La percepción directiva: influencia del perfil cognitivo y de factores contextuales

Abstract

Manager's perception acts as a filter that determines what the stimuli are that shape corporate decisions. The goal of our research is to deep in the study of the factors that influence managers perception, with special emphasis on the manager cognitive profile. In particular, we analyse the phases included in the managers’ perception process (reception and interpretation) and the factors impacting such process. Thus, we consider not only individual factors related with the managers’ cognitive abilities but also contextual factors related with the characteristics of the stimuli and the source of information. An experiment involving university students was conducted for the empirical analysis. Specifically, we explore how subjects perceive the impact of takeover bid announcements on the target firm's stock price. Findings reflect how the perception process evolves along the two expected stages and bear out the importance of individual cognitive style as one of the most influential variables in the various stages. Findings also reveal that it is the more analyst individuals who are capable of distinguishing between relevant and irrelevant stimuli. Besides, the more rational subjects show the most congruent position as regards the influence of the announcement on the target stock price. Finally, the research also evidences the impact of the reliability of the source and the clarity of the stimulus on the two stages involved in the perception process.