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Persist or Let it Go: Do Rational Entrepreneurs Make Decisions Rationally?
Macquarie Business School, Macquarie University, North Ryde, 2109, NSW, Australia.
Macquarie Business School, Macquarie University, North Ryde, 2109, NSW, Australia.
Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Centre for Family Entrepreneurship and Ownership (CeFEO). Macquarie Business School, Macquarie University, North Ryde, 2109, NSW, Australia.ORCID iD: 0000-0002-3742-542X
Macquarie Business School, Macquarie University, North Ryde, 2109, NSW, Australia.
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2022 (English)In: Journal of Business Venturing, ISSN 0883-9026, E-ISSN 1873-2003, Vol. 37, no 4, article id 106210Article in journal (Refereed) Published
Abstract [en]

We theorize that both highly rational entrepreneurs and entrepreneurs with a high need for cognitive closure (NFCC) are likely to put more emphasis on retrospective factors (period and degree of underperformance, personal investments) and less on prospective factors (risk of going into default, potential for growth, personal options) when deciding whether to persist with an underperforming venture. Our findings from three discrete choice experiments with three independent samples of entrepreneurs (a sample of 176 Australian entrepreneurs; a narrow-replication with 128 Australian entrepreneurs; and a quasi-replication with 157 United Kingdom entrepreneurs) consistently show that entrepreneurs who perceive themselves as rational do not always demonstrate rational behavior and entrepreneurs with a high NFCC put more emphasis on retrospective factors in persistence decisions. Important theoretical and practical contributions flowing from our study are shared in the concluding section.

Place, publisher, year, edition, pages
Elsevier, 2022. Vol. 37, no 4, article id 106210
Keywords [en]
Entrepreneurial persistence; Rational decision-making style; Need for cognitive closure; Choice experiment
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-55986DOI: 10.1016/j.jbusvent.2022.106210ISI: 000807468700002Scopus ID: 2-s2.0-85126277255Local ID: HOA;intsam;1642246OAI: oai:DiVA.org:hj-55986DiVA, id: diva2:1642246
Available from: 2022-03-04 Created: 2022-03-04 Last updated: 2022-06-23Bibliographically approved

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Chirico, Francesco

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