A hubris theory of entrepreneurship

• 成果类型: Review
• 署名作者: Hayward, MLA; Shepherd, DA; Griffin, D
• 署名单位: University of Colorado System; University of Colorado Boulder; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of British Columbia
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.1050.0483
• 发表日期: 2006
• 页码: 160-172
• 关键词: confidence; hubris; entrepreneurship; RESOURCES

摘要

This paper develops a hubris theory of entrepreneurship to explain why so many new ventures are created in the shadow of high venture failure rates: More confident actors are moved to start ventures, and then act on such confidence when deciding how to allocate resources in their ventures. Building on theory and evidence from the behavioral decision-making literature, we describe how founders' socially constructed confidence affects the manner in which they interpret information about their prior and current ventures. We then link founders' propensity to be overconfident to their decisions to allocate, use, and attain resources. In our model, founders with greater socially constructed confidence tend to deprive their ventures of resources and resourcefulness and, therefore, increase the likelihood that their ventures will fail.