The relationship between biases and entrepreneurial Decision-Making. Evidence from Italian and Czech SMEs

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F24%3A63576179" target="_blank" >RIV/70883521:28120/24:63576179 - isvavai.cz</a>

Result on the web

<a href="https://link.springer.com/article/10.1007/s11365-024-00983-5?fbclid=IwZXh0bgNhZW0CMTEAAR0STODTYBC8s4tN9llNWxsoAgDgQitKDEomRcQlxU1u5yqSI4N5Z3wucEg_aem_AXO_oI5v8kYdb0p4no1IpM_Ja9efNNwHqCgr_chvRj5bBGGiMJD9RRSNcolJZxxY2nuSK7otr0On3tgopMxaT9TI" target="_blank" >https://link.springer.com/article/10.1007/s11365-024-00983-5?fbclid=IwZXh0bgNhZW0CMTEAAR0STODTYBC8s4tN9llNWxsoAgDgQitKDEomRcQlxU1u5yqSI4N5Z3wucEg_aem_AXO_oI5v8kYdb0p4no1IpM_Ja9efNNwHqCgr_chvRj5bBGGiMJD9RRSNcolJZxxY2nuSK7otr0On3tgopMxaT9TI</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1007/s11365-024-00983-5" target="_blank" >10.1007/s11365-024-00983-5</a>

Result language

angličtina

Original language name

The relationship between biases and entrepreneurial Decision-Making. Evidence from Italian and Czech SMEs

Original language description

The present article analyzes how heuristic-driven biases (Overconfidence, Availability, and Anchoring) affect Entrepreneurial Decision Making (EDM) and identifies the role of SMEs in these relationships. Furthermore, it highlights the influence of organizational and contextual factors, which have rarely been investigated in the past. Employing a survey distributed to 316 entrepreneurs from SMEs in Italy and the Czech Republic, three separate regression models were constructed. These models aimed to investigate the impact of cognitive distortions on EDM and the influence of SME characteristics, such as the size or age of the company, in an intercultural context. The study addresses a gap in current research by going beyond individual and psychological aspects of decision-making. By focusing on organizational and contextual factors, it offers a more complete understanding of the influences on entrepreneurial decisions. The intercultural perspective, examining SMEs in both Italy and the Czech Republic, adds significant value to the study. As shown in the results, Overconfidence and Anchoring biases are likely to affect EDM in both Italian and Czech SMEs. Nationality does not play a role in these relationships, indicating its insignificance. On the other hand, the size and age of SMEs mitigate the influence of both biases on decision-making. The findings offer an in-depth comprehension of cognitive biases’ dynamics within EDM in SMEs, emphasizing the importance for organizations to factor in structural characteristics alongside the biases themselves when planning and managing their decision-making processes.

Czech name

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Czech description

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Type

J_imp - Article in a specialist periodical, which is included in the Web of Science database

CEP classification

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OECD FORD branch

50204 - Business and management

Project

—

Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2024

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

International Entrepreneurship and Management Journal

ISSN

1554-7191

e-ISSN

1555-1938

Volume of the periodical

20

Issue of the periodical within the volume

4

Country of publishing house

US - UNITED STATES

Number of pages

26

Pages from-to

3323-3348

UT code for WoS article

001208180900001

EID of the result in the Scopus database

2-s2.0-85191317499