ASSOCIATION BETWEEN TOP MANAGEMENT TEAM (TMT) CHARACTERISTICS AND UTILIZATION OF INVESTMENT ANALYSIS PRACTICES
DOI:
https://doi.org/10.22561/cvr.v32i2.6426Keywords:
Top Management Team, Capital budgeting, Investment analysis, BrazilAbstract
This study aims to analyze an analysis of the relationship between the characteristics of the Top Management Team (TMT) and the use of investment analysis practices. The motivation of this research is in the collaboration in the gap between what the theory indicates and what is done in practice. It should also be noted that little is known about the factors that influence capital budget decision making, that is, what leads to a decision being more or less sophisticated. For data collection, a questionnaire was applied to the companies of Brasil, Bolsa, Balcão (B3), with 94 answers. For data analysis, an association between categorical variables by homogeneity (HOMALS) was used. Results indicate that traditional and sophisticated practices are used more as the average age of the management team increases. Women's participation in the management team is more closely associated with not using sophisticated investment analysis practices. Level education associations did not show a clearly defined trend for the trait. This study contributes to the literature of Upper Echelons Theory (UET) and investment analysis practices, providing new evidence on the association between the characteristics of senior managers and the use of practices.
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