Abstract
Since the owner-managers of TPE occupy a dominant position in their role as the main decision-maker of the company, the financing structure of the company is their personal choice; the decisions that owner-operators make may therefore depend on the characteristics of the owners and the businesses (Michaelas et al., 1999). In this reality, researchers and financial practitioners recognize the need to solve financial decision problems by going beyond the limits of traditional financial theories. This new alternative was announced at the end of the 1970s, it was the birth of the theory of behavioral finance, which was launched from the study of Kahneman and Tversky (1979). Over the past 30 years, behavioral finance has become one of the most widely used theories to understand and interpret the behavior of investors and policymakers in making their investment and funding decisions. It is still an emerging field (Kourtidis, Sevic and Chatzoglou, 2011), but it has received a lot of attention from professionals and academic staff. This article is a review of the literature on the capital structure of companies, by mobilizing traditional financial theories that help to understand the financial decision-making of VSE leaders.
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