Variable risk preferences in new firm growth and survival

Forskningsoutput: TidskriftsbidragArtikel i vetenskaplig tidskrift

Standard

Variable risk preferences in new firm growth and survival. / Wennberg, Karl; Delmar, Frédéric; McKelvie, Alexander.

I: Journal of Business Venturing, Vol. 31, Nr. 4, 2016, s. 408-427.

Forskningsoutput: TidskriftsbidragArtikel i vetenskaplig tidskrift

Harvard

APA

CBE

MLA

Vancouver

Author

Wennberg, Karl ; Delmar, Frédéric ; McKelvie, Alexander. / Variable risk preferences in new firm growth and survival. I: Journal of Business Venturing. 2016 ; Vol. 31, Nr. 4. s. 408-427.

RIS

TY - JOUR

T1 - Variable risk preferences in new firm growth and survival

AU - Wennberg, Karl

AU - Delmar, Frédéric

AU - McKelvie, Alexander

PY - 2016

Y1 - 2016

N2 - We outline and test a decision-making theory of new venture growth and survival. Building upon research in entrepreneurship and decision making under risk, we hypothesize that entrepreneurs' attention to survival and aspiration reference points changes based on venture age (experience-based learning), size (differences in decision complexity), and performance decision domain. Examining a panel of 14,760 new ventures in the professional services sector, our findings show how risk preferences change as a venture ages and increases in size. This approach offers a more nuanced view of decision making under risk and provides a theoretical explanation for the common patterns of new ventures' probability of exit and growth diminishing with age and size.

AB - We outline and test a decision-making theory of new venture growth and survival. Building upon research in entrepreneurship and decision making under risk, we hypothesize that entrepreneurs' attention to survival and aspiration reference points changes based on venture age (experience-based learning), size (differences in decision complexity), and performance decision domain. Examining a panel of 14,760 new ventures in the professional services sector, our findings show how risk preferences change as a venture ages and increases in size. This approach offers a more nuanced view of decision making under risk and provides a theoretical explanation for the common patterns of new ventures' probability of exit and growth diminishing with age and size.

KW - entreprenörskap

KW - tillväxt

KW - beslutsfattande

KW - Growth

KW - Survival

KW - Aspiration levels

KW - Focus of attention

KW - New ventures

KW - Risk preferences

U2 - 10.1016/j.jbusvent.2016.05.001

DO - 10.1016/j.jbusvent.2016.05.001

M3 - Article

VL - 31

SP - 408

EP - 427

JO - Journal of Business Venturing

T2 - Journal of Business Venturing

JF - Journal of Business Venturing

SN - 0883-9026

IS - 4

ER -