Factores no financieros en decisiones de inversión en acciones: inversionistas institucionales

J. Nacional: Factores no financieros en decisiones de inversión en acciones: inversionistas institucionales


2004 - Pharos - Vol. 10, N°1, Pp 93-108


In the New Economics ti is no longer enough to merely analyse an enterprise's financial variables in order to invest in its shares of stock; it is rather necessary to consider also non financial aspects to fell how will the market perceive the value of that firm, as it has been evidenced by studies in other countries; USA (Kahn, H.& Eccles R., 1997); UK (Eales, J .& Schosman R., 2000; Coleman, I.& Eccles R., 1997); Switzerland (Weibel, P.& Eccles R., 2000); and Australia (Morris etal, 2001). This paper acknowledges to what extent Chilean investors, when undertaking investmentes, take account of non financial factors in their selection of stocks. We paid attention to institutional investors, because they are the major participants in ourstock market. The value of the local stock fund, among these institutions, accounted to 8% of Chilean GDP on August 31st 2002. The research relied on interviews to managers and invesment executives among mail institutional investors, covering all of the insurance companies, mutual funds and pension funds administrators. Results clearly show the prevalence of a bundle of non financial factors considered as important or very important by institutional investors, outstanding among those the "execution of corporate strategy" and the "executive's experience". We regard our study outcomes (i) as useful for business firms, because will help to identify the key non financial aspects for their investors who vould also definitely influence stock prices; and (ii) as a contribution to include them in models on businerss firms valuation.


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