Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate Courses

Detalhes bibliográficos
Autor(a) principal: Saurin, Valter
Data de Publicação: 2015
Outros Autores: Varejão, José Manuel Janeira, da Costa Jr., Newton Carneiro Affonso, Prates, Wlademir Ribeiro
Tipo de documento: Artigo
Idioma: por
Título da fonte: RAM. Revista de Administração Mackenzie
Texto Completo: https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630
Resumo: In the context of the financial management of an organization, there are behavioral patterns that can bias the decision-making process, making the financial manager unable to achieve its goal of maximizing value in activities related to financial decisions, particularly those related to investments. One of these biases is called status quo. According to Samuelson and Zeckhauser (1988), this bias indicates that individuals tend to maintain the current state of their portfolio and have difficulty in changing their financial position. This research examined whether there is a relationship between status quo bias, risk profile and quantitative skills in graduate students in economics, accounting, and management. For this purpose, a survey was conducted through questionnaires administered to 330 graduate students at the University of Porto (Portugal) and Federal University of Santa Catarina (Brazil). For the calculation and presentation of indicators that point to the presence of the status quo bias the methodology used was based on Samuelson and Zeckhauser (1988). In addition, a regression analysis was conducted to find a relationship between the risk profile of the participants and the status quo bias, including some control variables.The results showed that risk-seeker respondents seem to have been less affected by the status quo bias in their decisions, unlike the others. As for the participants who have studied behavioral finance in their undergraduate  courses (a proxy for prior knowledge of the studied bias), it was found, on average, an increase of answers on alternatives to the status quo. However, the presence of the status quo bias was still dominant in the total responses. This shows that respondents who had studied behavioral finance opted for alternative options more than other respondents, but, even these individuals showed the status quo bias. Thus, we emphasize the importance of understanding the influence of behavioral biases in decision making, because these biases may impair important decisions within an organization.
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spelling Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate CoursesEstudio Comparativo del Sesgo del Status Quo y el Perfil de Riesgo en Toma de Decisión por Estudiantes de PostgradoEstudo Comparativo do Viés do Status Quo e Perfil de Risco em Tomadas de Decisões por Estudantes de Cursos de Pós-GraduaçãoBehavioral finance. Status quo bias. Risk aversion. Financial literacy. Endowment effect.Finanzas comportamentales. Sesgo del statuquo. Aversión al riesgo. Educación financiera. Efecto de dotación.Finanças comportamentais.Viés do status quo. Aversão ao risco. Cultura financeira. Efeito dotação.In the context of the financial management of an organization, there are behavioral patterns that can bias the decision-making process, making the financial manager unable to achieve its goal of maximizing value in activities related to financial decisions, particularly those related to investments. One of these biases is called status quo. According to Samuelson and Zeckhauser (1988), this bias indicates that individuals tend to maintain the current state of their portfolio and have difficulty in changing their financial position. This research examined whether there is a relationship between status quo bias, risk profile and quantitative skills in graduate students in economics, accounting, and management. For this purpose, a survey was conducted through questionnaires administered to 330 graduate students at the University of Porto (Portugal) and Federal University of Santa Catarina (Brazil). For the calculation and presentation of indicators that point to the presence of the status quo bias the methodology used was based on Samuelson and Zeckhauser (1988). In addition, a regression analysis was conducted to find a relationship between the risk profile of the participants and the status quo bias, including some control variables.The results showed that risk-seeker respondents seem to have been less affected by the status quo bias in their decisions, unlike the others. As for the participants who have studied behavioral finance in their undergraduate  courses (a proxy for prior knowledge of the studied bias), it was found, on average, an increase of answers on alternatives to the status quo. However, the presence of the status quo bias was still dominant in the total responses. This shows that respondents who had studied behavioral finance opted for alternative options more than other respondents, but, even these individuals showed the status quo bias. Thus, we emphasize the importance of understanding the influence of behavioral biases in decision making, because these biases may impair important decisions within an organization.En el contexto de la gestión financiera de una organización, hay estándares de comportamiento que pueden sesgar el proceso de toma de decisiones, lo que lleva al gerente financiero a no lograr su objetivo de maximizar el valor de las actividades asociadas con las decisiones financieras, principalmente las relacionados con inversiones. Uno de estos sesgos es denominado de status quo. Según Samuelson y Zeckhauser (1988), este sesgo indica que los individuos tienden a mantener el estado actual de su portafolio y tienen dificultades para cambiar su situación patrimonial. Esta investigación pretende determinar si existe una relación entre el sesgo del statu quo, el perfil de riesgo y habilidades cuantitativas en estudiantes de postgrado en economía, contabilidad y gestión. Para este propósito, se realizó una encuesta a través de cuestionarios aplicados a 330 estudiantes de postgrado de la Universidad de Oporto (Portugal) y cursos de postgrado de la Universidad Federal de Santa Catarina(Brasil). Para el cálculo y la presentación de los indicadores, que apuntan la presencia del status quo, se utilizó la metodología de Samuelson y Zeckhauser (1988). Además, se realizaron análisis de regresión para buscar una relación entre el perfil de riesgo de los participantes y el status quo, incluyendo algunas variables de control. Los resultados mostraron que los encuestados con predisposición al riesgo parecen no haber sido afectados por el sesgo del status quo en sus decisiones, a diferencia de los demás. En relación a los alumnos que previamente estudiaron finanzas comportamentales en las materias de pregrado y/o postgrado (un proxy para el conocimiento previo del sesgo estudiado) se observó, en promedio, un aumento de la respuesta a las opciones alternativas al status quo. Sin embargo, la presencia del sesgo de status quo era todavía predominante en el total de las respuestas obtenidas. Esto muestra que los encuestados que habían estudiado las finanzas comportamentales optaron más por opciones alternativas de que los otros encuestados, no obstante, incluso estos individuos presentaron el sesgo del statu quo. Por lo tanto, es enfatizada la importancia de comprender la influencia de los sesgos de comportamiento en la toma de decisiones, ya que estos sesgos pueden afectar decisiones importantes dentro de una organización.No contexto da gestão financeira de uma organização, existem padrões comportamentais que podem enviesar o processo de tomada de decisões, fazendo com que o gestor financeiro não consiga atingir seu objetivo de maximização de valor em atividades ligadas às decisões financeiras, principalmente àquelas relacionadas a investimentos. Um destes vieses é denominado de status quo. De acordo com Samuelson e Zeckhauser (1988), este viés indica que os indivíduos tendem a manter o estado atual de seu portfólio e têm dificuldades em mudar de posição patrimonial. Esta pesquisa procura verificar se existe relação entre o viés do status quo, o perfil de risco e habilidade quantitativa, em estudantes de pós-graduação em economia, contabilidade e gestão. Para esta finalidade, realizou-se uma pesquisa com 330 estudantes de pós-graduação da Universidade do Porto (Portugal) e da Universidade Federal de Santa Catarina (Brasil). Para o cálculo e apresentação dos indicadores que apontam para a presença do status quo a metodologia utilizada foi baseada em Samuelson e Zeckhauser (1988). Além disso, foram realizadas análises de regressão para buscar uma relação entre o perfil de risco dos participantes e o status quo, incluindo variáveis de controle. Os resultados mostraram que os respondentes propensos ao risco parecem não terem sido afetados pelo viés do status quo em suas decisões, diferentemente dos demais. Quanto aos participantes que estudaram finanças comportamentais previamente nos cursos de licenciatura e/ou graduação (uma proxy para o conhecimento prévio do viés estudado), verificou-se, em média, um aumento de respostas nas opções alternativas ao status quo. No entanto, a presença do viés ainda foi predominante no total de respostas obtidas. Isto mostra que os respondentes que haviam estudado finanças comportamentais optaram mais por opções alternativas do que os outros, porém, mesmo estes indivíduos apresentaram o viés do status quo. Dessa forma, enfatiza-se a importância de compreender a influência de vieses comportamentais nas tomadas de decisões, pois estes vieses podem comprometer decisões importantes dentro de uma organização.Editora Mackenzie2015-11-03info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionSurveyapplication/saveapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/x-zipapplication/ziphttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630Revista de Administração Mackenzie; Vol. 16 No. 5 (2015)Revista de Administração Mackenzie; Vol. 16 Núm. 5 (2015)Revista de Administração Mackenzie (Mackenzie Management Review); v. 16 n. 5 (2015)1678-69711518-6776reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEporhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/5506https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9085https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9086https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9087https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9088https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9089https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9090https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9091https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9092https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9093https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9094https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9095https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9096https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9097https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9098https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9099https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9100https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9101https://editorarevistas.mackenzie.br/index.php/RAM/article/view/6630/9525Copyright (c) 2015 Revista de Administração Mackenzieinfo:eu-repo/semantics/openAccessSaurin, ValterVarejão, José Manuel Janeirada Costa Jr., Newton Carneiro AffonsoPrates, Wlademir Ribeiro2015-11-03T20:32:48Zoai:ojs.editorarevistas.mackenzie.br:article/6630Revistahttps://editorarevistas.mackenzie.br/index.php/RAM/PUBhttps://editorarevistas.mackenzie.br/index.php/RAM/oairevista.adm@mackenzie.br1678-69711518-6776opendoar:2015-11-03T20:32:48RAM. 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dc.title.none.fl_str_mv Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate Courses
Estudio Comparativo del Sesgo del Status Quo y el Perfil de Riesgo en Toma de Decisión por Estudiantes de Postgrado
Estudo Comparativo do Viés do Status Quo e Perfil de Risco em Tomadas de Decisões por Estudantes de Cursos de Pós-Graduação
title Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate Courses
spellingShingle Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate Courses
Saurin, Valter
Behavioral finance. Status quo bias. Risk aversion. Financial literacy. Endowment effect.
Finanzas comportamentales. Sesgo del statuquo. Aversión al riesgo. Educación financiera. Efecto de dotación.
Finanças comportamentais.Viés do status quo. Aversão ao risco. Cultura financeira. Efeito dotação.
title_short Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate Courses
title_full Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate Courses
title_fullStr Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate Courses
title_full_unstemmed Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate Courses
title_sort Comparative Study of the Status Quo Bias and Risk Profile of Financial Decisions Taken by Students of Graduate Courses
author Saurin, Valter
author_facet Saurin, Valter
Varejão, José Manuel Janeira
da Costa Jr., Newton Carneiro Affonso
Prates, Wlademir Ribeiro
author_role author
author2 Varejão, José Manuel Janeira
da Costa Jr., Newton Carneiro Affonso
Prates, Wlademir Ribeiro
author2_role author
author
author
dc.contributor.author.fl_str_mv Saurin, Valter
Varejão, José Manuel Janeira
da Costa Jr., Newton Carneiro Affonso
Prates, Wlademir Ribeiro
dc.subject.por.fl_str_mv Behavioral finance. Status quo bias. Risk aversion. Financial literacy. Endowment effect.
Finanzas comportamentales. Sesgo del statuquo. Aversión al riesgo. Educación financiera. Efecto de dotación.
Finanças comportamentais.Viés do status quo. Aversão ao risco. Cultura financeira. Efeito dotação.
topic Behavioral finance. Status quo bias. Risk aversion. Financial literacy. Endowment effect.
Finanzas comportamentales. Sesgo del statuquo. Aversión al riesgo. Educación financiera. Efecto de dotación.
Finanças comportamentais.Viés do status quo. Aversão ao risco. Cultura financeira. Efeito dotação.
description In the context of the financial management of an organization, there are behavioral patterns that can bias the decision-making process, making the financial manager unable to achieve its goal of maximizing value in activities related to financial decisions, particularly those related to investments. One of these biases is called status quo. According to Samuelson and Zeckhauser (1988), this bias indicates that individuals tend to maintain the current state of their portfolio and have difficulty in changing their financial position. This research examined whether there is a relationship between status quo bias, risk profile and quantitative skills in graduate students in economics, accounting, and management. For this purpose, a survey was conducted through questionnaires administered to 330 graduate students at the University of Porto (Portugal) and Federal University of Santa Catarina (Brazil). For the calculation and presentation of indicators that point to the presence of the status quo bias the methodology used was based on Samuelson and Zeckhauser (1988). In addition, a regression analysis was conducted to find a relationship between the risk profile of the participants and the status quo bias, including some control variables.The results showed that risk-seeker respondents seem to have been less affected by the status quo bias in their decisions, unlike the others. As for the participants who have studied behavioral finance in their undergraduate  courses (a proxy for prior knowledge of the studied bias), it was found, on average, an increase of answers on alternatives to the status quo. However, the presence of the status quo bias was still dominant in the total responses. This shows that respondents who had studied behavioral finance opted for alternative options more than other respondents, but, even these individuals showed the status quo bias. Thus, we emphasize the importance of understanding the influence of behavioral biases in decision making, because these biases may impair important decisions within an organization.
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dc.publisher.none.fl_str_mv Editora Mackenzie
publisher.none.fl_str_mv Editora Mackenzie
dc.source.none.fl_str_mv Revista de Administração Mackenzie; Vol. 16 No. 5 (2015)
Revista de Administração Mackenzie; Vol. 16 Núm. 5 (2015)
Revista de Administração Mackenzie (Mackenzie Management Review); v. 16 n. 5 (2015)
1678-6971
1518-6776
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