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ResumenLa percepción hace referencia al proceso cognitivo a través del cual el individuo recibe información y se forma una imagen de la realidad que le rodea. Así, la percepción de los directivos que consta de dos fases (recepción e interpretación), actúa como filtro que determina cuáles son los inputs que intervienen en las decisiones empresariales. Nuestro objetivo es profundizar en el estudio de los factores que afectan a la percepción directiva. Por ello consideramos tanto factores individuales referidos a las cualidades cognitivas del directivo (perfil cognitivo del directivo) como factores contextuales referidos a las condiciones que rodean al proceso de percepción. Nuestra atención se centra especialmente en los primeros. El análisis empírico se realiza a través de un experimento controlado con potenciales directivos: alumnos universitarios. En concreto se analiza cómo perciben los individuos el efecto de un anuncio de OPA sobre la cotización de los títulos de la empresa objeto de OPA. Los resultados obtenidos reflejan cómo el proceso de percepción discurre por las dos etapas previstas (recepción e interpretación) y confirman que el estilo cognitivo individual es una de las variables más influyentes en dichas fases. Así, se comprueba que son los individuos más analistas los que son capaces de discernir entre estímulos relevantes e irrelevantes y mantienen una postura firme respecto al signo de la influencia. Por último, se constata también el efecto de la fiabilidad de la fuente y la nitidez del estímulo en las dos fases del proceso de percepción.AbstractManager'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.

Our aim is to analyze the type of lender and the debt maturity of Chilean firms as a function of their ownership structure and their growth opportunities. We perform the empirical analysis using an unbalanced panel data of 169 firms from 1990 to 2001. Our results show that Chilean firms with growth opportunities, ownership concentration, and a need for external funds issue short‐term bank debt to finance their new investments. This financing source is an efficient mechanism in Chile to alleviate agency and asymmetric information problems. The Chilean institutional environment influences firms’ decisions on banking debt.

The growing importance of the intangible assets has caused a lot of research about them. The value creation capacity of such assets, mainly Research and Development (R&D) is in such a context. Much research about this has been done in USA in comparison to developing markets where such theme is almost unexplored. This work has the purpose to present a research about a possible economic effect of R&D investments in Brazil. Such investigation has been developed through a literature review about the question in the world and an empirical research in the Brazilian companies listed in Bovespa based on a linear regression in cross-section in the year 2003. We have used a model previously applied in other countries that has a capital R&D index as dependent variable explained by R&D intensity and other variables related to firm characteristics and performance. Although the low levels of R&D investments found, we have detected a signal of positive sensibility of the Brazilian market to such investments. This finding could be an indication that such market considers R&D investments as capable of generating future benefits. Additionally, we emphasize the need of using other models as well as considering other factors to mature the question that has been subject of extensive research in other countries