Finanse, Rynki Finansowe, Ubezpieczenia

Previously: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia

ISSN: 2450-7741    OAI    DOI: 10.18276/frfu.2017.1.85-11
CC BY-SA   Open Access 

Issue archive / 1/2017 (85)
Psychologiczne aspekty podejmowania decyzji finansowych w przedsiębiorstwie
(Psychological aspects of financial decision making in the enterpr ise)

Authors: Anna Motylska - Kuźma
Wyższa Szkoła Bankowa we Wrocławiu

Joanna Wieprow
Wyższa Szkoła Bankowa we Wrocławiu
Keywords: rationality financial decisions in the enterprise economic psychology behavioral finance
Data publikacji całości:2017
Page range:11 (117-127)
Cited-by (Crossref) ?:

Abstract

Purpose – The main objective of this article is to identify the areas of irrationality in financial decisions in the company, with particular emphasis on the relationship between the decision-makers. The indirect aim is to demonstrate the gaps in the Polish research in the above area. Design/methodology/approach – The article was based on an analysis of available literature and the results of research in the field of behavioral finance companies Findings – The analysis shows areas of irrationality in the financial decisions in the enterprise, from the point of view of the individual and the whole organization and the cognitive gap in the Polish research Originality/value – The results must be regarded as a determinant of the direction of further research in the area of corporate finance and adapting them to the behavioral aspects
Download file

Article file

Bibliography

1.Ang, A., Gu, L., Hochberg, Y. (2007). Is IPO Underperformance a Peso Problem? Journal of Financial and Quantitative Analysis, 42, 565–595.
2.Baker, M., Coval, J., Stein, J. (2007). Corporate Financing Decisions When Investors Take the Path of Least Resistance. Journal of Financial Economics, 84, 266–298.
3.Baker, M., Wurgler, J. (2013). Behavioral Corporate Finance; An Updated Survey. W: G.G. Constantinides, M. Harris, R. Stulz (red.), Handbook of the Ekonomics of Finance. Vol. 2 (s. 357–403). Amsterdam: Elsevier.
4.Barberis, N., Shleifer, A. (2003). Style Investing. Journal of Financial Economics, 68, 161–199.
5.Ben-David, I., Graham, J., Harvey, C. (2010). Managerial Miscalibration. NBER Working Paper, 16215.
6.Bielawska, A. (2009). Nowoczesne zarządzanie finansami. Warszawa: C.H. Beck.
7.Bień, W. (2002). Zarządzanie finansami przedsiębiorstw. Warszawa: Difin.
8.Biondi, Y., Marzo, G. (2011). Decision Making Using Behavioral Finance fir Capital Budgeting. W: H.K. Baker, P. English (red.), Capital Budgeting Valuation: Financial Analysis for Today’s Investment Projects (s. 421–444). Hoboken, NJ: Wiley.
9.Bouwman, Ch. (2009). Managerial Optimism and the Market’s Reaction to Dividend Changes. Working paper, MIT Slan School of Management, Wharton Financial Institution Center, Case Western Reserve University.
10.Cassar, G., Gibson, B. (2007). Forecast Rationality in Small Firms. Journal of Small Business Management, 45 (3), 283–302.
11.Chrinko, R., Schaller, H. (2001). Business Fixed Investment and „Bubbles”: The Japanese Case. American Economic Review, 91 (3), 663–680.
12.Czempas, K. (2007). Nieracjonalność inwestorów jako podstawowa kategoria finansów behawioralnych. Katowice: Akademia Ekonomiczna w Katowicach.
13.Daniel, K., Hirshleifer, D., Hong Teoh, S. (2002). Investor psychology in capital markets evidence and policy implications. Journal of Monetary Economics, 49, 139–209.
14.Fairchild, R. (2007). Behavioral Corporate Finance: Existing Research and Future Directions. Working paper. University of Bath.
15.Gajdka, J. (2013). Behawioralne finanse przedsiębiorstw, Podstawowe podejścia i koncepcje. Łódź: Wydawnictwo Uniwersytetu Łódzkiego.
16.Gervais, S. (2010). Behavioral Finance, Capital Budgeting and Other Investments Decisions. W: H.K. Baker, J.R. Nofsinger (red.), Behavioral Finance. Investors, Corporations and Markets (s. 413–434). Hoboken, NJ: Wiley.
17.Gider, J., Hackbarth, D. (2010). Financing Decisions. W: H.K. Baker, J.R. Nofsinger (red.), Behavioral Finance, Investors, Corporations and Markets (s. 393–412). Hoboken, NJ: Wiley.
18.Hackbarth, D. (2007). Managerial Traits and Capital Structure Decisions. EFA 2004 Maastricht Meetings Paper.
19.Hribar, P., Yang, H. (2013). Does SEO Overconfidence Affect Management Forecasting and Subsequent Earnings Management? Working paper. Pobrane z: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=929731.
20.Huang, R., Ritter, J. (2009). Testing the Market Timing Theory of Capital Structure and Estimating the Speed of Adjustment. Journal of Financial and Quantitative Analysis, 44, 237–271.
21.Kacelnik, A. (2005). Meaning of rationality. W: S. Hurley, M. Nudds (red.), Rational Animals? (s. 87–106). New York: Oxford University Press.
22.Marshall, A.W., Meckling, W.H. (1962). Predictability of the Costs, Time and Success of Development. W: B.H. Klein, T.A., Maschak, W.A. Marshall, W.H. Meckling, R.R. Nelson (red.), The Rate and Direction
23.of Inventive Activity: Economic and Social Factors (s. 461–476). Princeton: Princeton University Press.
24.Mullainathan S. (2002). Thinking Through Categories. MIT Working Paper.
25.Nęcka, E., Orzechowski, J. Szymura, B. (2008). Psychologia poznawcza. Warszawa: Wydawnictwo Naukowe PWN.
26.Northcraft, G.B., Neale, M.A. (1987). Experts, amateurs and real estate: An anchoring-and-adjustment perspective on property pricing decisions. Organizational Behavior and Human Decision Process, 39, 84–97.
27.Over, D. (2004). Rationality and the Normative/Descriptive Distinction. W: D.J. Koehler, N. Harvey (red.), Blackwell Handbook of Judgment and Decision Making (s. 3–18). Malden, MA: Blackwell Publishing.
28.Panageas, S. (2003). Speculation, Overpricing and Investment: Theory and Empirical Evidence. MIT Working Paper.
29.Pohmal, R.A., Santiago, E.S., Markel, F.L. (1988). Cash Flow Estimation Practices of Large Firms. Financial Management, 17 (2), 71–79.
30.Pomykalska, B., Pomykalski, P, (2007). Analiza finansowa przedsiębiorstwa. Warszawa: Wydawnictwo Naukowe PWN.
31.Sen, A. (1993). Internal consistency of choice. Econometrica, 61, 495–521.
32.Shefrin, H. (2007). Behavioral Corporate Finance. Decision that Create Value. Boston: McGraw Hill/Irwin.
33.Wójcik, M. (2009). Proces podejmowania decyzji w przedsiębiorstwie. www.e-bookowo.pl.
34.Zaleśkiewicz, T. (2012). Psychologia ekonomiczna. Warszawa: Wydawnictwo Naukowe PWN.
35.Zielonka, P. (2003). Czym są finanse behawioralne, czyli krótkie wprowadzenie do psychologii rynków finansowych. Warszawa: Materiały i Studia NBP, 158.