Overconfidence and Size of Companies as a Predictor of Capital Structure and Company Values in Pharmaceutical Companies in Indonesia Stock Exchange
Keywords:
Overconfidence, Size, Capital Structure, Capital Structure Theory, Company Value.Abstract
The purpose of this study was to examine the overconfidence and firm size as a predictor of capital structure and firm value in companies listed on the Indonesia Stock Exchange during the period 2009-2016. This research is a causality research where there is a relationship between one or more variables. This study also does not directly link between predictor variables, namely for the capital structure of the firm's value. This study uses Path Analysis as a tool to analyze the relationships that occur. The location of the study was conducted at the Indonesia Stock Exchange at pharmaceutical companies by taking data through ICMD (Indonesian Capital Market Directory) for the period of 2009-2016. The results of the study found that excessive uncertainty significantly towards the capital structure. While the size of the company does not. The size of the company is significant to the value of the company. The test results of the capital structure on the firm's value are positive. Excessive self-confidence has a significant positive effect on the level of trust not insignificantly insignificant to the value of the company..
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