How Do Behavioral Aspects Affect the Financial Decisions of Managers and the Competitiveness of Enterprises?

IF 4.4 1区 管理学 Q2 BUSINESS
M. Sedliačiková, Mária Moresová, P. Alac, J. Drabek
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引用次数: 8

Abstract

Decisions of financial managers can improve the competitiveness of the enterprise. Decisions are affected not only by knowledge and experience but also by emotional and cognitive deviations in behavior. Considering the role of competitiveness, this paper investigated whether an effect of behavioral factors on the financial decision-making of managers can be shown, and if so, to what degree. The aim of the paper is to propose a concept, the essence of which is to determine the key systematically-occurring errors in the financial decision-making process of managers rising from the effect of the human factor as a basis of prevention of incorrect financial decisions. The issue was mapped in the territory of the Visegrad Four (V4) by means of an empirical survey by the method of a questionnaire. By evaluating the research, the methodology of statistical hypotheses testing by measures of association was used (contingency coefficients - Cramer’s contingency coefficient V and Pearson’s contingency coefficient C) and Pearson’s chi-square test. The results of the research allow the formulation of conclusions that expand current knowledge in the field of research. The main results of the conducted research are that the key behavioral aspects (cognitive, psychological and emotional) that influence the financial decision-making process of business managers in the V4 countries are love, sadness and hate. A concept was created from the achieved results, the application of which in the enterprises of the V4 countries can help managers avoid making improper financial decisions which could have a negative impact on the financial health and competitiveness of an enterprise.
行为方面如何影响管理者的财务决策和企业的竞争力?
财务经理的决策可以提高企业的竞争力。决策不仅受知识和经验的影响,还受行为中的情绪和认知偏差的影响。考虑到竞争力的作用,本文研究了行为因素对管理者财务决策的影响是否可以表现出来,如果可以,影响程度如何。本文的目的是提出一个概念,其本质是确定管理者财务决策过程中因人为因素的影响而产生的关键系统性错误,以此作为防止错误财务决策的基础。通过问卷调查的方法进行的实证调查,在维谢格拉德四人区(V4)绘制了该问题的地图。通过评估研究,使用了通过关联测度进行统计假设检验的方法(权变系数-克雷默权变系数V和皮尔逊权变系数C)和皮尔逊卡方检验。研究结果使我们能够得出结论,扩展研究领域的现有知识。所进行的研究的主要结果是,影响V4国家企业经理财务决策过程的关键行为方面(认知、心理和情感)是爱、悲伤和仇恨。根据所取得的成果提出了一个概念,将其应用于V4国家的企业可以帮助管理人员避免做出可能对企业财务健康和竞争力产生负面影响的不当财务决策。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
11.30
自引率
2.70%
发文量
33
审稿时长
12 weeks
期刊介绍: The Journal of Competitiveness, a scientific periodical published by the Faculty of Management and Economics of Tomas Bata University in Zlín in collaboration with publishing partners, presents the findings of basic and applied economic research conducted by both domestic and international scholars in the English language. Focusing on economics, finance, and management, the Journal of Competitiveness is dedicated to publishing original scientific articles. Published four times a year in both print and electronic formats, the journal follows a rigorous peer-review process with each contribution reviewed by two independent reviewers. Only scientific articles are considered for publication, while other types of papers such as informative articles, editorial materials, corrections, abstracts, or résumés are not included.
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