Managerial aversion and capital structure: Evidence from Southeast Asia
This paper investigates the associations between managerial aversion, capital structure,
and market valuation. The paper outlines managerial risk aversion and managerial regret
aversion as perceptions of managerial aversion and tests whether both managerial
behaviors directly affect the capital structure and market valuation of firms. The study uses a
comprehensive measure of risk aversion by considering risk frequency, risk severity, and
risk reduction price on shareholders' equity. Using a data set of 860 Southeast Asian firms …
and market valuation. The paper outlines managerial risk aversion and managerial regret
aversion as perceptions of managerial aversion and tests whether both managerial
behaviors directly affect the capital structure and market valuation of firms. The study uses a
comprehensive measure of risk aversion by considering risk frequency, risk severity, and
risk reduction price on shareholders' equity. Using a data set of 860 Southeast Asian firms …
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