Behavioural Aspects of Financial Decision-Making Process of Managers in Wood-Processing Enterprises

The study is focused on behavioural aspects in the financial decision-making process of wood-processing enterprises. The main aim was to map this topic and determine the key behavioural factors that lead management to make mistakes. Primary data on this issue were obtained from an empirical survey....

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Autores principales:	Mariana Sedliačiková, Martina Kánová, Josef Drábek
Formato:	article
Lenguaje:	EN
Publicado:	University of Zagreb, Faculty of Forestry and Wood Technology 2021
Materias:	finance behavioural finance financial decision-making process wood-processing enterprises psychological factors Forestry SD1-669.5
Acceso en línea:	https://doaj.org/article/5c13d13257d74a6194e3622333bb79ff
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id	oai:doaj.org-article:5c13d13257d74a6194e3622333bb79ff
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spelling	oai:doaj.org-article:5c13d13257d74a6194e3622333bb79ff2021-11-26T09:44:05ZBehavioural Aspects of Financial Decision-Making Process of Managers in Wood-Processing Enterprises0012-67721847-115310.5552/drvind.2021.2047https://doaj.org/article/5c13d13257d74a6194e3622333bb79ff2021-01-01T00:00:00Zhttps://hrcak.srce.hr/file/385845https://doaj.org/toc/0012-6772https://doaj.org/toc/1847-1153The study is focused on behavioural aspects in the financial decision-making process of wood-processing enterprises. The main aim was to map this topic and determine the key behavioural factors that lead management to make mistakes. Primary data on this issue were obtained from an empirical survey. The empirical survey was conducted through a questionnaire that contains questions focused on behavioural decision-making aspects. Using statistical methods, three key behavioural factors were determined. By selecting the given behavioural factors, it was established that love, hate, and sadness are the key factors that influence management behaviour and decision-making. In the real business environment, two managers working in a wood processing enterprise were chosen; they were willing to provide us with a review and opinion on the results of the survey. By analysing all the data, it has been concluded that, even though managers are trying to direct their behaviour and activities, they often do not notice the influence of these factors, and sometimes they are unable to make decisions. The managers should be able to direct their behaviour and activities, to provide self-control and take into consideration the fact that these factors are always present. Results determine the key and systematically occurring errors in the financial decision-making process, caused by the influence of the human factor. We have developed a model for activating the three key behavioural factors applied in the financial decision-making process as a tool that can help company managers not to make the wrong decisions.Mariana SedliačikováMartina KánováJosef DrábekUniversity of Zagreb, Faculty of Forestry and Wood Technologyarticlefinancebehavioural financefinancial decision-making processwood-processing enterprisespsychological factorsForestrySD1-669.5ENDrvna Industrija, Vol 72, Iss 4, Pp 389-401 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	finance behavioural finance financial decision-making process wood-processing enterprises psychological factors Forestry SD1-669.5
spellingShingle	finance behavioural finance financial decision-making process wood-processing enterprises psychological factors Forestry SD1-669.5 Mariana Sedliačiková Martina Kánová Josef Drábek Behavioural Aspects of Financial Decision-Making Process of Managers in Wood-Processing Enterprises
description	The study is focused on behavioural aspects in the financial decision-making process of wood-processing enterprises. The main aim was to map this topic and determine the key behavioural factors that lead management to make mistakes. Primary data on this issue were obtained from an empirical survey. The empirical survey was conducted through a questionnaire that contains questions focused on behavioural decision-making aspects. Using statistical methods, three key behavioural factors were determined. By selecting the given behavioural factors, it was established that love, hate, and sadness are the key factors that influence management behaviour and decision-making. In the real business environment, two managers working in a wood processing enterprise were chosen; they were willing to provide us with a review and opinion on the results of the survey. By analysing all the data, it has been concluded that, even though managers are trying to direct their behaviour and activities, they often do not notice the influence of these factors, and sometimes they are unable to make decisions. The managers should be able to direct their behaviour and activities, to provide self-control and take into consideration the fact that these factors are always present. Results determine the key and systematically occurring errors in the financial decision-making process, caused by the influence of the human factor. We have developed a model for activating the three key behavioural factors applied in the financial decision-making process as a tool that can help company managers not to make the wrong decisions.
format	article
author	Mariana Sedliačiková Martina Kánová Josef Drábek
author_facet	Mariana Sedliačiková Martina Kánová Josef Drábek
author_sort	Mariana Sedliačiková
title	Behavioural Aspects of Financial Decision-Making Process of Managers in Wood-Processing Enterprises
title_short	Behavioural Aspects of Financial Decision-Making Process of Managers in Wood-Processing Enterprises
title_full	Behavioural Aspects of Financial Decision-Making Process of Managers in Wood-Processing Enterprises
title_fullStr	Behavioural Aspects of Financial Decision-Making Process of Managers in Wood-Processing Enterprises
title_full_unstemmed	Behavioural Aspects of Financial Decision-Making Process of Managers in Wood-Processing Enterprises
title_sort	behavioural aspects of financial decision-making process of managers in wood-processing enterprises
publisher	University of Zagreb, Faculty of Forestry and Wood Technology
publishDate	2021
url	https://doaj.org/article/5c13d13257d74a6194e3622333bb79ff
work_keys_str_mv	AT marianasedliacikova behaviouralaspectsoffinancialdecisionmakingprocessofmanagersinwoodprocessingenterprises AT martinakanova behaviouralaspectsoffinancialdecisionmakingprocessofmanagersinwoodprocessingenterprises AT josefdrabek behaviouralaspectsoffinancialdecisionmakingprocessofmanagersinwoodprocessingenterprises
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Behavioural Aspects of Financial Decision-Making Process of Managers in Wood-Processing Enterprises

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