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This paper investigates associations between managerial aversion, capital structure, and market valuation. The paper outlines managerial risk aversion and managerial regret aversion as perceptions of managerial aversion and tests whether both managerial behaviours directly affect the capital structure and market valuation of firms. The study uses a comprehensive measure of risk aversion by considering risk frequency, risk severity, and risk reduction price on shareholders' equity. Using a datadoi:10.21315/aamjaf2020.16.1.8 fatcat:bpph5dmrunekdg4x6c4uk3s5wi