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Excès de confiance et création d’entreprise:une synthèse des approches cognitives - A review of research on the cognitive approach of overconfidence in venture creation

Author

Listed:
  • véronique Bessière

    (IAE - Université Montpellier II)

  • Jérôme Pouget

    (IAE - Université Montpellier II)

Abstract

(VF)Cet article propose une synthèse des études consacrées à l’excès de confiance des entrepreneurs et son impact sur la décision de création d’entreprise, en mobilisant plusieurs champs disciplinaires (entrepreneuriat, finance comportementale et entrepreneuriale, psychologie de la décision). La littérature confirme une présence marquée de ce biais cognitif chez les entrepreneurs. En outre, parmi les entreprises créées, il ressort des rares études sur le sujet une liaison négative entre leur performance et l’excès de confiance du créateur. De nombreuses questions restent à explorer, notamment les effets d’une surconfiance modérée versus extrême, son lien avec l’innovation, et le rôle éventuellement modérateur des apporteurs de capitaux.(VA)This article reviews the literature on entrepreneurs’ overconfidence and its impact on venture creation, mixing several approaches (entrepreneurship, behavioral and entrepreneurial finance, decision psychology). The literature documents the existence of a strong overconfidence bias among the population of entrepreneurs. Few articles attempt to study its impact on subsequent performance. They suggest a negative relationship between an entrepreneur’s overconfidence and venture performance. Many questions are still unaddressed, related to the effect of a moderate vs. strong overconfidence, its link with innovation and the influence of VCs as a potential moderator.

Suggested Citation

  • véronique Bessière & Jérôme Pouget, 2012. "Excès de confiance et création d’entreprise:une synthèse des approches cognitives - A review of research on the cognitive approach of overconfidence in venture creation," Revue Finance Contrôle Stratégie, revues.org, vol. 15(4), pages 1-19, December.
  • Handle: RePEc:dij:revfcs:v:15:y:2012:i:4:p:1-19.
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    Keywords

    excès de confiance; entrepreneur; création d’entreprise; start-up; cognition.;

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other

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