Evolução da pesquisa em finanças: epistemologia, paradigma e críticas

Iquiapaza, Robert Aldo; Amaral, Hudson Fernandes; Bressan, Aureliano Angel

doi:10.1590/s1984-92302009000200008

Cited by 8 publications

(7 citation statements)

References 35 publications

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“…Os limites à arbitragem mostram que os agentes racionais têm restrições, devido às distorções, para aproveitar as oportunidades de ganhos e que os agentes irracionais provocam desvios dos preços referentes ao valor dos ativos. (Ritter, 2003;Iquiapaza, Amaral & Bressan, 2009;Yoshinaga et. al, 2008.…”

Section: Ii1 Finanças Comportamentaisunclassified

Aspectos cognitivos comportamentales considerados por los estudiantes para la inversión en educación superior

Silva¹,

Souza²,

Silva³

2015

RevConta

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La elección del estudiante de educación superior de permanecer en el cumplimiento de su acuerdo financiero representa un comportamiento similar al del inversor financiero que elige las opciones de inversión, en función de la rentabilidad esperada, al elegir entre las oportunidades de inversión. La noción de rentabilidad invertida por el estudiante es inmediata y, de este modo, puede sugerir un comportamiento de elección entre otras inversiones que le traigan satisfacción momentánea. En vista de ello, el objetivo del estudio es identificar los aspectos cognitivo-comportamentales que influyen en los estudiantes en cuanto a la inversión en educación superior. La investigación se caracteriza por ser descriptiva, los procedimientos fueron de recopilación, con un enfoque cuantitativo para el análisis de datos. La población objetivo de la investigación consistió en 1.500 estudiantes con una muestra no probabilística de 112 encuestados, tomada al azar, de los cursos de pregrado del Centro de Ciencias Sociales y Aplicadas de una universidad pública brasileña en el estado de Santa Catarina con costos de matrícula. La recolección de datos incluyó la implementación de un cuestionario y estos datos fueron tratados por medio de un software estadístico, a través del análisis de regresión múltiple. Los resultados demuestran que los aspectos cognitivo-omportamentales de comparación, percepción y motivación tienen más influencia en la toma de decisiones de los estudiantes en relación con el pago de su matrícula. Ahora, aspectos como la confianza, el apego y la adicción no presentan ninguna importancia y no tienen alto poder de influencia en la toma de decisión de los estudiantes.

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Section: Ii1 Finanças Comportamentaisunclassified

Aspectos cognitivos comportamentales considerados por los estudiantes para la inversión en educación superior

Silva¹,

Souza²,

Silva³

2015

RevConta

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“…There is no single system but a variety of systems with specific rules that are historically and culturally constructed. This view is vehemently opposed to the dominant view in science in general and, in particular, in studies of finance (Herling, Lima & Moritz, 2013;Iquiapaza, Amaral & Bressan, 2009;Silva, 2010) and accounting (Mendonça, Roccio & Sakata, 2006), which are positivist. According to Burrell and Morgan (1979), positivism is based on an objectivist worldview characterized by a concrete reality that can be systematically investigated to reveal its underlying regularities.…”

Section: Introductionmentioning

confidence: 96%

Esquadrinhando a governança corporativa: o comportamento dos personagens sob o ponto de vista dos discursos dos autores acadêmico

Pinheiro

Carrieri

Joaquim

2013

Rev. contab. finanç.

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The aim of this work is to understand how the dominant discourse in academia conceives the characters' behavior with respect to corporate governance. To do this, we examined all Brazilian journals in the fields of management and accounting classified by the Agency of Coordination of Improvement of Higher Education Personnel (Agência de Coordenação de Aperfeiçoamento de Pessoal de Nível Superior -CAPES) as A1, A2, B1, B2, or B3. We also studied minutes of meetings of the National Association of Graduate Programs in Management (Associação Nacional dos Programas de Pós-Graduação em Administração -ENANPAD) and the theses and dissertations of graduate programs in management and accounting classified by CAPES as 4, 5, 6, or 7. We used discourse analysis to analyze the data obtained. The results show the separation of roles, agency conflict and opportunistic behavior as major themes of corporate governance discourse. This discourse has investment safety in productive capitalist organizations and control over opportunistic behavior as dominant ideologies. Discourses on capitalism and economic sciences are inter-discourses. Themes of control, separation, and dispossession have sustained the capitalist ideology of property rights. The behavioral perspective of owners' and managers' characters has been structured by structural-functionalist ideology. This implies property rights as a value to be respected and understands action under the rationale of maximizing its own utility function. Claims and discussions on corporate governance become claims and discussions on capital financiers' safety and trust, resulting in corporate governance being implicitly seen as a behavior-clamping mechanism that symbolizes the determination of relationships to represent safety and confidence. We therefore believe that the present work, by focusing analysis on the field of governance, can bring new perspectives of understanding to the fields of accounting and finance that will help to fill in the dominant conceptual perspectives.

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“…The investment decision-making process in a corporate level is quite complex and many theories try to explain how such decision can be taken to achieve the best outcome possible. Financial literature theories have been showing the evolution of the subject and, nowadays, there are two different trends that are considered complementary by some authors: the traditional finance theory and the behavioral finance theory (Iquiapaza, Amaral, & Bressan, 2009). These theories diverge on the boundaries of rationality of economic agent when deciding, and those divergences originate when Smith (1776) first presents this seminal idea analyzing the market dynamics.…”

Section: Introduction Introductionmentioning

confidence: 99%

Behavioral Biases and the Decision-Making in Entrepreneurs and Managers

2022

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Objective: the present research aims to understand the role of behavioral biases present in the investment decision in entrepreneurs and managers, in the light of the behavioral finance. Theoretical approach: Considering that non-financial aspects influence the decision making of investments in real assets, the present research focuses on how individual characteristics, notably behavioral biases, can affect these investment decisions, from the perspective of Behavioral Finance. Method: a qualitative research was developed. Interviews were held with eight managers or entrepreneurs who usually make investment decisions in real assets within their organizations. Interviews were transcribed and content analysis was used to analyze the data. Results: findings suggest the presence of behavioral biases in the decision-making presented by the interviewees, specifically the optimism and overconfidence, loss aversion, self-attribution, sunk cost, endowment effect, regret, conservatism, and external agent effect. Optimism, overconfidence, and loss aversion were present in all the interviewees’ speeches. Regret and external agent effect emerged in entrepreneurs’ speech while conservatism bias emerged in the speech of managers. Conclusions: entrepreneurs and managers indistinctly presented behavioral biases; however, the triggers for those biases are diverse. When it refers to insecurity in deciding, entrepreneurs allow themselves to question their own decision-making ability, by either regret or consulting an external agent, while managers hold themselves in conservative decisions.

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Evolução da pesquisa em finanças: epistemologia, paradigma e críticas

Cited by 8 publications

References 35 publications

Aspectos cognitivos comportamentales considerados por los estudiantes para la inversión en educación superior

Aspectos cognitivos comportamentales considerados por los estudiantes para la inversión en educación superior

Esquadrinhando a governança corporativa: o comportamento dos personagens sob o ponto de vista dos discursos dos autores acadêmico

Behavioral Biases and the Decision-Making in Entrepreneurs and Managers

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