quantitative Finance and Accounting, 51(4).
Arnold, G. (2008). Corporate financial management (4th ed.). Prentice-Hall.
Azouzi, M. A. & Jarboui, A. (2012). CEO emotional bias and capital structure choice, Bayesian Network Method. Journal of Business Excellence and Management, 2(2), 47–70.
Baker, M. & Wurgler, J. (2002. Market timing and capital structure. Journal of Finance, 57.
Barone-Adesi, G., Mancini, L. & Shefrin, H. (2012). A tale of two investors: Estimating risk aversion, optimism and overconfidence. Working paper.
Barros, L. A. & Da Silveira, D. M. (2007). Overconfidence, managerial optimism and the determinants of capital structure. Brazilian Review of Finance, 6(3).
Bellucci, A., Borisov, A. & Zazzaro, A. (2010). Does gender matter in bank–firm relationships? Evidence from small business lending. Journal of Banking & Finance, 34(12), 2968–2984.
Benson, D. & Ziedonis, R. H. (2010). Corporate venture capital and the returns to acquiring portfolio companies. Journal of Financial Economics, 98(3), 478–499.
Ben-David, I., Graham, J. R. & Harvey, C. R. (2013). Managerial miscalibration. Quarterly Journal of Economics, 128(4), 1547–1584.
Benkraiem, R., Boubaker, S., Brinette, S. & Khemiri, S. (2021). Board feminization and innovation through corporate venture capital investments: the moderating effects of independence and management skills. Technological Forecasting and Social Change, 163.
Bentham, J. (1789). An introduction to the principles of morals and legislation. The first edition of this work was printed in the year 1780 and first published in 1789. The present edition is a careful reprint of ‘A New Edition, corrected by the Author’, published in 1823.
Bessler, D. A. & David, E. E. (2004). Price discovery in the Texas cash cattle market. Applied Stochastic Models in Business and Industry, 20(4).
Bessler, W. D., Drobetz, W. & Holler, J. (2008). Capital markets and corporate control: Empirical evidence from hedge fund activism in Germany. Working paper, Justus-Liebig-University Giessen, Germany.
Bilgehan, T. (2014). Psychological biases and the capital structure decisions; a literature review. Theoretical Ans Applied Economics, 21(12), 123–142.
Bradley, M., Jarrell, G. A. & Kim, E. H. (1984). On the existence of an optimal capital structure: Theory and evidence. Journal of Finance, 39, 857–878.
Busenitz, L. & Barney, J. (1997). Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision making. Journal of Business Venturing, 12, 9–30.
Carpenter, M. A., Geletkanycz, M. A. & Sanders, W. G. (2004). Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management, 30, 747–778.
Chen, H., De, P., Hu, J. & Hwang, B.-H. (2014). Wisdom of crowds: The value of stock opinions transmitted through social media. Review of Financial Studies, 27(5), 1367–1403.
Custódio, C. & Metzger, D. (2014). Financial expert CEOs: CEO’s work experience and firm’s financial policies. Journal of Financial Economics, 114(1), 125–154.
Cronqvist, H. & Makhija, A. K. & Yonker, S. E. (2012). Behavioral consistency in corporate finance: CEO personal and corporate leverage. Journal of Financial Economics, 103(1), (20–40.
Đang, R., Houanti, L. Reddy, K. & Simioni, M. (2020). Does board gender diversity influence firm profitability? A control function approach. Economic Modelling, 90, 168–181.
De Bondt, W. F. M. & Thaler, R. M. (1995). Financial decision-making in markets and firms: A behavioral perspective. In R. Jarrow, V. Maksimovic & W. T. Ziemba (Eds.), Finance (Handbooks in Operations Research and Management Science, vol. 9, 385–410. North Holland: Elsevier B.V.
Desai, M. A. & Fritz Foley, C. (2005). A multinational perspective on capital structure choice and internal capital markets. The Journal of Finance, 59(6), 2451–2487.
Faccio, M., Marchica, M.-T. & Murac, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–(209.
Fama, E. F. & French, K. R. (1998). Value versus growth: The international evidence. Journal of Finance, 53(6), 1975–1999.
Fama, E. F. & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1–33.
Finkelstein, S., Hambrick, D. C. & Cannella, A. A. (2009. Strategic leadership: Theory and research on executives, top management teams, and boards. Oxford University Press.
Frank, M. Z. & Goyal, V. K. (2004). The effect of market conditions on capital structure adjustment. Finance Research Letters, 1(1), 47–55.
Frydenberg, S. (2004). Determinants of corporate capital structure of Norwegian manufacturing firms. Working Paper No. 1999:6, Trondheim Business School. https://doi.org/10).2139/ssrn.556634
Germain, L., Rosseau, F. & Vanhems, A. (2005). Optimistic and pessimistic trading in financial markets. Working paper.
Hambrick, D. C. & Mason, P. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9, 193–206.
Harris, M. & Raviv, A. (1991). The theory of capital structure. Journal of Finance, 46(1), 297–355.
Heaton, J. B. (2002). Managerial optimism and corporate finance. Financial Management, 31(2), 33–45.
Heifetzy, A. & Spiegel, Y. (2001). The evolution of biased perceptions. Paper presented at The (2001 Summer Meetings of the Econometric Society in University of Maryland.
Hribar, P. & Yang, H. (2010). Does CEO overconfidence affect management forecasting and subsequent earnings management? Working paper.
Hirshleifer, J. (1966). Investment decisions under uncertainty: Applications of the state-preference approach. Quarterly Journal of Economics, 80(2), 237–277. https://doi.org/10).2307/1880692
Hirshleifer, D., Low, A. & Teoh, S. H. (2012). Are overconfident CEOs better innovators? Journal of Finance, 67(4), 1457–1498.
Hoffmann, A. & Post, T. (2012). What makes investors optimistic? What makes them afraid? Netspar Working Paper Series No. 44.
Hovakimian, A. (2006). Are observed capital structures determined by equity market timing? The Journal of Financial and Quantitative Analysis, 41(1), 221–243.
Huang, J. & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822–839.
Jackson, S. E., Joshi, A. & Erhardt, N. L. (2003). Recent research on team and organizational diversity: SWOT analysis and implications. Journal of Management, 29, 801–830.
Kahneman, D. & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 42(2), 263–292.
Kisgen, D. J. (2006). Credit ratings and capital structure. Journal of Finance, 61(3), 1035–1072.
Kraus, A. & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. Journal of Finance, 28(4), 911–933.
Lemmon, M., Liu, L. X., Mao, M. Q. & Nini, G. (2014). Securitization and capital structure in nonfinancial firms: An empirical investigation. The Journal of Finance, 69(4), 1787–1825.
Li, J., Zhao, F., Chen, S., Jiang, W., Liu, T. & Shi, S. (2017). Gender diversity on boards and firms/environmental policy. Business Strategy and Environment, 26(3), 306–315.
Mackay, C. (1841). Extraordinary popular delusions and the madness of crowds. Richard Bentley.
Malmendier, U. & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance, 60(6), 2661–2700.
Malmendier, U., Tate, G. & Yan, J. (2011). Overconfidence and early-life experiences: The effect of managerial traits on corporate financial policies. The Journal of Finance, 66(5), 1687–1733.
Maurice, D. L., Li, K. & Zhang, F. (2013). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185–200.
McGuinness, P. B. (2020). Board member age, stock seasoning and the evolution of capital structure in Chinese firms. International Business Review, 30(3).
Miller, M. H. (1977). Debt and taxes. The Journal of Finance, 32(2), 261–275.
Miller, M. H. (1988). The Modigliani–Miller propositions after thirty years. Journal of Economic Perspectives, 2(4), 99–120.
Modigliani, F. & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review, 48(3), 261–297.
Modigliani, F. & Miller, M. H. (1963). Corporate income taxes and cost of capital: A correction. American Economic Review, 53, 443–453.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575–592.
Myers, S. C. & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187–221.
Myers, S. C. (2001). Capital structure. The Journal of Economic Perspectives, 15(2), 81–102.
Nielsen, S. (2009). Why do top management teams look the way they do? A multilevel exploration of the antecedents of TMT heterogeneity. Strategic Organization, 7(3), 277–305.
Odean, T. (1998). Volume, volatility, price, and profit when all traders are above average. Journal of Finance, 53(6), 1887–1934.
Pfeffer, J. (1983). Organizational demography. In L. L. Cummings & B. M. Staw (Eds.), Research in organizational behavior (vol. 5), 299–357. JAI Press.
Pompian, M. M. (2011). Behavioral finance and investor types: Managing behavior to make better investment decisions. John Wiley & Sons.
Pratt, J. W. (1964). Risk aversion in the small and in the large. Econometrica, 32(1/2), 122–136.
Raiffa, H. (1968). Decision analysis: Introductory lectures on choices under uncertainty reading. Addison Wesley.
Rajan, R. G. & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50, 1421–1460.
Ross, S. A. (1977). The determination of financial structure: The incentive-signaling approach. Bell Journal of Economics, 8, 23–40.
Sanvicente, A. Z. (2011). Capital structure decisions and the interaction with payout and ownership decisions: Evidence from Brazil. Insper Working Paper WPE: 264/(2011.
Schopohl, L., Urquhart, A. & Zhang, H.-X. (2020). Female CFOs, leverage and the moderating role of board diversity and CEO power. Journal of Corporate Finance. https://doi.org/10).1016/j.jcorpfin.(20(20.101858
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251–273.
Shefrin, H. (2000). Beyond greed and Fear: Understanding behavioral finance and the psychology of investing. Harvard Business School Press.
Shyam-Sunder, L. & Myers, S. (1999). Testing static trade-off against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219–244.
Simon, H. A. (1955). A behavioural model of rational choice. The Quarterly Journal of Economics, 69(1), 99–118. DOI: 10).2307/1884852.
Smith, A. (1759). The theory of moral sentiments. Edinburgh: A. Millar, A. Kincaid & J. Bell.
Smith, A. (1776). The wealth of nations. London: W. Strahan and T. Cadell.
Stiglitz, J. E. (1969). A re-examination of the Modigliani–Miller theorem. The American Economic Review, 59, 784–793.
Sudip, D., Doan, T. & Toscano, F. (2021). Top executive gender, board gender diversity, and financing decisions: Evidence from debt structure choice. Journal of Banking & Finance, 125. https://doi.org/10.1016/j.jbankfin.2021.106070
Tibor, B., Deck, C. & Sarang, S. (2012). Age effects and heuristics in decision making. Review of Economics and Statistics, 94(2), 580–595. https://doi.org/10).1162/rest_a_00174
Titman, S. & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43, 1–18.
Vasiliou, D. & Nikolaos, D. (2009). Behavioral capital structure: Is the neoclassical paradigm threatened? Evidence from the field. Journal of Behavioral Finance, 10. DOI: 10.1080/15427560902719802.
Abeywardhana, D. K. Y. (2017). Capital structure theory: An overview. Accounting and Finance Research, 6(1), 131–138.
Adusei, M. & Obeng, E. Y. T. (2018). Board gender diversity and the capital structure of microfinance institutions: A global analysis. The Quarterly Review of Economics and Finance, 71, 258–269.
Al-Tally, H. A. (2014). An investigation of the effect of financial leverage on firm financial performance in Saudi Arabia’s public listed companies. Unpublished doctoral dissertation, Victoria University, Victoria, Australia.
Alti, A. (2006). How persistent is the impact of market timing on capital structure? The Journal of Finance, 61(4), 1681–1710.
Armstrong, M., Brown, D. & Reilly, P. (2010). Evidence-base reward management. London Kogan Page.
Aghazadeh, S., Sun, L., Wang, Q. & Yang, R. (2018). Investors’ perception of CEO overconfidence: Evidence from the cost of equity capital. Review of Quantitative Finance and Accounting, 51(4).
Arnold, G. (2008). Corporate financial management (4th ed.). Prentice-Hall.
Azouzi, M. A. & Jarboui, A. (2012). CEO emotional bias and capital structure choice, Bayesian Network Method. Journal of Business Excellence and Management, 2(2), 47–70.
Baker, M. & Wurgler, J. (2002. Market timing and capital structure. Journal of Finance, 57.
Barone-Adesi, G., Mancini, L. & Shefrin, H. (2012). A tale of two investors: Estimating risk aversion, optimism and overconfidence. Working paper.
Barros, L. A. & Da Silveira, D. M. (2007). Overconfidence, managerial optimism and the determinants of capital structure. Brazilian Review of Finance, 6(3).
Bellucci, A., Borisov, A. & Zazzaro, A. (2010). Does gender matter in bank–firm relationships? Evidence from small business lending. Journal of Banking & Finance, 34(12), 2968–2984.
Benson, D. & Ziedonis, R. H. (2010). Corporate venture capital and the returns to acquiring portfolio companies. Journal of Financial Economics, 98(3), 478–499.
Ben-David, I., Graham, J. R. & Harvey, C. R. (2013). Managerial miscalibration. Quarterly Journal of Economics, 128(4), 1547–1584.
Benkraiem, R., Boubaker, S., Brinette, S. & Khemiri, S. (2021). Board feminization and innovation through corporate venture capital investments: the moderating effects of independence and management skills. Technological Forecasting and Social Change, 163.
Bentham, J. (1789). An introduction to the principles of morals and legislation. The first edition of this work was printed in the year 1780 and first published in 1789. The present edition is a careful reprint of ‘A New Edition, corrected by the Author’, published in 1823.
Bessler, D. A. & David, E. E. (2004). Price discovery in the Texas cash cattle market. Applied Stochastic Models in Business and Industry, 20(4).
Bessler, W. D., Drobetz, W. & Holler, J. (2008). Capital markets and corporate control: Empirical evidence from hedge fund activism in Germany. Working paper, Justus-Liebig-University Giessen, Germany.
Bilgehan, T. (2014). Psychological biases and the capital structure decisions; a literature review. Theoretical Ans Applied Economics, 21(12), 123–142.
Bradley, M., Jarrell, G. A. & Kim, E. H. (1984). On the existence of an optimal capital structure: Theory and evidence. Journal of Finance, 39, 857–878.
Busenitz, L. & Barney, J. (1997). Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision making. Journal of Business Venturing, 12, 9–30.
Carpenter, M. A., Geletkanycz, M. A. & Sanders, W. G. (2004). Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management, 30, 747–778.
Chen, H., De, P., Hu, J. & Hwang, B.-H. (2014). Wisdom of crowds: The value of stock opinions transmitted through social media. Review of Financial Studies, 27(5), 1367–1403.
Custódio, C. & Metzger, D. (2014). Financial expert CEOs: CEO’s work experience and firm’s financial policies. Journal of Financial Economics, 114(1), 125–154.
Cronqvist, H. & Makhija, A. K. & Yonker, S. E. (2012). Behavioral consistency in corporate finance: CEO personal and corporate leverage. Journal of Financial Economics, 103(1), (20–40.
Đang, R., Houanti, L. Reddy, K. & Simioni, M. (2020). Does board gender diversity influence firm profitability? A control function approach. Economic Modelling, 90, 168–181.
De Bondt, W. F. M. & Thaler, R. M. (1995). Financial decision-making in markets and firms: A behavioral perspective. In R. Jarrow, V. Maksimovic & W. T. Ziemba (Eds.), Finance (Handbooks in Operations Research and Management Science, vol. 9, 385–410. North Holland: Elsevier B.V.
Desai, M. A. & Fritz Foley, C. (2005). A multinational perspective on capital structure choice and internal capital markets. The Journal of Finance, 59(6), 2451–2487.
Faccio, M., Marchica, M.-T. & Murac, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–(209.
Fama, E. F. & French, K. R. (1998). Value versus growth: The international evidence. Journal of Finance, 53(6), 1975–1999.
Fama, E. F. & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1–33.
Finkelstein, S., Hambrick, D. C. & Cannella, A. A. (2009. Strategic leadership: Theory and research on executives, top management teams, and boards. Oxford University Press.
Frank, M. Z. & Goyal, V. K. (2004). The effect of market conditions on capital structure adjustment. Finance Research Letters, 1(1), 47–55.
Frydenberg, S. (2004). Determinants of corporate capital structure of Norwegian manufacturing firms. Working Paper No. 1999:6, Trondheim Business School. https://doi.org/10).2139/ssrn.556634
Germain, L., Rosseau, F. & Vanhems, A. (2005). Optimistic and pessimistic trading in financial markets. Working paper.
Hambrick, D. C. & Mason, P. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9, 193–206.
Harris, M. & Raviv, A. (1991). The theory of capital structure. Journal of Finance, 46(1), 297–355.
Heaton, J. B. (2002). Managerial optimism and corporate finance. Financial Management, 31(2), 33–45.
Heifetzy, A. & Spiegel, Y. (2001). The evolution of biased perceptions. Paper presented at The (2001 Summer Meetings of the Econometric Society in University of Maryland.
Hribar, P. & Yang, H. (2010). Does CEO overconfidence affect management forecasting and subsequent earnings management? Working paper.
Hirshleifer, J. (1966). Investment decisions under uncertainty: Applications of the state-preference approach. Quarterly Journal of Economics, 80(2), 237–277. https://doi.org/10).2307/1880692
Hirshleifer, D., Low, A. & Teoh, S. H. (2012). Are overconfident CEOs better innovators? Journal of Finance, 67(4), 1457–1498.
Hoffmann, A. & Post, T. (2012). What makes investors optimistic? What makes them afraid? Netspar Working Paper Series No. 44.
Hovakimian, A. (2006). Are observed capital structures determined by equity market timing? The Journal of Financial and Quantitative Analysis, 41(1), 221–243.
Huang, J. & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822–839.
Jackson, S. E., Joshi, A. & Erhardt, N. L. (2003). Recent research on team and organizational diversity: SWOT analysis and implications. Journal of Management, 29, 801–830.
Kahneman, D. & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 42(2), 263–292.
Kisgen, D. J. (2006). Credit ratings and capital structure. Journal of Finance, 61(3), 1035–1072.
Kraus, A. & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. Journal of Finance, 28(4), 911–933.
Lemmon, M., Liu, L. X., Mao, M. Q. & Nini, G. (2014). Securitization and capital structure in nonfinancial firms: An empirical investigation. The Journal of Finance, 69(4), 1787–1825.
Li, J., Zhao, F., Chen, S., Jiang, W., Liu, T. & Shi, S. (2017). Gender diversity on boards and firms/environmental policy. Business Strategy and Environment, 26(3), 306–315.
Mackay, C. (1841). Extraordinary popular delusions and the madness of crowds. Richard Bentley.
Malmendier, U. & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance, 60(6), 2661–2700.
Malmendier, U., Tate, G. & Yan, J. (2011). Overconfidence and early-life experiences: The effect of managerial traits on corporate financial policies. The Journal of Finance, 66(5), 1687–1733.
Maurice, D. L., Li, K. & Zhang, F. (2013). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185–200.
McGuinness, P. B. (2020). Board member age, stock seasoning and the evolution of capital structure in Chinese firms. International Business Review, 30(3).
Miller, M. H. (1977). Debt and taxes. The Journal of Finance, 32(2), 261–275.
Miller, M. H. (1988). The Modigliani–Miller propositions after thirty years. Journal of Economic Perspectives, 2(4), 99–120.
Modigliani, F. & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review, 48(3), 261–297.
Modigliani, F. & Miller, M. H. (1963). Corporate income taxes and cost of capital: A correction. American Economic Review, 53, 443–453.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575–592.
Myers, S. C. & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187–221.
Myers, S. C. (2001). Capital structure. The Journal of Economic Perspectives, 15(2), 81–102.
Nielsen, S. (2009). Why do top management teams look the way they do? A multilevel exploration of the antecedents of TMT heterogeneity. Strategic Organization, 7(3), 277–305.
Odean, T. (1998). Volume, volatility, price, and profit when all traders are above average. Journal of Finance, 53(6), 1887–1934.
Pfeffer, J. (1983). Organizational demography. In L. L. Cummings & B. M. Staw (Eds.), Research in organizational behavior (vol. 5), 299–357. JAI Press.
Pompian, M. M. (2011). Behavioral finance and investor types: Managing behavior to make better investment decisions. John Wiley & Sons.
Pratt, J. W. (1964). Risk aversion in the small and in the large. Econometrica, 32(1/2), 122–136.
Raiffa, H. (1968). Decision analysis: Introductory lectures on choices under uncertainty reading. Addison Wesley.
Rajan, R. G. & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50, 1421–1460.
Ross, S. A. (1977). The determination of financial structure: The incentive-signaling approach. Bell Journal of Economics, 8, 23–40.
Sanvicente, A. Z. (2011). Capital structure decisions and the interaction with payout and ownership decisions: Evidence from Brazil. Insper Working Paper WPE: 264/(2011.
Schopohl, L., Urquhart, A. & Zhang, H.-X. (2020). Female CFOs, leverage and the moderating role of board diversity and CEO power. Journal of Corporate Finance. https://doi.org/10).1016/j.jcorpfin.(20(20.101858
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251–273.
Shefrin, H. (2000). Beyond greed and Fear: Understanding behavioral finance and the psychology of investing. Harvard Business School Press.
Shyam-Sunder, L. & Myers, S. (1999). Testing static trade-off against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219–244.
Simon, H. A. (1955). A behavioural model of rational choice. The Quarterly Journal of Economics, 69(1), 99–118. DOI: 10).2307/1884852.
Smith, A. (1759). The theory of moral sentiments. Edinburgh: A. Millar, A. Kincaid & J. Bell.
Smith, A. (1776). The wealth of nations. London: W. Strahan and T. Cadell.
Stiglitz, J. E. (1969). A re-examination of the Modigliani–Miller theorem. The American Economic Review, 59, 784–793.
Sudip, D., Doan, T. & Toscano, F. (2021). Top executive gender, board gender diversity, and financing decisions: Evidence from debt structure choice. Journal of Banking & Finance, 125. https://doi.org/10.1016/j.jbankfin.2021.106070
Tibor, B., Deck, C. & Sarang, S. (2012). Age effects and heuristics in decision making. Review of Economics and Statistics, 94(2), 580–595. https://doi.org/10).1162/rest_a_00174
Titman, S. & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43, 1–18.
Vasiliou, D. & Nikolaos, D. (2009). Behavioral capital structure: Is the neoclassical paradigm threatened? Evidence from the field. Journal of Behavioral Finance, 10. DOI: 10.1080/15427560902719802.