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Overconfidence in SMEs

Author: Anna Invernizzi

Publisher: Springer

Published: 2017-09-19

Total Pages: 94

ISBN-13: 3319669206

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This book presents a review of the role of overconfidence in small firms and explores how biased judgment and decision-making can affect business performance. Whilst the overconfidence construct has been studied in detail, there are no systematic reviews of its role in SMEs as of yet. Examining the decisions made by entrepreneurs, this study offers clear solutions on how to improve business accuracy, reduce disadvantageous investments and prevent bankruptcy. Providing an empirical analysis of overconfidence in the sport industry, this new book will not only be of interest to academics of entrepreneurship and small enterprises, but also to sport managers.

Book Synopsis Overconfidence in SMEs by : Anna Invernizzi

Download or read book Overconfidence in SMEs written by Anna Invernizzi and published by Springer. This book was released on 2017-09-19 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a review of the role of overconfidence in small firms and explores how biased judgment and decision-making can affect business performance. Whilst the overconfidence construct has been studied in detail, there are no systematic reviews of its role in SMEs as of yet. Examining the decisions made by entrepreneurs, this study offers clear solutions on how to improve business accuracy, reduce disadvantageous investments and prevent bankruptcy. Providing an empirical analysis of overconfidence in the sport industry, this new book will not only be of interest to academics of entrepreneurship and small enterprises, but also to sport managers.

The Bright Side of Overconfidence: an Empirical Investigation of the Implications of CEO Overconfidence in SMEs

Author: Irina Karthaus

Publisher:

Published: 2022

Total Pages: 0

ISBN-13:

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Book Synopsis The Bright Side of Overconfidence: an Empirical Investigation of the Implications of CEO Overconfidence in SMEs by : Irina Karthaus

Download or read book The Bright Side of Overconfidence: an Empirical Investigation of the Implications of CEO Overconfidence in SMEs written by Irina Karthaus and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Managerial Overconfidence: Different Thinking through Different Education

Author: Maximilian Margolin

Publisher: Anchor Academic Publishing (aap_verlag)

Published: 2014-02-01

Total Pages: 82

ISBN-13: 3954896281

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In literature, overconfidence has been blamed for economic bubbles and crises as well as for international conflicts and wars. While education has already been shown to impact one’s level of overconfidence previous research focused on the length and profoundness of education. This study, in contrast, examines the connection between overconfidence and the field in which a person has been educated. The issues covered are therefore how education and mind set are related, why a differentiation between “quantitative” and “qualitative” education makes sense in this context, and how different mind-sets influence an individual’s proneness to overconfidence. Drawing on the dual process concept of reasoning from psychology it is argued that the focus of one’s education may have an influence on individual levels of overconfidence through distinct ways of reasoning that are acquired and practiced during higher education. As support for this theory, data on the overconfidence of CEOs of the largest German companies is used and experiments for future research on this topic are suggested.

Book Synopsis Managerial Overconfidence: Different Thinking through Different Education by : Maximilian Margolin

Download or read book Managerial Overconfidence: Different Thinking through Different Education written by Maximilian Margolin and published by Anchor Academic Publishing (aap_verlag). This book was released on 2014-02-01 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: In literature, overconfidence has been blamed for economic bubbles and crises as well as for international conflicts and wars. While education has already been shown to impact one’s level of overconfidence previous research focused on the length and profoundness of education. This study, in contrast, examines the connection between overconfidence and the field in which a person has been educated. The issues covered are therefore how education and mind set are related, why a differentiation between “quantitative” and “qualitative” education makes sense in this context, and how different mind-sets influence an individual’s proneness to overconfidence. Drawing on the dual process concept of reasoning from psychology it is argued that the focus of one’s education may have an influence on individual levels of overconfidence through distinct ways of reasoning that are acquired and practiced during higher education. As support for this theory, data on the overconfidence of CEOs of the largest German companies is used and experiments for future research on this topic are suggested.

A Critical Analysis of Overconfidence as an Explanation for the High Rate of Business Entry Failure

Author: Thorben Wölk

Publisher:

Published: 2013

Total Pages: 56

ISBN-13: 9783656423423

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Studienarbeit aus dem Jahr 2013 im Fachbereich BWL - Unternehmensfuhrung, Management, Organisation, einseitig bedruckt, Note: 1,0, Christian-Albrechts-Universitat Kiel (Applied economics of the firm), Veranstaltung: Risk and Entrepreneurship, Sprache: Deutsch, Abstract: Friday, the 19th of October, 2012, the German newspaper "Handelsblatt" (Storbeck, 2012) titled: "Rethinking Economy." 15 young economists were introduced to be the new hope for economic science. One of them was Ulrike Malmendier whose first economic researches deal with managerial hubris. Introducing her is proofing the importance of a new economic domain called "behavioural economics." As a behavioural economist Malmendier criticises the "homo-economicus"-model and the idea of people acting entirely rational. In fact, people constantly display irrational behaviour that results out of cognitive biases (that distort their perception) and also results out of simple, but biased decision rules (heuristics) that the human mind implies. One of those cognitive biases is that people seem to be unreasonable overconfident. The study of overconfidence is originated in the psychological literature. Because of it's great impact on the behaviour of economic actors, it recently influences economic and finance literature (Benoit, Dubra, 2011) and significantly shapes the research activity in behavioural economics. The task of this essay is to critically analyse the role of overconfidence in a special economic domain: business entry decisions. The text is structured as follows: The first section shortly deals with the domain of business entry failures. In the subsequent chapters, overconfidence is introduced as a possible explanation. It is to explain what overconfidence is and how it arises. The text then reviews the paper of Camerer and Lovallo (1999) and critically analyses overconfidence as an explanation for excess entry and high rates of business failure. At last, it will take a further look at the future resea"

Book Synopsis A Critical Analysis of Overconfidence as an Explanation for the High Rate of Business Entry Failure by : Thorben Wölk

Download or read book A Critical Analysis of Overconfidence as an Explanation for the High Rate of Business Entry Failure written by Thorben Wölk and published by . This book was released on 2013 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2013 im Fachbereich BWL - Unternehmensfuhrung, Management, Organisation, einseitig bedruckt, Note: 1,0, Christian-Albrechts-Universitat Kiel (Applied economics of the firm), Veranstaltung: Risk and Entrepreneurship, Sprache: Deutsch, Abstract: Friday, the 19th of October, 2012, the German newspaper "Handelsblatt" (Storbeck, 2012) titled: "Rethinking Economy." 15 young economists were introduced to be the new hope for economic science. One of them was Ulrike Malmendier whose first economic researches deal with managerial hubris. Introducing her is proofing the importance of a new economic domain called "behavioural economics." As a behavioural economist Malmendier criticises the "homo-economicus"-model and the idea of people acting entirely rational. In fact, people constantly display irrational behaviour that results out of cognitive biases (that distort their perception) and also results out of simple, but biased decision rules (heuristics) that the human mind implies. One of those cognitive biases is that people seem to be unreasonable overconfident. The study of overconfidence is originated in the psychological literature. Because of it's great impact on the behaviour of economic actors, it recently influences economic and finance literature (Benoit, Dubra, 2011) and significantly shapes the research activity in behavioural economics. The task of this essay is to critically analyse the role of overconfidence in a special economic domain: business entry decisions. The text is structured as follows: The first section shortly deals with the domain of business entry failures. In the subsequent chapters, overconfidence is introduced as a possible explanation. It is to explain what overconfidence is and how it arises. The text then reviews the paper of Camerer and Lovallo (1999) and critically analyses overconfidence as an explanation for excess entry and high rates of business failure. At last, it will take a further look at the future resea"

On the Evolution of Overconfidence and Entrepreneurs

Author: Antonio E. Bernardo

Publisher:

Published: 2009

Total Pages: 0

ISBN-13:

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Considering that roughly 75 percent of new businesses fail within the first five years, it is difficult to account for entrepreneurs' irrationally overconfident behavior.One explanation is that overconfident entrepreneurs are less likely to imitate their peers and more likely to explore their environment.When groups compete and inferior groups disappear, groups with some entrepreneurial activity may gain enough of an evolutionary advantage to permit entrepreneurs to survive in equilibrium; in other words, groups with some overconfident individuals have an evolutionary advantage over groups without such individuals. A model illustrates the idea that overconfidence imposes only small costs on entrepreneurs (who put too much weight on their own information) but provides large benefits in revealing their private information to their groups.The presentation of the model is followed by a discussion of factors influencing the trade-off between the positive information externality and the high rate of entrepreneurial attrition.This trade-off results in an optimal proportion of entrepreneurs and depends on the size of the group, the degree of overconfidence, and the accuracy of individuals' private information. What follows is a discussion of the trade-off between intergroup and intragroup selection, as well as arguments pro and con group selection.One alternative explanation for overconfidence exists: when trying to deceive others that they are of higher ability, individuals' credibility is enhanced if they are themselves convinced of this ability.(SAA).

Book Synopsis On the Evolution of Overconfidence and Entrepreneurs by : Antonio E. Bernardo

Download or read book On the Evolution of Overconfidence and Entrepreneurs written by Antonio E. Bernardo and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considering that roughly 75 percent of new businesses fail within the first five years, it is difficult to account for entrepreneurs' irrationally overconfident behavior.One explanation is that overconfident entrepreneurs are less likely to imitate their peers and more likely to explore their environment.When groups compete and inferior groups disappear, groups with some entrepreneurial activity may gain enough of an evolutionary advantage to permit entrepreneurs to survive in equilibrium; in other words, groups with some overconfident individuals have an evolutionary advantage over groups without such individuals. A model illustrates the idea that overconfidence imposes only small costs on entrepreneurs (who put too much weight on their own information) but provides large benefits in revealing their private information to their groups.The presentation of the model is followed by a discussion of factors influencing the trade-off between the positive information externality and the high rate of entrepreneurial attrition.This trade-off results in an optimal proportion of entrepreneurs and depends on the size of the group, the degree of overconfidence, and the accuracy of individuals' private information. What follows is a discussion of the trade-off between intergroup and intragroup selection, as well as arguments pro and con group selection.One alternative explanation for overconfidence exists: when trying to deceive others that they are of higher ability, individuals' credibility is enhanced if they are themselves convinced of this ability.(SAA).

Managerial Overconfidence and Education – Insights from Dual Process Theory

Author: Maximilian Margolin

Publisher: GRIN Verlag

Published: 2013-02-07

Total Pages: 90

ISBN-13: 3656368678

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Master's Thesis from the year 2012 in the subject Business economics - Miscellaneous, grade: 1,3, University of Mannheim, course: Business economics, language: English, abstract: Based on data from German DAX-CEOs in this thesis it is argued, that in different fields of education individuals acquire different mind-sets which influence their proneness to overconfidence. Using the framework of dual process reasoning it is proposed that education in quantitative fields, such as mathematics or physics, hampers overconfidence while individuals educated in qualitative fields, such as law or the humanities, become more prone to overconfidence.

Book Synopsis Managerial Overconfidence and Education – Insights from Dual Process Theory by : Maximilian Margolin

Download or read book Managerial Overconfidence and Education – Insights from Dual Process Theory written by Maximilian Margolin and published by GRIN Verlag. This book was released on 2013-02-07 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2012 in the subject Business economics - Miscellaneous, grade: 1,3, University of Mannheim, course: Business economics, language: English, abstract: Based on data from German DAX-CEOs in this thesis it is argued, that in different fields of education individuals acquire different mind-sets which influence their proneness to overconfidence. Using the framework of dual process reasoning it is proposed that education in quantitative fields, such as mathematics or physics, hampers overconfidence while individuals educated in qualitative fields, such as law or the humanities, become more prone to overconfidence.

Exploring the Financial Landscape in the Digital Age

Author: Thomas Andreas Maurer

Publisher: CRC Press

Published: 2024-08-13

Total Pages: 831

ISBN-13: 1040149677

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The Proceedings of the International Conference on Financial Management and the Digital Economy (ICFMDE 2023) offers an overview of research and insights into how financial management is evolving in the digital age. The book covers a broad spectrum from examining cryptocurrency trends to exploring fintech advancements. Topics also extend to digital transformation strategies, practical applications of blockchain technology, and the profound impact of digital innovations on financial markets. Through rigorous research and analysis, the proceedings offer valuable insights into the future trajectory of the global economy. Written for scholars, researchers, and industry professionals in finance, economics, and digital innovation, this collection provides valuable insights into the rapidly changing field of financial management. Readers will gain deep perspectives on how digitalization is reshaping financial landscapes worldwide.

Book Synopsis Exploring the Financial Landscape in the Digital Age by : Thomas Andreas Maurer

Download or read book Exploring the Financial Landscape in the Digital Age written by Thomas Andreas Maurer and published by CRC Press. This book was released on 2024-08-13 with total page 831 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Proceedings of the International Conference on Financial Management and the Digital Economy (ICFMDE 2023) offers an overview of research and insights into how financial management is evolving in the digital age. The book covers a broad spectrum from examining cryptocurrency trends to exploring fintech advancements. Topics also extend to digital transformation strategies, practical applications of blockchain technology, and the profound impact of digital innovations on financial markets. Through rigorous research and analysis, the proceedings offer valuable insights into the future trajectory of the global economy. Written for scholars, researchers, and industry professionals in finance, economics, and digital innovation, this collection provides valuable insights into the rapidly changing field of financial management. Readers will gain deep perspectives on how digitalization is reshaping financial landscapes worldwide.

An Investigation of Selected Effects of Overconfidence on Business Success and on the Valuation by Market Participants

Author: Walid Esmatyar

Publisher:

Published: 2018

Total Pages:

ISBN-13: 9783339101983

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Book Synopsis An Investigation of Selected Effects of Overconfidence on Business Success and on the Valuation by Market Participants by : Walid Esmatyar

Download or read book An Investigation of Selected Effects of Overconfidence on Business Success and on the Valuation by Market Participants written by Walid Esmatyar and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Small Business in a Global Economy

Author: Scott L. Newbert

Publisher: Bloomsbury Publishing USA

Published: 2015-05-05

Total Pages: 485

ISBN-13:

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This informative set analyzes the dynamics involved with creating, growing, and managing small businesses amid different geographic, institutional, and political environments. This two-volume work explores the behavior and decision making of small companies; their business strategies for launch, growth, and survival; and their contribution to the larger global economy. Utilizing information and data gleaned from proven entrepreneurs and small business operations, this reference provides insight into the political, environmental, and competitive forces that support and impede small business ownership, and offers strategies for navigating them. Written by leading researchers from around the world, the set presents a broad view of the small business sector, focusing on conception, ownership, financing, and growth strategies. A look at external factors features the impact of political and environmental influences; extant regulations affecting small firms; and programs for promoting this sector. The first volume takes a micro view of the small business phenomenon, profiling the owner and the skills necessary to be successful. The second volume utilizes a macro approach, focusing on the operational concerns of and the environment factors bearing upon small businesses.

Book Synopsis Small Business in a Global Economy by : Scott L. Newbert

Download or read book Small Business in a Global Economy written by Scott L. Newbert and published by Bloomsbury Publishing USA. This book was released on 2015-05-05 with total page 485 pages. Available in PDF, EPUB and Kindle. Book excerpt: This informative set analyzes the dynamics involved with creating, growing, and managing small businesses amid different geographic, institutional, and political environments. This two-volume work explores the behavior and decision making of small companies; their business strategies for launch, growth, and survival; and their contribution to the larger global economy. Utilizing information and data gleaned from proven entrepreneurs and small business operations, this reference provides insight into the political, environmental, and competitive forces that support and impede small business ownership, and offers strategies for navigating them. Written by leading researchers from around the world, the set presents a broad view of the small business sector, focusing on conception, ownership, financing, and growth strategies. A look at external factors features the impact of political and environmental influences; extant regulations affecting small firms; and programs for promoting this sector. The first volume takes a micro view of the small business phenomenon, profiling the owner and the skills necessary to be successful. The second volume utilizes a macro approach, focusing on the operational concerns of and the environment factors bearing upon small businesses.

Sustainability, Green Management, and Performance of SMEs

Author: Kiran Mehta

Publisher: Walter de Gruyter GmbH & Co KG

Published: 2023-12-04

Total Pages: 403

ISBN-13: 3111170128

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In a world facing environmental challenges and socio-economic inequalities, SMEs can drive positive change by integrating sustainability principles into their business practices. This book examines the relationship between sustainability, green management, and SME performance, providing insights, strategies, and case studies to guide SMEs towards a more sustainable future and long-term viability. Drawing from extensive research, the book analyzes the drivers, barriers, and motivations influencing SMEs' adoption of sustainability practices. It offers practical recommendations on overcoming resource constraints, awareness gaps, regulatory complexities, and resistance to change. It explores emerging trends such as digital technologies, circular economy approaches, clean energy transitions, and social innovation and discusses collaboration among SMEs, academia, and government agencies as a crucial factor for innovation and scaling up sustainable practices. Sustainability, Green Management and Performance of SMEs is a comprehensive and practical guide for SMEs seeking to integrate sustainability into their business strategies. It inspires and supports SMEs on their journey towards environmental stewardship, social responsibility, and long-term profitability, thus enabling them to unlock new business opportunities, gain a competitive edge, and secure their future in a changing global economy.

Book Synopsis Sustainability, Green Management, and Performance of SMEs by : Kiran Mehta

Download or read book Sustainability, Green Management, and Performance of SMEs written by Kiran Mehta and published by Walter de Gruyter GmbH & Co KG. This book was released on 2023-12-04 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a world facing environmental challenges and socio-economic inequalities, SMEs can drive positive change by integrating sustainability principles into their business practices. This book examines the relationship between sustainability, green management, and SME performance, providing insights, strategies, and case studies to guide SMEs towards a more sustainable future and long-term viability. Drawing from extensive research, the book analyzes the drivers, barriers, and motivations influencing SMEs' adoption of sustainability practices. It offers practical recommendations on overcoming resource constraints, awareness gaps, regulatory complexities, and resistance to change. It explores emerging trends such as digital technologies, circular economy approaches, clean energy transitions, and social innovation and discusses collaboration among SMEs, academia, and government agencies as a crucial factor for innovation and scaling up sustainable practices. Sustainability, Green Management and Performance of SMEs is a comprehensive and practical guide for SMEs seeking to integrate sustainability into their business strategies. It inspires and supports SMEs on their journey towards environmental stewardship, social responsibility, and long-term profitability, thus enabling them to unlock new business opportunities, gain a competitive edge, and secure their future in a changing global economy.