Davranışsal Finans Teorisi Perspektifinden Kurumsal Finansman Kararları

Hem şirket yöneticilerinin ve hem de bu şirketlere yatırım yapan yatırımcıların tamamen rasyonel olması mümkün olmadığı için hata yapabilme olasılıkları vardır. Sadece yatırımcının değil, yönetimsel kararlarını da psikoloji ile açıklayan “Davranışsal Kurumsal Finansman” yaklaşımı, davranışsal finans alanında nispeten yeni bir yaklaşımdır. Bu çalışmada, davranışsal kurumsal finansman ile ilgili araştırmalar özetlenmekle birlikte hem yöneticilerin hem de yatırımcıların karşılıklı olarak başarılı kararlar alabilmeleri için bazı önerilerde bulunulmaktadır.

Corporate Finance Decisions From the Perspective of Behavioral Finance Theory

As both corporate executives managing the companies and investors investing in these companies are not completely rational, it is possible that both parties can make serial mistakes based on their behavioral biases. “Behavioral Corporate Finance” approach which is a comparatively new area in behavioral finance involves explaining managerial decisions as well as investors by taking into account pshycological factors related to human behaviors. This study aims to summarize research on behavioral corporate finance and give some recommendations so that both managers and investors can make mutually successful decisions.

PDF

___

Agrawal A., Mandelker, J.G (1992), “The post‐merger performance of acquiring firms: a re‐examination of an anomaly”, Journal of Finance, Vol47(4), pp: 1605-1621, https://doi.org/10.1111/j.1540-6261.1992.tb04674.x
Aktas, N., De Bodt, E., Roll,R. (2007), “ Learning, hubris, corporate serial acquisitions”, CORE Discussion Papers, No.68, http://hdl.handle.net/2078.1/5130
Baker, M. P., Stein, J., Wurgler, J. (2002) “When does the market matter? Stock prices and the investment of equity dependent firms”, NBER Working Paper No. 8750
Baker, M. P., Coval, J., Stein, J. (2004), “Corporate financing decisions when investors take the path of least resistance”, NBER Working Paper No. 10998, (DOI): 10.3386/w8750
Baker, K., Nofsinger,J.R. (Editor) (2010), “Behavioral Finance: investors, corporations, and markets” 1st Edition, John Wiley &Sons Publications, USA
Baker, M., Ruback,R., Wurgler,J. (2004), “ Behavioral corporate finance: a survey”, NBER Working Paper No. 10863, http://dx.doi.org/10.2139/ssrn.602902
Baker, M., Wurgler, J. (2013), “ Behavioral corporate finance: an updated survey”,In: M. Constantinides, M., Harris,M., Stulz,R. (Eds.), Handbook of Economics of Finance, Elsevier press, chapter.5, pp:357-424.
Baker, M. P., & Wurgler, J. (2002), “Market timing and capital structure”, Journal of Finance, Vol.57, pp:1-32.
Barberis, N., Thaler, R. (2003), “A survey of behavioral finance”, In: Constantinides,G.M, Harris,M. Stulz, R. (Eds.) Handbook of the Economics of Finance, Edition. 1, Vol.1, chapter 18, pp:1053-1128 Elsevier
Ben-David, I., Graham,J.R, Harvey, C.R. (2007), “ Managerial overconfidence and corporate policies”, NBER Working Paper Series 13711, http://www.nber.org/papers/w13711
Biondi, Y., Marzo, G. (2011), “Decision making using behavioral finance for capital budgeting”, In: Baker, K., Capital Budgeting Valuation: Financial Analysis for Today's Investment Projects, Wiley Publications, DOI:10.1002/9781118258422
Brown,R., Sarma,N. (2007), “CEO overconfidence, CEO dominance and corporate acquisitions”, Journal of Economics and Business, Vol.59(5), pp:358-379
Cornell, B., Sirri, E. (1992) “The reaction of investors and stock prices to insider trading”, Journal of Finance, Vol.47 (3), pp:1031-1059, https://doi.org/10.1111/j.1540-6261.1992.tb04004.x
Dawson, C. (2017), “Financial optimism and entrepreneurial satisfaction”, Strategic Entrepreneurship Journal, Vol.11(2), pp:171-194
Dong, M, Hirshleifer, S.R.,Teoh, S.H (2006), “ Does Investor Misvaluation Drive the Takeover Market?”, Journal of Finance, Vol.61 (2), pp. 725-762, https://doi.org/10.1111/j.1540-6261.2006.00853.x
Esghaier,R. (2017), “Capital structure choices and behavioral biases: an application to a panel of US industrial companies”, International Journal of Economics and Financial Issues, Vol.7 (4), pp: 608-622.
Graham, J.R., Harvey,C.R. (2002), “How do CFOs make capital budgeting and capital structure decisions?”, The Journal of Applied Corporate Finance, Vol. 15 (1)
Graham,J.R, Harvey, C.R (2003), “The theory and practice of corporate finance:The data”, https://faculty.fuqua.duke.edu/~charvey/Research/Working_Papers/W72_ The_theory_and.pdf
Gupta,G., Mahakud,J. , Debata,B. (2018), “Impact of CEO’s characteristics on investment decisions of Indian listed firms: Does crisis make any difference?” Cogent Economics & Finance, Vol.6 (1), https://doi.org/10.1080/23322039.2018.1439
Hertzel, M., Li, Z. (2010), “Behavioral and rational explanations of stock price performance around SEOs: evidence from a decomposition of market-to-book ratios”, Journal Fiancial and Quntitative Analysis, Vol.45(4), pp. 935-958, https://doi.org/10.1017/S002210901000030XP
Jakobsen, J.B, Voetmann,T. (2005), “A new approach for interpreting long-run returns applied to IPO and SEO stocks”, Annals of Economics and Finance, Vol.6, pp:337-363
Kahneman, D. (2003) , “Maps of bounded rationality: psychology for behavioral economics”, American Economic Review, Vol.93(5), pp:1449-1475
Kahneman, D., Tversky, A. (1979), “Prospect theory: an analysis of decision under risk”, Econometrica, Vol.47(2), pp:263-291
Kahneman, D., Tversky, A. (1992), “Advances in prospect theory: Cumulative representation of uncertainty”, Journal of Risk and Uncertainty October, Vol.5 (4), pp 297–323
Loughran, T., Ritter, J. (1995), “The new issues puzzle”, Journal of Finance, Vol.50, pp:23-51.
Lee, I. (1997), “Do firms knowingly sell overvalued equity? ”, Journal of Finance, Vol.52(4), pp: 1439-1466, https://doi.org/10.1111/j.1540-6261.1997.tb01116.x
Malmeider, U., Tate, G. (2005), “Does overconfidence affect corporate investment? CEO overconfidence”, European Financial Management, Vol. 11(5), pp:649–659
Purnanandam , A., Swaminathan, B. (2006), “Do stock prices underreact to SEO announcements?: evidence from SEO valuation”, https://ssrn.com/abstract=873067, http://dx.doi.org/10.2139/ssrn.873067
Ritter,J.R, Welch,I. (2002), "A review of IPO activity, pricing, and allocations," Journal of Finance, Vol.57(4), pp:1795-1828.
Roll, R. (1986) “The hubris hypothesis of corporate takeovers”, Journal of Business, Vol.59, pp:197-216, http://dx.doi.org/10.1086/296325
Seyhun,N. (1988), “The information content of aggregate insider trading”, The Journal of Business, Vol. 61 (1), pp. 1-24, http://dx.doi.org/10.1086/296417
Schultz , P. (2003), “Pseudo market timing and the long‐run underperformance of IPOs”, Journal of Finance, Vol.58(2), pp:483-517, https://doi.org/10.1111/1540- 6261.00535
Shefrin, H. (2001), “Behavioral corporate finance”, Journal of Applied Corporate Finance, Vol. 14 (3), http://dx.doi.org/10.2139/ssrn.288257
Shleifer, A., Vishny, R. (2003), “Stock market driven acquisitions”, Journal of Financial Economics, Vol.70, pp:295-312.
Statman, M., Caldwell, D. (1987), “Applying Behavioral Finance to Capital Budgeting: Project Terminations “, Journal of Financial Management, Vol. 16 (4), pp. 7-15
Stein, J. (1996), “Rational capital budgeting in an irrational world”, Journal of Business, Vol.69, pp: 429-455.
Thaler, R. H.,Sunstein, C. R. (2008), “Nudge: improving decisions about health, wealth,and happiness”, Yale Univ Press, USA
Trahan, E., Gitman, L. (1995), “Bridging the theory-practice gap in corporate finance: A survey of chief financial officers”, The Quarterly Review of Economics and Finance, Vol.35(1),pp:73-87, https://doi.org/10.1016/1062-9769(95)90063
Vermaelena, T., Xub, M. (2014), “Acquisition finance and market timing”, Journal of Corporate Finance, Vol.25, pp:73-91, https://doi.org/10.1016/j.jcorpfin.2013.11.004
Welch,I. (2004), “Capital Structure and Stock Returns”,https://www.ivowelch. info/research/journalcopy/2004-jpe.pdf
Woojin, K., Weisbach,M.( 2008), “Motivations for public equity offers: an international perspective” Journal of Financial Economics, Vol. 87, pp. 281-307.