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The aim of the study is to analyse the repercussions of these biases on the adjustment speed of firm\u2019s capital structure toward the optimal level.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>Based on a partial adjustment model, the study uses the Dynamic Panel Fractional estimator to analyse panel data from 4,990 Portuguese entrepreneurial firms.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The results show that the cognitive overconfidence bias impacts the entrepreneurial firm\u2019s capital structure. In fact, the firms run by overconfident managers adjust more slowly than their counterparts. Furthermore, the findings suggest that entrepreneurial firms make relatively fast adjustments toward the optimal debt level and follow a hierarchical financing order in the funding process.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title><jats:p>The results of this paper are not only interesting to the academia, but also contain practical implications for corporate, institutional and business policy and governance. First, the paper introduces a new measure of cognitive bias in optimistic managers, which is useful for current and future academic research. Also, in practical terms, the findings of the paper reveal that when a company is contemplating hiring a manager, it should consider whether they need an optimistic or non-optimistic manager based on the company's present life cycle or situation.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>The current analysis extends the existing literature. The study suggests that financial classical and behavioural paradigms should not be separated, which can provide evidence to help narrow the gap between these two major perspectives.<\/jats:p><\/jats:sec>","DOI":"10.1108\/jsbed-07-2023-0319","type":"journal-article","created":{"date-parts":[[2024,1,9]],"date-time":"2024-01-09T03:21:06Z","timestamp":1704770466000},"page":"152-173","source":"Crossref","is-referenced-by-count":2,"title":["Does managerial overconfidence affect capital structure rebalancing for entrepreneurial firms?"],"prefix":"10.1108","volume":"31","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-5130-1992","authenticated-orcid":false,"given":"Ant\u00f3nio","family":"Carvalho","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9066-6441","authenticated-orcid":false,"given":"Lu\u00eds Miguel","family":"Pacheco","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2278-7161","authenticated-orcid":false,"given":"Filipe","family":"Sardo","sequence":"additional","affiliation":[]},{"given":"Zelia","family":"Serrasqueiro","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2024,1,10]]},"reference":[{"issue":"7","key":"key2024031316363403200_ref001","doi-asserted-by":"publisher","first-page":"925","DOI":"10.18488\/journal.aefr.2018.87.925.945","article-title":"Managerial behavior and capital structure decisions; do overconfidence, optimism, and risk aversion matter?","volume":"8","year":"2018","journal-title":"Asian Economic and Financial Review"},{"key":"key2024031316363403200_ref002","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1080\/23322039.2015.1006477","article-title":"Trade-off-theory vs pecking order theory and the determinants of corporate leverage: evidence from a panel data analysis upon French SMEs","volume":"3","year":"2015","journal-title":"Cogent-Economics and Finance"},{"key":"key2024031316363403200_ref003","doi-asserted-by":"publisher","first-page":"195","DOI":"10.1016\/j.jbankfin.2015.07.013","article-title":"Managerial overconfidence and corporate risk management","volume":"60","year":"2015","journal-title":"Journal of Banking and Finance"},{"key":"key2024031316363403200_ref004","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3595492","article-title":"The trade-off theory of corporate capital structure","year":"2020","journal-title":"Oxford Research Encyclopedia of Economics and Finance"},{"issue":"3","key":"key2024031316363403200_ref005","doi-asserted-by":"publisher","first-page":"1","DOI":"10.57229\/2373-1761.1015","article-title":"The role of owner in capital structure decisions: an analysis of single-owner corporations","volume":"14","year":"2010","journal-title":"Journal of Entrepreneurial Finance"},{"issue":"8","key":"key2024031316363403200_ref006","doi-asserted-by":"publisher","first-page":"1807","DOI":"10.1108\/IJEBR-05-2022-0405","article-title":"Does managerial training increase SME managers' effectiveness? 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