Abstract
The current business environment is characterized by so much uncertainty and turbulence that different strategic and development decisions give some place to the subjectivity of individuals. But, this subjectivity reflects the personal attitude towards risk. Can managers ignore their personal preferences when they are engaged in a decisionmaking process? An experiment involving MBA students showed that it is difficult to dissociate the attitude towards risk from the risk assessment, no matter if decision is made individually or collectively. This separation however depends on the profile of individuals.References
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Anderson, H. & Lundborg, P. (2007), « Perception of own death risk: An analysis of road-traffic and overall mortality risks ». Journal of Risk and Uncertainty, vol. 34, n o 1, p. 67-84.
Appéré, G., (2006), « Gestion des risqués et information endogène », Revue française de la gestion, vol. 32, n o 162, p. 63-76.
Bateman, T. S., Griffin, R. W. & Rubinstein, D. (1987), « Social Information Processing and Group-Induced Shifts in Responses to Task Design », Group & Organization Studies, vol. 12, n o 1, p. 88-108.
Brindley, C. (2005), « Barriers to women achieving their entrepreneurial potential: Women and risk », International Journal of Entrepreneurial Behaviour and Research, vol. 11, n o
2, p. 144-161.
Caliendo, M., Fossen, F.M. & Kritikos, A.S. (2009), « Risk attitudes of nascent entrepreneurs – new evidence from an experimentally validated survey », Small Business Economics, vol. 34, n o 2, p, 153-167.
Carland, J.W., Carland, J.C. & Pearce, J.W. (1995), « Risk taking propensity among entrepreneurs, small business owners, and managers », Journal of Business and
Entrepreneurship, vol. 7, p. 15-23.
Carter, S., Shaw, E., Lam, W. & Wilson, F. (2007), « Gender, Entrepreneurship, and Bank Lending: The Criteria and Processes Used by Bank Loan Officers in Assessing Applications », Entrepreneurship Theory and Practice, vol. 31, n o 3, p. 427-444.
Elston, J.A. & Audretsch, D.B. (2010), « Risk attitudes, wealth and sources of entrepreneurial start-up capital », Journal of Economic Behavior and Organization, doi :20.2016/j.
jebo.2010.02.014
Emblemsvàg, J. & Kjølstad, L.E. (2002), « Strategic risk analysis – a field version », Management Decision, vol. 40, n o 9, p. 842-852.
Ficco, S. & Karamychev , A. (2009). « Preference for flexibility in the absence of learning: the risk attitude effect », Economic Theory, vol. 40, p. .405–426
Fischhoff, B., Lichtenstein, S., Slovic, P., Derby, S. L. & Keeney, R. L. (1981). Acceptable risk, England: Cambridge University Press
Goto, S. (2007), « The bounds of classical risk management and the importance of a behavioral approach », Risk Management and Insurance Review, vol. 10, n o 2, p. 267-282.
Harrison, G.W., Lau, M.I. & Rutström, E. (2007), « Estimating Risk Attitudes in Denmark: A Field Experiment », Scandinavian Journal. of Economics, vol. 109, n o 2, p. 341–368.
Hillson, D. & Murray-Webster, R. (2005). Understanding and managing risk attitude, Aldershot : Gower Publishing.
Hutchins, G. & Gould, D. (2004), «The growth of risk management», Quality Progress, vol. 37, n o 9, p. 73-75.
Jackson, D.N. (1976). Personality Inventory Manual, Goshen, NY: Research Psychologists Press.
Jackson, D.N. (1977), « Reliability of the Jackson personality inventory », Psychological Reports, vol. 40, p. 613–614.
Kahan, D. M., Slovic, P., Braman, D. & Gastil, J. (2005), « Fear of democracy: A cultural evaluation of Sunstein on risk », Harvard Law Review, vol. 119, n o 4, p. 1071-1109.
Kahneman, D. & TVERSKY, A. (1979). « Prospect theory: An analysis of decision under risk », Econometrica, vol. 47, n o 2, p. 263-291.
Kan, K. & Tsai, W.-D. (2006), « Entrepreneurship and risk aversion », Small Business Economics, 26, p. 465-474.
Köellinger, P., Minniti, M. & Schade, C. (2007), « I think I can, I think I can’: Overconfidence and entrepreneurial behaviour », Journal of Economic Psychology, vol. 28, p. 502-527.
Lefley, F. (2008). Our perception of risk, Corporate Finance Review, vol. 12, n o 6, p, 24-26.
MacCrimmon, K. R. & Wehrung, D. A. (1990), « Caracteristics of risk taking executives », Management science, vol. 36, p. 422-435
Muravyev, A., Talavera, O. & Schäfer, D. (2010), Entrepreneurs’ gender and financial constraints: Evidence from international data», Journal of Comparative Economics, vol. 37, p.
270–286.
Nicholson, N., Soane, E., Fenton-O’Creevy, M. & Willman. P. (2005), « Personality and domain-specific risk taking », Journal of Risk Research, vol. 8, n o 2, p. 157-176.
Petrakis, P.E. (2005), « Risk perception, risk propensity and entrepreneurial behaviour: The Greek case », Journal of American Academy of Business, vol. 17, n o 1, p. 233-242.
Schuyler, J. (2001). Risk and decision analysis in project. Pennsylvania, USA : Project Management Institute.
Simon, M., Houghton, S., & Aquino, K. (1999), « Cognitive biases, risk perception, and venture formation: How individuals decide to start companies », Journal of Business
Venturing, vol. 15, p. 113-134.
Sitkin, S. B. & Pablo, A. L. (1992), « Reconceptualizing the determinants of risk behaviour », The Academy of Management Review, vol. 17, n o 1, p. 9-38.
Sitkin, S. B. & Weingart, L. R. (1995), « Determinants of risky decision-making behaviour: A test of the mediating role of risk perceptions and propensity », Academy of Management
Journal, vol. 38, n o 6, p. 1573-1592.
Slovic, P. (2000). The Perception of Risk. London, England : Earthscan Editions, Smith, P.G. & Merritt, G.M. (2002). Proactive Risk Management, New York : Productivity Press.
Stuart, W.H., Watson, W.E., Carland, J.C. & Carland, J.W. (1998), « A proclivity for entrepreneurship: a comparison of entrepreneurs, small business owners, and corporate managers », Journal of Business Venturing, vol. 14, p. 189-214.
Thalmann, A. T. & Wiedemann, P.M. (2006), « Beliefs and emotionality in risk appraisals », Journal of Risk Research, vol. n o 5, p. 453-466.
Ting, H. &. Wallsten, T.S. (2008). « Learning to communicate risk information in groups », Judgment and Decision Making, vol. 3, n o . 8, p. 659–666.
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