Effect of Heuristic Biases on Capital Structure of Firms listed at Nairobi Securities exchange, Kenya

Margret Andayi and Dr. Onsomu N.Z.

Journal of Finance and Investment Analysis, 2019, vol. 8, issue 4, 3

Abstract: Abstract The study sought to find out the effect of heuristic biases on capital structure of firms listed at Nairobi Securities Exchange, Kenya. The study used firm size, profitability, tangibility and growth opportunities as control variables. Regression analysis revealed the following: 59.8% of capital structure could be explained using heuristic bias, firm size, profitability, and tangibility and growth opportunities. The regression coefficient showed that heuristic biases had a negative and significant effect on capital structure (B=-2.814, p

Keywords: Heuristics; capital structure; firm size; profitability; tangibility; growth opportunities. (search for similar items in EconPapers)
Date: 2019
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