Narratives in managers’ corporate finance decisions

Les Coleman (), Krishnan Maheswaran and Sean Pinder

Accounting and Finance, 2010, vol. 50, issue 3, 605-633

Abstract: This article uses the extended case method to explore senior executives’ corporate finance decisions. We quantified firm’s finance practices using a mail survey, and then – to resolve puzzles in managers’ decision processes – conducted face‐to‐face interviews with chief finance officers of large listed firms. The interviews identified six themes as consistent influences on finance decisions: pressures imposed by clienteles; constraints on resources; risk management; heuristics; real options; and sustainability. We conclude that managers are logical and rational in their decisions, but employ a wider range of criteria than assumed in conventional finance theories.

Date: 2010
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https://doi.org/10.1111/j.1467-629X.2010.00343.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:acctfi:v:50:y:2010:i:3:p:605-633

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