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Investor decision-making requires an absence of bias and appropriate levels of risk-taking. In this study we investigate whether investors are prone to take risks, both in terms of how they rate their risk propensity and their behavior in choosing between options with different risk levels, and whether they display overconfidence and underdog bias. We also investigate the relationships among underdog bias, overconfidence and risk propensity. The results indicate overconfidence levels similar to that in other populations and do not reveal underdog bias or high levels of risk propensity. We found support for a negative predictive relationship between underdog bias and overconfidence. Further findings reveal that the highest self-ratings appeared for those with most investment experience, and females displayed higher underdog bias than men. The findings hold implications for the development of self-perception in investors.

Purpose -The theoretical value of scenario-planning as a strategic tool is well recognized in literature. The research objective is to explore the corporate reasoning of formal and informal usage (or non-usage) of scenario-planning in strategic decision-making. Design/Methodology/Approach -An overview of the relevant literature on scenario-planning as a strategic decision-making tool in the context of complexity and uncertainty is presented, in combination with 15 case studies on executives in the South African context. Findings -The findings are based on a study in the emerging market context. From the case studies reported it is evident that industry, organizational and leadership related factors influence the effective use or non-use of scenario-planning. Research limitations/implications -Empirical findings are reported, contributing to an assessment framework to revisit the usage of formal and informal scenario-planning in strategic decision-making. Further research to determine which supportive tools and technologies should be used for scenario-planning across multiple contexts is needed. Practical implications -The study expands upon previous insights into the formal and informal usage (or non-usage) of scenario-planning in strategic decision-making based on an emerging market context. Originality/value -This study contributes to understanding the value of scenario-planning in complex contexts that require strategic adaptability, and offers a hands-on toolkit and shortlist of assessment criteria to conceptualize the organizational reasoning and scholarly framing of formal, informal or non-scenario planning in strategic decision-making.

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PurposeThe purpose of this paper is to investigate whether organizational support for innovation and informational extrinsic rewards moderate the relationship between intrinsic motivation and innovative work behavior.Design/methodology/approachMultiple and hierarchical regression analyses based on data from 150 knowledge workers tested the hypotheses for a South African sample.FindingsThe results confirmed a positive relationship between intrinsic motivation and innovative work behavior, and found positive relationships between both organizational support for innovation and informational extrinsic rewards and innovative work behavior. While organizational support positively moderated the relationship between intrinsic motivation and innovative work behavior, acting in synergy with intrinsic motivation, informational extrinsic rewards had a negative moderating effect.Practical implicationsWhen organizations want to encourage knowledge workers to generate, promote and realize innovative ideas, they should create an environment that encourages autonomy, competence and relatedness, with support for creativity and differences of ideas.Originality/valueThe study provides new indications of the interactions of synergistic extrinsic rewards and intrinsic motivation to affect innovative work behavior.

Although practitioners have long sought to define risk culture, its role in strategic decision-making is not yet well understood. This paper addresses this gap from an institutional theory and organisational culture perspective. Findings from a qualitative study in the automotive industry provide insights into the importance of risk culture in strategic decision-making. Based on the findings, we propose a framework for understanding the different factors of risk culture that affect strategic decision-making. This yields insights into the facets of risk culture and highlights the role that both the board as well as management play in driving a risk culture and fostering the values and behaviours required for enabling risk appropriate strategic decisions. Management may use the findings to define a culture that will drive risk-appropriate behaviour, create alignment for the organisation, allow for transparency and accountability and foster improved strategic decision-making.

Purpose-To explore the corporate requirements, benefits and inhibitors of scenario-planning in strategic decision-making. Design/Methodology/Approach-Based on a sample of fifteen case studies with executives in the South African context to reveal the perceived corporate requirements, benefits and inhibitors of scenario-planning. Findings-From the cases it is evident that industry, organizational and leadership related factors enable or inhibit scenario-planning. Requirements, benefits and inhibitors are revealed in strategic decision-making. Research limitation/implications-Further research to determine supportive tools and technologies for enabling scenario-planning across multiple contexts is needed. Practical implications-Expands insights into the requirements, benefits and inhibitors of scenario-planning in strategic decision-making. Originality/value-Given the increasing complexity of the business environment, a framework of scenario-thinking is presented and recommend greater emphasis on developing strategic decision-making competence, changed mindsets, and organizational agility.

The construct validity of the Career Resilience Questionnaire (Fourie & Van Vuuren, 1998) was investigated by means of an oblique multiple groups factor analysis.The highest factor structure coe⁄cients of several of the items did not coincide with the respective factors that the items were postulated to measure. In addition, the correlations among the factors cast doubt on the independence of some of the constructs. The conclusion is drawn that a measure of career resilience should be based on an explicit theoretical measurement model rather than on an empirically derived measurement model. It is further recommended that the test items should have high face validity and content-saturation. OPSOMMINGDie konstrukgeldigheid van die Career Resilience Questionnaire (Fourie & VanVuuren,1998) is aan die hand van die gekorreleerde meervoudige-groeperingsmetode van faktorontleding ondersoek. Die resultate dui daarop dat verskeie items nie hulle hoogste faktorstruktuurkoe« ⁄sie« nte op die gepostuleerde faktore gehad het nie.Verder het die korrelasies tussen die faktore daarop gedui dat die gepostuleerde konstrukte nie onafhanklik is nie. Die gevolgtrekking is gemaak dat 'n meetinstrument van loopbaangehardheid (career resilience) eerder op 'n eksplisiete teoretiese metingsmodel gebaseer moet wees as op 'n empiriese verkree« metingsmodel.'n Verdere aanbeveling is dat die items oor 'n hoe« mate van gesigsgeldigheid en inhoudsversadiging moet beskik. Fourie and Van Vuuren (1998) recently made an important contribution to the industrial psychology literature by constructing a measure of career resilience, namely the Career Resilience Questionnaire (CRQ). Their conceptualization of career resilience is largely built on the work of Gordon (1995) and London (1983London ( , 1993. Career resilience refers to an ability to ''bounce back'' from adverse career related situations, and more speci¢cally to resist career disruptions amidst less than ideal circumstances (Van Vuuren & Fourie, 2000, in press). Fourie and VanVuuren (1998) explain that career resilient individuals have the ability to adapt to changing circumstances. Such individuals are likely to welcome job and organizational changes, and ¢nd working with new and di¡erent people stimulating. Career resilient individuals are also recognized by their self-con¢dent behavior and willingness to take careerrelated risks.This focus on career resilience is in line with the increasing emphasis in mainstream psychology to search for indicators of physical and psychological well-being (Seligman & Csikszentmihalyi, 2000; Strˇmpfer,1999). Accordingly, Fourie and Van Vuuren (1998) constructed 60 items to measure career resilience. Referring to this Career Resilience Questionnaire they state: ''Items re£ect a career resilient disposition if the respondent exhibits a high degree of £exibility, adaptability, and competence despite adverse career situations'' (Fourie & Van Vuuren, 1998, p. 55). However, apart from this broad speci¢ca-tion, no explicit theoretically derived multi-...