Impact of Past Entrepreneurial Outcomes on Strategic Orientation: A Prospect Theory Perspective

• 발행기관: 한국무역학회
• 저자명: Moon-Gyu Bae Tae-Hee Lee
• 간행물 정보: 『Journal of Korea Trade (JKT)』Vol.28 No.8, 175~198쪽, 전체 24쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2024.12.31

국문 초록

Purpose - This study aims to investigate how serial entrepreneurs’ past experiences of success or failure influence their strategic preferences for differentiation or cost leadership strategies. The research applies prospect theory to understand the dynamic nature of entrepreneurs’ risk preferences and strategic orientation in the context of serial entrepreneurship. Design/Methodology - The study utilizes data from the 2019 Venture Business Accuracy Survey, provided by the Ministry of SMEs and Startups of the Republic of Korea. This dataset allows for the examination of serial entrepreneurs’ strategic preferences and behavior in a relatively stable business environment, controlling for potential external shock effects such as COVID-19. Logistic regression analysis was employed to identify odds ratios and marginal effects. Findings - The results indicate that serial entrepreneurs with experience of failure are more likely to adopt a differentiation strategy, suggesting a higher propensity for risk-taking behavior. Conversely, entrepreneurs with past experiences of success demonstrate risk-averse behavior and tend to favor cost leadership strategies. These findings align with the predictions of prospect theory, highlighting how past outcomes influence future strategic decisions in entrepreneurial contexts. Originality/value - This study’s originality lies in its application of prospect theory to the field of serial entrepreneurship, particularly in a non-Western setting. By examining the impact of previous entrepreneurial experiences on subsequent strategic decisions, the research contributes to a broader, more comprehensive understanding of entrepreneurial behavior and strategy formulation. This approach provides valuable insights into the dynamic nature of risk preferences and strategic orientation among serial entrepreneurs, offering implications for both theory and practice in entrepreneurship and strategic management.

목차

1. Introduction

2. Theoretical Background and Hypothesis Formulation

3 Research Methodology

4. Results

5. Conclusion

References

키워드

Generic Strategy Prospect Theory Risk-Taking Serial Entrepreneurs

참고문헌

• Small Business Economics
• Entrepreneurship Theory and Practice
• Entrepreneurship Theory and Practice
• Journal of Behavioral and Experimental Economics
• Journal of Business Venturing
• Strategic Management Journal
• Strategic Management Journal
• Journal of Business Venturing
• Journal of Business Venturing
• Entrepreneurship Theory and Practice
• Prentice Hall
• Journal of Small Business Management
• Journal of Business Venturing
• Strategic Management Journal
• Academy of Management Journal
• International Journal of Entrepreneurial Behavior & Research
• Journal of Financial Economics
• Academy of Management Review
• Academy of Management Review
• Journal of Management
• Technovation
• Journal of Personality and Social Psychology
• Econometrica
• The Quarterly Journal of Economics
• European Management Review
• Journal of Economic Theory
• Applied Psychology
• International Small Business Journal: Researching Entrepreneurship
• Small Business Economics
• Academy of Management Review
• Strategic Management Journal
• McGraw-Hill
• Management Science
• Journal of Business Strategy
• Journal of Business Venturing
• Academy of Management Review
• Journal of Corporate Finance
• International Entrepreneurship and Management Journal
• Strategic Entrepreneurship Journal
• Journal of Korea Trade
• Frontiers in Psychology
• Entrepreneurship Theory and Practice
• Free Press
• Organizational Behavior and Human Decision Processes
• Industrial and Corporate Change
• Academy of Management Review
• Academy of Management Review
• Journal of Business Venturing
• Strategic Entrepreneurship Journal
• Journal of Management & Organization
• Academy of Management Review
• Journal of Business Venturing
• Journal of Evolutionary Economics
• Journal of Korea Trade
• Management Science
• Journal of Business Venturing
• Journal of Management
• Journal of Business Venturing
• South African Journal of Economic and Management Sciences
• Journal of Small Business Management
• Journal of Business Venturing
• British Journal of Management
• Entrepreneurship Theory and Practice
• Procedia-Social and Behavioral Sciences