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Eujenita Siswoyo
Management, Bussiness and Economic Faculty, Surabaya University
Economics, Econometrics & Finance Social Sciences

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THE EFFECT OF MANAGERIAL OVERCONFIDENCE ON CORPORATE FINANCING DECISION Eujenita Siswoyo; Putu Anom Mahadwartha; Bertha Silvia Sutejo
Journal of Management and Business Vol 14, No 2 (2015): SEPTEMBER 2015
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (188.299 KB) | DOI: 10.24123/jmb.v14i2.324

Abstract

The objective of this research is to examine the effect of managerial overconfidence on corporate financing decision of the miscellaneous industry sector in Indonesian Stock Exchange for the period of 2011-2015. This research uses quantitative perspective with linier regression in a panel data for all of the research’s observation. Fixed effect models (FEM) is employed to examine the effect of managerial overconfidence on corporate financing decision. CEO personal characteristics such as profile photo, education, experience, gender, tenure, and age are used as the proxy of managerial overconfidence. The result of this research indicate that: first, CEO overconfidence has positive significant effect on corporate financing decision; second, CEO profile photo has negative significant effect on leverage; third, CEO education has no significant effect on leverage; fourth, CEO experience has positive significant effect on leverage; fifth, male CEO tend to use more debt than female CEO which means gender has positive significant effect on leverage; sixth, CEO tenure has positive significant effect on leverage; seventh CEO age has negative significant effect on leverage.
Co-Authors Bertha Silvia Sutejo Putu Anom Mahadwartha