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O excesso de confianca dos gestores e as decisoes estratégicas

Author

Listed:
  • Jefferson Pereira de Andrade
  • Wenner Glaucio Lopes Lucena

Abstract

O objetivo da presente pesquisa foi analisar a relacao entre o excesso de confianca dos gestores e a estratégia empresarial. Para isso, foram utilizadas tres diferentes proxies para o excesso de confianca e seis diferentes dimensoes estratégicas. As relacoes foram estabelecidas a partir de um painel composto por dados de 244 empresas brasileiras nao financeiras de capital aberto, por meio de regressoes múltiplas. Tal metodologia permitiu identificar que a estratégia empresarial se relaciona de forma diferente aos vários aspectos que compoem a estratégia. Gestores excessivamente confiantes tendem a promover maior imobilizacao de ativos e a adotar estruturas de capital mais alavancadas, além disso, eles possuem maior dificuldade em promover giros no estoque, ou seja, gerar recursos próprios.

Suggested Citation

  • Jefferson Pereira de Andrade & Wenner Glaucio Lopes Lucena, 2021. "O excesso de confianca dos gestores e as decisoes estratégicas," Estudios Gerenciales, Universidad Icesi, vol. 37(161), pages 542-555, October.
    • Handle: RePEc:col:000129:019687
    DOI: 10.18046/j.estger.2021.161.4208
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    Keywords

    excesso de confiança; finanças comportamentais; decisões estratégicas;
    All these keywords.

    JEL classification:

    • G40 - Financial Economics - - Behavioral Finance - - - General
    • M19 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Other

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