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Purpose: Risk is a multifaceted concept, and its identification requires complex approaches that are often misunderstood. The consequence is that decisions are based on limited perception rather than the full value and meaning of what risk is, as a result, the way it is being tackled is incorrect. The individuals are often limited in their perceptions and ideas and do not embrace the full multifaceted nature of risk. Regulators and individuals want to follow norms and checklists or overuse models, simulations, and templates, thereby reducing responsibility for decision-making. At the same time, the wider use of technology and rules reduces the critical thinking of individuals. We advance the automation process by building robots that follow protocols and forget about the part of risk assessment that cannot be programed. Therefore, with this study, the objective of this study was to discover how people define risk, the influencing factors of risk perception and how they behave toward this perception. The authors also determine how the perception differed with age, gender, marital status, education level and region. The novelty of the research is related to individual risk perception during COVID-19, as this is a new and unknown phenomenon. Methodology: The research is based on the analysis of the self-administered purposely designed questionnaires we distributed across different social media platforms between February and June 2020 in Europe and in some cases was carried out as a interview over communication platforms such as “Skype,” “Zoom” and “Microsoft Teams.” The questionnaire was divided into four parts: Section 1 was designed to collect demographic information from the participants; Section 2 included risk definition statements obtained from literature and a preliminary discussion with peers; Section 3 included risk behavior statements; and Section 4 included statements on risk perception experiences. A five-point Likert Scale was provided, and participants were required to answer along a scale of “1” for “Strongly Agree” to “5” for “Strongly Disagree.” Participants also had the option to elaborate further and provide additional comments in an open-ended box provided at the end of the section. 466 valid responses were received. Thematic analysis was carried out to analyze the interviews and the open-ended questions, while the questionnaire responses were analyzed using various quantitative methods on IBM SPSS (version 23). Findings: The results of the analysis indicate that individuals evaluate the risk before making a decision and view risk as both a loss and opportunity. The study identifies nine factors influencing risk perception. Nevertheless, it must be emphasized that we can continue to develop models and rules, but as long as the risk is not understood, we will never achieve anything.

This article develops a theoretical framework to investigate the interaction and coordination of decision‐making processes in a supply chain with multiple and inter‐dependent suppliers and customers.

The paper presents three longitudinal case studies on the decision coordination processes between a European toy supplier and three retailers.

The case studies found different mental models, decision‐making behaviours, coordination behaviours and ordering behaviours even though the toy supplier and the three retailers observed quite the same material flow behaviours. The study found explanations for these diverse behaviours by analysing the mental models and decision‐making behaviours of each involved party.

The findings explain the conditions which lead to undesirable mental models and decision‐making behaviours which affect the coordination of decisions among supply chain members.

The logic of consequences and the logic of appropriateness have long been central to understanding behavior in organizations. However, scholarly work on the logic of appropriateness has consisted mostly of conceptual clarification and ex post explanation of observed behavior. In an effort to facilitate the study of the logic of appropriateness through experimental methods, this paper introduces an experimental paradigm that allows for the manipulation of decision logic as an independent variable. Using this paradigm, 710 participants played four iconic behavioral games in which profitability and ethics are both at play and, sometimes, at odds: Prisoners’ Dilemma, Dictator Game, Ultimatum Game, and Trust Game. The manipulation generated behavioral data, as well as qualitative data about participants’ considerations while deciding according to each logic. The behavioral data show that, compared to participants employing a logic of consequences, participants employing a logic of appropriateness rejected more unfair offers in an Ultimatum Game and were more generous when reciprocating trusting behavior in a Trust Game. In all other cases, behavior between the two logics was not significantly different. An analysis of the qualitative data suggests that a logic of consequences increased participants’ focus on monetary concerns, whereas a logic of appropriateness increased participants’ focus on moral concerns. Taken together, these data provide new insights into when, how, and why the two logics result in behavioral and cognitive differences. The authors conclude by considering directions for future research that they see as particularly amenable to study using the experimental manipulation presented here.

The purpose of this paper is to empirically explore the impact of culture (using individualism, power distance and uncertainty avoidance) on entrepreneurial risk taking behavior which leads to the opportunity exploitation decision. Moreover, it also uses risk taking behavior of entrepreneurial as the mediation variable between culture and opportunity exploitations decisions.

The study took place in Tanzania, which is allocated in East Africa and is one of under researched countries. In total, 140 entrepreneurs who own venture of 5-99 employees were able to be interviewed using a survey questionnaire. In this study, structural equation modeling (SEM) was used to examine the direct and indirect relationship of culture in entrepreneurial opportunity exploitation decisions.

After hypothesis testing, the empirical results showed that Tanzania’s culture has an impact on entrepreneurial risk taking behavior, which influences entrepreneurial opportunity exploitation decision. It also showed culture through individualism and uncertainty avoidance measurements affect entrepreneurial opportunity exploitation decisions. The empirical results on power distance were insignificant.

This study is a wake-up call to policy makers and formal institutions such as government authorities, education institutions and religion institutions. Thus, culture has an ability to influence the behavior of entrepreneurs and so the performance of ventures if it is consistent and well structured. Therefore it should be not taken for granted. Data for our study are based on only two cities and therefore the results should not be generalized as the whole country’s inference. Generalizability is questioned because the data are from only two cities in Tanzania and therefore future research should include more cities to be able to validate the generalizability.

This study is a wake-up call to policymakers and formal institutions such as government authorities, education institutions and religion institutions. Thus culture has an ability to influence the behavior of entrepreneurs and so the performance of ventures if it is consistent and well structured. Therefore it should be not taken for granted. Data for our study are based on only two cities and therefore the results should not be generalized as the whole country’s inference.

In the country which has well-structured culture, influence the behavior of entrepreneurs to exploit opportunities.

This is the first empirical study to use SEM for exploring the culture of individualism, power distance and uncertainty avoidance impact on entrepreneurial opportunity exploitation in Tanzania.

The purpose of this paper is to analyze the existing project management literature by conceptualizing the influence of personality and cognitive traits on project managers’ risk-taking behaviour.

The paper is based on an in-depth analysis of the existing literature to develop framework for conceptualizing risk propensity in project management.

The results indicate that the Big Five personality traits cannot capture risk propensity in risk-taking behaviour on their own. Cognitive traits are indispensable components in risk propensity.

The paper examines the association between risk propensity theories and personality traits. The paper framed project managers’ personality traits that can impact their tendency to take risky decisions, that is risk propensity.

This paper expands literature by increasing our understanding of personality and cognitive traits in risk propensity.

This article aims to clarify the mechanism by which herding behavior influences perceived market efficiency, investment decisions and the performance of individual investors actively trading on the Pakistan Stock Exchange (PSX).

The deductive approach was used in this study, as the research is based on the theoretical framework of behavioral finance. A questionnaire and cross-sectional design were employed to collect data from the sample of 309 investors trading on the PSX. The collected data were analyzed using SPSS and AMOS graphics software. Hypotheses were tested using structural equation modeling (SEM).

The article provides further empirical insights into the relationship between herding behavior and investment management and perceived market efficiency. The results suggest that herding behavior has a markedly negative influence on perceived market efficiency and investment performance, while positively influencing the decision-making of individual investors.

The current study is the first to focus on links between herding behavior and investment management activities and perceived market efficiency. This article enhances the understanding of the role that herding behavior plays in investment management and, more importantly, it improves understanding of behavioral aspects and their influence on investment decision-making in an emerging market. It also adds to the literature in the area of behavioral finance, specifically the role of herding behavior in investment management; this field is in its initial stage, even in developed countries, while little work has been done in developing countries.

The purpose of this study is to examine the factors that affect managers’ ethical decision-making in export-oriented readymade garments in Bangladesh.

This is an empirical study based on the quantitative approach undertaking a cross-sectional survey method where a convenience sampling technique was applied. The analysis was done using partial least square structural equation model applying Smart-PLS version 3.0.

This study confirmed that all the components of cognitive appraisal processes, including perceived severity, perceived vulnerability, response efficacy and self-efficacy, have a significant influence on attitude. Attitude, in turn, mediates the relationship between these variables and the behavioural intention of ethical practice, except for perceived vulnerability. Besides, moral obligation is found to mediate the relationship between attitude, self-efficacy and the behavioural intention of ethical decision-making. The study also found that ethical climate and subjective norms have a direct influence on behavioural intention. Furthermore, behavioural intention, ethical climate and self-efficacy are positively related to actual decision-making behaviour. However, this study did not find any direct effect of subjective norms on moral obligation.

The organization should include an emphasis on building ethical culture and setting an ethical code of conduct within the organization to sustain ethical practice within employees. However, the practitioner should work on enhancing self-efficacy to curb unethical practices by individuals.

This research contributes to the management of garments manufacturers by a practical and theoretical understanding of what influences the ethical behavioural decision-making process. Valuable guidelines are provided on the ethical decision-making process in the garments manufacturing companies for future researchers.

This paper aims to investigate the effect of cooperative conflict management on agreement-seeking behavior, agreement-seeking behavior on decision outcomes, moderating role of competence-based trust on the relationship between agreement-seeking behavior and decision outcomes, and mediating role of agreement-seeking behavior between cooperative conflict management and decision outcomes.

Using a structured survey instrument, this paper gathered data from 348 students enrolled in a strategic management capstone course that features strategic decision-making in a simulated business strategy game. The data from 94 teams were collected from the student population using a carefully administered instrument. The data were aggregated after running the inter-rater agreement test and the analyzed to test the hypotheses.

The results from the hierarchical regression of the complex moderated mediation model reveal that cooperative conflict management is positively related to agreement-seeking behavior, and agreement-seeking behavior mediates the relationship between cooperative conflict management and decision outcomes. The results also suggest that competence-based trust acts as a moderator in the relationship between agreement-seeking behavior and decision quality; agreement-seeking behavior and team effectiveness, and agreement-seeking behavior and decision commitment. Results also support mediation of agreement-seeking behavior between cooperative conflict management and decision outcomes.

The present research is based on self-report measures, and hence, the limitations of social desirability bias and common method bias are inherent. However, adequate care is taken to minimize these limitations. The research has implications for the strategic decision-making process literature.

In addition to the strategic management literature, this study contributes to practicing managers. The study suggests that competence-based trust plays a vital role in decision effectiveness. Administrators need to select the members in the decision-making process who have competence-based trust on one another and engage in agreement-seeking behavior.

The findings from the study help in creating a fruitful social environment in organizations.

This study provides new insights about the previously unknown effects of cooperative conflict management and agreement-seeking behavior in strategic decision-making process.