45082

Thiago Bruno de Jesus Silva
Vanessa Edy Dagnoni Mondini
Tarcísio Pedro da Silva
Luís Antonio Lay

Revista Evidenciação Contábil & Finanças

Objective: - The objective of this study is to analyze the influence of managers' overconfidence and optimism on the indebtedness of fifty - year - old and non - Brazilian companies. Background: - The proposal of the behavioral theory is to explain the existence of possible biases in the behavior of the agents that can lead them to lead the company to new ways, traditionally, the financial theory is based on models aimed at the rationality of the managers. The behavioral theory proposes to explain the possibility of the behavioral bias of the managers, to take them to make decisions less ruled in rational aspects, interfering, in this way, in the structuring of the capital of the companies. Method: - In this way, a descriptive research was conducted, with documentary analysis of data from the Thomson base, with a quantitative approach and the data were processed through the statistical technique of Panel Analysis. The research population consisted of 90 organizations (52 under 50 and 38 over 50) listed on the Bovespa's new tier 1 and 2 market. Results: - The results showed that non - 50 - year - old companies have a greater volume of treasury shares, as well as greater. accounting and market leverage, demonstrating that managers of non - fifty firms present greater overconfidence compared to managers of fifty - year - old organizations. Contribution: - Contributing to evidence that behavioral finances can influence the performance of firms, as well as assess whether business longevity can influence managers to be more susceptible to the biases of overconfidence and optimism.

Indebtedness, Optimism, Organizations with longevity, Overconfidence

SILVA, T. B. J.; MONDINI, V. E. D.; SILVA, T. P.; LAY, L. A. Influência do Excesso de Confiança e Otimismo no Endividamento de Organizações Cinquentenárias e Não Cinquentenárias Brasileiras . Revista Evidenciação Contábil & Finanças, v. 5, n. 2, p. 40-56, 2017.

Silva, T. B. J., Mondini, V. E. D., Silva, T. P., & Lay, L. A. (2017). Influência do Excesso de Confiança e Otimismo no Endividamento de Organizações Cinquentenárias e Não Cinquentenárias Brasileiras . Revista Evidenciação Contábil & Finanças, 5(2), 40-56.

10.18405/recfin20170203

https://www.spell.org.br/documentos/ver/45082/influence-of-overconfidence-and-optimism-in-the-indebtedness-of-brazilian-s-companies-with-longevity/i/en

Artigo

Português

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