O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes
Ano de defesa: | 2011 |
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Autor(a) principal: | |
Orientador(a): | |
Banca de defesa: | , , , |
Tipo de documento: | Tese |
Tipo de acesso: | Acesso aberto |
Idioma: | por |
Instituição de defesa: |
Universidade Presbiteriana Mackenzie
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Programa de Pós-Graduação: |
Administração de Empresas
|
Departamento: |
Administração
|
País: |
BR
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Palavras-chave em Português: | |
Palavras-chave em Inglês: | |
Área do conhecimento CNPq: | |
Link de acesso: | http://dspace.mackenzie.br/handle/10899/23185 |
Resumo: | This quantitative research aims to investigate the impact of strategic investment decisions on firm value creation, when taken by optimistic and overconfident managers. The research was conducted under the irrational managers approach (BAKER et al., 2005) and used a sample consisting of 502 strategic investment announcements made by 131 managers from 116 different Brazilian publicly traded companies, from January/2005 to December/2009. Strategic investments are considered as being all capital expenditures which create growth opportunities for companies (KESTER, 1984). The empirical results suggest that investors react negatively to announcements of strategic investments when made by optimistic and overconfident managers, pointing that differences in style, opinion and perception of reality motivated by personal managers characteristics are perceived by the market and thus discounted from companies stock price. Unlike the models prescribed by Gervais et al. (2003) and Hackbarth (2004), which predict that moderate levels of optimism and overconfidence exhibited by managers are beneficial for firm s shareholders, only partial support was found to the hypothesis that the magnitude or degree of manager s optimism/overconfidence is relevant. The results suggest that managers who exhibit a moderate degree of optimism and overconfidence are better perceived by investors than others considered markedly biased. However, the results do not confirm the existence of a degree or level for optimism/overconfidence that is beneficial to the firm and also superior to others. Managers regarded as rational and less biased were those who had their strategic investment announcements best assessed by the market. |
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2016-03-15T19:30:49Z2020-05-28T18:02:41Z2012-01-232020-05-28T18:02:41Z2011-04-05http://dspace.mackenzie.br/handle/10899/23185This quantitative research aims to investigate the impact of strategic investment decisions on firm value creation, when taken by optimistic and overconfident managers. The research was conducted under the irrational managers approach (BAKER et al., 2005) and used a sample consisting of 502 strategic investment announcements made by 131 managers from 116 different Brazilian publicly traded companies, from January/2005 to December/2009. Strategic investments are considered as being all capital expenditures which create growth opportunities for companies (KESTER, 1984). The empirical results suggest that investors react negatively to announcements of strategic investments when made by optimistic and overconfident managers, pointing that differences in style, opinion and perception of reality motivated by personal managers characteristics are perceived by the market and thus discounted from companies stock price. Unlike the models prescribed by Gervais et al. (2003) and Hackbarth (2004), which predict that moderate levels of optimism and overconfidence exhibited by managers are beneficial for firm s shareholders, only partial support was found to the hypothesis that the magnitude or degree of manager s optimism/overconfidence is relevant. The results suggest that managers who exhibit a moderate degree of optimism and overconfidence are better perceived by investors than others considered markedly biased. However, the results do not confirm the existence of a degree or level for optimism/overconfidence that is beneficial to the firm and also superior to others. Managers regarded as rational and less biased were those who had their strategic investment announcements best assessed by the market.Esta pesquisa, de natureza quantitativa, buscou investigar o impacto das decisões de investimentos estratégicos na criação de valor para as empresas, quando tomadas por gestores otimistas e excessivamente confiantes. A pesquisa, conduzida dentro da abordagem dos gestores irracionais (BAKER et al., 2005), utilizou uma amostra formada por 502 anúncios de investimentos estratégicos, realizados por 131 gestores de 116 diferentes empresas brasileiras de capital aberto, no período compreendido entre janeiro/2005 e dezembro/2009. São considerados investimentos estratégicos todos aqueles dispêndios de capital que criam oportunidade de crescimento para as empresas (KESTER, 1984). Os resultados da pesquisa empírica sugerem que os investidores reagem negativamente aos anúncios de investimentos estratégicos quando realizados por gestores otimistas e excessivamente confiantes, indicando que as diferenças de estilo, opinião e de percepção da realidade motivadas por características pessoais dos gestores são consideradas pelo mercado e descontadas do preço das ações das empresas. Ao contrário dos modelos prescritos por Gervais et al. (2003) e Hackbarth (2004),os quais predizem que a presença de um nível moderado desses vieses nos gestores é benéfica aos acionistas das empresas, encontrou-se suporte apenas parcial à hipótese de que a intensidade ou grau de enviesamento do gestor é relevante. Os resultados da pesquisa sugerem que os gestores que exibem grau moderado de otimismo e confiança excessiva são melhor percebidos pelos investidores do que outros considerados pronunciadamente enviesados.Entretanto, os resultados não confirmam a existência de um grau de intensidade para otimismo/confiança excessiva que seja benéfico à empresa e, ainda, superior aos demais.Gestores tidos como racionais e menos enviesados foram os que tiveram seus anúncios de investimentos estratégicos melhor percebidos pelo mercadoFundo Mackenzie de Pesquisaapplication/pdfporUniversidade Presbiteriana MackenzieAdministração de EmpresasUPMBRAdministraçãofinanças comportamentaisotimismo e excesso de confiançacriação de valorinvestimentos estratégicosestudo de eventobehavioral financeoptimism and overconfidencevalue creationstrategic investmentevent studyCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOO impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisBarros, Lucas Ayres Barreira de Camposhttp://lattes.cnpq.br/0198661144573382Kayo, Eduardo Kazuohttp://lattes.cnpq.br/6629229841222438Kimura, Herberthttp://lattes.cnpq.br/2048706172366367Nakamura, Wilson Toshirohttp://lattes.cnpq.br/1327686935533816Silveira, Alexandre Di Miceli dahttp://lattes.cnpq.br/4773608871754250http://lattes.cnpq.br/2817026152840345Oliveira Neto, Luis Elesbão dehttp://tede.mackenzie.br/jspui/retrieve/3022/Luis%20Elesbao%20de%20Oliveira%20Neto.pdf.jpghttp://tede.mackenzie.br/jspui/bitstream/tede/783/1/Luis%20Elesbao%20de%20Oliveira%20Neto.pdfinfo:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações do Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIE10899/231852020-05-28 15:02:41.13Biblioteca Digital de Teses e Dissertaçõeshttp://tede.mackenzie.br/jspui/PRI |
dc.title.por.fl_str_mv |
O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes |
title |
O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes |
spellingShingle |
O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes Oliveira Neto, Luis Elesbão de finanças comportamentais otimismo e excesso de confiança criação de valor investimentos estratégicos estudo de evento behavioral finance optimism and overconfidence value creation strategic investment event study CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes |
title_full |
O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes |
title_fullStr |
O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes |
title_full_unstemmed |
O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes |
title_sort |
O impacto das decisões de investimentos estratégicos sobre o valor de mercado das empresas quando tomadas por gestores otimistas e excessivamente confiantes |
author |
Oliveira Neto, Luis Elesbão de |
author_facet |
Oliveira Neto, Luis Elesbão de |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Barros, Lucas Ayres Barreira de Campos |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/0198661144573382 |
dc.contributor.referee1.fl_str_mv |
Kayo, Eduardo Kazuo |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/6629229841222438 |
dc.contributor.referee2.fl_str_mv |
Kimura, Herbert |
dc.contributor.referee2Lattes.fl_str_mv |
http://lattes.cnpq.br/2048706172366367 |
dc.contributor.referee3.fl_str_mv |
Nakamura, Wilson Toshiro |
dc.contributor.referee3Lattes.fl_str_mv |
http://lattes.cnpq.br/1327686935533816 |
dc.contributor.referee4.fl_str_mv |
Silveira, Alexandre Di Miceli da |
dc.contributor.referee4Lattes.fl_str_mv |
http://lattes.cnpq.br/4773608871754250 |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/2817026152840345 |
dc.contributor.author.fl_str_mv |
Oliveira Neto, Luis Elesbão de |
contributor_str_mv |
Barros, Lucas Ayres Barreira de Campos Kayo, Eduardo Kazuo Kimura, Herbert Nakamura, Wilson Toshiro Silveira, Alexandre Di Miceli da |
dc.subject.por.fl_str_mv |
finanças comportamentais otimismo e excesso de confiança criação de valor investimentos estratégicos estudo de evento |
topic |
finanças comportamentais otimismo e excesso de confiança criação de valor investimentos estratégicos estudo de evento behavioral finance optimism and overconfidence value creation strategic investment event study CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
dc.subject.eng.fl_str_mv |
behavioral finance optimism and overconfidence value creation strategic investment event study |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
This quantitative research aims to investigate the impact of strategic investment decisions on firm value creation, when taken by optimistic and overconfident managers. The research was conducted under the irrational managers approach (BAKER et al., 2005) and used a sample consisting of 502 strategic investment announcements made by 131 managers from 116 different Brazilian publicly traded companies, from January/2005 to December/2009. Strategic investments are considered as being all capital expenditures which create growth opportunities for companies (KESTER, 1984). The empirical results suggest that investors react negatively to announcements of strategic investments when made by optimistic and overconfident managers, pointing that differences in style, opinion and perception of reality motivated by personal managers characteristics are perceived by the market and thus discounted from companies stock price. Unlike the models prescribed by Gervais et al. (2003) and Hackbarth (2004), which predict that moderate levels of optimism and overconfidence exhibited by managers are beneficial for firm s shareholders, only partial support was found to the hypothesis that the magnitude or degree of manager s optimism/overconfidence is relevant. The results suggest that managers who exhibit a moderate degree of optimism and overconfidence are better perceived by investors than others considered markedly biased. However, the results do not confirm the existence of a degree or level for optimism/overconfidence that is beneficial to the firm and also superior to others. Managers regarded as rational and less biased were those who had their strategic investment announcements best assessed by the market. |
publishDate |
2011 |
dc.date.issued.fl_str_mv |
2011-04-05 |
dc.date.available.fl_str_mv |
2012-01-23 2020-05-28T18:02:41Z |
dc.date.accessioned.fl_str_mv |
2016-03-15T19:30:49Z 2020-05-28T18:02:41Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://dspace.mackenzie.br/handle/10899/23185 |
url |
http://dspace.mackenzie.br/handle/10899/23185 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Presbiteriana Mackenzie |
dc.publisher.program.fl_str_mv |
Administração de Empresas |
dc.publisher.initials.fl_str_mv |
UPM |
dc.publisher.country.fl_str_mv |
BR |
dc.publisher.department.fl_str_mv |
Administração |
publisher.none.fl_str_mv |
Universidade Presbiteriana Mackenzie |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações do Mackenzie instname:Universidade Presbiteriana Mackenzie (MACKENZIE) instacron:MACKENZIE |
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Universidade Presbiteriana Mackenzie (MACKENZIE) |
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MACKENZIE |
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MACKENZIE |
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Biblioteca Digital de Teses e Dissertações do Mackenzie |
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Biblioteca Digital de Teses e Dissertações do Mackenzie |
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