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Article
Publication date: 20 August 2018

Aluisius Hery Pratono

This paper aims to contribute to the risk management studies in small and medium enterprises (SMEs) by examining the complicated relationship between risk-taking behavior…

Abstract

Purpose

This paper aims to contribute to the risk management studies in small and medium enterprises (SMEs) by examining the complicated relationship between risk-taking behavior and firm performance.

Design/methodology/approach

The study conducted a survey of the Indonesian SME owner-managers and used partial least square structural equation modeling to examine the mediating effect of pricing capability and moderating effects of information technological turbulence.

Findings

The results do not only confirm the positive impact of risk-taking behavior on firm performance but also identify that impact of risk-taking behavior on firm performance is more effective at the low information technological turbulence than at the high one.

Research limitations/implications

This study relied on information from the owner-managers in SMEs, which may bias against the perspective of their employees and the business partners.

Originality/value

This study advances the risk-taking behavior research in SMEs context by introducing the effect of pricing capability and information technological turbulence.

Details

The Journal of Risk Finance, vol. 19 no. 4
Type: Research Article
ISSN: 1526-5943

Keywords

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Article
Publication date: 1 February 1978

WILLIAM H. HOLLOWAY and GHULAM A. NIAZI

The purpose of this study was to investigate the risk taking behavior of school principals (the dependent variable) identified according to one of two leadership styles by…

Abstract

The purpose of this study was to investigate the risk taking behavior of school principals (the dependent variable) identified according to one of two leadership styles by Fielder's Esteem for Least Preferred Co‐worker instrument. Situation specific dilemmas were formulated for the study in a newly developed instrument which manipulated two situation specific independent variables (position power and group support). The findings support the contention that situation variables have a significant effect on the risk disposition of school leaders though no evidence was found to suggest that leader type (task oriented or relations oriented) may be determined by manifest differences in either observed risk disposition or computed risk shift.

Details

Journal of Educational Administration, vol. 16 no. 2
Type: Research Article
ISSN: 0957-8234

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Article
Publication date: 7 August 2018

Rajesh Kumar Srivastava

The purpose of this paper is to analyze the merger and acquisition (M&A) strategy focusing on Indian company’s approaches and to understand steps of the process adopted by…

Abstract

Purpose

The purpose of this paper is to analyze the merger and acquisition (M&A) strategy focusing on Indian company’s approaches and to understand steps of the process adopted by them. It focuses on the rationality of M&A and its impact on the profitability. This paper also discusses whether financial transaction in terms of value is right or done because of eagerness to expand by calculating the financial value of brand equity independently.

Design/methodology/approach

The operating performance, capital adequacy and solvency measures were compared to three-years pre- and post-merger from the financial statements of the organizations through financial valuation of brands. Inter-brand and RKS model are used to calculate the brand value. The perception study on M&A is also conducted by interviewing stakeholders. This paper provides a theoretical and practical basis to decide on whether M&A. The present paper has taken recent mega M&A of Ranbaxy Lab by Sun pharmaceuticals for the analysis.

Findings

The results of the paper showed that Return on investment did not indicate significant improvement, but on average, it can be concluded that overall performance of the acquirer improves as a result of M&A activity as per the study. The decisions on M&A are more emotional than rational. The present paper reveals that M&A of pharmaceutical company was riskier because of emotional decisions. Research has proposed “Merger, acquisition Theory (RERC MA theory) based on rational, emotion, risk taking ability culture” to understand the M&A.

Research limitations/implications

This paper is more focused on emerging markets which is more active with better gross domestic product (GDP) growth. It is more on analysis of financial decisions and has not taken customer equity, employee morale and engagement. A further study is suggested in the same areas. Managerial Implications: This paper will enable the managers to withstand the emotional influence and will help them to be more professional approach which will benefit the organization and stakeholder better. Mangers should look for long-term impact than short-term impact the present paper will also help them to understand on how financial calculations will help them to take more rational decisions.

Originality/value

Although the topic is not very new, a lot of literature is available on M&A, but the pharmaceutical sector is comparatively new for such kind of studies. Specifically, the selection of respondents and brand valuation mechanism has got practical implications. Earlier papers on M&A paper are more focused on customers’ equity, but a financial analysis of M&A is done in the present paper will help to evaluate merger and acquisition process more analytically. Financial calculation for evaluating M&A is the highlight of this research paper. Study of M&A from emerging markets will help to increase the knowledge as such papers are few. Research uses two important financial tools to measure financial brand equity and tries to justify the need for more rational rather than emotional approach. Research has proposed “Merger, acquisition Theory (RERC MA theory) based on rational, emotion, risk taking ability culture” to understand the M&A.

Details

International Journal of Pharmaceutical and Healthcare Marketing, vol. 12 no. 3
Type: Research Article
ISSN: 1750-6123

Keywords

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Article
Publication date: 22 October 2019

Ahmad Rashid and Halim Boussabiane

The purpose of this paper is to analyze the existing project management literature by conceptualizing the influence of personality and cognitive traits on project…

Abstract

Purpose

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.

Design/methodology/approach

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

Findings

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.

Research limitations/implications

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.

Originality/value

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

Details

International Journal of Managing Projects in Business, vol. 14 no. 2
Type: Research Article
ISSN: 1753-8378

Keywords

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Article
Publication date: 13 June 2020

Fawad Ahmad

This study aims to examine that personality traits are associated with the investor’s ability to exhibit disposition effect, herding behavior and overconfidence. It also…

Abstract

Purpose

This study aims to examine that personality traits are associated with the investor’s ability to exhibit disposition effect, herding behavior and overconfidence. It also explores how risk-attitude can modify investor behavior by moderating the association between personality traits, disposition effect, herding and overconfidence.

Design/methodology/approach

Data were collected from 396 respondents by using personally administrated survey. Confirmatory factor analysis (CFA) was used to confirm the validity and reliability of data. Regression analysis was used to test the proposed hypotheses.

Findings

The results supported the proposed hypotheses and showed that extravert investors were more likely to exhibit disposition effect, herding and overconfidence. The conscientiousness trait was associated with disposition effect and overconfidence, while neuroticism was associated with herding behavior. The results confirmed the moderating effect of risk aversion on the association between personality traits, disposition effect, herding and overconfidence.

Originality/value

This study demonstrates how risk aversion modes the strength of association between psychological characteristics (represented by personality traits) and cognitive biases (disposition effect, herding and overconfidence). The results support the “auction” interpretation of investors' behavior by suggesting that personality traits are associated with investment decision-making and that investors are marginal price setters.

Details

Qualitative Research in Financial Markets, vol. 12 no. 4
Type: Research Article
ISSN: 1755-4179

Keywords

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Article
Publication date: 1 October 2004

Hyokjin Kwak, George M. Zinkhan and Elizabeth P. Lester Roushanzamir

Compulsion to buy is an important but neglected aspect of consumer behavior. This research uses cross‐cultural data from the USA and South Korea to study compulsive…

Abstract

Compulsion to buy is an important but neglected aspect of consumer behavior. This research uses cross‐cultural data from the USA and South Korea to study compulsive consumption behavior by focusing on individual factors. Three compulsive consumption behaviors (i.e. compulsive buying, compulsive substance abuse, and compulsive gambling/lottery play) are analyzed via structural equation modeling. The findings reveal that comorbidity (i.e. coexistence of more than two related compulsive consumption behaviors) is found in both countries. With one exception, the predicted personality traits (i.e. obsessive thoughts, risk‐taking tendencies) are significantly related to compulsive consumption behaviors in both countries.

Details

Journal of Consumer Marketing, vol. 21 no. 6
Type: Research Article
ISSN: 0736-3761

Keywords

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Article
Publication date: 1 March 1983

Anita M. Kennedy

I. INTRODUCTION This study attempts to extend and expand previous research conducted by the Department of Marketing at Strathclyde on the adoption and diffusion of…

Abstract

I. INTRODUCTION This study attempts to extend and expand previous research conducted by the Department of Marketing at Strathclyde on the adoption and diffusion of industrial products.

Details

European Journal of Marketing, vol. 17 no. 3
Type: Research Article
ISSN: 0309-0566

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Article
Publication date: 1 June 1993

Sally P. Caird

Reviews and describes the results of some psychological tests whichhave been used with entrepreneurs. The tests have been mainly employedeither to explore the nature of…

Abstract

Reviews and describes the results of some psychological tests which have been used with entrepreneurs. The tests have been mainly employed either to explore the nature of the entrepreneur or to assess so‐called significant entrepreneurial characteristics. Key problems in the psychological testing of entrepreneurs relate to varying definitions of the entrepreneur, numerous entrepreneurial characteristics, uncertainty about the significance of entrepreneurial characteristics, and lack of rigour in test development. The results of well validated tests highlight many personality characteristics which could be correlated with characteristics of small firms and business owner‐managers. However, there have been specific measures of entrepreneurial characteristics developed in a search for a sensitive discriminating measure. Unfortunately, many of these tests have been poorly validated and this fails to supply useful information about the nature of entrepreneurs. Gives examples to illustrate some problems in psychological testing and discusses the importance of new approaches.

Details

Journal of Managerial Psychology, vol. 8 no. 6
Type: Research Article
ISSN: 0268-3946

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Article
Publication date: 30 June 2016

Mario Rosique-Blasco, Antonia Madrid-Guijarro and Domingo García-Pérez-de-Lema

The aim of this paper is to explore how entrepreneurial skills (such as creativity, proactivity, and risk tolerance) and socio-cultural factors (such as role model and…

Abstract

Purpose

The aim of this paper is to explore how entrepreneurial skills (such as creativity, proactivity, and risk tolerance) and socio-cultural factors (such as role model and businessman image) affect secondary education students’ propensity towards entrepreneurial options in their future careers.

Design/methodology/approach

A sample of secondary education students in the Region of Murcia (Spain) has been used. Data were collected through questionnaires and analysed using logit estimation. Confirmatory Factorial Analysis (CFA) was used to validate the measures.

Findings

The results of this research study show that both the skills and socio-cultural factors positively affect entrepreneurial intention of secondary education students. Creativity, proactivity and risk taking promote entrepreneurial career. In addition, those students whose role model is an entrepreneur and have a better understanding of him or her, show a greater propensity towards entrepreneurial career.

Originality/value

The contribution to the literature on entrepreneurship is twofold. Firstly, although there are studies focused on identifying the entrepreneurial profile of university students, there is a paucity of empirical evidence relating to entrepreneurial skills at earlier stages of learning. This paper sets out to bridge this research gap. Secondly, evidence of the importance of socio-cultural factors, role models and entrepreneurial image upon the career orientation of secondary education students is identified and empirically verified. These findings involve are useful in practice, in aiding the design of better and more relevant education programs at early learning stages.

Details

Education + Training , vol. 58 no. 7/8
Type: Research Article
ISSN: 0040-0912

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Article
Publication date: 2 March 2015

Anne Laure Humbert and Clare Brindley

This paper aims to challenge the myth of risk-averseness among women entrepreneurs and analyses risk in the context of gender. It explores risk perceptions and examines…

Abstract

Purpose

This paper aims to challenge the myth of risk-averseness among women entrepreneurs and analyses risk in the context of gender. It explores risk perceptions and examines the relationship between the concept of risk and women’s socially attributed roles.

Design/methodology/approach

This paper adopts a qualitative approach, where ten Irish women business owners were interviewed, that encouraged them to talk about their entrepreneurial experiences. The research design aimed to elicit data concerning how gender and the socio-economic context influenced risk.

Findings

Risk is shown as a gendered concept which needs to be widened to suit the experiences of women entrepreneurs and the influences of the gendered expectations of care dictated by the socio-economic environment.

Practical implications

Risk as a concept needs to be expanded to go beyond financial risk. The different types of risk encountered by women should be addressed by policy to promote a further growth of women-led enterprises and support those considering self-employment.

Originality/value

The paper develops an understanding of risk among women entrepreneurs in their socio-economic context. It challenges the viewpoint of seeing women entrepreneurs as risk-averse and thus leading to low-growth prospects for their business ventures.

Details

Gender in Management: An International Journal, vol. 30 no. 1
Type: Research Article
ISSN: 1754-2413

Keywords

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