Modelos de comportamiento como marco de analisis del objetivo empresario

Hernán Alonso Bafico, Eduardo Quiroga and Juan Manuel Salvatierra
Additional contact information
Hernán Alonso Bafico: Facultad de Ciencias Económicas. Universidad Nacional de La Plata. Argentina.
Eduardo Quiroga: Facultad de Ciencias Económicas. Universidad Nacional de La Plata. Argentina.
Juan Manuel Salvatierra: Facultad de Ciencias Económicas. Universidad Nacional de La Plata. Argentina.

Revista Ciencias Administrativas (CADM), IIA, Universidad Nacional de La Plata, 2015, issue 6, No 7, 69-82

Abstract: This paper examines Pfeffer’s Models of Behavior and connects each of them with attributes of the definition of the firm’s objective, assumed as the maximization of the sustainable, long term valor of the residual claims.Each of the five models of behavior (rational, social, moral, retrospective and cognitive) contributes to the decision making and goal setting processes with its particular and complementary elements. From those assuming complete rationality and frictionless markets, to the models emphasizing the role of ethical positions, and the presence of perceptive and cognitive mechanisms.The analysis highlights the main contributions of critical theories and models of behavior, underlining their focus on non-traditional variables, regarded as critical inputs for goal setting processes and designing alternative executive incentive schemes. The explicit consideration of those variables does not indicate the need for a new definition of corporate objective. The maximization of the long term value of the shareholders’ claims still defines the relevant objective function of the firm, remaining as the main yardstick of corporate performance. Behavioral models are recognized as important tools to help managers direct their attention to long term strategies. In the last part, we comment on the relationship between the objective function and behavioral models, from the practitioners’ perspective.

Keywords: Firm Objectives; Behavioral Models; Value Maximization; Stakeholder Theory. (search for similar items in EconPapers)
JEL-codes: G30 G34 L21 M14 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
https://revistas.unlp.edu.ar/CADM/article/view/2046 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lap:recadm:43

Access Statistics for this article

More articles in Revista Ciencias Administrativas (CADM), IIA, Universidad Nacional de La Plata from Instituto de Investigaciones Administrativas, Facultad de Ciencias Económicas, Universidad Nacional de La Plata Contact information at EDIRC.
Bibliographic data for series maintained by Ana Clara Calabria ().