{"title":"行为偏差和资本结构决定因素对资本结构和股价的影响:印度尼西亚上市公司的回归和路径分析","authors":"D. Lim, Hendrawan Supratikno, G. Ugut, E. Hulu","doi":"10.5267/j.msl.2022.5.003","DOIUrl":null,"url":null,"abstract":"The relationship between behavioural characteristics (both rational and irrational measures) and capital structure determinants has been empirically validated. This study examines the influence of the behavioural traits of overconfidence and optimism on capital structure determinations by IDX-listed public Indonesian firms’ (Tbks) management. This is statistically tested via a comprehensive hypothesis modelling construct that includes empirically validated capital structure determinants (market timing, profitability, tangibility, size and their impacts on stock price). Panel regression PLS and path analysis were performed on stock price data and financial metrics extracted from the 2013–2020 financial statements of 55 Tbks from the LQ-45 and Kompas-100 stock indices. This study found that Optimism, Market Timing and Adjusted Debt on Market Timing are not determinants of capital structure for Tbks, while Overconfidence and the control variables Firm Profitability, Firm’s Asset Tangibility and Firm Size were statistically validated as capital structure determinants. Overconfidence (as a behavioural bias) is observed to have significant negative influence on management’s capital structure determinations, while Optimism has insignificant positive influence. The less aggressive leveraged models adopted by the sampled Tbks may indicate that implemented good principles of corporate governance have played a role in preventing capital structure determinations skewed by managements’ behavioural biases or psychological tendencies.","PeriodicalId":30205,"journal":{"name":"Management Science Letters","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Influence of behavioural biases and capital structure determinants on capital structure and share price: Regression and path analyses for Indonesian publicly listed firms\",\"authors\":\"D. Lim, Hendrawan Supratikno, G. Ugut, E. Hulu\",\"doi\":\"10.5267/j.msl.2022.5.003\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The relationship between behavioural characteristics (both rational and irrational measures) and capital structure determinants has been empirically validated. This study examines the influence of the behavioural traits of overconfidence and optimism on capital structure determinations by IDX-listed public Indonesian firms’ (Tbks) management. This is statistically tested via a comprehensive hypothesis modelling construct that includes empirically validated capital structure determinants (market timing, profitability, tangibility, size and their impacts on stock price). Panel regression PLS and path analysis were performed on stock price data and financial metrics extracted from the 2013–2020 financial statements of 55 Tbks from the LQ-45 and Kompas-100 stock indices. This study found that Optimism, Market Timing and Adjusted Debt on Market Timing are not determinants of capital structure for Tbks, while Overconfidence and the control variables Firm Profitability, Firm’s Asset Tangibility and Firm Size were statistically validated as capital structure determinants. Overconfidence (as a behavioural bias) is observed to have significant negative influence on management’s capital structure determinations, while Optimism has insignificant positive influence. The less aggressive leveraged models adopted by the sampled Tbks may indicate that implemented good principles of corporate governance have played a role in preventing capital structure determinations skewed by managements’ behavioural biases or psychological tendencies.\",\"PeriodicalId\":30205,\"journal\":{\"name\":\"Management Science Letters\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2022-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Management Science Letters\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.5267/j.msl.2022.5.003\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Management Science Letters","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.5267/j.msl.2022.5.003","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Influence of behavioural biases and capital structure determinants on capital structure and share price: Regression and path analyses for Indonesian publicly listed firms
The relationship between behavioural characteristics (both rational and irrational measures) and capital structure determinants has been empirically validated. This study examines the influence of the behavioural traits of overconfidence and optimism on capital structure determinations by IDX-listed public Indonesian firms’ (Tbks) management. This is statistically tested via a comprehensive hypothesis modelling construct that includes empirically validated capital structure determinants (market timing, profitability, tangibility, size and their impacts on stock price). Panel regression PLS and path analysis were performed on stock price data and financial metrics extracted from the 2013–2020 financial statements of 55 Tbks from the LQ-45 and Kompas-100 stock indices. This study found that Optimism, Market Timing and Adjusted Debt on Market Timing are not determinants of capital structure for Tbks, while Overconfidence and the control variables Firm Profitability, Firm’s Asset Tangibility and Firm Size were statistically validated as capital structure determinants. Overconfidence (as a behavioural bias) is observed to have significant negative influence on management’s capital structure determinations, while Optimism has insignificant positive influence. The less aggressive leveraged models adopted by the sampled Tbks may indicate that implemented good principles of corporate governance have played a role in preventing capital structure determinations skewed by managements’ behavioural biases or psychological tendencies.
期刊介绍:
Management Science Letters is a peer reviewed, monthly publication dedicated to create a forum for scientists in all over the world who wish to share their experiences and knowledge in the field of management skills in the form of original, high quality and value added articles. The journal''s policy is to perform a peer review on all submitted articles and the papers will be appeared in a form of online on our website as soon as the review result becomes positive. The journal covers both empirical and theoretical aspects of management and gives the chance on sharing knowledge among practitioners. Management Science Letters is dedicated for publishing in the following areas: • Quality Management • Production Management (Scheduling, Production management, etc.) • Total Quality Management (TQM) • Six Sigma • Production Efficiency • Just in Time Inventory • Data Envelopment Analysis • Balanced Score Card • Activity Based Cost (ABC) • Technology Acceptance Model • Marketing planning and Customer Relationship Management • Critical Success Factors • e-learning • Customer satisfaction, Job satisfaction, Job turnover, • Organizational commitment, Employee Commitment • Knowledge Management • Knowledge sharing • Human Resources Management (Employee training, Employee Performance, Work achievements,) • Small and medium-sized enterprises (SMEs) issues and Economic development • Innovation, Creativity, Productivity and Performance • Multi-Criteria Decision Making Applications in Management Science (AHP, BWM, TOPSIS, …) • Education Management, Social development, Public Policy • Tourism Industry, Tourism promotion, Tourism directorates • Business performance and financial performance