This paper uses surveys to document CFO perspectives on corporate planning, investment, capital structure, payout, and shareholder versus stakeholder focus. Comparing policy decisions today to those 20 years ago, I find that companies employ decision rules that are conservative, sticky, and geared to time the market; rely on internal forecasts that are miscalibrated and considered reliable only two years ahead; and emphasize corporate objectives that focus increasingly on stakeholders and revenues. These practice of corporate finance themes can discipline academic models toward better explaining outcomes. Models of satisficing decision-making or costly managerial biases align with many of the themes.

中文翻译：

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总统致辞：企业财务与现实

本文使用调查来记录首席财务官对公司规划、投资、资本结构、支出以及股东与利益相关者关注的观点。将今天的政策决策与 20 年前的政策决策进行比较，我发现公司采用的决策规则是保守的、粘性的，并且适合于市场时机。依赖仅在两年前被错误校准并被认为可靠的内部预测；并强调越来越关注利益相关者和收入的公司目标。这些公司金融主题的实践可以规范学术模型，以更好地解释结果。令人满意的决策模型或代价高昂的管理偏见与许多主题一致。