CORPORATE FINANCIAL DECISIONS IN THE CONTEXT OF BEHAVIORAL CORPORATE FINANCE: A LITERATURE REVIEW

Yıl 2018, Sayı: 20, 33 - 50, 10.01.2018

Esra Bulut , Bünyamin Er

https://doi.org/10.18092/ulikidince.323871

Cited By: 2

Öz

Traditional perspective in corporate finance considers the managers as rational individuals who try to
increase expected utility. In this sense, managers are assumed to behave unbiased in their decisions.
However, recently, there is a criticism about this assumption for not taking into consideration cognitive
biases for the corporate financial decisions and this criticism is supported with empirical findings that the
cognitive biases can be effective on corporate financial decisions. In this context, behavioral corporate
finance is emerging as a new and significant research area by focusing on managerial irrationality.
Behavioral corporate finance is about corporate financial decisions with the focus of behavioral biases
without ignoring the traditional approaches. In the literature, overconfidence bias is basically used;
however, herding behavior, loss aversion and anchoring are also used as managerial biases. Investigations
have attempted to explain the capital structure decisions of these prejudices, dividend distribution,
investment decisions and the effects on cash holding policies. This work is a comprehensive literature
review which aims to explain the empirical findings about how behavioral biases affect corporate financial
decisions and thus to draw attention to the importancy of these works for the future researches in this
area. 

Anahtar Kelimeler

Behavioral corporate finance, corporate financial decisions, managerial irrationality, cognitive biases

DAVRANIŞSAL KURUMSAL FİNANS EKSENİNDE KURUMSAL FİNANSAL KARARLAR: BİR LİTERATÜR DEĞERLENDİRMESİ

Öz

Kurumsal finansta geleneksel bakış açısı, yöneticileri rasyonel ve beklenen faydayı artırmaya çalışan bireyler
olarak değerlendirmektedir. Bu anlamda yöneticilerin kararlarında önyargısız davrandıkları varsayılmaktadır.
Günümüzde ise bu yaklaşım önemli eleştirilere uğramış ve bazı bilişsel önyargıların kurumsal finansal
kararlar üzerinde etkili olabileceği düşüncesi yapılan çalışmalardan elde edilen ampirik bulgularla
desteklenmiştir Bu eksende ortaya çıkan davranışsal kurumsal finans, yönetici irrasyonalitesi üzerine
odaklanarak, araştırmacılar için yeni ve önemli bir alana işaret etmektedir. Davranışsal kurumsal finans,
kurumsal finansal kararları, geleneksel yaklaşımları göz ardı etmeden, davranışsal önyargılar üzerinden
incelemektedir. Yönetici önyargıları kapsamında literatürde ağırlıklı olarak aşırı güven davranışı incelenmiş
olmakla birlikte; sürü davranışı, kayıptan kaçınma ve çıpalama önyargıları da analizlere dahil edilmiştir.
Araştırmalarda bu önyargıların sermaye yapısı kararları, kar payı dağıtımı, yatırım kararları ve nakit tutma
politikaları üzerindeki etkileri açıklanmaya çalışılmıştır. Bir literatür değerlendirmesi olan bu çalışmanın
amacı, kurumsal finansal kararlara ilişkin davranışsal önyargılar ekseninde yapılan çalışmaların sonuçlarını
ortaya koyarak, gelecekte finans alanında önemli bir eksikliği gidereceği düşünülen bu konudaki
araştırmaların önemine dikkat çekmektir.

Anahtar Kelimeler

Davranışsal kurumsal finans, kurumsal finansal kararlar, yönetimsel irrasyonalite, bilişsel önyargılar

Kaynakça

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