期刊名称：International Journal of Advances in Management and Economics
印刷版ISSN：2278-3369
出版年度：2014
卷号：3
期号：3
出版社：International Journal of Advances in Management and Economics
摘要：The financial management of an organization is focused on the maximization the owners’ of richness. For this, one of the challenges presented is the administration of financing strategic decisions, which constitutes in defining the adequate proportion of the capital from debts and equity capital that the company should use. Thus, from the design of an optimum construction of the capital structure, the company may be capable of minimizing its capital costs, therefore contributing with the leveraging of its value. It is known that the cost of debts is less onerous than using own capital. However, Brazilian companies, systematically, use little debts to cover its investment decisions, thus maintaining low financial leveraging capacity and, consequently, weakening its competitive capacity, even presenting various theories suggesting a more equilibrated structure of the sources. Considering this, a discussion of the reason for this behavior from the managers was promoted. The explanation found for this fact is supported by the concepts of limited rationality, defended by behavioral finances. The arguments presented by behavioral finances are very enlightening and convincing in explaining the strategic decision making process used by the financial manager.
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