Purpose

The purpose of this integrative review is to develop a holistic behavioral framework on capital allocation decisions.

Design/methodology/approach

The article first structures, maps and synthesizes the prevalent cognitive biases that are present during capital allocation decisions. It then seeks to offer a robust understanding on how firms can mitigate the effects of cognitive biases.

Findings

Not only do several cognitive biases interfere with a decision-makers ability to make adequate capital allocation decisions but firms already have a number of tools at their disposal to mitigate them.

Research limitations/implications

Besides identifying cognition- and repair-based implications to extend the literature, this article outlines key methodological challenges for future research conducted along the lines of capital allocation.

Practical implications

Since the paper structures cognitive limitations in one of the most important managerial decision-making processes and discusses what firms can do to counteract them, it is of high relevance for practitioners. Managers need to know what drives successful capital allocation and what not.

Originality/value

The article provides a rare integrative review on the impact of cognitive biases on capital allocation and addresses the need to build linkages to the ongoing conversation on how to design strategic decision processes.

中文翻译：

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公司资本配置：行为视角和未来研究指南

目的

此次综合审查的目的是制定资本配置决策的整体行为框架。

设计/方法论/途径

本文首先构建、映射并综合了资本配置决策过程中普遍存在的认知偏差。然后，它试图就企业如何减轻认知偏差的影响提供强有力的理解。

发现

一些认知偏差不仅会干扰决策者做出充分资本配置决策的能力，而且公司已经拥有许多可以使用的工具来缓解这些偏差。

研究局限性/影响

除了确定基于认知和修复的影响以扩展文献之外，本文还概述了未来沿着资本配置进行的研究的关键方法挑战。

实际影响

由于本文构建了最重要的管理决策过程之一中的认知局限性，并讨论了企业可以采取哪些措施来抵消这些局限性，因此它对从业者具有很高的相关性。管理者需要知道是什么推动了成功的资本配置，什么不是。

原创性/价值

本文对认知偏差对资本配置的影响进行了罕见的综合回顾，并提出了与正在进行的关于如何设计战略决策流程的对话建立联系的需要。