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Why Are Optimistic Entrepreneurs Successful? An Application Of The Regulatory Focus Theory

  • Ruta Aidis

    ()

    (Department of Social Sciences, SSEES)

  • Tomek Mickiewicz

    ()

    (Department of Social Sciences, SSEES)

  • Arnis Sauka

    ()

    (Stockholm School of Economics in Riga)

Does entrepreneurial optimism affect business performance? Using a unique data set based on repeated survey design, we investigate this relationship empirically. Our measures of ‘optimism’ and ‘realism’ are derived from comparing the turnover growth expectations of 133 owners-managers with the actual outcomes one year later. Our results indicate that entrepreneurial optimists perform significantly better in terms of profits than pessimists. Moreover, it is the optimist-realist combination that performs best. We interpret our results using the regulatory focus theory.

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File URL: http://www.ssees.ucl.ac.uk/publications/working_papers/wp85.pdf
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Paper provided by CENTRE FOR THE STUDY OF ECONOMIC AND SOCIAL CHANGE IN EUROPE,School of Slavonic and East European Studies,University College London (SSEES,UCL) in its series Working Papers with number 85 Key Words: Entrepreneurship, Optimism, Venture Growth, Regulatory Focus Theory, Latvia.

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Length: 25 pages
Date of creation: Jan 2008
Date of revision:
Handle: RePEc:see:wpaper:85
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  1. Brockner, Joel & Higgins, E. Tory & Low, Murray B., 2004. "Regulatory focus theory and the entrepreneurial process," Journal of Business Venturing, Elsevier, vol. 19(2), pages 203-220, March.
  2. S. Dellavigna., 2011. "Psychology and Economics: Evidence from the Field," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
  3. Delmar, Frederic & Davidsson, Per & Gartner, William B., 2003. "Arriving at the high-growth firm," Journal of Business Venturing, Elsevier, vol. 18(2), pages 189-216, March.
  4. Brian Wu & Anne Marie Knott, 2006. "Entrepreneurial Risk and Market Entry," Management Science, INFORMS, vol. 52(9), pages 1315-1330, September.
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