Managerial Overconfidence, Inflation Uncertainty, And Capital Structure Choice: Evidence Of Malaysian Shari'ah-Compliant Firms
Using a unique dataset of 332 manufacturing and non-manufacturing Malaysian Shari'ah public-listed firms over the 2010-2018 period, this thesis explores capital structure choice in the context of managerial overconfidence and inflation uncertainty, focusing on the dynamic interaction between th...
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| Format: | Thesis |
| Language: | English |
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2023
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| Online Access: | http://eprints.usm.my/63017/ http://eprints.usm.my/63017/1/Pages%20from%20KHAIRUL%20NIZAM%20BIN%20OSMAN%20-%20TESIS.pdf |
| _version_ | 1848885138805489664 |
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| author | Osman, Khairul Nizam |
| author_facet | Osman, Khairul Nizam |
| author_sort | Osman, Khairul Nizam |
| building | USM Institutional Repository |
| collection | Online Access |
| description | Using a unique dataset of 332 manufacturing and non-manufacturing Malaysian Shari'ah public-listed firms over the 2010-2018 period, this thesis explores capital structure choice in the context of managerial overconfidence and inflation uncertainty, focusing on the dynamic interaction between the two. The main empirical findings of a panel robust two-step System GMM show that increased managerial overconfidence, proxied by the Malaysian Institute of Economic Research’s (MIER) Business Condition Index (BCI), increases financial leverage in manufacturing firms of considerable size, aligning with the overconfident-standard pecking order theory proposed by Heaton (2002). The study also revealed that both measures of inflation uncertainty, namely variability and uncertainty, exert a direct negative influence on the capital structure of Shari’ah firms, albeit in distinct ways |
| first_indexed | 2025-11-15T19:17:50Z |
| format | Thesis |
| id | usm-63017 |
| institution | Universiti Sains Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T19:17:50Z |
| publishDate | 2023 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | usm-630172025-10-21T03:45:03Z http://eprints.usm.my/63017/ Managerial Overconfidence, Inflation Uncertainty, And Capital Structure Choice: Evidence Of Malaysian Shari'ah-Compliant Firms Osman, Khairul Nizam HD28-70 Management. Industrial Management Using a unique dataset of 332 manufacturing and non-manufacturing Malaysian Shari'ah public-listed firms over the 2010-2018 period, this thesis explores capital structure choice in the context of managerial overconfidence and inflation uncertainty, focusing on the dynamic interaction between the two. The main empirical findings of a panel robust two-step System GMM show that increased managerial overconfidence, proxied by the Malaysian Institute of Economic Research’s (MIER) Business Condition Index (BCI), increases financial leverage in manufacturing firms of considerable size, aligning with the overconfident-standard pecking order theory proposed by Heaton (2002). The study also revealed that both measures of inflation uncertainty, namely variability and uncertainty, exert a direct negative influence on the capital structure of Shari’ah firms, albeit in distinct ways 2023-12 Thesis NonPeerReviewed application/pdf en http://eprints.usm.my/63017/1/Pages%20from%20KHAIRUL%20NIZAM%20BIN%20OSMAN%20-%20TESIS.pdf Osman, Khairul Nizam (2023) Managerial Overconfidence, Inflation Uncertainty, And Capital Structure Choice: Evidence Of Malaysian Shari'ah-Compliant Firms. PhD thesis, Universiti Sains Malaysia. |
| spellingShingle | HD28-70 Management. Industrial Management Osman, Khairul Nizam Managerial Overconfidence, Inflation Uncertainty, And Capital Structure Choice: Evidence Of Malaysian Shari'ah-Compliant Firms |
| title | Managerial Overconfidence, Inflation Uncertainty, And Capital Structure Choice: Evidence Of Malaysian Shari'ah-Compliant Firms |
| title_full | Managerial Overconfidence, Inflation Uncertainty, And Capital Structure Choice: Evidence Of Malaysian Shari'ah-Compliant Firms |
| title_fullStr | Managerial Overconfidence, Inflation Uncertainty, And Capital Structure Choice: Evidence Of Malaysian Shari'ah-Compliant Firms |
| title_full_unstemmed | Managerial Overconfidence, Inflation Uncertainty, And Capital Structure Choice: Evidence Of Malaysian Shari'ah-Compliant Firms |
| title_short | Managerial Overconfidence, Inflation Uncertainty, And Capital Structure Choice: Evidence Of Malaysian Shari'ah-Compliant Firms |
| title_sort | managerial overconfidence, inflation uncertainty, and capital structure choice: evidence of malaysian shari'ah-compliant firms |
| topic | HD28-70 Management. Industrial Management |
| url | http://eprints.usm.my/63017/ http://eprints.usm.my/63017/1/Pages%20from%20KHAIRUL%20NIZAM%20BIN%20OSMAN%20-%20TESIS.pdf |