I thank colleagues in Brazil, Canada, Ecuador, France, Japan, and The Netherlands for their joint efforts in conducting the global surveys. Implications and avenues for future research are discussed Non-behavioral models with costly biases can also account for some of the themes. A model of satisficing decision-making aligns with many of these practice-of-finance characteristics: optimization is difficult in a complex fast-changing world, so managers use simple rules to make incremental improvements and they stick with rules that have worked well enough in the past.
These themes can guide and discipline academic models and tests, with the aim of better explaining outcomes. These common elements of real-world corporate finance indicate that companies make decisions based on internal forecasts that are miscalibrated and thought to be reliable only two years ahead use decision rules that are conservative, sticky, simple, and that attempt to market time and, emphasize corporate objectives that increasingly focus on stakeholders and revenues. Current policy choices are compared to CFO survey data from two decades prior, which allows me to identify decision-making themes that are common across policies and through time. This paper conducts surveys that document CFO perspectives on corporate planning, corporate investment, capital structure, payout, and the goal of the firm.
Boosting Grant Applications from Faculty at MSIs.Productivity, Innovation, and Entrepreneurship.International Finance and Macroeconomics.
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