메뉴 건너뛰기




Volumn 9, Issue 3, 2007, Pages 183-205

How experience and perceptions shape risky behaviour: Evidence from the venture capital industry

Author keywords

Experience; Risk perceptions; Risk reduction strategies; Venture capital

Indexed keywords


EID: 34547303471     PISSN: 13691066     EISSN: 14645343     Source Type: Journal    
DOI: 10.1080/13691060701324478     Document Type: Article
Times cited : (22)

References (74)
  • 1
    • 0034340996 scopus 로고    scopus 로고
    • Effects of age at entry, knowledge intensity, and imitability on international growth
    • Autio, E., Sapienza, H. and Almeida, J. (2000) Effects of age at entry, knowledge intensity, and imitability on international growth, Academy of Management Journal, 43(5), pp. 909-924.
    • (2000) Academy of Management Journal , vol.43 , Issue.5 , pp. 909-924
    • Autio, E.1    Sapienza, H.2    Almeida, J.3
  • 2
    • 34547279564 scopus 로고    scopus 로고
    • From venture capital to private equity
    • Balboa, M. and Marti, J. (2004) From venture capital to private equity, Journal of Private Equity, 7(2), pp. 54-63.
    • (2004) Journal of Private Equity , vol.7 , Issue.2 , pp. 54-63
    • Balboa, M.1    Marti, J.2
  • 3
    • 0023020183 scopus 로고
    • The moderator-mediator distinction in social psychology research: Conceptual, strategic, and statistical considerations
    • Baron, R. M. and Kenny, D. A. (1986) The moderator-mediator distinction in social psychology research: conceptual, strategic, and statistical considerations, Journal of Personality and Social Psychology, 51, pp. 1173- 1182.
    • (1986) Journal of Personality and Social Psychology , vol.51 , pp. 1173-1182
    • Baron, R.M.1    Kenny, D.A.2
  • 5
    • 4344613854 scopus 로고    scopus 로고
    • Reconsidering the venture capitalists' value-added proposition: An interorganizational learning perspective
    • Busenitz, L. W., Fiet, J. O. and Moesel, D. D. (2004) Reconsidering the venture capitalists' value-added proposition: an interorganizational learning perspective, Journal of Business Venturing, 19, pp. 787-807.
    • (2004) Journal of Business Venturing , vol.19 , pp. 787-807
    • Busenitz, L.W.1    Fiet, J.O.2    Moesel, D.D.3
  • 11
    • 21344491113 scopus 로고
    • A model of perceived risk and intended risk-handling activity
    • Dowling, G. R. and Staelin, R. (1994) A model of perceived risk and intended risk-handling activity, Journal of Consumer Research, 21(1), pp. 119- 134.
    • (1994) Journal of Consumer Research , vol.21 , Issue.1 , pp. 119-134
    • Dowling, G.R.1    Staelin, R.2
  • 12
    • 84957363402 scopus 로고
    • Risk, ambiguity, and the savage axioms
    • Ellsberg, D. (1961) Risk, ambiguity, and the savage axioms, Quarterly Journal of Economics, 75, pp. 643-669.
    • (1961) Quarterly Journal of Economics , vol.75 , pp. 643-669
    • Ellsberg, D.1
  • 13
    • 84963009402 scopus 로고
    • Distortion of subjective probabilities as a reaction to uncertainty
    • Fellner, W. (1961) Distortion of subjective probabilities as a reaction to uncertainty, Quarterly Journal of Economics, 75, pp. 670-689.
    • (1961) Quarterly Journal of Economics , vol.75 , pp. 670-689
    • Fellner, W.1
  • 14
    • 0001161008 scopus 로고
    • Reliance upon informants in the venture capital industry
    • Fiet, J. O. (1995a) Reliance upon informants in the venture capital industry, Journal of Business Venturing, 10, pp. 195-223.
    • (1995) Journal of Business Venturing , vol.10 , pp. 195-223
    • Fiet, J.O.1
  • 15
    • 84996192561 scopus 로고
    • Risk avoidance strategies in venture capital markets
    • Fiel, J. O. (1995b) Risk avoidance strategies in venture capital markets, Journal of Management Studies, 32(4), pp. 551-575.
    • (1995) Journal of Management Studies , vol.32 , Issue.4 , pp. 551-575
    • Fiel, J.O.1
  • 16
    • 12944263825 scopus 로고    scopus 로고
    • Perceived risks and choices in entrepreneurs' new venture decisions
    • Forlani, D. and Mullins, J. W. (2000) Perceived risks and choices in entrepreneurs' new venture decisions, Journal of Business Venturing, 15, pp. 305-322.
    • (2000) Journal of Business Venturing , vol.15 , pp. 305-322
    • Forlani, D.1    Mullins, J.W.2
  • 17
    • 0036417385 scopus 로고    scopus 로고
    • New product decision making: How chance and size of loss influence what marketing managers see and do
    • Forlani, D., Mullins, J. W. and Walker, O. C. (2002) New product decision making: how chance and size of loss influence what marketing managers see and do, Psychology and Marketing, 19(11), pp. 957-981.
    • (2002) Psychology and Marketing , vol.19 , Issue.11 , pp. 957-981
    • Forlani, D.1    Mullins, J.W.2    Walker, O.C.3
  • 18
    • 84993858218 scopus 로고
    • Optimal investment, monitoring and the staging of venture capital
    • Gompers, P. (1995) Optimal investment, monitoring and the staging of venture capital, Journal of Finance, 50(5), pp. 1461-1489.
    • (1995) Journal of Finance , vol.50 , Issue.5 , pp. 1461-1489
    • Gompers, P.1
  • 22
    • 38249008696 scopus 로고
    • Determinants of venture capital firms' preferences regarding the industry diversity and geographic scope of their investments
    • Gupta, A. K. and Sapienza, H. J. (1992) Determinants of venture capital firms' preferences regarding the industry diversity and geographic scope of their investments, Journal of Business Venturing, 7(5), pp. 347-363.
    • (1992) Journal of Business Venturing , vol.7 , Issue.5 , pp. 347-363
    • Gupta, A.K.1    Sapienza, H.J.2
  • 24
    • 0000194533 scopus 로고
    • Upper echelons: The organization as a reflection of its top managers
    • Hambrick, D. C. and Mason, P. A. (1984) Upper echelons: the organization as a reflection of its top managers, Academy of Management Review, 9(2), pp. 193-206.
    • (1984) Academy of Management Review , vol.9 , Issue.2 , pp. 193-206
    • Hambrick, D.C.1    Mason, P.A.2
  • 26
    • 0038880247 scopus 로고
    • Preference and belief: Ambiguity and competence in choice under uncertainty
    • Heath, C. and Tversky, A. (1991) Preference and belief: ambiguity and competence in choice under uncertainty, Journal of Risk and Uncertainty, 4, pp. 5- 28.
    • (1991) Journal of Risk and Uncertainty , vol.4 , pp. 5-28
    • Heath, C.1    Tversky, A.2
  • 27
    • 0002731826 scopus 로고
    • Timid choices and bold forecasts: A cognitive perspective on risk taking
    • Kahneman, D. and Lovallo, D. (1993) Timid choices and bold forecasts: a cognitive perspective on risk taking, Management Science, 39(1), pp. 17-31.
    • (1993) Management Science , vol.39 , Issue.1 , pp. 17-31
    • Kahneman, D.1    Lovallo, D.2
  • 28
    • 0000125532 scopus 로고
    • Prospect theory: An analysis of decision under risk
    • Kahneman, D. and Tversky, A. (1979) Prospect theory: An analysis of decision under risk, Econometrica, 47, pp. 263-291.
    • (1979) Econometrica , vol.47 , pp. 263-291
    • Kahneman, D.1    Tversky, A.2
  • 29
    • 25444511482 scopus 로고    scopus 로고
    • Venture capitalists as economic principals
    • Summer, pp
    • Kaplan, S. and Stromberg, P. (2003) Venture capitalists as economic principals, NBER Reporter, Summer, pp. 22-25.
    • (2003) NBER Reporter , pp. 22-25
    • Kaplan, S.1    Stromberg, P.2
  • 30
    • 85011124367 scopus 로고    scopus 로고
    • The Swedish venture capital industry: An infant, adolescent, or grown-up?
    • Karaömerlioolu, D. C. and Jacobsson, S. (2000) The Swedish venture capital industry: an infant, adolescent, or grown-up?, Venture Capital, 2(1), pp. 62-88.
    • (2000) Venture Capital , vol.2 , Issue.1 , pp. 62-88
    • Karaömerlioolu, D.C.1    Jacobsson, S.2
  • 32
    • 84990586591 scopus 로고
    • How believing in ourselves increases risk taking: Perceived self-efficacy and opportunity recognition
    • Krueger, N. and Dickson, P. R. (1994) How believing in ourselves increases risk taking: perceived self-efficacy and opportunity recognition, Decision Sciences, 25(3), pp. 385-400.
    • (1994) Decision Sciences , vol.25 , Issue.3 , pp. 385-400
    • Krueger, N.1    Dickson, P.R.2
  • 34
    • 34547353598 scopus 로고
    • Interpretation of events and behavior control - critique of attribution theories
    • Lange, I. (1982) Interpretation of events and behavior control - critique of attribution theories, Zeitschrift fur Psychologie, 190(3), pp. 303-313.
    • (1982) Zeitschrift fur Psychologie , vol.190 , Issue.3 , pp. 303-313
    • Lange, I.1
  • 36
    • 0034760873 scopus 로고    scopus 로고
    • Measuring organizational performance in the hospital industry: An exploratory comparison of objective and subjective performance measures
    • McCracken, M. J., McIlwain, T. F. and Fyron, M. D. (2001) Measuring organizational performance in the hospital industry: an exploratory comparison of objective and subjective performance measures, Health Services Management Research, 14(4), pp. 211-219.
    • (2001) Health Services Management Research , vol.14 , Issue.4 , pp. 211-219
    • McCracken, M.J.1    McIlwain, T.F.2    Fyron, M.D.3
  • 38
    • 0000773153 scopus 로고
    • Characteristics of risk-taking executives
    • MacCrimmon, K. R. and Wehrung, D. A. (1990) Characteristics of risk-taking executives, Management Science, 36(4), pp. 422-435.
    • (1990) Management Science , vol.36 , Issue.4 , pp. 422-435
    • MacCrimmon, K.R.1    Wehrung, D.A.2
  • 39
    • 34547352810 scopus 로고
    • Criteria distinguishing successful from unsuccessful ventures in the venture screening process
    • MacMillan, I. C., Siegel, R. and Subra Narasimha, R. N. (1987) Criteria distinguishing successful from unsuccessful ventures in the venture screening process, Journal of Business Venturing, 2(2), pp. 123-138.
    • (1987) Journal of Business Venturing , vol.2 , Issue.2 , pp. 123-138
    • MacMillan, I.C.1    Siegel, R.2    Subra Narasimha, R.N.3
  • 40
    • 0000059512 scopus 로고
    • The overconfidence effect in marketing management predictions
    • Mahajan, J. (1992) The overconfidence effect in marketing management predictions, Journal of Marketing Research, 29, pp. 329-342.
    • (1992) Journal of Marketing Research , vol.29 , pp. 329-342
    • Mahajan, J.1
  • 41
    • 33746784379 scopus 로고    scopus 로고
    • Why do venture capital companies syndicate?
    • W. D. Bygrave, C. G. Brush, P. Davidsson, J. Fiet, P. G. Greene, R. T. Harrison, M. Lerner, G. D. Meyer, J. Sohl, A. Zacharakis and A. M. Blank Eds, Wellesley, MA: Babson College and Kansas City, MO: Center for Entrepreneurial Leadership
    • Manigart, S., Lockett, A., Meuleman, M., Wright, M., Landström, H., Bruining, H., Desbrières, P. and Hommel, U. (2002) Why do venture capital companies syndicate?, in: W. D. Bygrave, C. G. Brush, P. Davidsson, J. Fiet, P. G. Greene, R. T. Harrison, M. Lerner, G. D. Meyer, J. Sohl, A. Zacharakis and A. M. Blank (Eds) Frontiers of Entrepreneurship Research, pp. 238-249 (Wellesley, MA: Babson College and Kansas City, MO: Center for Entrepreneurial Leadership).
    • (2002) Frontiers of Entrepreneurship Research , pp. 238-249
    • Manigart, S.1    Lockett, A.2    Meuleman, M.3    Wright, M.4    Landström, H.5    Bruining, H.6    Desbrières, P.7    Hommel, U.8
  • 42
    • 0023456474 scopus 로고
    • Managerial perspective on risk and risk taking
    • March, J. G. and Shapira, Z. (1987) Managerial perspective on risk and risk taking, Management Science, 33(11), pp. 1404-1418.
    • (1987) Management Science , vol.33 , Issue.11 , pp. 1404-1418
    • March, J.G.1    Shapira, Z.2
  • 44
    • 21844481197 scopus 로고
    • Closing the regional equity gap: The role of informal venture capital
    • Mason, C. M. and Harrison, R. T. (1995) Closing the regional equity gap: the role of informal venture capital, Small Business Economics, 7, pp. 153-172.
    • (1995) Small Business Economics , vol.7 , pp. 153-172
    • Mason, C.M.1    Harrison, R.T.2
  • 45
    • 84993882034 scopus 로고
    • Do managerial motives influence firm risk reduction strategies?
    • May, D. O. (1995) Do managerial motives influence firm risk reduction strategies?, Journal of Finance, 50(4), pp. 1291-1308.
    • (1995) Journal of Finance , vol.50 , Issue.4 , pp. 1291-1308
    • May, D.O.1
  • 46
    • 38249000088 scopus 로고
    • Specialization versus diversification as a venture capital investment strategy
    • Norton, E. and Tenenbaum, B. H. (1993) Specialization versus diversification as a venture capital investment strategy, Journal of Business Venturing, 8(5), pp. 431-443.
    • (1993) Journal of Business Venturing , vol.8 , Issue.5 , pp. 431-443
    • Norton, E.1    Tenenbaum, B.H.2
  • 47
    • 0001253183 scopus 로고
    • Leaders, riverboat gamblers, purposeful unintended consequences of the management of complex dangerous technologies
    • Osborn, R. N. and Jackson, D. H. (1988) Leaders, riverboat gamblers, purposeful unintended consequences of the management of complex dangerous technologies, Academy of Management Journal, 31, pp. 924-947.
    • (1988) Academy of Management Journal , vol.31 , pp. 924-947
    • Osborn, R.N.1    Jackson, D.H.2
  • 48
    • 28144455342 scopus 로고    scopus 로고
    • Experience, contractual covenants and venture capitalists' responses to unmet expectations
    • Parhankangas, A., Landstöm, H. and Smith, D. G. (2005) Experience, contractual covenants and venture capitalists' responses to unmet expectations, Venture Capital, 7(4), pp. 297-318.
    • (2005) Venture Capital , vol.7 , Issue.4 , pp. 297-318
    • Parhankangas, A.1    Landstöm, H.2    Smith, D.G.3
  • 50
    • 0033246611 scopus 로고    scopus 로고
    • Understanding the consequences of founders' experience
    • Reuber, A. R. and Fischer, E. (1999) Understanding the consequences of founders' experience, Journal of Small Business Management, 37, pp. 30-45.
    • (1999) Journal of Small Business Management , vol.37 , pp. 30-45
    • Reuber, A.R.1    Fischer, E.2
  • 51
    • 0000887602 scopus 로고
    • The structure and governance of venture-capital organizations
    • Sahlman, W. (1990) The structure and governance of venture-capital organizations, Journal of Financial Economics, 27, pp. 473-521.
    • (1990) Journal of Financial Economics , vol.27 , pp. 473-521
    • Sahlman, W.1
  • 52
    • 21844490470 scopus 로고
    • Impact of agency risks and task uncertainty on venture capitalist-CEO interaction
    • Sapienza, H. J. and Gupta, A. K. (1994) Impact of agency risks and task uncertainty on venture capitalist-CEO interaction, Academy of Management Journal, 37(6), pp. 1618-1632.
    • (1994) Academy of Management Journal , vol.37 , Issue.6 , pp. 1618-1632
    • Sapienza, H.J.1    Gupta, A.K.2
  • 53
    • 0030295259 scopus 로고    scopus 로고
    • Venture capitalist governance and value-added in four countries
    • Sapienza, H. J., Manigart, S. and Vermeir, W. (1996) Venture capitalist governance and value-added in four countries, Journal of Business Venturing, 11(6), pp. 439-470.
    • (1996) Journal of Business Venturing , vol.11 , Issue.6 , pp. 439-470
    • Sapienza, H.J.1    Manigart, S.2    Vermeir, W.3
  • 55
    • 0037991534 scopus 로고    scopus 로고
    • VC's decision processes: Evidence suggesting that more experience may not always be better
    • Shepherd, D. A., Zacharakis, A. and Baron, R. A. (2003) VC's decision processes: evidence suggesting that more experience may not always be better, Journal of Business Venturing, 18, pp. 381-401.
    • (2003) Journal of Business Venturing , vol.18 , pp. 381-401
    • Shepherd, D.A.1    Zacharakis, A.2    Baron, R.A.3
  • 56
    • 0000644543 scopus 로고    scopus 로고
    • Cognitive biases, risk perception, and venture formation: How individuals decide to start companies
    • Simon, M., Houghton, S. M. and Aquino, K. (1999) Cognitive biases, risk perception, and venture formation: how individuals decide to start companies, Journal of Business Venturing, 15(2), pp. 113-134.
    • (1999) Journal of Business Venturing , vol.15 , Issue.2 , pp. 113-134
    • Simon, M.1    Houghton, S.M.2    Aquino, K.3
  • 57
    • 0002180672 scopus 로고
    • Reconceptualizing the determinants of risk behaviour
    • Sitkin, S. B. and Pablo, A. L. (1992) Reconceptualizing the determinants of risk behaviour, Academy of Management Review, 17(1), pp. 9-38.
    • (1992) Academy of Management Review , vol.17 , Issue.1 , pp. 9-38
    • Sitkin, S.B.1    Pablo, A.L.2
  • 58
    • 0346271655 scopus 로고
    • Determinants of risky decision making behavior: A test of the mediating role of risk perceptions and risk propensity
    • Sitkin, S. B. and Weingart, L. R. (1995) Determinants of risky decision making behavior: a test of the mediating role of risk perceptions and risk propensity, Academy of Management Journal, 38(6), pp. 1573-1592.
    • (1995) Academy of Management Journal , vol.38 , Issue.6 , pp. 1573-1592
    • Sitkin, S.B.1    Weingart, L.R.2
  • 59
    • 0002795580 scopus 로고
    • Facts versus fears: Understanding perceived risk
    • D. Kahneman, P. Slovic and A. Tversky Eds, Cambridge: Cambridge University Press
    • Slovic, P., Fischoff, B. and Lichtenstein, S. (1982) Facts versus fears: understanding perceived risk, in: D. Kahneman, P. Slovic and A. Tversky (Eds) Judgement under Uncertainty: Heuristics and Biases, pp. 463-489 (Cambridge: Cambridge University Press).
    • (1982) Judgement under Uncertainty: Heuristics and Biases , pp. 463-489
    • Slovic, P.1    Fischoff, B.2    Lichtenstein, S.3
  • 60
    • 0001312143 scopus 로고
    • Threat-rigidity effects in organizational behavior: A multilevel analysis
    • Staw, B. M., Sandelands, L. E. and Dutton, J. E. (1981) Threat-rigidity effects in organizational behavior: a multilevel analysis, Administrative Science Quarterly, 26, pp. 501 -524.
    • (1981) Administrative Science Quarterly , vol.26 , pp. 501-524
    • Staw, B.M.1    Sandelands, L.E.2    Dutton, J.E.3
  • 61
    • 85041440705 scopus 로고
    • Social structure and organizations
    • J. G. March Ed, Chicago: Rand-McNally
    • Stinchcombe, A. L. (1965) Social structure and organizations, in: J. G. March (Ed.) Handbook of Organizations, pp. 142-193 (Chicago: Rand-McNally).
    • (1965) Handbook of Organizations , pp. 142-193
    • Stinchcombe, A.L.1
  • 62
    • 0000198185 scopus 로고    scopus 로고
    • New technology-based firms in the European Union: An introduction
    • Storey, D. S. and Tether, B. (1998) New technology-based firms in the European Union: an introduction, Research Policy, 26, pp. 933-946.
    • (1998) Research Policy , vol.26 , pp. 933-946
    • Storey, D.S.1    Tether, B.2
  • 63
    • 0002656477 scopus 로고
    • Rational choice and the framing of decisions
    • R. M. Hogarth and M. W. Reder Eds, Chicago: University of Chicago Press
    • Tversky, A. and Kahneman, D. (1986) Rational choice and the framing of decisions, in: R. M. Hogarth and M. W. Reder (Eds) Rational Choice: The Contrast between Economics and Psychology, pp. 67-94 (Chicago: University of Chicago Press).
    • (1986) Rational Choice: The Contrast between Economics and Psychology , pp. 67-94
    • Tversky, A.1    Kahneman, D.2
  • 64
    • 0021500315 scopus 로고
    • A model of venture capitalist investment activity
    • Tyebjee, T. T. and Bruno, A. V. (1984) A model of venture capitalist investment activity, Management Science, 30(9), pp. 1051-1066.
    • (1984) Management Science , vol.30 , Issue.9 , pp. 1051-1066
    • Tyebjee, T.T.1    Bruno, A.V.2
  • 65
    • 0034424507 scopus 로고    scopus 로고
    • Strategic orientation and firm performance in an artistic environment
    • Voss, G. B. and Voss, Z. G. (2000) Strategic orientation and firm performance in an artistic environment, Journal of Marketing, 64(1), pp. 67-83.
    • (2000) Journal of Marketing , vol.64 , Issue.1 , pp. 67-83
    • Voss, G.B.1    Voss, Z.G.2
  • 66
    • 0347142186 scopus 로고    scopus 로고
    • Melbourne: International Thomson Business Press
    • Waring, A. E. and Glendon, A. I. (1998) Managing Risk (Melbourne: International Thomson Business Press).
    • (1998) Managing Risk
    • Waring, A.E.1    Glendon, A.I.2
  • 67
    • 0032154218 scopus 로고    scopus 로고
    • Cross-cultural differences in risk perception, but cross-cultural similarities in attitudes towards perceived risk
    • Weber, E. U. and Hsee, C. (1998) Cross-cultural differences in risk perception, but cross-cultural similarities in attitudes towards perceived risk, Management Science, 44(9), pp. 1205-1217.
    • (1998) Management Science , vol.44 , Issue.9 , pp. 1205-1217
    • Weber, E.U.1    Hsee, C.2
  • 68
    • 33646173639 scopus 로고    scopus 로고
    • Decisions, actions, and performance: Novice, serial and portfolio entrepreneurs differ?
    • Westhead, P., Ucbasaran, D. and Wright, M. (2005a) Decisions, actions, and performance: novice, serial and portfolio entrepreneurs differ?, Journal of Small Business Management, 43(4), pp. 393-417.
    • (2005) Journal of Small Business Management , vol.43 , Issue.4 , pp. 393-417
    • Westhead, P.1    Ucbasaran, D.2    Wright, M.3
  • 69
    • 13844250593 scopus 로고    scopus 로고
    • Experience and cognition: Do novice, serial and portfolio entrepreneurs differ?
    • Westhead, P., Ucbasaran, D. and Wright, M. (2005b) Experience and cognition: do novice, serial and portfolio entrepreneurs differ?, International Small Business Journal, 23(1), pp. 72-98.
    • (2005) International Small Business Journal , vol.23 , Issue.1 , pp. 72-98
    • Westhead, P.1    Ucbasaran, D.2    Wright, M.3
  • 71
    • 4344711148 scopus 로고    scopus 로고
    • The relationship between governance structure and risk management approaches in Japanese venture capital firms
    • Yoshikawa, T., Phan, P. H. and Linton, J. (2004) The relationship between governance structure and risk management approaches in Japanese venture capital firms, Journal of Business Venturing, 19, pp. 831-849.
    • (2004) Journal of Business Venturing , vol.19 , pp. 831-849
    • Yoshikawa, T.1    Phan, P.H.2    Linton, J.3
  • 72
    • 0000532325 scopus 로고    scopus 로고
    • The nature of information and overconfidence on venture capitalist's decision making
    • Zacharakis, A. L. and Shepherd, D. A. (2001) The nature of information and overconfidence on venture capitalist's decision making, Journal of Business Venturing, 16(4), pp. 311-332.
    • (2001) Journal of Business Venturing , vol.16 , Issue.4 , pp. 311-332
    • Zacharakis, A.L.1    Shepherd, D.A.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.