The Effect of Managerial Overconfidence on Listed Companies' Capital Structure and Debt Maturity Structure

被引：3

作者：

Chen Shou ^{[1
]}

Chen Li-li ^{[1
]}

机构：

[1] Hunan Univ, Coll Business Adm, Changsha 410082, Hunan, Peoples R China

来源：

2009 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING (16TH), VOLS I AND II, CONFERENCE PROCEEDINGS | 2009年

关键词：

behavioral finance; overconfident; capital structure; debt maturity structure; CORPORATE-DEBT; FINANCE;

D O I：

10.1109/ICMSE.2009.5318042

中图分类号：

TP [自动化技术、计算机技术];

学科分类号：

0812 ;

摘要：

This paper based on the behavioral finance hypothesis, taking the companies listed on Shanghai stock exchange and Shenzhen stock exchange from 2003 to 2005 as samples, takes research on the effects of managerial overconfidence on listed companies' capital structure and debt maturity structure. The empirical results shows: managerial overconfidence has significant positive relationship with companies' capital structure, which means the debts of listed companies with overconfidence managers are higher than the others previously. What's more, managerial overconfidence has significant negative relationship with debt maturity structure, which present the listed companies with overconfidence managers are prefer to shorter debt maturity structure.

引用

页码：1348 / 1353

页数：6

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