Vieses Comportamentais e a Tomada de Decisão em Empreendedores e Gestores
Open Data (English)
Artigo principal Conteúdo
Fábio Chaves Nobre
Maria José de Camargo Machado
Liana Holanda Nepomuceno Nobre
Resumo
Objetivo: a presente pesquisa visa a compreender o papel dos vieses comportamentais presentes na decisão de investimento em empreendedores e gestores, à luz das finanças comportamentais. Marco teórico: Considerando que aspectos não financeiros influenciam a tomada de decisão de investimentos em ativos reais, a presente pesquisa se concentra em como as características individuais, notadamente os vieses comportamentais, podem afetar essas decisões de investimento, sob a perspectiva das Finanças Comportamentais. Método: desenvolveu-se uma pesquisa qualitativa. Foram realizadas entrevistas com oito gestores ou empreendedores que costumam tomar decisões de investimento em ativos reais dentro de suas organizações. As entrevistas foram transcritas e a análise de conteúdo foi utilizada para analisar os dados. Resultados: os resultados sugerem a presença de vieses comportamentais na tomada de decisão apresentados pelos entrevistados, especificamente otimismo e excesso de confiança, aversão à perda, autoatribuição, sunk cost, efeito dotação, arrependimento, conservadorismo e efeito agente externo. Otimismo, excesso de confiança e aversão à perda estiveram presentes em todas as falas dos entrevistados. O arrependimento e o efeito do agente externo emergiram no discurso dos empresários, enquanto o preconceito do conservadorismo emergiu no discurso dos gestores. Conclusões: empreendedores e gestores apresentaram indistintamente vieses comportamentais no processo decisório, mas os gatilhos para esses vieses são diversos. Quando se trata de insegurança para decidir, o empreendedor se permite questionar sua própria capacidade de decisão, seja por arrependimento, seja por consulta a um agente externo, enquanto os gestores se mantêm em decisões conservadoras.
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Nobre, F. C., Machado, M. J. de C., & Nobre, L. H. N. (2022). Vieses Comportamentais e a Tomada de Decisão em Empreendedores e Gestores. Revista De Administração Contemporânea, e200369. https://doi.org/10.1590/1982-7849rac2022200369.en
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Kappal, J. M., & Rastogi, S. (2020). Investment behaviour of women entrepreneurs. Qualitative Research in Financial Markets, 12(4), 485–504. https://doi.org/10.1108/QRFM-04-2020-0053
Kartini, K., & Nahda, K. (2021). Behavioral biases on investment decision: A case study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(3), 1231–1240. https://doi.org/10.13106/jafeb.2021.vol8.no3.1231
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