Corporate Governance: Behavioral Approach and Cognitive Mapping Technique

• Autorzy: Nassreddine Garoui , Anis Jarboui
• Języki publikacji: EN

Abstrakty

EN

Psychological biases represent new paradigms that complement traditional behavioral finance theory while introducing "behaviorist" aspects to the decision-making process. The aim of this paper is to examine the mental models of actors in Tunisian firms with respect to the behavioral approach to corporate governance. We use a cognitive map to observe these mental diagrams and to visualize ways to conceptualize the behavioral approach. The objective of this study is to understand the concept of "mental models" through the presentation and analysis of the cognitive maps of the actors in Tunisian firms. The paper uses a corporate governance perspective to examine the mental models. Each actor's systematic exploration grid shows a balance of concepts that expresses their cognitive orientation. Thus, we visualize the concepts (variables) that structure the cognitive universe of the actors, which is projected in terms of influences and dependencies. We can distinguish four major categories of variables through the distribution of the scatter plot variables in the grids, particularly in relation to different quadrants. (original abstract)

Słowa kluczowe

EN

Behavioural finance; Corporate governance; Cognitive maps; Case study

PL

Finanse behawioralne; Ład korporacyjny; Mapy poznawcze; Studium przypadku

• Czasopismo: Contemporary Economics
• Rocznik: 2014
• Tom: 8
• Numer: nr 2
• Strony: 229--242

Twórcy

autor

Nassreddine Garoui

• University of Sfax, Tunisia

autor

Anis Jarboui

• University of Sfax, Tunisia

Bibliografia

• Abelson, R., & Rosenberg, M. (1958). Symbolic psychologic: A model of attitudinal cognition. Behavioral Science, 3 (1), 1-13. Anderson, J. J. (1973). Silicate water mass analysis off the Northwest Coas.
• Audet, M. (1994). Plasticité, instrumentalité et réflexivité [Plasticity, instrumentalisty and reflexivity]. In P. Cossette (Eds.), Cartes cognitives et organisations, Collection [Cognitive maps serve the study of organizations, Collection]. (pp. 187-198). Québec/ Paris: Les Presses de l'Université Laval/Éditions ESKA.
• Barberis, N., Shleifer, A., Vishny, R. W. (1998). A Model of Investor Sentiment . Journal of Financial Economics, 49 (3), 307-343.
• Bougon, M. G., & Komocar, J. M. (1994). Les cartes cognitives composites. Une théorie holistique et dynamique des organisations [Composite cognitive maps. A holistic and dynamic organization theory]. In P. Cossette (Eds.), Cartes cognitives et organisations, Collection [Cognitive maps serve the study of organizations, Collection]. (pp. 37-56). Québec/Paris: Les Presses de l'Université Laval/ Éditions ESKA.
• Brehm, M. L., Back, K. W., & Bogdonoff, M. D. (1964). A physiological effect of cognitive dissonance under stress and deprivation. The Journal of Abnormal and Social Psychology, 69 (3), 303-310.
• Cossette, P. (1994). Les cartes cognitives au service de l'étude des organisations [Cognitive maps serve the study of organizations]. In P. Cossette (Eds.), Cartes cognitives et organisations, Collection Collection [Cognitive maps serve the study of organizations, Collection]. (pp. 3-12). Québec/Paris: Les Presses de l'Université Laval/Éditions ESKA.
• Cossette, P., Audet, M. (1994). Qu'est-ce qu'une carte cognitive? [What is a cognitive map ?]. In P. Cossette (Eds.), Cartes cognitives et organisations, Collection [Cognitive maps serve the study of organizations, Collection]. (pp. 13-33). Québec/Paris: Les Presses de l'Université Laval/Éditions ESKA.
• Daniel, K., Hirshleifer, D., Subrahmanyam, A. (1998). Investor Psychology and Security Market Under- and Overreactions. Journal of Finance 53 (6), 1839-1885.
• De Bondt, W. F. M. & Thaler, R. (1985). Does the Stock Market Overreact? The Journal of Finance, 40 (3), 793-805.
• Fairchild, R. J. (2005). The Effect of Managerial Overconfidence, Asymmetric Information, and Moral Hazard on Capital Structure Decisions. Available at http://dx.doi.org/10.2139/ssrn.711845.
• Festinger, L. (1957). A Theory of Cognitive Dissonance. Standford, CA: Stanford University Press.
• Ford, J. D., & Hegarty, W. H. (1984). Decision makers' beliefs about the causes and effects of structure: An exploratory study. Academy of Management Journal, 27 (2), 271-291.
• Gomez, P. Y. (1996). Le gouvernement de l'entreprise [corporate governance: economic models and business practices]. Paris: Éditions Masson.
• Griffin, D., & Tversky, A. (1992). The Weighing of Evidence and the Determinants of Confidence. Cognitive Psychology, 24 (3), 411-435.
• Harmon-Jones, E. (2000). A cognitive dissonance theory perspective on the role of emotion in the maintenance and change of beliefs and attitudes. In N. H. Frijda, A. R. S. Manstead, & S. Bem (Eds.), Emotions and beliefs (pp. 185 - 211). Cambridge, UK: Cambridge University Press.
• Harmon-Jones, E., & Harmon-Jones, C. (2007). Cognitive dissonance theory: An update with a focus on the action-based model. In J. Shah & W. Gardner (Eds.), Handbook of motivation science (pp. 71-83). New York, NY: Guilford Publications.
• Heath, C., & Tversky, A. (1991). Preference and belief - ambiguity and competence in choice under uncertainty. Journal of Risk and Uncertainty, 4 (1), 5-28.
• Jolls, C. (2009). Behavioral Law and Economics (Working Paper No. 130). Yale Law School.
• Kahneman, D., Tversky, A. (1979). Prospect Theory: An Analysis of Decision Under Risk. Econometrica, 47 (2), 263-291.
• Kempler, D. (2005). Neurocognitive Disorders in Aging. Thousand Oaks, CA: Sage Publications.
• Komocar, J. M. (1994). Cartes causales d'un milieu de travail [Causal Maps workplace]. In P. Cossette (Ed.), Cartes cognitives et organisations [cognitive maps and organizations] (pp. 155-184). Quebec: Les Presses de l'Université Laval.
• Meltzoff, A.N. (2005). Imitation and other minds: The 'Like Me' hypothesis. In S. Hurley & N. Chater (Eds.), Perspectives on imitation: From cognitive neuroscience to social science (Vol. 2) (pp. 55- 77). Cambridge, UK: MIT Press.
• Miller, M. H. (1977). Debt and Taxes. Journal of Finance, 32 (2), 261-275.
• Oliver, R. L. (1980). A Cognitive Model of the Antecedents and Consequences of Satisfaction Decisions. Journal of Marketing Research, 17 (4), 460- 469.
• Dittrich, P., & Speroni di Fenizio, P. (2005). Chemical Organization Theory, arXiv:q-bio.MN/0501016.
• Pupion, P., & Leroux, E. (2006). Le mimétisme rationnel comme facteur d'adoption d'un ERP, Systèmes [Rational imitation as a factor in adoption of ERP]. Systèmes d'information et management, 11 (3), 37-66.
• Ritter, J. R. (2003). Difference between European and American IPO markets. European Financial Management, 9 (4), 421-434.
• Scheinkman, J. A., & Xiong, W. (2003). Overconfidence and Speculative Bubbles. Journal of Political Economy, 111 (6), 1183-1219.
• Sherif, M., & Hovland, C. I. (1961). Social judgment: Assimilation and contrast effects in communication and attitude change. Westport, CT: Greenwood Press.
• Svenson, O. (1981). Are we all less risky and more skillful than our fellow drivers? Acta Psychologica, 47 (2), 143-148.
• Thaler R. H.(1996). Doing Economics Without Homo Economicus. In S.G. Medema & W.J. Samuels (Eds.), Foundations of Research in Economics: How Do Economists Do Economics (pp. 227-237). Cheltenham, UK: Edward Elgar.
• Weinstein, N. D. (1980). Unrealistic optimism about future life events. Journal of Personality and Social Psychology, 39 (5), 806-820.
• Yates, J. F. (1990). Judgment and decision making. Englewood Cliffs, NJ: Prentice Hall.
• Zacharakis, A. L., & Shepherd, D. A. (2001). The nature of information and overconfidence on venture capitalists' decision making. Journal of Business Venturing, 16 (4), 311-332.

Identyfikatory

DOI

10.5709/ce.1897-9254.143