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Erschienen in:
Introduction: Foundations of Economic Change—Behavior, Interaction and Aggregate Outcomes Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

Entrepreneurs’ Over-optimism During the Early Life Course of the Firm

verfasst von : Zornitza Kambourova, Erik Stam

Erschienen in: Foundations of Economic Change

Verlag: Springer International Publishing

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Abstract

Recent research on cognitive biases in decision making suggests that over-optimism critically influences entrepreneurs’ decisions to establish and sustain new firms. This paper looks at entrepreneurs’ over-optimism during the early life course of the firm, in order to uncover the dynamics and persistence of over-optimism. We use a representative sample of start-ups in the Netherlands, which we divide into solo self-employed and employer firms. We find that while there is a persistence of over-optimism for the solo self-employed, namely initial over-optimist are more likely to be overoptimistic in subsequent periods; this is not the case for the employer firms.

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Vorheriges Kapitel Incremental by Design? On the Role of Incumbents in Technology Niches
Nächstes Kapitel Knowledge Spillovers Through FDI and Trade: The Moderating Role of Quality-Adjusted Human Capital
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Fußnoten
1
Overconfidence relates to the ancient concept of hubris (going back to Greek tragedies), and the recent hubris theory of entrepreneurship (Hayward et al. 2006), which incorporate three separate psychological processes: overconfidence in knowledge, overconfidence in prediction, and overconfidence in personal abilities.
 
2
Other studies take these growth expectations as a key indicator of ambitious entrepreneurship (see Stam et al. 2012 for a review). In this study we take a more cautious view, by emphasizing the degree to which these expectations are realized.
 
3
However, this could also be attributed to the fact that the individuals were lucky rather than having an accurate judgment (see Barney 1986).
 
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Metadaten
Titel
Entrepreneurs’ Over-optimism During the Early Life Course of the Firm
verfasst von
Zornitza Kambourova
Erik Stam
Copyright-Jahr
2017
Buch
Foundations of Economic Change

Print ISBN: 978-3-319-62008-4

Electronic ISBN: 978-3-319-62009-1

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-62009-1_15