Dimensões Culturais e Adaptabilidade em Mercados de Capitais Internacionais
DOI:
https://doi.org/10.21446/scg_ufrj.v0i0.52366Keywords:
Eficiência de Mercado, Mercado Adaptativo, Dimensões Culturais, Aspectos Comportamentais.Abstract
A racionalidade limitada dos indivíduos pode influenciar à eficiência de títulos, conforme Hipótese dos Mercados Adaptativos (HMA). Esta pesquisa tem como objetivo verificar quais aspectos culturais/comportamentais influenciam o nível de ineficiência dos mercados de capitais internacionais. A eficiência foi mensurada pelo Expoente de Hurst, baseado nos indicadores médios de desempenho dos mercados acionários de 44 economias. Os aspectos culturais/comportamentais foram obtidos por meio das dimensões culturais de Hofstede, compreendendo: distância de poder; individualismo; masculinidade; aversão à incerteza; orientação de longo prazo; e indulgência. Após o cálculo do expoente de Hurst em cinco recortes temporais, foi utilizado o MQO e Painel, no período entre 2001 a 2018. De acordo com a Hipótese dos Mercados Adaptativos (HMA) a racionalidade limitada dos participantes de mercado pode influenciar a eficiência de mercado. Portanto, fornecer evidências sobre os aspectos culturais/comportamentais que influenciam os níveis de adaptabilidade de mercados de capitais internacionais visa estabelecer aspectos explicativos aos níveis de ineficiência de mercados. Esses aspectos não foram testados em conjunto com níveis de ineficiência em estudos anteriores. Os resultados apontam para relação negativa e significativa de quatro das seis dimensões culturais com a ineficiência de mercado. Os resultados denotam que sociedades com maiores níveis de distância de poder, individualismo, orientação de longo prazo e indulgência possuem mercados menos ineficientes (ou mais eficientes). As demais dimensões culturais não apresentaram significância estatística. Os resultados visam contribuir com a HMA, evidenciando aspectos intrínsecos do comportamento dos agentes econômicos que podem afetar a ineficiência na previsibilidade de retorno de índices representativos em mercados de capitais internacionais.References
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