Interação entre ancoragem e enquadramento na leitura de relatórios financeiros anuais: evidências experimentais
DOI:
https://doi.org/10.17524/repec.v20.e3692Palavras-chave:
Finanças comportamentais, Vieses cognitivos, Efeito ancoragem, Efeito enquadramento, Relatórios financeirosResumo
Objetivo: Investigar a ocorrência dos efeitos ancoragem e enquadramento na leitura e interpretação de relatórios financeiros anuais e examinar se a interação entre esses vieses atua como mecanismo modulador.
Método: Foi conduzido um experimento com design fatorial, between-subjects, com quatro condições experimentais e o grupo de controle. Participaram 151 estudantes de graduação, adotados como proxies de investidores não profissionais. Os dados foram coletados por rastreamento ocular on-line e analisados com uso da Análise Multivariada de Variância (MANOVA) e testes post hoc de Games-Howell.
Resultados: O efeito enquadramento foi observado apenas nos grupos expostos à âncora alta e no grupo de controle, não exposto à âncora. Nos grupos que visualizaram a âncora baixa, o enquadramento não se manifestou de forma consistente, o que sugere efeito inibitório. O efeito ancoragem não foi identificado.
Contribuições: Embora a literatura comprove a robustez dos efeitos ancoragem e enquadramento, a investigação de sua interação tem se concentrado majoritariamente em decisões de consumo, com resultados heterogêneos. Os achados deste estudo indicam que a ancoragem pode modular o enquadramento, sugerindo que vieses cognitivos não operam de forma isolada na leitura de relatórios financeiros. Isso reforça a necessidade de abordagens integradas na pesquisa sobre esses fenômenos em contabilidade e finanças comportamentais.
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Copyright (c) 1969 Wilton Moisés Modro, Johan Hendrik Poker Junior, Mara Teresa da Silva Madaleno, Eric David Cohen, Daniel Henrique Dario Capitani
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