Decisões financeiras em condições de risco por gerentes, diretores e firmas brasileiras: uma análise baseada nas finanças comportamentais
AUTOR(ES)
Marcelo Martins de Sá
DATA DE PUBLICAÇÃO
2008
RESUMO
The purpose of this survey of an exploratory nature is to discover why managers, directors and firms make financial decisions under conditions of risk in Brazil. For this reason a survey was conducted in studies based on Behavioral Finance (BF), in order to identify possible anomalies related to susceptibility to risk, particularly those already identified by means of the characteristics and perceptions of decision makers in relation to risk, reference levels, mental accounting, preference reversal, excess confidence, besides the influences associated with the organizational environment and with the search for results at Brazilian firms. The non-probabilistic sample is comprised of 143 respondents and was gathered via the web, between the months of October 2006 and November 2007, based on the use of two independent questionnaires. These instruments were created in a pioneer fashion to explore the same objectives in Australian decision makers (COLEMAN, 2006). The results of the original survey were compared with the data from this survey with the intention of learning more about the differences that the demography, attitudes geared towards style/decision-making process and environment/results of firms can produce in financial decisions made under conditions of risk. Over two thirds of the executives exhibited susceptibility to risk, yet contrary to the Australian study, the statistical analyses of the variability of answers revealed low explanatory powers with respect to the possible anomalies existing in the Brazilian sample. As was the case in the original survey, the manipulation of situations of risk proposed to the respondents according to four dimensions had a low level of significance in relation to risk propensity. This study was innovative in gathering information in the real world about the behavior of decision makers under financial conditions of risk, and is intended to offer new perspectives for future surveys relating to the knowledge of Behavioral Finance applied in Brazil.
ASSUNTO(S)
decision making risco tomada de decisão behavioral finance administracao risk finanças comportamentais
ACESSO AO ARTIGO
http://mx.mackenzie.com.br/tede/tde_busca/arquivo.php?codArquivo=701Documentos Relacionados
- Efeitos do BNDES Finame nas firmas brasileiras: uma análise de sobrevivência para os anos de 2002 a 2016
- Terceirização do fornecimento de energia elétrica e térmica nas firmas de manufatura brasileiras: uma visão estratégica
- Efeitos da gestão baseada em EVA® nas decisões intertemporais: um estudo com gerentes de vendas
- O Impacto da Corrupção nas Decisões de Investimento das Firmas Brasileiras de Capital Aberto
- Restrições financeiras e a decisão de investimento das firmas brasileiras