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Related Experiment Videos

Risk propensity differences between entrepreneurs and managers: a meta-analytic review.

W H Stewart1, P L Roth

  • 1Department of Management, Clemson University, South Carolina 29634-1305, USA. waynes@clemson.edu

The Journal of Applied Psychology
|April 17, 2001
PubMed
Summary

Entrepreneurs exhibit greater risk-taking propensity than managers. Differences are more pronounced between growth-focused entrepreneurs and those prioritizing family income, highlighting the need for precise definitions in risk propensity research.

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Area of Science:

  • Entrepreneurship and Management Studies
  • Behavioral Economics
  • Organizational Psychology

Background:

  • Conflicting findings exist regarding the risk-taking propensities of entrepreneurs versus managers.
  • Lack of consensus hinders theoretical development in entrepreneurship research.
  • Previous narrative reviews have limitations in synthesizing this literature.

Purpose of the Study:

  • To quantitatively synthesize the existing literature on risk propensity differences between entrepreneurs and managers.
  • To resolve discrepancies in previous research findings.
  • To provide a more robust understanding of entrepreneurial risk-taking.

Main Methods:

  • Psychometric meta-analysis was employed to mathematically aggregate findings from multiple studies.

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  • The study focused on comparing risk propensity scores between defined groups of entrepreneurs and managers.
  • Rigorous measurement and precise construct definitions were emphasized.

    • Main Results:

    • Entrepreneurs, as a group, demonstrate a significantly higher risk propensity than managers.
    • Substantial variations in risk propensity exist among entrepreneurs based on their venture goals (e.g., growth vs. family income).
    • The quality of construct definition and measurement significantly impacts observed differences.

    Conclusions:

    • The study confirms that entrepreneurs are generally more risk-prone than managers.
    • Venture goals are a critical moderator of entrepreneurial risk-taking behavior.
    • Future research must prioritize methodological rigor and clear definitions for advancing theory in this field.