The Impact of Overconfidence on Capital Structure in Turkey

Serpil Tomak

EN

The Impact of Overconfidence on Capital Structure in Turkey

Abstract

The aim of this study is to investigate the relationship between the overconfidence and capital structure in Turkish manufacturing firms. In addition to management confidence, the impact of the fundamental factors on the market leverage is analyzed. The annual data of 115 manufacturing firms on the Istanbul Stock Exchange (ISE) for the period between 2002 and 2011 is used for the analysis by means of the ordinary least squares regression model. The results show that the relationship between confidence and leverage is ambiguous. There isn’t enough evidence for the idea of overconfident managers tends to use more debt level. However, this study provides some evidence for firm specific factors like size and profitability effects on leverage.

Keywords

Overconfidence, capital structure, leverage

Details

Primary Language

English

Subjects

-

Journal Section

-

Authors

Serpil Tomak This is me

Publication Date

June 1, 2013

Submission Date

June 1, 2013

Acceptance Date

-

Published in Issue

Year 2013 Volume: 3 Number: 2

IZ

https://izlik.org/JA48WT45CL

Cite

RIS / Bibtex

APA

Tomak, S. (2013). The Impact of Overconfidence on Capital Structure in Turkey. International Journal of Economics and Financial Issues, 3(2), 512-518. https://izlik.org/JA48WT45CL

AMA

1.Tomak S. The Impact of Overconfidence on Capital Structure in Turkey. IJEFI. 2013;3(2):512-518. https://izlik.org/JA48WT45CL

Chicago

Tomak, Serpil. 2013. “The Impact of Overconfidence on Capital Structure in Turkey”. International Journal of Economics and Financial Issues 3 (2): 512-18. https://izlik.org/JA48WT45CL.

EndNote

Tomak S (June 1, 2013) The Impact of Overconfidence on Capital Structure in Turkey. International Journal of Economics and Financial Issues 3 2 512–518.

IEEE

[1]S. Tomak, “The Impact of Overconfidence on Capital Structure in Turkey”, IJEFI, vol. 3, no. 2, pp. 512–518, June 2013, [Online]. Available: https://izlik.org/JA48WT45CL

ISNAD

Tomak, Serpil. “The Impact of Overconfidence on Capital Structure in Turkey”. International Journal of Economics and Financial Issues 3/2 (June 1, 2013): 512-518. https://izlik.org/JA48WT45CL.

JAMA

1.Tomak S. The Impact of Overconfidence on Capital Structure in Turkey. IJEFI. 2013;3:512–518.

MLA

Tomak, Serpil. “The Impact of Overconfidence on Capital Structure in Turkey”. International Journal of Economics and Financial Issues, vol. 3, no. 2, June 2013, pp. 512-8, https://izlik.org/JA48WT45CL.

Vancouver

1.Serpil Tomak. The Impact of Overconfidence on Capital Structure in Turkey. IJEFI [Internet]. 2013 Jun. 1;3(2):512-8. Available from: https://izlik.org/JA48WT45CL