Biais Cognitifs et Prise de Risque Managériale : Validation Empirique dans le Contexte Tunisien

Abstract

<jats:title>Résumé</jats:title><jats:p>Le contexte de prise de décision est entaché par des biais cognitifs. Se basant sur un échantillon de 46 entreprises tunisiennes cotées durant 1997-2006, nous avons d’abord observé l’influence de trois biais (sur-confiance, mimétisme et illusion de contrôle) sur la perception du risque et ensuite, nous avons analysé la relation entre cette perception et la prise de risque effective. Nos résultats concluent à l’existence d’une relation positive entre le biais de sur-confiance et de mimétisme et la prise de risque et à une relation négative entre le biais de l’illusion de contrôle et la prise de risque managériale.</jats:p>

Behavioral Biases and Investment Decisions of SMEs Managers: Empirical Analysis within the Moroccan Context

“…Managers are likely to be influenced by the behaviors and decisions of other managers, which may lead them to adopt similar investment choices, thus inducing a positive impact of mimicry on investment decisions. This confirms the findings of Belanes and Hachana (2010). Managers's mimicry can manifest itself in different ways.…”

“…Mimicry on the part of SME managers can lead them to adopt investment strategies that resemble those employed by successful counterparts. For example, if a manager observes that a competitor has achieved profitability through investments in a particular sector, he or she may be tempted to imitate these actions in order to reproduce similar results (Belanes and Hachana 2010). This can lead to uninformed investment decisions.…”

“…Risk-taking refers to the willingness to engage in actions that are both uncertain and have a high payoff. To measure it, we used five items, three of them come directly from the empirical work carried out by Belanes and Hachana (2010) in previous studies concerning risk aversion among SMEs managers. To complement the existing items, we also developed two new items specifically tailored to this study, drawing on relevant literature and aligning with our research objectives.…”

“…Mimicry corresponds to the conscious or unconscious imitation of other people's behaviors in order to identify with a specific social group. We used two items from previous research (Belanes and Hachana 2010) and added two others based on empirical work. Table 4 itemizes the specific items related to the mimicry bias.…”

Determinants of CEO Power and Characteristics of Managerial Profile: Implications for Risk-Taking in Listed Tunisian Firms

“…Furthermore, studies on the Tunisian context are tried to make an association between risk-taking and the Tunisian governance system translates by the ownership structure and the board of directors (Belanes & Hachana, 2010) or the power that the Tunisian CEO practice on the board of directors (Hachana & Ben Cheikh, 2012) and the Tunisian CEO power who depends on the identity of controlling shareholders (Loukil & Ben Cheikh, 2012).…”