Suchergebnisse

"This book sheds light on the emotional side of risk taking behaviour using an innovative cross-disciplinary approach, mixing financial competences with psychology and affective neuroscience. In doing so, it shows the implications for market participants and regulators in terms of transparency and communication between intermediaries and customers"--

Purpose
This paper aims to improve knowledge of individual heterogeneity in affecting the entrepreneurial attitude, taking socioeconomic drivers under control thanks to a cross-country analysis. The authors operate a "selection" of proxy for individual heterogeneity, mainly based on gender, demographical features, personal attitude and intrinsic motivation.


Design/methodology/approach
This exploration is supported by an empirical analysis based on the Global Entrepreneurship Monitor (GEM), for the period 2001-2012, and for a selection of 37 countries. It is expected that gender and further individual variables have an impact on the probability to become a nascent entrepreneur (e.g. age, level of education, self-confidence, social perception of self-employment as career choice). This paper evaluates the degree of consistency of these variables across very dissimilar countries.


Findings
Gender and confidence on own skill play a significant and consistent effect on the entrepreneurial attitude, so these personal features are, per se, the driving-strength of entrepreneurial intent. Conversely, fear of failure and belief on the status are not always statistically significant, or not homogenous in their relationship: socioeconomic or country-specific characteristics are strong and sort out in an unpredictable relationship between these variables and the willingness to run new ventures.


Research limitations/implications
A limited selection of individual features constrained by availability of information from the GEM data set.


Practical implications
The motivation of this paper is to focus-back attention on intra-individual features that may affect entrepreneurship and to support evidence of whether individual heterogeneity is able to affect the entrepreneurial attitude, taking socioeconomic drivers under control.


Social implications
An institutional and political commitment should be intensified to reduce the waste of opportunities that is associated with any forms of self-exclusion from entrepreneurship, such as those based on gender (being women) or (low) self-esteem.


Originality/value
Due to the "individual" perspective, this paper adds to previous studies that exploited the GEM data set because they mostly follow an institutional conceptual framework.

PurposeThis paper aims to dismantle the idea that sexper seexplains entrepreneurial outcomes and demonstrates the influence of a gendered motivation on forging and shaping new venture teams, which is a disruptive choice affecting the future of start-ups.Design/methodology/approachA two-level research model is validated on data from the Panel Study of Entrepreneurial Dynamics II (PSED II), with a system of simultaneous equations. First, if team features affect the performance of new ventures is tested; then, the study investigates determinants of team features with a focus on sex and motivation of nascent entrepreneurs.FindingsHuman capital (HC) in terms of education and experience of team members consistently explains venture evolution only when considering the larger team of affiliates. The HC gathered by nascent entrepreneurs is not because of the simplistic sex condition, but rather to a gendered motivation related to the inferior need of achievement of women.Research limitations/implicationsLimitations of discretionary scoring assigned to items of the PSED II survey are present, but unavoidable when processing qualitative data.Practical implicationsWomen need to be (culturally) educated on how to re-balance their personal motivation towards entrepreneurship by fostering their incentives for achievement. Political and educational programmes could trigger success in the creation of new businesses led by women.Originality/valueThis paper contributes to the literature on nascent entrepreneurship, focusing on the entrepreneurial teams in the initial phase of business creation, and provides the basis for further studies aimed at eradicating the stereotypes of gender roles that lead women to self-exclusion and organizational errors.

The purpose of this study was to analyze the effects that have been caused by changes in pre-trade transparency upon the behavior of stock traders. We used a trade size model and tested it before, during and after the period when the Italian Stock Exchange introduced a 20-level order book with disaggregated orders. Tick by tick data of the whole set of stocks (up to 277) listed on the Italian Stock Exchange were studied through fixed-effects panel models, within intra day (every 30 minutes and 150 minutes) and daily time frames. Our results indicate that order flows, bidask spreads, levels of risk and some information events differentially affect trade sizes when investors receive better information prior to negotiation. Both (intra day) informed and uninformed traders perating in a more transparent market became more reticent, with reduced trades sizes and higher orders' cancellations. Moreover, it appears that the higher degree of order book disclosure permits traders to downsize their level of risk aversion; i.e. it reduces the 'uncertainty' that would otherwise result in disrupted trading activity under conditions of information opacity.