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Abstract Based on the theory of behavioral corporate finance and the yearly data of non-finacial listed companies in China during the periods from 2000 to 2005, This paper examines the herding behavior in the choice of intra-industry corporate debt-equity. The empirical results show that significant herding behavior exists in 7out of 10 industries in the choice of corporate debt-equity, and intra-industry corporate debt-equity ratio is significantly related to industrial mean value of debt-equity ratio even after controlling the effects of corporate basic characteristics on debt-equity ratio. This paper enriches and extends the researches on corporate capital structure theories by investigating the behavioral model of intra-industry corporate capital structure decision-making from the viewpoint of behavioral corporate finance theory.
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Received: 11 June 2007
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2008, Vol. 1 
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