Contextualized Behavior for Improving Managerial and Entrepreneurial Decision-Making

Cristofaro, Matteo; Sousa, Maria José; Sánchez-García, José Carlos; Larsson, Aron

doi:10.3390/admsci11010014

Cited by 4 publications

(3 citation statements)

References 25 publications

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“…Short et al (2010) studied to distinguish the core features of opportunity discovery and creation theories to simply the knowledge constraints for effective business creation models, but they became unsuccessful, and the literature remained complex in this context. GDMSs became integral for individuals to start a business venture; indeed, our study also approved its significance related to business phenomena as many previous studies provided similar evidence (Krasniqi et al, 2019;Cristofaro et al, 2021;Sassetti et al, 2021). Our findings align with Henley et al (2017), who argued that entrepreneurial intention is more important than entrepreneurial, analytical understanding that individuals can adopt through social interaction.…”

Section: Discussionsupporting

confidence: 90%

Hunting the Best Opportunity Through the Arrow of General Decision-Making Styles: Unfolding the Role of Social Capital and Entrepreneurial Intention

Jiang¹,

Gill

Javaid

et al. 2022

Front. Psychol.

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This research aims to identify the investor’s decision-making styles and their impact on entrepreneurial opportunities through the mediation role of entrepreneurial intention and moderation effect of social capital in the healthcare sector of Pakistan. This study applied a structural equation modeling (SEM) to test the hypotheses on a sample of 400 healthcare investors. Our findings reveal that the conditional indirect relationship of entrepreneurial intention through social capital was significant on opportunity creation and an insignificant influence on opportunity discovery from decision-making styles. This study provides implications for policymakers to enhance entrepreneurial opportunity creation by providing robust social environment investors and encouraging them to create business ventures in the healthcare sector.

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Section: Discussionsupporting

confidence: 90%

Hunting the Best Opportunity Through the Arrow of General Decision-Making Styles: Unfolding the Role of Social Capital and Entrepreneurial Intention

Jiang¹,

Gill

Javaid

et al. 2022

Front. Psychol.

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“…This is more evident with respect to cognitive biases, and how entrepreneurs and managers are able to perform and make decisions by mitigating the effect of errors. In this study, we sought to provide evidence on the empirical differentiation between the DMC of entrepreneurs and managers based on their characteristics in terms of operational strategies (Cristofaro et al, 2021). We referred to the notion of DMC as a way to empirically assess performance levels in decision-making.…”

Section: Discussionmentioning

confidence: 99%

Quick-witted entrepreneurs versus systematic managers: a comparative analysis of decision-making competence

Tommasi,

Sartori,

Bollarino

et al. 2023

EBHRM

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PurposeDecision-making competence (DMC) of entrepreneurs and managers is a longstanding topic in this increasingly globalized world. These figures operate in conditions not within their own control, and good levels of DMC are often considered to be desirable for the flourishing of business and society. This paper reports an empirical investigation on the DMC of entrepreneurs and managers, in an attempt to inform about their tendencies to incur in risky and costly choices.Design/methodology/approachThree cognitive biases associated with operational strategies and individual characteristics of entrepreneurs and managers, namely under/overconfidence (UOC, i.e. self-confidence in taking decisions), resistance to sunk costs (RSC, i.e. propensity to take cost investments) and consistency in risk perception (CRP, i.e. how well individuals understand probability rules) were considered . Cognitive biases measures were used in a cross-sectional study on a sample of n = 639 entrepreneurs and n = 512 managers. Data collected via online survey were analyzed using descriptive statistics and inferential statistics to determine differences among entrepreneurs and managers DMC.FindingsAnalyses reveal that entrepreneurs exhibit higher levels of UOC compared to managers with a marked presence of UOC among entrepreneurs at younger ages. Conversely, performance regarding RSC improves with higher education levels while age and RSC are positively correlated only for managers, regardless of education. Lastly, entrepreneurs and managers resulted as not being affected by CRP. This study discusses these results to provide initial insights for further avenues of research and practice.Originality/valueThe study offers an innovative, evidence-based viewpoint on how entrepreneurs and managers deal with risky and costly decisions. It offers an initial understanding of the role of UOC, RSC and CRP, that is specific cognitive biases associated with operational strategies and individual characteristics, in the DMC of these working figures. The study forwards avenues of scrutiny of quick-witted entrepreneurs and systematic managers.

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“…Improving entrepreneurial rationality helps to improve the rate of entrepreneurship success. Innovation spirit, entrepreneurial ability and market awareness are always the internal driving forces for successful entrepreneurship and sustainable growth of enterprises (Cristofaro, et al 2021). So, IEE can improve the entrepreneurial willingness and rationality of college students.…”

Section: Factors Of In Uencing Entrepreneurial Rationality and Entrep...mentioning

confidence: 99%

An empirical study on entrepreneurial willingness and entrepreneurial rationality: based on an entrepreneurship questionnaire survey of Chinese college students

Xiao¹

2022

Preprint

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Through researching the status of willingness and rationality of College Students' Entrepreneurship (CSE) in China, which have called on "Mass Entrepreneurship" since 2014, this study is to explore the influence of entrepreneurial willingness and entrepreneurial rationality on entrepreneurial success and the methods and measures to improve college students' entrepreneurial willingness and rationality, which contribute to improve the success rate of entrepreneurship, so as to improve the utilization efficiency of social resources and save social resources. Through 601 questionnaires on entrepreneurial understanding, combined with the basic situation of college students, such as college, major, grade, and gender, this research uses the methods of factor analysis and regression analysis to study the internal factors affecting CSE. The findings concluded that College Students' Founders (CSF) mainly focus on earnings, risks and capitals for entrepreneurship, and the main factors affecting college students' choice and success of entrepreneurship are relevant knowledge of entrepreneurship. Therefore, from the perspective of education, innovation-entrepreneurship education (IEE) should be focus on entrepreneurial willingness and entrepreneurial rationality, and should improve the pertinence and adaptability of entrepreneurship education, should strengthen entrepreneurship practice education, which start as soon as possible, according to the characteristics of the colleges and specific majors. These results extend the extant findings in the literature on entrepreneurial intention, practice. Also, this study can provide reference for the study of entrepreneurship education in world universities.

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Contextualized Behavior for Improving Managerial and Entrepreneurial Decision-Making

Abstract: Since the conceptualization of bounded rationality by Herbert Simon (1947), management scholars started investigating how people—managers and entrepreneurs—really make decisions within (and for) organizations [...]

Cited by 4 publications

References 25 publications

Hunting the Best Opportunity Through the Arrow of General Decision-Making Styles: Unfolding the Role of Social Capital and Entrepreneurial Intention

Hunting the Best Opportunity Through the Arrow of General Decision-Making Styles: Unfolding the Role of Social Capital and Entrepreneurial Intention

Quick-witted entrepreneurs versus systematic managers: a comparative analysis of decision-making competence

An empirical study on entrepreneurial willingness and entrepreneurial rationality: based on an entrepreneurship questionnaire survey of Chinese college students

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