A Influência de Gênero, Idade, Formação e Experiência nas Decisões de Investimentos: Uma Análise do Efeito Confiança

Elizabeth da Silva Aguiar, Lígia Maria Gonçalves Araújo, Tarciane Silva do Carmo, Rodrigo Vicente Prazeres, Tiago de Moura Soeiro
2016 Revista Evidenciação Contábil & Finanças  
set./dez. 2016. 45 idade, formação e experiência como variáveis independentes para testar o efeito confiança dos investidores. Como resultados, foi possível verificar que 70% dos questionários válidos apresentaram índices positivos de heurísticas e que a variável idade se mostrou positivamente relacionada ao índice de heurísticas, corroborando a hipótese do efeito confiança, ao passo que a variável experiência se mostrou negativamente relacionada à variável independente, refutando a hipótese do
more » ... tando a hipótese do efeito confiança. ABSTRACT This study aimed to determine the level of behavioral heuristics in investment decisions and to describe the relationship between the level of behavioral heuristics and gender, age, experience and education to explain how these relationships characterize the cognitive bias of overconfidence. Hence, a questionnaire was applied to investors in the city of Recife, Pernambuco. Forty-five (45) responses were received, but only thirty-six (36) were considered valid after the methodological procedures. From the questionnaire was built a heuristics index based on studies of Hansen and Helgeson (1996 ), Pohl (2006 ) and Lima Filho, Bruni and Sampaio (2012 and later this index was used as the dependent variable in a multivariate logistic regression model, where the variables gender, age, experience and education were used to test the overconfidence effect. As a result, it was found that 70% of valid questionnaires indicated positive rates of heuristics and the age variable showed positively related to heuristics index, confirming the overconfidence effect, whereas the variable experience proved negatively related to the independent variable, refuting the overconfidence effect.
doi:10.18405/recfin20160303 fatcat:lxvvunb5czgxpbagrddzea366i