A successful businessman is not a gambler. Risk attitude and business performance among small enterprises in Nigeria

Daan Willebrands, Judith Lammers, Joop Hartog*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

26 Citations (Scopus)

Abstract

This paper analyses the effect of risk attitudes of firm owners on business performance among small enterprises in Lagos, Nigeria. We find that there is no robust support for a positive effect of willingness to take risk through compensation for risk taking. Perception of risk does have a positive effect, suggesting that recognizing and cautiously dealing with risk is beneficial. The effect is robust under alternative specifications.
Original languageEnglish
Pages (from-to)342-354
Number of pages13
JournalJournal of Economic Psychology
Volume33
Issue number2
DOIs
Publication statusPublished - Apr 2012
Externally publishedYes

Keywords

  • Business performance
  • Entrepreneurship
  • MSEs
  • Risk behavior
  • Risk perception

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