Global Corporate Finance: A Look at CFO Behavior

• Grant number: 24/08499-9
• Support Opportunities: Scholarships abroad - Research
• Effective date (Start): September 01, 2024
• Effective date (End): January 31, 2025
• Field of knowledge: Applied Social Sciences - Administration - Business Administration
• Principal Investigator: Claudia Emiko Yoshinaga
• Grantee: Claudia Emiko Yoshinaga
• Host Investigator: Kent D Daniel
• Host Institution: Escola de Administração de Empresas de São Paulo (EAESP). Fundação Getúlio Vargas (FGV). São Paulo , SP, Brazil
• Research place: Columbia Business School, United States

Abstract

This research project aims to explore the behavioral characteristics that influence the financial decisions of Chief Financial Officers (CFOs) and Chief Executive Officers (CEOs) in two distinct cultural and institutional contexts: the United States (representing the Global North) and Brazil (representing the Global South). The study will utilize survey data collected in 2019 and 2020 from Brazilian and American C-level officers. The main objective of this project is to deepen the understanding of the behavioral nuances that influence the financial decisions of executives in different cultural and institutional contexts. The project aims to compare the decision-making practices of CFOs and CEOs in the United States and Brazil. This comparison is crucial to identify the similarities and differences in the approaches adopted by executives in two distinct economic and cultural environments. In the United States, for instance, financial decisions may be shaped by a highly developed capital market and a robust regulatory environment. In contrast, in Brazil, factors such as economic volatility and reliance on bank financing may influence executives' decisions differently.