Managerial decision-making styles in the panamanian business context: A multidimensional analysis

Abstract

This study explored managerial decision-making styles within the Panamanian business context, adopting a complementary paradigm that integrated quantitative and qualitative approaches to achieve a comprehensive understanding of the phenomenon. Through a non-experimental field design, surveys and semi-structured interviews were employed to collect data from 61 managers of companies located in Panama City. Quantitative results revealed significant associations between demographic and organizational variables (gender, age, experience, type of company) and the prevailing decision-making styles. Qualitative analysis delved into understanding key contextual factors, such as organizational culture and communication dynamics, that influence decision-making processes. The research identified relevant challenges for optimizing managerial decision-making in Panama, including the gap between theory and practice, the impact of organizational culture, the need for adaptation to digital transformation, and the management of cultural diversity. Based on these findings, practical implications aimed at improving managerial decision-making are proposed, such as the development of contextualized training programs, the promotion of an organizational culture that fosters innovation, and strategic investment in digital competencies and intercultural leadership skills. It is concluded that a holistic understanding that considers both the individual characteristics of managers and the specific contextual factors of the Panamanian business environment is fundamental to strengthening organizational performance.