Decisões financeiras em condições de risco por gerentes, diretores e firmas brasileiras: uma análise baseada nas finanças comportamentais

• Ano de defesa: 2008
• Autor(a) principal: Sá, Marcelo Martins de
• Orientador(a): Basso, Leonardo Fernando Cruz
• Banca de defesa: Famá, Rubens , Martin, Diógenes Manoel Leiva
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Presbiteriana Mackenzie
• Programa de Pós-Graduação: Administração de Empresas
• Departamento: Administração
• País: BR
• Palavras-chave em Português: risco; tomada de decisão; finanças comportamentais
• Palavras-chave em Inglês: risk; decision making; behavioral finance
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
• Link de acesso: http://dspace.mackenzie.br/handle/10899/23521

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.