The decision-making profile of the SME businessmen of Bahia Blanca, Argentina: Which variables characterize it?
DOI:
https://doi.org/10.18046/j.estger.2020.156.3607Keywords:
SME businessmen, decision-making profile, heuristicsAbstract
The objective of this paper was to categorize SME businessmen from Bahía Blanca, Argentina, according to their decision-making profile (rational, heuristic, hybrid), and to determine which variable characterize it. The methodological approach used was quantitative and the research method was descriptive-correlational. The results indicated that the hybrid is the most common profile, also indicated that elder businessmen, less trained and whose SME is older, are most heuristic in their decision-making process. With these findings, it is intended that those agents associated with SMEs can understand how they make their decisions.
Downloads
References
Allais, M. (1953). Le comportement de l'homme rationnel devant le risque: critique des postulats et axiomes de l'Ecole Americaine. Econometrica, 21(4), 503-546. http://dx.doi.org/10.2307/1907921
Ancarani, A., Di Mauro, C. y D’Urso, D. (2016). Measuring overconfidence in inventory management decisions. Journal of Purchasing & Supply Management, (22), 171-180. https://doi.org/10.1016/j.pursup.2016.05.001
Bazerman, M. H. (2006). Judgment in managerial decision making (6.a ed.). Nueva York: John Wiley & Sons.
Bernoulli, D. (1954). Exposition of a new theory on the measurement of risk. Econometrica, 22(1), 23-36. https://doi.org/10.2307/1909829
Bonatti, P. (2011). Teoría de la decisión (1.a ed.). Buenos Aires: Pearson.
Briozzo, A. (2007). Identificación de los elementos determinantes de la estructura de capital de pequeñas y medianas empresas argentinas (tesis doctoral en Economía). Departamento de Economía, Universidad Nacional del Sur, Bahía Blanca, Argentina.
Briozzo, A. y Vigier, H. (2009). La estructura de capital de las pequeñas y medianas empresas argentinas. Estudios Económicos, 26(53), 1-55.
Briozzo, A., Vigier, H. P., Castillo, N., Pesce, G. y Speroni, M. C. (2016). Decisiones de financiamiento en pymes: ¿existen diferencias en función del tamaño y la forma legal? Estudios Gerenciales, 32(138), 71-81. https://doi.org/10.1016/j.estger.2015.11.003
Brownlie, D. y Spender, J. C. (1995). Managerial judgment in strategic marketing: Some preliminary thoughts. Management Decision, 33(6), 39- 50. https://doi.org/10.1108/00251749510087641
Busenitz, L. W. y Barney, J. B. (1997). Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making. Journal of Business Venturing, 12(1), 9-30. https://doi.org/10.1016/S0883-9026(96)00003-1
Chahin, T. (2016). El impacto de los trabajos de Daniel Kahneman en la Administración. Ciencias Administrativas, (7), 49-56.
Citci, S. H. y Inci, E. (2016). Career concerns and Bayesian overconfidence of Managers. International Journal of Industrial Organization, (46), 137-159. https://doi.org/10.1016/j.ijindorg.2016.04.005
Dias, N., Avila, M., Campani, C. H. y Maranho, F. (2019). The heuristic of repre-sentativeness and overconfidence bias in entrepreneurs. Latin American Business Review, 20(4), 317-340. https://doi.org/10.1080/10978526.2019.1656536
Gilovich, T., Griffin, D. & Kahneman, D. (2002). Heuristics and biases: The psychology of intuitive judgement. Nueva York: Cambridge University Press. https://doi.org/10.5465/amr.2004.14497675
González Gómez, N. (2000). ¿El consenso sobre la racionalidad económica? Estudios Gerenciales, 16(76), 49-60.
Guisande González, C., Vaamonde Liste, A. y Barreiro Felpeto, A. (2011). Tratamiento de datos con R, STATISTICA Y SPSS. Madrid: Díaz De Santos.
Gujarati, D. N. y Porter, D. C. (2006). Econometría Básica. (5.a ed.). México: Mc Graw Hill.
Hernández Ramírez, M. (2013). Finanzas conductuales: un enfoque para Latinoamérica. TEC Empresarial, 3(3), 8-17.
Hernández Sampieri, R., Fernández Collado, C. y Baptista Lucio, M. P. (2010). Metodología de la Investigación (5.a ed.). México: Mc Graw Hill.
Huygens, C. (1657). De ratiociniis in ludo aleae. Ex officinia J. Elsevirii, 1980.
Kahneman, D. (2003). Mapas de racionalidad limitada: psicología para una economía conductual. Revista Asturiana de Economía, (28), 181-225.
Kahneman, D. (2011). Thinking, fast and slow. Nueva York: Farrar, Straus and Giroux.
Kahneman, D. y Tversky, A. (1972). Subjective probability: A judgment of representativeness. Cognitive Psychology, (3), 430-454. https://doi.org/10.1016/0010-0285(72)90016-3
Kahneman, D. y Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263-291.
Kahneman, D., Slovic, P. y Tversky, A. (1982). Judgment under uncertainty: Heuristics and biases. Cambridge: Cambridge University Press. https://doi.org/10.1017/CBO9780511809477
Kahneman, D., Wakker, P. P. y Sarin, R. (1997). Back to Bentham? Explorations of experienced utility. Quarterly Journal of Economics, 112(2), 375-406. https://doi.org/10.1162/003355397555235
Kruskal, W. H. y Wallis, W. A. (1952). Use of ranks in one-criterion variance analysis. Journal of the American Statistical Association, 47(260), 583-621. https://doi.org/10.2307/2280779
Loewenstein, G., Weber, E. U., Hsee, C. K. y Welch, N. (2001). Risk as feeling. Psychological Bulletin, 127(2), 267-286. https://doi.org/10.1037/0033-2909.127.2.267
Lorenzana de la Varga, T. y Lao Herrerías, M. (2015). Finanzas conductuales: la presencia de mujeres en los consejos de administración y su influencia sobre algunas decisiones financieras. Comparativa IBEX35 y DAX30. XVIII Congress of the International Association for fuzzy - set Management and Economy (SIGEF), Girona, España.
Manzanal, M. N. (2017). Los factores racionales y heurísticos en la toma de decisiones del empresario PyME (tesis doctoral en Ciencias de la Administración). Departamento de Ciencias de la Administración, Universidad Nacional del Sur, Bahía Blanca, Argentina.
Manzanal, M. N., Milanesi, G. S., Vigier, H. P. y Toscana, L. (2015a). Análisis del impacto de heurísticas en la toma de decisiones en condiciones de incertidumbre en las PyMEs. Revista de la Escuela de Perfeccionamiento en Investigación Operativa, 23(37), 47-64.
Manzanal, M. N., Pesce, G., Milanesi, G. S., Vigier, H. P. y Terceño Gómez, A. (2015b). Razón versus intuición: ¿cómo deciden los empresarios de PyMEs? XX Reunión Anual de la RED PYMES MERCOSUR, Bahía Blanca, Argentina.
Manzanal, M. N., Vigier, H. P., Briozzo, A., Milanesi, G. S. y Martínez, L. (2015c). Construcción de funciones de pertenencia a partir del uso de la teoría de expertos. Medición de la presencia de heurísticas en la toma de decisiones. XVIII Congress of the International Association for fuzzy - set Management and Economy (SIGEF), Girona, España.
Manzanal, M. N., Milanesi, G. S. y Vigier, H. P. (2017). Representatividad, disponibilidad y sobreconfianza: las heurísticas de los empresarios pyme. Revista Escritos Contables y de Administración, 7(2), 71-94.
Odean, T. (1998). Volume, volatility, price, and profit when all traders are above average. The Journal of Finance, 53(6), 1887-1934. https://doi.org/10.1111/0022-1082.00078
Russell, T. y Thaler, R. (1985). The relevance of quasi rationality in competitive markets. The American Economic Review, 75(5), 1071-1082.
Shefrin, H. (2008). A behavioral approach to asset pricing (2.a ed.). Nueva York: Academic Press Advanced Finance Series. https://doi.org/10.1016/B978-0-12-374356-5.X5001-3
Shefrin, H. (2010). Behavioralizing finance. Foundations and Trends in Finance, 4(1-2), 1-184. http://dx.doi.org/10.1561/0500000030
Simon, H. A. (1955). A behavioral model of rational choice. The Quarterly Journal of Economic, 69(1), 99-118. https://doi.org/10.2307/1884852
Simon, H. A. (1978). Rationality as process and product of thought. The American Economic Review, 68(2), 1-16. https://doi.org/10.1017/CBO9780511598951.005
Simon, H. A. (1986). The information processing explanation of gestalt phenomena. Computers in Human Behavior, (2), 241-255. https://doi.org/10.1016/0747-5632(86)90006-3
Slovic, P., Finucane, M., Peters, E. y MacGregor, D. G. (2002). Rational actors or rational fools: Implications of the affect heuristic for behavioral economics. The Journal of Socio-Economics, 31(4), 329-342. https://doi.org/10.1016/S1053-5357(02)00174-9
Stanovich, K. E. y West, R. F. (2000). Individual differences in reasoning: Implications for the rationality debate. Behavioral and Brain Sciences, (23), 645-665. https://doi.org/10.1017/S0140525X00003435
Thaler, R. H. (1980). Toward a positive theory of consumer choice. Journal of Economic Behavior and Organization, 1(1), 39-60. https://doi.org/10.1016/0167-2681(80)90051-7
Thaler, R. H. (2018). Economía del comportamiento: pasado, presente y futuro. Revista de Economía Institucional, 20(38), 9-43. https://doi.org/10.18601/01245996.v20n38.02
Tversky, A. y Kahneman, D. (1973). Availability: A heuristic for judging frequency and probability. Cognitive Psychology, 5(2), 207-232. https://doi.org/10.1016/0010-0285(73)90033-9
Tversky, A. y Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124-1131. https://doi.org/10.1126/science.185.4157.1124
Tversky, A. y Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211(4481), 453-458. https://doi.org/10.1126/science.7455683
Useche Arévalo, A. J. (2014). Exceso de confianza y optimismo en las decisiones de presupuesto de capital: las finanzas corporativas desde un enfoque centrado en el comportamiento. Revista Universidad y Empresa. 16(26), 95-116. http://dx.doi.org/10.12804/rev.univ.empresa.26.2014.03
Vigier, H., Briozzo, A. y Guercio, B. (2014). Grandes desafíos para pequeñas empresas: informalidad, financiamiento e información: el caso de las PYMES de Bahía Blanca. Bahía Blanca: EdiUNS.
Von Neumann, J. y Morgenstern, O. (1944). Theory of games and economic behavior. New Jersey: Princeton University Press.
Yazdipour, R. y Constand, R. L. (2010). Predicting firm failure: A behavioral finance perspective. Journal of Entrepreneurial Finance, 14(3), 90-104.
Downloads
Published
Issue
Section
License
Articles are the sole responsibility of their authors, and will not compromise Icesi’s University principles or policies nor those of the Editorial Board of the journal Estudios Gerenciales. Authors authorize and accept the transfer of all rights to the journal, both for its print and electronic publication. After an article is published, it may be reproduced without previous permission of the author or the journal but the author(s), year, title, volume, number and range of pages of the publication must be mentioned. In addition, Estudios Gerenciales must be mentioned as the source (please, refrain from using Revista Estudios Gerenciales).
How to Cite
