Financial Strategic Decision Making Based on Cognitive Approach

The purpose of this paper is better understanding of the nature of financial strategic decision-making processes. For developing the model of financial strategic decision-making¡ qualitative meta-analysis of relevant literature in the fields of psychology¡ organizational behavior¡ strategic decisions and financial decisions are made. Meta-analysis of qualitative studies suggest that financial strategic decisions can be studied through three approaches: rationality¡ bounded rationality and cognitive approaches. The results of this study indicate that these decisions have the cognitive nature. Therefore¡ a cognitive approach due to considering the role of individual psychological variables can explain these decisions better than the other two approaches. By combining psychological phenomenon affecting the selection process¡ we can attempt to boost economic theory to understand the choices processes. Cognitive economic offers great tool for the study of decision making; besides¡ Cognitive economy has the potential to promote and strengthen economic theory and offer comprehensive and realistic perspective for economic behaviors.