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.
Refrences
Abdeldayem, M. M., & Sedeek, D. S. (2018). Managerial behavior and capital structure decisions; do overconfidence, op-timism and risk aversion matter. Asian Economic and Financial Review, 8(7), 925-945.
Abeywardhana, D. K. Y. (2017). Capital structure theory: An overview. Accounting and Finance Research, 6(1), 131–138.
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), 1129-1150.
Al-Shubiri, F. (2010). Determinants of capital structure choice: A case study of Jordanian industrial companies. Journal for Research-Humanities, 24(8), 2457–2494.
Alti, A. (2006). How persistent is the impact of market timing on capital structure. The Journal of Finance, 61(4), 1681-1710.
Amiyatosh, P., & Uday, R. (2018). Growth option exercise and capital structure. Review of Finance, Volume 22,(1), 177–206
Alves, P. F. P., & Ferreira, M. A. (2011). Capital structure and law around the world. Journal of Multinational Financial Management, 21(3), 119-150.
Astuti, E. (2018). Determinant capital structure of banking company in Indonesia. Madium. Accounting Department, Universitas PGRI.
Azouzi, M. A., & Jarboui, A. (2012). CEO emotional bias and capital structure choice. Bayesian network method. Business Excellence and Management, 2(2), 47-70.
Baharuddin, N. S., Khamis, Z., Mahmood, W. M. W. & Dollah, H. (2011). Determinants of capital structure for listed con-struction companies in Malaysia. Journal of Applied Finance & Banking, 1(2), 115–132.
Baker, M., Ruback, R. S. & Wurgler, J. (2004). Behavioral corporate finance: A survey. NBER Working Paper No. 10863.
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.
Kazmierska-Jozwiak, B., Marszałek, J., & Sekuła, P. (2015). Determinants of debt-equity choice: Evidence from Po-land. Emerging Markets Journal, 5(2), 1-8.
Kim, W. S., & Sorensen, E. H. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Jour-nal of Financial and Quantitative Analysis, 21(2), 131-143.
Lee, C., Lee, K., & Pennings, J. M. (2001). Internal capabilities, external networks, and performance: A study on technol-ogy‐based ventures. Strategic Management Journal, 22(6‐7), 615-640.
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. https://doi.org/10.1111/jofi.12128
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. https://doi.org/10.1002/bse.1918
MacKie‐Mason, J. K. (1990). Do taxes affect corporate financing decisions?. The Journal of Finance, 45(5), 1471-1493.
Maditinos, D. I., Tsinani, A., & Sevic, Z. (2015). Managerial optimism and the impact of cash flow sensitivity on corporate investment: The case of Greece. International Journal of Business and Economic Sciences Applied Research, 8(2). 35-54
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.
Manurung, A. H. (2011). Determinan struktur modal di Indonesia. Jurnal Akuntansi, 15(3), 251–265.
March, J.G. and Simon, H.A. (1958). Organizations. Wiley, New York.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and cost of capital: A correction. American Economic Re-view, 53(3), 443–453.
Mugosa, A. (2015). The determinants of capital structure choice: Evidence from Western Europe. Business and Economic Horizons, 11(2), 76–95.
Muslimah, D. N., Suhendro, S., & Masitoh, E. (2020). Faktor-faktor yang mempengaruhi struktur modal pada perusahaan property dan real estate yang terdaftar di BEI. Jurnal Ilmiah Universitas Batanghari Jambi, 20(1), 195-200.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that in-vestors do not have. Journal of Financial Economics, 13(2), 187-221.
Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectives, 15(2), 81-102. https://doi.org/10.1257/jep.15.2.81
Nofsinger, J. R. (2003). Social mood and corporate finance. Corporate Finance Review, 7(6), 16.
Odean, T. (1998). Volume, volatility, price, and profit when all traders are above average. The Journal of Finance, 53(6), 1887-1934.
Odean. T. (1999). Do investors trade too much? The American Economic Review, 89(5) 1279-1298
Oliver, B. R. (2005). The impact of management confidence on capital structure. Available at SSRN 791924.
Ooi, J. (1999). The determinants of capital structure evidence on UK property companies. Journal of Property Investment & Finance. 17(5) 464–480. https://doi.org/10.1108/14635789910294886
Parsons, C., & Titman, S. (2007). Capital structure and corporate strategy. University of Texas, Working Paper. https://ssrn.com/abstract=983553
Parsons, C., & Titman, S. (2008). Empirical capital structure: A review. Foundations and Trends in Finance, 3(1) 1–93, https://ssrn.com/abstract=2131759
Pratt, J. W. (1964). Risk aversion in the small and in the large. Econometrica, 32(12), 122–136.
Rahayu, S. M., Suhadak, & Saifi, M. (2018). The reciprocal relationship between profitability and capital structure and its impacts on the corporate values of manufacturing companies in Indonesia. International Journal of Productivity and Performance Management. 1741-0401
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international da-ta. The Journal of Finance, 50(5), 1421-1460.
Ratih, D. (2019). Equity market timing and capital structure: Evidence on post-IPO firms in Indonesia. International Journal of Emerging Markets. 1746-8809
Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 59(2)197-216.
Sakinah, Alida N., Anggono, & Achmad. H. (2014). Analysis of determinants of capital structure of plantation companies in Indonesia. Journal of Business and Management. 3(1), 21-32.
Sani, A. (2018). Faktor-faktor penentu struktur modal perusahaan real estate di Indonesia. Jurnal Riset Akuntansi dan Bisnis, 18(2), 112-126.
Serghiescu, L., & Văidean, V. L. (2014). Determinant factors of the capital structure of a firm: An empirical analy-sis. Procedia Economics and Finance, 15, 1447-1457.
Shyam-Sunder, L., & Myers, S. C. (1999). Testing static trade-off against pecking order models of capital structure. Jour-nal of Financial Economics, 51(2), 219–244.
Simon, H. A. (1955). A behavioral model of rational choice. The Quarterly Journal of Economics, 69(1), 99-118.
Simon, Herbert A. (1960). The new science of management decision. Harper & Brothers. https://doi.org/10.1037/13978-000
Sudiyatno, B., Irmawati, P. E., & Nurhayati, I. (2019). Capital structure: The factors that influence it. (Empirical study on manufacturing companies in Indonesia Stock Exchange). Prosiding ISBN, 978-979-3649-99-3.
Sutrisno. (2016). Capital structure determinants and their impact on firm value: Evidence from Indonesia. Economic World, 4(4), 179–186.
Thippayana, P. (2014). Determinants of capital structure in Thailand. Procedia-Social and Behavioral Sciences, 143, 1074-1077.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
Tongkong, S. (2012). Key factors influencing capital structure decision and its speed of adjustment of Thai listed real es-tate companies. Procedia-Social and Behavioral Sciences, 40, 716-720.
Utreto-Gonzalez. (2007). Banking regulation, institutional framework and capital structure: International evidence from industry data. The Quarterly Review of Economics and Finance, 47(4), 481-506.
Vasiliou, D., & Daskalakis, N. (2009). Behavioral capital structure: Is the neoclassical paradigm threatened? Evidence from the field. The Journal of Behavioral Finance, 10(1), 19-32.
Venanzi, D., Naccarato, A., & Abate, G. (2014). Does the country effect matter in the capital structure decisions of European firms?. In A previous version of this paper was presented to the EFMA 2014 Annual Meeting. http://doi.org/10.2139/ssrn.2616597
Wald, J. K. (1999). How firm characteristics affect capital structure: An international comparison. Journal of Financial Research, 22(2), 161–187.
Weinstein, N. D. (1980). Unrealistic optimism about future life events. Journal of Personality and Social Psychology, 39(5), 806–820. https://doi.org/10.1037/0022-3514.39.5.806
Welch, I. (2004). Capital structure and stock returns. Journal of Political Economy, 112(1), 106–132.
Yang, D., & Kim, H. (2020). Managerial overconfidence and manipulation of operating cash flow: Evidence from Korea. Finance Research Letters, 32, 101343.
Yusintha, P., & Suryandari, E. (2010). Analisis faktor-faktor yang mempengaruhi struktur modal. Journal of Accounting and Investment, 11(2), 179-188.
Yusuf, Md-m., Yunus, F. M., & Supaat, N. Z. L. M. (2013). Determinants of capital structure in Malaysia electrical and electronic sector. International Journal of Economics and Management Engineering, 7(6), 1514-1519. https:// zenodo. org/ record /1070183#.Yk3OKChBzIU
Abeywardhana, D. K. Y. (2017). Capital structure theory: An overview. Accounting and Finance Research, 6(1), 131–138.
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), 1129-1150.
Al-Shubiri, F. (2010). Determinants of capital structure choice: A case study of Jordanian industrial companies. Journal for Research-Humanities, 24(8), 2457–2494.
Alti, A. (2006). How persistent is the impact of market timing on capital structure. The Journal of Finance, 61(4), 1681-1710.
Amiyatosh, P., & Uday, R. (2018). Growth option exercise and capital structure. Review of Finance, Volume 22,(1), 177–206
Alves, P. F. P., & Ferreira, M. A. (2011). Capital structure and law around the world. Journal of Multinational Financial Management, 21(3), 119-150.
Astuti, E. (2018). Determinant capital structure of banking company in Indonesia. Madium. Accounting Department, Universitas PGRI.
Azouzi, M. A., & Jarboui, A. (2012). CEO emotional bias and capital structure choice. Bayesian network method. Business Excellence and Management, 2(2), 47-70.
Baharuddin, N. S., Khamis, Z., Mahmood, W. M. W. & Dollah, H. (2011). Determinants of capital structure for listed con-struction companies in Malaysia. Journal of Applied Finance & Banking, 1(2), 115–132.
Baker, M., Ruback, R. S. & Wurgler, J. (2004). Behavioral corporate finance: A survey. NBER Working Paper No. 10863.
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.
Kazmierska-Jozwiak, B., Marszałek, J., & Sekuła, P. (2015). Determinants of debt-equity choice: Evidence from Po-land. Emerging Markets Journal, 5(2), 1-8.
Kim, W. S., & Sorensen, E. H. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Jour-nal of Financial and Quantitative Analysis, 21(2), 131-143.
Lee, C., Lee, K., & Pennings, J. M. (2001). Internal capabilities, external networks, and performance: A study on technol-ogy‐based ventures. Strategic Management Journal, 22(6‐7), 615-640.
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. https://doi.org/10.1111/jofi.12128
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. https://doi.org/10.1002/bse.1918
MacKie‐Mason, J. K. (1990). Do taxes affect corporate financing decisions?. The Journal of Finance, 45(5), 1471-1493.
Maditinos, D. I., Tsinani, A., & Sevic, Z. (2015). Managerial optimism and the impact of cash flow sensitivity on corporate investment: The case of Greece. International Journal of Business and Economic Sciences Applied Research, 8(2). 35-54
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.
Manurung, A. H. (2011). Determinan struktur modal di Indonesia. Jurnal Akuntansi, 15(3), 251–265.
March, J.G. and Simon, H.A. (1958). Organizations. Wiley, New York.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and cost of capital: A correction. American Economic Re-view, 53(3), 443–453.
Mugosa, A. (2015). The determinants of capital structure choice: Evidence from Western Europe. Business and Economic Horizons, 11(2), 76–95.
Muslimah, D. N., Suhendro, S., & Masitoh, E. (2020). Faktor-faktor yang mempengaruhi struktur modal pada perusahaan property dan real estate yang terdaftar di BEI. Jurnal Ilmiah Universitas Batanghari Jambi, 20(1), 195-200.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that in-vestors do not have. Journal of Financial Economics, 13(2), 187-221.
Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectives, 15(2), 81-102. https://doi.org/10.1257/jep.15.2.81
Nofsinger, J. R. (2003). Social mood and corporate finance. Corporate Finance Review, 7(6), 16.
Odean, T. (1998). Volume, volatility, price, and profit when all traders are above average. The Journal of Finance, 53(6), 1887-1934.
Odean. T. (1999). Do investors trade too much? The American Economic Review, 89(5) 1279-1298
Oliver, B. R. (2005). The impact of management confidence on capital structure. Available at SSRN 791924.
Ooi, J. (1999). The determinants of capital structure evidence on UK property companies. Journal of Property Investment & Finance. 17(5) 464–480. https://doi.org/10.1108/14635789910294886
Parsons, C., & Titman, S. (2007). Capital structure and corporate strategy. University of Texas, Working Paper. https://ssrn.com/abstract=983553
Parsons, C., & Titman, S. (2008). Empirical capital structure: A review. Foundations and Trends in Finance, 3(1) 1–93, https://ssrn.com/abstract=2131759
Pratt, J. W. (1964). Risk aversion in the small and in the large. Econometrica, 32(12), 122–136.
Rahayu, S. M., Suhadak, & Saifi, M. (2018). The reciprocal relationship between profitability and capital structure and its impacts on the corporate values of manufacturing companies in Indonesia. International Journal of Productivity and Performance Management. 1741-0401
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international da-ta. The Journal of Finance, 50(5), 1421-1460.
Ratih, D. (2019). Equity market timing and capital structure: Evidence on post-IPO firms in Indonesia. International Journal of Emerging Markets. 1746-8809
Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 59(2)197-216.
Sakinah, Alida N., Anggono, & Achmad. H. (2014). Analysis of determinants of capital structure of plantation companies in Indonesia. Journal of Business and Management. 3(1), 21-32.
Sani, A. (2018). Faktor-faktor penentu struktur modal perusahaan real estate di Indonesia. Jurnal Riset Akuntansi dan Bisnis, 18(2), 112-126.
Serghiescu, L., & Văidean, V. L. (2014). Determinant factors of the capital structure of a firm: An empirical analy-sis. Procedia Economics and Finance, 15, 1447-1457.
Shyam-Sunder, L., & Myers, S. C. (1999). Testing static trade-off against pecking order models of capital structure. Jour-nal of Financial Economics, 51(2), 219–244.
Simon, H. A. (1955). A behavioral model of rational choice. The Quarterly Journal of Economics, 69(1), 99-118.
Simon, Herbert A. (1960). The new science of management decision. Harper & Brothers. https://doi.org/10.1037/13978-000
Sudiyatno, B., Irmawati, P. E., & Nurhayati, I. (2019). Capital structure: The factors that influence it. (Empirical study on manufacturing companies in Indonesia Stock Exchange). Prosiding ISBN, 978-979-3649-99-3.
Sutrisno. (2016). Capital structure determinants and their impact on firm value: Evidence from Indonesia. Economic World, 4(4), 179–186.
Thippayana, P. (2014). Determinants of capital structure in Thailand. Procedia-Social and Behavioral Sciences, 143, 1074-1077.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
Tongkong, S. (2012). Key factors influencing capital structure decision and its speed of adjustment of Thai listed real es-tate companies. Procedia-Social and Behavioral Sciences, 40, 716-720.
Utreto-Gonzalez. (2007). Banking regulation, institutional framework and capital structure: International evidence from industry data. The Quarterly Review of Economics and Finance, 47(4), 481-506.
Vasiliou, D., & Daskalakis, N. (2009). Behavioral capital structure: Is the neoclassical paradigm threatened? Evidence from the field. The Journal of Behavioral Finance, 10(1), 19-32.
Venanzi, D., Naccarato, A., & Abate, G. (2014). Does the country effect matter in the capital structure decisions of European firms?. In A previous version of this paper was presented to the EFMA 2014 Annual Meeting. http://doi.org/10.2139/ssrn.2616597
Wald, J. K. (1999). How firm characteristics affect capital structure: An international comparison. Journal of Financial Research, 22(2), 161–187.
Weinstein, N. D. (1980). Unrealistic optimism about future life events. Journal of Personality and Social Psychology, 39(5), 806–820. https://doi.org/10.1037/0022-3514.39.5.806
Welch, I. (2004). Capital structure and stock returns. Journal of Political Economy, 112(1), 106–132.
Yang, D., & Kim, H. (2020). Managerial overconfidence and manipulation of operating cash flow: Evidence from Korea. Finance Research Letters, 32, 101343.
Yusintha, P., & Suryandari, E. (2010). Analisis faktor-faktor yang mempengaruhi struktur modal. Journal of Accounting and Investment, 11(2), 179-188.
Yusuf, Md-m., Yunus, F. M., & Supaat, N. Z. L. M. (2013). Determinants of capital structure in Malaysia electrical and electronic sector. International Journal of Economics and Management Engineering, 7(6), 1514-1519. https:// zenodo. org/ record /1070183#.Yk3OKChBzIU