Araştırma Makalesi
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THE FINANCING DECISIONS OF FIRMS: BEHAVIORAL PERSPECTIVE

Yıl 2016, Cilt: 8 Sayı: 15, 169 - 198, 14.11.2016

Bilgehan Tekin

https://doi.org/10.20990/kilisiibfakademik.266032
Cited By: 1

Öz

This study approaches to the financing decisions in
firms from the behavioral perspective. In this study, two behavioral biases
that have effect on the decision makers' chose for financial resources are
mainly considered. These biases are overconfidence and loss aversion. The
questionnaire method is used in order to collect data. The research sample
consists of the 255 SMEs which operate and are registered in chamber of
commerce and industry in Istanbul, Turkey. The study hypothesizes were tested
by parametric and nonparametric hypothesis tests. In the study results, it has
been observed that people responsible for financing in the firms are
overconfident and loss averse. SME owners or managers’ financing or capital
structure decisions can differ according to the level of behavioral biases.

Anahtar Kelimeler

SMEs Financing Decisions Behavioral Finance Behavioral Biases

Kaynakça

  • Abdellaoui, M., Bleichrodt, H. ve l’Haridon, O. (2008). A tractable method to measure utility and loss aversion under prospect theory. Journal of Risk and uncertainty, 36(3), 245-266.
  • Ahmed, A. S. ve Duellman, S. (2013). Managerial overconfidence and accounting conservatism. Journal of Accounting Research, 51(1), 1-30.
  • Alpert, M., ve Raiffa, H. (1982), A Progress Report on the Training of Probability Assessors. In Judgment under Uncertainty: Heuristics and Biases, edited by Daniel Kahneman, Paul Slovic, and Amos Tversky. Cambridge: Cambridge Univ. Press.
  • Antonczyk, R. C. ve Salzmann, A. J. (2014). Overconfidence and optimism: The effect of national culture on capital structure. Research in International Business and Finance, 31, 132-151.
  • Ariely, D., Huber, J. ve Wertenbroch, K. (2005). When do losses loom larger than gains? Journal of Marketing Research, 42(2), 134-138.
  • Ata, H. A. ve AĞ, A. G. Y. (2010), Firma Karakteristiğinin Sermaye Yapısı Üzerindeki Etkisinin Analizi. Istanbul University Econometrics and İstatistikler e-Journal, 11(1), 45-60.
  • Baker, M. ve Wurgler, J. (2011). Behavioral corporate finance: An updated survey (No. w17333). National Bureau of Economic Research. http://www.nber.org/papers/w17333.pdf
  • Baker, M., Ruback, R. ve Wurgler, J. (2004). Behavioral corporate finance: A survey, forthcoming in The Handbook of Corporate Finance: Empirical Corporate Finance. http://www.nber.org/papers/w10863.pdf (Erişim Tarihi: 23/04/2015)
  • Barros, L. A. B. D. C. ve Da Silveira, A. D. M. (2007). Overconfidence, managerial optimism and the determinants of capital structure. Available at SSRN 953273.
  • Barton, S.L. (1989) Capital structure decisions in privately held firms: A summary of owner interviews. Working Paper, College of Business Administration, University of Cincinnati, Cincinnati, OH.
  • Ben-David, I., Graham, J. R. ve Harvey, C. R. (2007). Managerial overconfidence and corporate policies (No. w13711). National Bureau of Economic Research. http://www.nber.org/papers/w13711.pdf
  • Ben-David, I., Graham, J. R. ve Harvey, C. R. (2010). Managerial miscalibration (No. w16215). National Bureau of Economic Research. https://faculty.fuqua.duke.edu/~charvey/Research/Working_Papers/W105_Managerial_miscalibration.pdf
  • Berger, A. N. ve Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6), 613-673.
  • Bıllett, M. T. ve Qian, Y. (2008). Are overconfident CEOs born or made? Evidence of self-attribution bias from frequent acquirers. Management Science, 54(6), 1037-1051.
  • Bodnaruk, A. ve Simonov, A. (2014). Do Financial Experts Make Better Investment Decisions? (October 7, 2014). Journal of Financial Intermediation, Forthcoming. Available at SSRN: http://ssrn.com/abstract=2506988BONDT, W. F. ve Thaler, R. (1985). Does the stock market overreact?. The Journal of finance, 40(3), 793-805.
  • Bostic, R., Herrnstein, R. J. ve Luce, R. D. (1990). The effect on the preference-reversal phenomenon of using choice inFarks. Journal of Economic Behavior & Organization, 13(2), 193-212.
  • Brenner L., Rottenstreich Y. ve Sood S. (1999). Comparison, grouping, and preference. Psychological Science, 10(3), 225–229.
  • Camerer, C. ve Loewenstein, G. (2004). Behavioral economics: Past, present, future. Princeton: Princeton University Press
  • CampbelL, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J. ve Stanley, B. W. 2011. CEO optimism and forced turnover. Journal of Financial Economics, 101: 695-712.
  • Carmon, Z. ve Ariely, D. (2000). Focusing on the forgone: How value can appear so different to buyers and sellers. Journal of Consumer Research, 27(3), 360-370.
  • Chen, A. H. (1978). Recent developments in the cost of debt capital. The Journal of Finance, 33(3), 863-877.
  • Chen, A. H. ve Kim, E. H. (1979). Theories of corporate debt policy: A synthesis. Journal of Finance, 371-384.
  • Conger, R. F. ve Wolstein, Ch. R., (2004), Managing overconfidence in pricing. Emphasis, (2), 10 – 13.
  • Cordeiro, L., (2009) Managerial Overconfidence and Dividend Policy, Available at SSRN:http://ssrn.com/abstract=1343805orhttp://dx.doi.org/10.2139/ssrn.1343805
  • Dayananda, D., Irons, R., Harrison, S., Herbohn, J. ve Rowland, P. (2002). Capital Budgeting. Cambridge Books.
  • Deangelo, H. ve Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of financial Economics, 8(1), 3-29.
  • Deshmukh, S., Goel, A. M. ve Howe, K. M. (2010). CEO Overconfidence and Dividend Policy. Available at SSRN: http://ssrn.com/abstract=1496404 veya http://dx.doi.org/10.2139/ssrn.1496404
  • Dimmock, S. (2005), Loss aversion and household portfolio choice. Working paper, Michigan State University.
  • Faırchıld, R. (2009). Managerial overconfidence, moral hazard problems, and excessive life cycle debt sensitivity. Investment Management and Financial Innovations, 6 (3).
  • Fairchıld, R., (2007). Managing overconfidence, agency problems, financing decisions and firm performance. Working Paper. http://opus.bath.ac.uk/285/
  • Fairchild, R. J. (2012). From behavioural to emotional corporate finance: a new research direction. International Journal of Behavioural Accounting and Finance, 3(3-4), 221-243.
  • Fischhoff, B., Slovic, P. ve Lichtenstein, S. (1977). Knowing with certainty: The appropriateness of extreme confidence. Journal of Experimental Psychology: Human perception and performance, 3(4), 552.
  • Fitzsimmons, J. R. ve Douglas, E. J. (2005). The impact of overconfidence on entrepreneurial intentions. In AGSE Entrepreneurship Exchange, February, Auckland, N.Z. (Unpublished) http://eprints.qut.edu.au/6490/.
  • Gervais, S., Heaton, J. B. ve Odean, T. (2002). The positive role of overconfidence and optimism in investment policy. Rodney L Whıte Center For Fınancıal Research-Workıng Papers-. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.195.7755&rep=rep1&type=pdf.
  • Gervais, S., Heaton, J. B. ve Odean, T. (2003). Overconfidence, investment policy, and executive stock options. Rodney L. White Center for Financial Research Working Paper, (15-02).
  • Glaser, M. ve Weber, M. (2007). Overconfidence and trading volume. The Geneva Risk and Insurance Review, 32(1), 1-36.
  • Goel, A. M. ve Thakor, A. V. (2008). Overconfidence, CEO selection and corporate governance. The Journal of Finance, 63(6), 2737-2784.
  • Graham, J. R., Harvey, C. R. ve Puri, M. (2007). Managerial attitudes and corporate actions. https://weatherhead.case.edu/departments/banking-and-finance/Documents/Puripaper.pdf.
  • Graham, J. R., Harvey, C. R. ve Puri, M. (2013). Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103-121.
  • Guangyın, S. Y. Z. (2010). An Empirical Study on the Relationship between Managerial Overconfidence and Corporate Mergers and Acquisitions [J]. Chinese Review of Financial Studies, 2, 009.
  • Hackbarth, D. (2002). Managerial optimism, overconfidence, and capital structure decisions. In European Finance Association Annual Meeting, (Aug, 2004), Maasticht, The Netherlands.
  • Hackbarth, D. (2008). Managerial traits and capital structure decisions. Journal of Financial and Quantitative Analysis, 43(04), 843-881.
  • Hackbarth, D. (2009). Determinants of corporate borrowing: A behavioral perspective. Journal of Corporate Finance, 15(4), 389-411.
  • Harvey, M. ve Evans, R. (1995). Strategic windows in the entrepreneurial process. Journal of business venturing, 10(5), 331-347.
  • Helliar, C. V., Power, D. M. ve Sinclair, C. D. (2005). Managerial “irrationality” in financial decision making. Managerial Finance, 31(4), 1-11.
  • Hirshleifer, D., Low, A. ve Teoh, S. H. (2012). Are overconfident CEOs better innovators?. The Journal of Finance, 67(4), 1457-1498.
  • Hirshleifer, David, Siew Hong Teoh ve Angie Low, (2010), Are overconfident CEOs better innovators? Working paper, University of California, Irvine.
  • Hutchinson, R. W. (1995). The capital structure and investment decisions of the small owner-managed firm: some exploratory issues. Small Business Economics, 7(3), 231-239.
  • Jonsson, A. C. ve Allwood, C. M. (2003). Stability and variability in the realism of confidence judgments over time, content domain, and gender. Personality and Individual Farks, 34(4), 559-574.
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FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF

Yıl 2016, Cilt: 8 Sayı: 15, 169 - 198, 14.11.2016

Bilgehan Tekin

https://doi.org/10.20990/kilisiibfakademik.266032
Cited By: 1

Öz

Bu
çalışma, firmalarda alınan finansman kararlarına davranışsal açıdan
yaklaşmaktadır. Çalışmada karar vericilerin finansman kaynağı tercihlerinde
etkisi olan iki davranışsal önyargı dikkate alınmaktadır. Bunlar kendine aşırı
güven ve kayıptan kaçınmadır. Veri toplanması amacıyla anket yöntemi kullanılmıştır.
Araştırma örneklemini, İstanbul’da ticaret ve sanayi odalarına kayıtlı olarak
faaliyet gösteren 255 küçük ve orta büyüklükteki işletme (KOBİ)
oluşturmaktadır. Çalışmanın hipotezleri parametrik ve parametrik olmayan
hipotez testleri ile test edilmiştir. Çalışma sonucunda firmalarda finansman
kararlarından sorumlu kişilerin kendine aşırı güvenli ve kayıptan kaçınan
bireyler oldukları görülmüştür. KOBİ sahiplerinin veya yöneticilerinin
verdikleri finansman veya sermaye yapısı kararları davranışsal önyargı
düzeylerine göre farklılık gösterebilmektedir.

Anahtar Kelimeler

SMEs Finansal Kararlar Davranışsal Finans Davranışsal Önyargılar

Kaynakça

  • Abdellaoui, M., Bleichrodt, H. ve l’Haridon, O. (2008). A tractable method to measure utility and loss aversion under prospect theory. Journal of Risk and uncertainty, 36(3), 245-266.
  • Ahmed, A. S. ve Duellman, S. (2013). Managerial overconfidence and accounting conservatism. Journal of Accounting Research, 51(1), 1-30.
  • Alpert, M., ve Raiffa, H. (1982), A Progress Report on the Training of Probability Assessors. In Judgment under Uncertainty: Heuristics and Biases, edited by Daniel Kahneman, Paul Slovic, and Amos Tversky. Cambridge: Cambridge Univ. Press.
  • Antonczyk, R. C. ve Salzmann, A. J. (2014). Overconfidence and optimism: The effect of national culture on capital structure. Research in International Business and Finance, 31, 132-151.
  • Ariely, D., Huber, J. ve Wertenbroch, K. (2005). When do losses loom larger than gains? Journal of Marketing Research, 42(2), 134-138.
  • Ata, H. A. ve AĞ, A. G. Y. (2010), Firma Karakteristiğinin Sermaye Yapısı Üzerindeki Etkisinin Analizi. Istanbul University Econometrics and İstatistikler e-Journal, 11(1), 45-60.
  • Baker, M. ve Wurgler, J. (2011). Behavioral corporate finance: An updated survey (No. w17333). National Bureau of Economic Research. http://www.nber.org/papers/w17333.pdf
  • Baker, M., Ruback, R. ve Wurgler, J. (2004). Behavioral corporate finance: A survey, forthcoming in The Handbook of Corporate Finance: Empirical Corporate Finance. http://www.nber.org/papers/w10863.pdf (Erişim Tarihi: 23/04/2015)
  • Barros, L. A. B. D. C. ve Da Silveira, A. D. M. (2007). Overconfidence, managerial optimism and the determinants of capital structure. Available at SSRN 953273.
  • Barton, S.L. (1989) Capital structure decisions in privately held firms: A summary of owner interviews. Working Paper, College of Business Administration, University of Cincinnati, Cincinnati, OH.
  • Ben-David, I., Graham, J. R. ve Harvey, C. R. (2007). Managerial overconfidence and corporate policies (No. w13711). National Bureau of Economic Research. http://www.nber.org/papers/w13711.pdf
  • Ben-David, I., Graham, J. R. ve Harvey, C. R. (2010). Managerial miscalibration (No. w16215). National Bureau of Economic Research. https://faculty.fuqua.duke.edu/~charvey/Research/Working_Papers/W105_Managerial_miscalibration.pdf
  • Berger, A. N. ve Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6), 613-673.
  • Bıllett, M. T. ve Qian, Y. (2008). Are overconfident CEOs born or made? Evidence of self-attribution bias from frequent acquirers. Management Science, 54(6), 1037-1051.
  • Bodnaruk, A. ve Simonov, A. (2014). Do Financial Experts Make Better Investment Decisions? (October 7, 2014). Journal of Financial Intermediation, Forthcoming. Available at SSRN: http://ssrn.com/abstract=2506988BONDT, W. F. ve Thaler, R. (1985). Does the stock market overreact?. The Journal of finance, 40(3), 793-805.
  • Bostic, R., Herrnstein, R. J. ve Luce, R. D. (1990). The effect on the preference-reversal phenomenon of using choice inFarks. Journal of Economic Behavior & Organization, 13(2), 193-212.
  • Brenner L., Rottenstreich Y. ve Sood S. (1999). Comparison, grouping, and preference. Psychological Science, 10(3), 225–229.
  • Camerer, C. ve Loewenstein, G. (2004). Behavioral economics: Past, present, future. Princeton: Princeton University Press
  • CampbelL, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J. ve Stanley, B. W. 2011. CEO optimism and forced turnover. Journal of Financial Economics, 101: 695-712.
  • Carmon, Z. ve Ariely, D. (2000). Focusing on the forgone: How value can appear so different to buyers and sellers. Journal of Consumer Research, 27(3), 360-370.
  • Chen, A. H. (1978). Recent developments in the cost of debt capital. The Journal of Finance, 33(3), 863-877.
  • Chen, A. H. ve Kim, E. H. (1979). Theories of corporate debt policy: A synthesis. Journal of Finance, 371-384.
  • Conger, R. F. ve Wolstein, Ch. R., (2004), Managing overconfidence in pricing. Emphasis, (2), 10 – 13.
  • Cordeiro, L., (2009) Managerial Overconfidence and Dividend Policy, Available at SSRN:http://ssrn.com/abstract=1343805orhttp://dx.doi.org/10.2139/ssrn.1343805
  • Dayananda, D., Irons, R., Harrison, S., Herbohn, J. ve Rowland, P. (2002). Capital Budgeting. Cambridge Books.
  • Deangelo, H. ve Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of financial Economics, 8(1), 3-29.
  • Deshmukh, S., Goel, A. M. ve Howe, K. M. (2010). CEO Overconfidence and Dividend Policy. Available at SSRN: http://ssrn.com/abstract=1496404 veya http://dx.doi.org/10.2139/ssrn.1496404
  • Dimmock, S. (2005), Loss aversion and household portfolio choice. Working paper, Michigan State University.
  • Faırchıld, R. (2009). Managerial overconfidence, moral hazard problems, and excessive life cycle debt sensitivity. Investment Management and Financial Innovations, 6 (3).
  • Fairchıld, R., (2007). Managing overconfidence, agency problems, financing decisions and firm performance. Working Paper. http://opus.bath.ac.uk/285/
  • Fairchild, R. J. (2012). From behavioural to emotional corporate finance: a new research direction. International Journal of Behavioural Accounting and Finance, 3(3-4), 221-243.
  • Fischhoff, B., Slovic, P. ve Lichtenstein, S. (1977). Knowing with certainty: The appropriateness of extreme confidence. Journal of Experimental Psychology: Human perception and performance, 3(4), 552.
  • Fitzsimmons, J. R. ve Douglas, E. J. (2005). The impact of overconfidence on entrepreneurial intentions. In AGSE Entrepreneurship Exchange, February, Auckland, N.Z. (Unpublished) http://eprints.qut.edu.au/6490/.
  • Gervais, S., Heaton, J. B. ve Odean, T. (2002). The positive role of overconfidence and optimism in investment policy. Rodney L Whıte Center For Fınancıal Research-Workıng Papers-. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.195.7755&rep=rep1&type=pdf.
  • Gervais, S., Heaton, J. B. ve Odean, T. (2003). Overconfidence, investment policy, and executive stock options. Rodney L. White Center for Financial Research Working Paper, (15-02).
  • Glaser, M. ve Weber, M. (2007). Overconfidence and trading volume. The Geneva Risk and Insurance Review, 32(1), 1-36.
  • Goel, A. M. ve Thakor, A. V. (2008). Overconfidence, CEO selection and corporate governance. The Journal of Finance, 63(6), 2737-2784.
  • Graham, J. R., Harvey, C. R. ve Puri, M. (2007). Managerial attitudes and corporate actions. https://weatherhead.case.edu/departments/banking-and-finance/Documents/Puripaper.pdf.
  • Graham, J. R., Harvey, C. R. ve Puri, M. (2013). Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103-121.
  • Guangyın, S. Y. Z. (2010). An Empirical Study on the Relationship between Managerial Overconfidence and Corporate Mergers and Acquisitions [J]. Chinese Review of Financial Studies, 2, 009.
  • Hackbarth, D. (2002). Managerial optimism, overconfidence, and capital structure decisions. In European Finance Association Annual Meeting, (Aug, 2004), Maasticht, The Netherlands.
  • Hackbarth, D. (2008). Managerial traits and capital structure decisions. Journal of Financial and Quantitative Analysis, 43(04), 843-881.
  • Hackbarth, D. (2009). Determinants of corporate borrowing: A behavioral perspective. Journal of Corporate Finance, 15(4), 389-411.
  • Harvey, M. ve Evans, R. (1995). Strategic windows in the entrepreneurial process. Journal of business venturing, 10(5), 331-347.
  • Helliar, C. V., Power, D. M. ve Sinclair, C. D. (2005). Managerial “irrationality” in financial decision making. Managerial Finance, 31(4), 1-11.
  • Hirshleifer, D., Low, A. ve Teoh, S. H. (2012). Are overconfident CEOs better innovators?. The Journal of Finance, 67(4), 1457-1498.
  • Hirshleifer, David, Siew Hong Teoh ve Angie Low, (2010), Are overconfident CEOs better innovators? Working paper, University of California, Irvine.
  • Hutchinson, R. W. (1995). The capital structure and investment decisions of the small owner-managed firm: some exploratory issues. Small Business Economics, 7(3), 231-239.
  • Jonsson, A. C. ve Allwood, C. M. (2003). Stability and variability in the realism of confidence judgments over time, content domain, and gender. Personality and Individual Farks, 34(4), 559-574.
  • Kahneman, D. ve Lovallo, D. (1993). Timid choices and bold forecasts: A cognitive perspective on risk taking. Management science, 39(1), 17-31.
  • Kahneman, D. ve Tversky, A. (1984). Choices, values, and frames. American psychologist, 39(4), 341.
  • Kahneman, D., Knetsch, J. L. ve Thaler, R. H. (1991). Anomalies: The endowment effect, loss aversion, and status quo bias. The journal of economic perspectives, 193-206.
  • Karadeniz, E., (2008), Türk Konaklama İşletmelerinde Sermaye Yapısını Etkileyen Faktörlerin Analizi, Doktora Tezi, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü, Adana.
  • Kardes, F., Cronley, M. ve Cline, T. (2014). Consumer behavior. Cengage Learning.
  • Kim, E. H. (1978). A Mean‐variance theory of optimal capital structure and corporate debt capacity. The Journal of Finance, 33(1), 45-63.
  • Kisgen, D. J. (2006). Credit ratings and capital structure. The Journal of Finance, 61(3), 1035-1072.
  • Klauss, P., C., (2006), Capital Investment Decisions with Managerial Overconfidence and Regret Aversion, PhD Thesis, University of Bath School of Management.
  • Klayman, J., Soll, J., Gonzalez - Vallejo, C. ve Barlas, S. (1999). Overconfidence: It depends on how, what, and whom you ask. Organizational Behavior and Human Decision Processes, 79, 216 – 247.
  • Kraus, A. ve Litzenberger, R. H. (1973). A state‐preference model of optımal fınancıal leverage. The Journal of Finance, 28(4), 911-922.
  • Landier, A. ve Thesmar, D. (2009). Financial contracting with optimistic entrepreneurs. Review of financial studies, 22(1), 117-150.
  • Lichtenstein, S., Fischhoff, B. ve Phillips, L. D. (1982). Calibration of Probabilities: The State of the Art to 1980, in Judgment Under Uncertainty: Heuristics and Biases 306, 321-22 (D. Kahneman, P. Slovic & A. Tversky eds. 1982).
  • Liu, Y. ve Taffler, R. (2008). CEO overconfidence in M&A decision making and its impact on firm performance. In Annual Conference of the French Finance Association (pp. 20-22).
  • Malmendier, U. ve Tate, G. (2005a). CEO overconfidence and corporate investment. The journal of finance, 60(6), 2661-2700.
  • Malmendier, U. ve Tate, G. (2005b). Does overconfidence affect corporate investment? CEO overconfidence measures revisited. European Financial Management, 11(5), 649-659.
  • Malmendier, U. ve Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of financial Economics, 89(1), 20-43.
  • Malmendier, U. ve Zheng, H. (2012). Managerial duties and managerial biases. University of California at Berkeley Working Paper.
  • Malmendier, U., Tate, G. ve 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.
  • Mcgraw, A. P., Larsen, J. T., Kahneman, D. ve Schkade, D. (2010). Comparing gains and losses. Psychological science, 21(10), 1438-1445.
  • Meckling, W. H. (1976). Values and the Choice of the Model of the Individual in the Social Sciences. Schweizerische Zeitschrift fur Volkswirtschaft (December).
  • Michailova, J. (2010). Overconfidence and bubbles in experimental asset markets. https://mpra.ub.uni-muenchen.de/30579/1/MPRA_paper_30579.pdf.
  • Mueller, E. (2008). Benefits of control, capital structure and company growth. Applied Economics, 40(21), 2721-2734.
  • Myers C. S. (1977), Determinants of Corporate Borrowing, Journal of Financial Economics, (5), 147-175.
  • Myers, S. C. (1984). The capital structure puzzle. The journal of finance, 39(3), 574-592.
  • Myers, S. C. ve Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
  • Myers, S. C. (2001). Capital structure. Journal of Economic perspectives, 81-102.
  • Nguyen, T. ve Schüßler, A. (2012). How to make better decisions? Lessons learned from behavioral corporate finance. International Business Research, 6(1), p187.
  • Odean, T., (1998). Volume, volatility, price and profit when all traders are above average. J. Finance, (53), 1887–1934.
  • Oliver, Barry R. (2005) The Impact of Management Confidence on Capital Structure. Available at SSRN: http://ssrn.com/abstract=791924 or http://dx.doi.org/10.2139/ssrn.791924.
  • Parker, A. M. ve Fischhoff, B. (2005). Decision-making competence: External validation through an individual differences approach. Journal of Behavioral Decision Making, 18(1), 1-27.
  • Purhanudin, N. ve Zakaria, Z. (2015), Managerial Overconfidence and Debt Maturity Structure of Malaysian Construction and Material Companies. Review of Contemporary Business Research, 4(1).
  • Romano, C. A., Tanewski, G. A. ve Smyrnios, K. X. (2001). Capital structure decision making: A model for family business. Journal of Business Venturing, 16(3), 285-310.
  • Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The bell journal of economics, 23-40.
  • Russo, J. E. ve Schoemaker, P. J. (1992). Managing overconfidence. Sloan Management Review, 33(2), 7-17.
  • Scott Jr, J. H. (1976). A theory of optimal capital structure. The Bell Journal of Economics, 33-54.
  • Sen, R. ve Tumarkin, R. (2015) Stocking Up: Executive Optimism, Option Exercise, and Share Retention (March 2, 2015). AFA 2010 Atlanta Meetings Paper; 24th Australasian Finance and Banking Conference 2011 Paper. Available at SSRN: http://ssrn.com/abstract=1343980 or http://dx.doi.org/10.2139/ssrn.1343980.
  • Shao, X., Wang, L., (2013). Manager’s Irrational Behavior in Corporate Capital Investment Decision-Making, International Journal of Economics, Finance and Management, 3(4), pp. 183-193.
  • Shefrin, H. (1999). Irrational exuberance and option smiles. Financial Analysts Journal, 91-103.
  • Shefrin, H. (2001). Behavioral corporate finance. Journal of Applied Corporate Finance, 14(3).
  • Shefrin, H. (2007, June). Behavioral finance: biases, Ortalama-variance returns, and risk premiums. In CFA Institute Conference Proceedings Quarterly, 24(2), 4-12.
  • Simon, M., Houghton, S. M. ve Aquino, K. (2000). Cognitive biases, risk perception, and venture formation: How individuals decide to start companies. Journal of business venturing, 15(2), 113-134.
  • Statman, M. ve Caldwell, D. (1987). Applying behavioral finance to capital budgeting: project terminations. Financial Management, 7-15.
  • Stein, J. C. (1996). Rational capital budgeting in an irrational world. Journal of Business, 69(4), 429-455.
  • Tufan, E., (2008), Davranışsal Finans: Finansal Kararları Yönlendiren Sosyal Psikolojik Anomalilerin Davranışsal Finans Bağlamında İncelenmesi, İmaj Yayıncılık.
  • Vrabel, D., (2015), Behavioral Biases and their Impact on Corporate Finance: Overview of literature and implications for valuation, corporate governance and corporate strategy, Master Thesis, HEC Paris, MSc International Business CEMS.
Toplam 94 adet kaynakça vardır.

Ayrıntılar

Bölüm ARAŞTIRMA MAKALELERİ
Yazarlar

Bilgehan Tekin

Yayımlanma Tarihi 14 Kasım 2016
Yayımlandığı Sayı Yıl 2016 Cilt: 8 Sayı: 15

Kaynak Göster

APA Tekin, B. (2016). FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD), 8(15), 169-198. https://doi.org/10.20990/kilisiibfakademik.266032
AMA Tekin B. FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). Kasım 2016;8(15):169-198. doi:10.20990/kilisiibfakademik.266032
Chicago Tekin, Bilgehan. “FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF”. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD) 8, sy. 15 (Kasım 2016): 169-98. https://doi.org/10.20990/kilisiibfakademik.266032.
EndNote Tekin B (01 Kasım 2016) FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) 8 15 169–198.
IEEE B. Tekin, “FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF”, Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD), c. 8, sy. 15, ss. 169–198, 2016, doi: 10.20990/kilisiibfakademik.266032.
ISNAD Tekin, Bilgehan. “FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF”. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) 8/15 (Kasım 2016), 169-198. https://doi.org/10.20990/kilisiibfakademik.266032.
JAMA Tekin B. FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). 2016;8:169–198.
MLA Tekin, Bilgehan. “FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF”. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD), c. 8, sy. 15, 2016, ss. 169-98, doi:10.20990/kilisiibfakademik.266032.
Vancouver Tekin B. FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). 2016;8(15):169-98.

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