How to cite this paper
Lim, D., Supratikno, H., Ugut, G & Hulu, E. (2022). Influence of behavioural biases and capital structure determinants on capital structure and share price: Regression and path analyses for Indonesian publicly listed firms.Management Science Letters , 12(4), 237-250.
References
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Baker, M. & Wurgler, J. (2002). Market timing and capital structure. Journal of Finance, 57(1), 1–32.
Barber, B. M., & Odean, T. (2000). Trading is hazardous to your wealth: The common stock investment performance of individual investors. The Journal of Finance, 55(2), 773-806.
Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261-292.
Barone-Adesi, G., Mancini, L., & Shefrin, H. (2012). A tale of two investors: Estimating risk aversion, optimism, and overconfidence. Swiss Finance Institute.
Bessler, D. A., & Davis, E. E. (2004). Price discovery in the Texas cash cattle market. Applied Stochastic Models in Busi-ness and Industry, 20(4), 355-378. https://doi.org/10.1002/asmb.546
Bessler, W., Drobetz, W., & Holler, J. (2008). Capital markets and corporate control: Empirical evidence from hedge fund activism in Germany. Justus-Liebig University Giessen
Bilgehan, T. (2014). Psychological biases and the capital structure decisions: A literature review. Theoretical & Applied Economics, 21(12).
Brounen, D., De Jong, A., & Koedijk, K. (2006). Capital structure policies in Europe: Survey evidence. Journal of Banking & Finance, 30(5), 1409-1442.
Brown, S., Dutordoir, M., Veld, C., & Veld-Merkoulova, Y. (2019). What is the role of institutional investors in corporate capital structure decisions? A survey analysis. Journal of Corporate Finance, 58, 270-286.
Busenitz, L. W., & Barney, J. B. (1997). Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making. Journal of business venturing, 12(1), 9-30.
Chandra, T., Junaedi, A. T., Wijaya, E., Suharti, S., Mimelientesa, I., & Ng, M. (2019). The effect of capital structure on profitability and stock returns: Empirical analysis of firms listed in Kompas 100. Journal of Chinese Economic and Foreign Trade Studies. 12(2), 74-89.
Chang, Y. Y., Faff, R., & Hwang, C. Y. (2010). Liquidity and stock returns in Japan: New evidence. Pacific-Basin Finance Journal, 18(1), 90-115
Coase, R. H. (1937). The nature of the firm. Economica, 4(16), 386-405.
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.
Daniel, K., Hirshleifer, D., & Subrahmanyam, A. (1998). Investor psychology and security market under-and overreac-tions. The Journal of Finance, 53(6), 1839-1885.
Firmanullah, N., & Darsono, D. (2017). Faktor-faktor yang mempengaruhi struktur modal di perusahaan Indonesia (Pada perusahaan manufaktur yang terdaftar di BEI tahun 2011-2014). Diponegoro Journal of Accounting, 6(3), 1-9.
Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The determinants of capital structure: Evidence from the Asia Pacific region. Journal of Multinational Financial Management, 14(4-5), 387-405.
De Jong, A., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm-and country-specific determinants. Journal of Banking & Finance, 32(9), 1954-1969.
Dewi, S., & Ramli, I. (2016). Struktur modal pendekatan dinamis perusahaan otomotif dan komponennya saat Krisis Global 2008. Jurnal Ekonomi, 21(3), 360-374.
Esghaier, R. (2017). Capital structure choices and behavioral biases: An application to a panel of US industrial compa-nies. International Journal of Economics and Financial , 7(4), 608-622.
Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital alloca-tion. Journal of Corporate Finance, 39, 193-209.
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.
Fan, J. P. H., Twite, G. J., & Titman, S. (2011). An international comparison of capital structure and debt maturity choic-es. Fakultas Administrasi Bisnis, Universitas Cina Hong Kong.
Fauziah, F., & Iskandar, R. (2015). Determinants of capital structure in the Indonesian banking sector. International Jour-nal of Business and Management Invention, 4(12), 36-44.
Frank, M. Z., & Goyal, V. K. (2004). The effect of market conditions on capital structure adjustment. Finance Research Letters, 1(1), 47-55.
Frank, M. Z., & Goyal, V. K. (2008). Trade-off and pecking order theories of debt. Handbook of Empirical Corporate Fi-nance, 135-202.
Frydenberg, S. (2004). Determinants of corporate capital structure of Norwegian manufacturing firms. Working Paper, Norwegian School of Economics.
Gaud, P., Jani, E., Hoesli, M., & Bender, A. (2005). The Capital structure of Swiss companies: An empirical analysis using dynamic panel data. European Financial Management, 11(1), 51-69.
Germain, L., Rosseau, F. & Vanhems, A. (2005). Optimistic and pessimistic trading in financial markets. Working Paper. Ireland. Department of Economics National University
Gervais, S., & Odean, T. (2001). Learning to be overconfident. The Review of Financial Studies, 14(1), 1-27.
Glaser, M., Schäfers, P., & Weber, M. (2008). Managerial optimism and corporate investment: Is the CEO alone responsible for the relation?. In AFA New Orleans Meetings Paper.
Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2-3), 187-243.
Graham, J. R., & Leary, M. T. (2011). A review of empirical capital structure research and directions for the future. Annual Review of Financial Economics. 3(1), 309-345.
Hackbarth, D. (2008). Managerial traits and capital structure decisions. Journal of Financial and Quantitative Analysis, 43(4), 843-881.
Hackbarth, D. (2009). Determinants of corporate borrowing: A behavioral perspective. Journal of Corporate Fi-nance, 15(4), 389-411.
Hamid, M. A., Abdullah, A., & Kamaruzzaman, N. A. (2015). Capital structure and profitability in family and non-family firms: Malaysian evidence. Procedia Economics and Finance, 31, 44-55.
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297-355.
Heaton, J. B. (2002). Managerial optimism and corporate Finance. Advances in Behavioral Finance, 31(2), 33-45
Heaton, J. B. (2019). Managerial optimism: New observations on the unifying theory. European Financial Management, 25(5), 1150-1167.
Heifetz, A., & Spiegel, Y. (2001). The evolution of biased perceptions. In Econometric Society, Tel Aviv University.
Hoffmann, A. O., & Post, T. (2012). What makes investors optimistic? What makes them afraid. In Boulder Summer Con-ference on Consumer Financial Decision Making, University of Boulder at Colorado.
Hossain, F., & Ali, A. (2012). Impact of firm specific factors on capital structure decision: An empirical study of Bangla-deshi companies. International Journal of Business Research and Management, 3(4), 163-182.
Hovakimian, A. (2006). Are observed capital structures determined by equity market timing?. Journal of Financial and Quantitative Analysis, 41(1), 221-243.
Hovakimian, A., Hovakimian, G., & Tehranian, H. (2004). Determinants of target capital structure: The case of dual debt and equity. Journal of Financial Economics, 71(3), 517-540.
Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female ex-ecutives?. Journal of Financial Economics, 108(3), 822-839.
Hussain, S. S., Hamza, S., & Miras, H. (2015). The determinants of capital structure for Malaysian food producing com-panies. International Journal of Accounting and Business Management, 4(2), 138-161.
Kahneman, D. & Tversky, A (1979). Prospect theory: An analysis of decisions under risk. Econometrica, 47(2), 278. https://doi.org/10.2307/1914185
Kariuki S.N. & Kamau C.G. (2014). Determinants of corporate capital structure among private manufacturing firms in Kenya: A survey of food and beverage manufacturing firms. International Journal of Academic Research in Account-ing, Finance & Management Science. 4(3), 49-62.
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