O excesso de confiança dos gestores e as decisões estratégicas

This research aimed to analyze the relationship between the overconfidence of the managers and business strategy. For this, three different proxies for overconfidence and six different strategic dimensions were used. The relationships were established from a panel composed of data from 244 publicly traded Brazilian non-financial companies, through multiple regressions. Such methodology allowed to identify that the business strategy is related differently to the several aspects that make up the strategy. Overconfident managers tend to promote greater asset immobilization and adopt more leveraged capital structures, in addition, they have greater difficulty to promote inventory turns, that is, to generate their own resources.