HERDING PADA KEPUTUSAN STRUKTUR MODAL
ABSTRACT: In our study, we
test the existence herding behavior on capital structure decisions of firms
listed in the Indonesia Stock Exchange. First, we examine the the reputational
herding hypothesis which explain how firms within an industry choose theirs
level of debt and equity. We find support for this hypothesis and conclude that
leader equity ratio influences those of followers. We next hypothesize that
firms may make capital structure decisions based on their previous capital
structure decisions. We also find evidence to support this informational
herding.
Keywords: herding behavior,
capital structure, reputational herding, informational herding
Penulis: Anny Laila Safithri
Kode Jurnal: jpmanajemendd100143
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