doi: 10.7213/rebrae.11.003.AO08 Anchoring effect in managerial decision-making in accountants and managers: an experimental study Daniel Fonseca Costa[a], Bruno César de Melo Moreira[b], Francisval de Melo Carvalho[c], Wa- shington Santos Silva[d] [a] PhD in Business Administration – Federal University of Lavras, Professor of the Federal Institute of Minas Gerais, Formiga, MG, Brazil. E-mail:
[email protected] [b] PhD in Business Administration – Federal University of Santa Catarina, Professor of the Federal Institute of Minas Gerais, Formiga, MG, Brazil. E-mail:
[email protected] [c] PhD in Business Administration – Mackenzie University, Professor of the Federal University of Lavras, Lavras, MG, Brazil.E-mail:
[email protected] [d] PhD in Statistics – Federal University of Lavras, Professor of the Federal Institute of Minas Gerais, Formiga, MG, Brazil. E-mail:
[email protected] Abstract The objective of this work was to analyze, by means of an experiment, if the type (positive or nega- tive) and the level (simple or complex) of economic-financial information influence the anchoring effect of accountants and managers in a process of managerial decision-making. To do so, an exper- imental methodology targeting a sample of 86 Accountants, 68 Managers and 118 people with different professional activities (control group) was used. The results showed, in the first test with- out differentiation of factors (type and level), that about 96% of the participants have the anchoring effect, leaning towards minimum and maximum estimates of sales revenue, operating expenditure and result. In addition, the ANOVA and the Approximate Permutation Test brought significant evidence that the anchoring effect in minimum projections can be influenced by the type of infor- mation, not being significant for anchoring in maximum projections and for the level of information on both estimates (minimum and maximum).