مدخل المالية السلوكية لإدارة رأس المال العامل

Behavioral Financial Approach to Working Capital Management

This study aims to understand and clarify the behavior of decision makers in companies who participate in the financial and administrative decision-making process for managing working capital and its components. The self-attribution, mental accounting, and emotional biases associated with probability theory, such as loss avoidance, self-control, and the status quo, and how these biases may influence working capital management decisions.
The results show that behavioral finance is a complementary theory to traditional finance with the aim of better understanding the behavior of individuals to explain anomalies when making financial decisions, and that the managers of Iraqi companies listed on the Iraqi Stock Exchange suffer from many behavioral biases that affect their way of thinking and thus their financial decisions for the company. Managers of companies listed on the Iraq Stock Exchange must work to avoid the impact of behavioral biases by knowing the psychological and social effects of these biases in financial and management decisions, although the biases lead to suboptimal decisions in certain areas of working capital management (WCM). but they may also be desirable features in other aspects of WCM.
Seven Behavioral biases were tested on (103) of managers with influence on financial and administrative decisions related to working capital management and the company as a whole, based on the descriptive and inferential method of the sample and hypotheses of the study by using two statistical tools represented by the correlation matrix (Pearson correlation coefficients) for the purpose of verification From the strength of the correlation relationships that exist between the dimensions of the study variables and simple regression analysis to test the effect relationships between the dimensions of the main study variables.