Las decisiones de financiamiento: un análisis desde la conductualidad

The process of making a financial decision is based on the assumption that each of the actions that are planned or discussed involved two aspects: profit maximization and cost reduction. Therefore, these decisions are assumed to be entirely rational. Here is the main question: do people make rational decisions, not being influenced by behavioral factors that affect the quality of the decision and its outcome? Therefore, it is sought to determine if the financial decisions that are made in family businesses are rational and therefore respond to a hierarchy of preference in the use of financial resources (Pecking Order Theory), or there are behavioral factors that actually affect the decision. The study is of transactional and of relational design. A sample of 58 managers of family businesses in the commercial sector of the region of Tacna (Peru) was considered, with a payroll of more than 20 workers and at least 10 years of activity. The research allowed to conclude that the optimism factor is not related to financial decisions, but the confidence factor has an average relation with the financial decisions. It is also concluded that individuals who are related to financing decisions of commercial enterprises in the region prefer internal financing, through financing by their own resources, reinvestment of retained earnings and therefore, the preference to capitalize them instead of dividing dividends between the partners.