Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/197559 
Erscheinungsjahr: 
2015
Quellenangabe: 
[Journal:] The Journal of Entrepreneurial Finance (JEF) [ISSN:] 1551-9570 [Volume:] 17 [Issue:] 1 [Publisher:] The Academy of Entrepreneurial Finance (AEF) [Place:] Montrose, CA [Year:] 2015 [Pages:] 1-26
Verlag: 
The Academy of Entrepreneurial Finance (AEF), Montrose, CA
Zusammenfassung: 
We present a theory of entrepreneurial behavior that explores the relationship between overconfidence and successful firm outcomes, such as acquisition or IPO. In our model, increasing overconfidence produces two conflicting effects on the probability of a successful outcome: it not only induces an entrepreneur to increase the riskiness of a venture (which lowers the likelihood of successful exit), but also drives higher entrepreneurial effort, increasing likelihood of a successful exit. Due to this conflict, a kinked or U-shaped relationship may exist between overconfidence and positive outcomes. Furthermore, our model suggests that increased outside equity mitigates the effects of overconfidence.
Schlagwörter: 
Overconfidence
Entrepreneurship
Cognitive Bias
IPO
Mergers & Acquisitions
JEL: 
G32
G34
L26
M13
Creative-Commons-Lizenz: 
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Dokumentart: 
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