Financat e sjelljes korporative
DOI:
https://doi.org/10.55312/op.vi1.4559Abstract
Financa e ndërmarrjes ka si objekt studimin e kontratave financiare dhe investimeve që rezultojnë nga ndërveprimi i drejtuesve dhe investuesve të një kompanie. Një shpjegim i plotë i modeleve të financimit dhe investimit kërkon për këtë arsye një kuptim të qartë të perceptimeve dhe preferencave të këtyre dy grupeve agjentësh ekonomikë. Shumica e kërkimeve në fushën e financave të ndërmarrjes ngrihen mbi supozimet se këto perceptime dhe preferenca janë plotësisht racionale. Agjentët ekonomikë supozohen se realizojnë parashikime të paanshme në lidhje me ngjarjet e ardhshme dhe mbështeten në këto parashikime për të marrë vendimet që u shërbejnë më së miri interesave të tyre. Kjo nënkupton që drejtuesit e një kompanie mund të marrin për të mirëqenë se tregjet e kapitalit janë eficientë, me çmime që pasqyrojnë në mënyrë të arsyeshme informacion publik në lidhje me vlerat themelore. Në të njëjtën mënyrë, investuesit e një kompanie mund të marrin për të mirëqenë se drejtuesit do të veprojnë në interesin e tyre, duke iu përgjigjur në mënyrë racionale stimujve të kompensimit, të kontrollit dhe mekanizmave të tjerë të qeverisjes së korporatave.Keywords:
sjellje, iracionalitet, financat e sjelljes korporative, drejtues, investues.Downloads
References
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Charreaux, G. Pour une gouvernance d’entreprise ‘‘comportementale’’: une reflexion exploratoire. Revue Francaise de Gestion 2005; 31; pp. 215–238.
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Marnet, O. Behavior and Rationality in Corporate Governance. Routledge: Routledge Studies in Corporate Governance 2008; pp. 613–632.
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DeBondt W. & Thaler R. Financial Decision-Making in Markets and Firms: A Behavioral Perspective. NBER Working Paper 1994; No. W4777; pp. 233–268.
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Baker M., Ruback R. & Wurgler J. Behavioral Corporate Finance: A Survey. NBER Working Paper 2004; n° W10863; pp. 105–168.
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Jost, J. T., Glaser, J., Sulloway, F. & Kruglanski, A. W. Political conservatism as motivated social cognition. Psychological Bulletin 2003; 129; pp. 339 –375.
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Baker, M. & Wurgler, J. Behavioral corporate finance: an updated survey. NBER Working Paper 2011; No.17333; pp. 352 –385.
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Shefrin H. Behavioral Corporate Finance. Journal of Applied Corporate Finance 2001; vol.14; n° 3; pp. 113–126.
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Shah, P. Behavioral corporate Finance: a New Paradigm shift to understand corporate decisions. Global Research Analysis 2013; 2(1); pp. 85–86.
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DeBondt, Werner F. M. & Thaler, Richard H. Does the stock market overreact? Journal of Finance 1985; 40; pp.793-805.
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Daniel K. & Titman S. Market Efficiency in an Irrational World. Financial Analysts Journal 1999; vol. 55; pp. 28-40.
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Gilovich, T., Griffin, D., & Kahneman D. Heuristics and Biases: The psychology of intuitive judgment. Cambridge; Cambridge University Press; 2002.
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Kahneman, D. & Tversky A. Choices, Values, and Frames. Cambridge; Cambridge University Press; 2000.
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Weinstein, Neil D. Unrealistic optimism about future life events. Journal of Personality and Social Psychology 1980; 39; pp. 806-820.
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Larwood, L. & Whittaker W. Managerial myopia: Self-serving biases in organizational planning. Journal of Applied Psychology 1977; 62; pp. 194-198.
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March, James G. & Shapira, Z. Managerial perspectives on risk and risk taking. Management Science 1987; 33; pp.1404-1418.
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Ben-David, I. Optimism in managerial forecasts and plans. University of Chicago working paper 2004; pp. 204-227.
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Langer, Ellen J. & Roth J. Heads I win tails its chance: The illusion of control as a function of the sequence of outcomes in a purely chance task. Journal of Personality and Social Psychology 1975; 32; pp. 951-955.
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Gervais, S. and Odean, T. Learning to be overconfident. Review of Financial Studies 2001; 14; pp. 1-27.
References
Charreaux, G. Pour une gouvernance d’entreprise ‘‘comportementale’’: une reflexion exploratoire. Revue Francaise de Gestion 2005; 31; pp. 215–238.
Marnet, O. Behavior and Rationality in Corporate Governance. Routledge: Routledge Studies in Corporate Governance 2008; pp. 613–632.
DeBondt W. & Thaler R. Financial Decision-Making in Markets and Firms: A Behavioral Perspective. NBER Working Paper 1994; No. W4777; pp. 233–268.
Baker M., Ruback R. & Wurgler J. Behavioral Corporate Finance: A Survey. NBER Working Paper 2004; n° W10863; pp. 105–168.
Jost, J. T., Glaser, J., Sulloway, F. & Kruglanski, A. W. Political conservatism as motivated social cognition. Psychological Bulletin 2003; 129; pp. 339 –375.
Baker, M. & Wurgler, J. Behavioral corporate finance: an updated survey. NBER Working Paper 2011; No.17333; pp. 352 –385.
Shefrin H. Behavioral Corporate Finance. Journal of Applied Corporate Finance 2001; vol.14; n° 3; pp. 113–126.
Shah, P. Behavioral corporate Finance: a New Paradigm shift to understand corporate decisions. Global Research Analysis 2013; 2(1); pp. 85–86.
DeBondt, Werner F. M. & Thaler, Richard H. Does the stock market overreact? Journal of Finance 1985; 40; pp.793-805.
Daniel K. & Titman S. Market Efficiency in an Irrational World. Financial Analysts Journal 1999; vol. 55; pp. 28-40.
Gilovich, T., Griffin, D., & Kahneman D. Heuristics and Biases: The psychology of intuitive judgment. Cambridge; Cambridge University Press; 2002.
Kahneman, D. & Tversky A. Choices, Values, and Frames. Cambridge; Cambridge University Press; 2000.
Weinstein, Neil D. Unrealistic optimism about future life events. Journal of Personality and Social Psychology 1980; 39; pp. 806-820.
Larwood, L. & Whittaker W. Managerial myopia: Self-serving biases in organizational planning. Journal of Applied Psychology 1977; 62; pp. 194-198.
March, James G. & Shapira, Z. Managerial perspectives on risk and risk taking. Management Science 1987; 33; pp.1404-1418.
Ben-David, I. Optimism in managerial forecasts and plans. University of Chicago working paper 2004; pp. 204-227.
Langer, Ellen J. & Roth J. Heads I win tails its chance: The illusion of control as a function of the sequence of outcomes in a purely chance task. Journal of Personality and Social Psychology 1975; 32; pp. 951-955.
Gervais, S. and Odean, T. Learning to be overconfident. Review of Financial Studies 2001; 14; pp. 1-27.
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