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2021 | 65 | 3 | 269-285

Article title

Impact of positive illusions and experience on decision to invest in own new venture

Content

Title variants

SK
Vplyv pozitívnych ilúzií a skúseností na rozhodnutie investovať do vlastného podniku

Languages of publication

EN

Abstracts

EN
Hypotheses. 1) Individuals exhibiting higher positive illusions (overconfidence, unrealistic optimism, illusion of control) would take higher risk manifested in opportunity evaluation and investment decision. 2) Risk attitudes will mediate the relationship between positive illusions and risk taking manifested in opportunity evaluation and investment decision. 3) Experience will moderate the relationship between positive illusions and risk taking manifested in opportunity evaluation and investment decision. Statistical analysis and results. 1) Using simple linear regression it was found that only unrealistic optimism for rare positive events and illusion of control predicted risk taking manifested in investment decision. None of positive illusions explained opportunity evaluation. 2) Using PROCESS macro for mediation analysis it was found that domain-specific risk perception, rather than general risk tolerance, is statistically significant mediator of the relationship between unrealistic optimism for rare positive events and investment decision. 3) Moderation analysis via PROCESS macro showed that only entrepreneurial experience moderates the relationship between unrealistic optimism for rare positive events and investment decision using own savings. The limitations concerning gender and domain specificity of methods are discussed in the study.

Year

Volume

65

Issue

3

Pages

269-285

Physical description

Document type

ARTICLE

Contributors

  • Československá psychologie, redakce, Psychologický ústav AV ČR, v.v.i., Politických vězňů 7, 110 00 Praha 1, Czech Republic

References

Document Type

Publication order reference

Identifiers

YADDA identifier

bwmeta1.element.156563cf-38db-44e2-884a-62676672ba87
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