Overconfidence in SMEs Conceptualisations, Domains and Applications
This book presents a review of the role of overconfidence in small firms and explores how biased judgment and decision-making can affect business performance. Whilst the overconfidence construct has been studied in detail, there are no systematic reviews
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Overconfidence in SMEs
Anna Chiara Invernizzi
Overconfidence in SMEs Conceptualisations, Domains and Applications
Anna Chiara Invernizzi University of Eastern Piedmont Amedeo Avogadro Novara, Italy
ISBN 978-3-319-66919-9 ISBN 978-3-319-66920-5 (eBook) https://doi.org/10.1007/978-3-319-66920-5 Library of Congress Control Number: 2017952838 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © nemesis2207/Fotolia.co.uk Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
The Effectiveness of Accuracy in Judgment Personal predictions are often biased and the sign of the bias is often toward overconfidence. The impact of such overconfident attitudes is a moot point in the literature. Overconfidence can encourage people to try new things and persevere when things become difficult (Koellinger, Minniti and Schade 2007; Robinson and Marino 2015) but it can also lead individuals to overestimate their own abilities, the potential of opportunities and performance (Cassar and Gibson 2007; Shepherd, Wiklund and Haynie 2009). This manuscript explores the overconfidence concept and the author discusses specifically overconfidence in the managerial domain highlighting the advantages and the drawbacks that are prevalent when an overconfident attitude is taken. A growing literature questions the generality of a beneficial association between positive perspectives and motivation that, previously, was often assumed in the literature (Taylor and Brown 1998). This is the starting point of her book and the subsequent chapters explore the construct through a variety of analyses to enhance current
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