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Testing trade-off theory and pecking order theory under managerial overconfidence

employed the following as independent variables: overconfidence, risk (standard deviation of ROA), effects of financial leverage (EFL; the difference between ROE and ROA as a measure of effect of financial leverage), tangibility (share of fixed assets in total assets), size (natural logarithm of Total Assets), and dividend ratio (the relation of dividend paid to net profit). In this part, we carried out the analysis only in relative terms (ratios). To identify the importance of the independent variables, we employed regression analysis for evaluating the relationships

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