Research On Manager's Behavioral Inertia And Capital Structure Decision

Higher-order management theory and behavioral consistency theory emphasize the important influence of managers' traits on company decision-making.Capital structure decisions are closely related to company value and are important decisions that managers.At present,there are still abnormal capital structure phenomena in the company,but the existing research is to separate the characteristics of managers from a certain aspect to explore the impact on the capital structure,and the limitations are greater.The paper describes the behavioral consistency of managers in different company management decisions as the manager's behavior inertia,and explores the role of managerial behavior inertia in capital structure decision-making.Based on the literature research of managers' characteristics,managers' individual behaviors and special experiences and corporate behaviors,this paper combines high-order management theory and behavioral consistency theory to propose the theoretical analysis framework and hypothesis of the thesis,and use correlation analysis and description.Scenarios were tested by methods such as sex statistics and multiple linear regression.The research shows that the capital structure level and capital structure deviation of the same predecessor company and the latter company are significantly and positively related,that is,the inertia of manager behavior has an impact on the company's capital structure decision;the longer the time interval,the capital structure level of the two companies The weaker the degree of deviation of the capital structure indicates that the manager's behavior inertia is weakened;the first company and the latter company belong to the same industry,which has a positive adjustment effect on the relationship between the capital structure of the predecessor company and the capital structure of the latter company,and deviates from the capital structure.Degree correlation has no regulatory effect.Finally,based on the conclusions,the paper puts forward the policy recommendations for improving the information disclosure system for listed company managers,establishing and perfecting the manager selection mechanism and paying attention to the law of industry development.