Wayne H. Stewart

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

Research examining the relative risk-taking propensities of entrepreneurs and managers has produced conflicting findings and no consensus, posing an impediment to theory development. To overcome the limitations of narrative reviews, the authors used psychometric meta-analysis to mathematically cumulate the literature concerning risk propensity differences between entrepreneurs and managers. Results indicate that the risk propensity of entrepreneurs is greater than that of managers. Moreover, there are larger differences between entrepreneurs whose primary goal is venture growth versus those whose focus is on producing family income. Results also underscore the importance of precise construct definitions and rigorous measurement.

Entrepreneurial Dispositions and Goal Orientations: A Comparative Exploration of United States and Russian Entrepreneurs

We refine and extend the study of entrepreneurial dispositions by linking three classic hallmarks of the entrepreneur—achievement motivation, risk–taking propensity, and preference for innovation—to the goal orientations of United States and Russian entrepreneurs. The results suggest that entrepreneurial dispositions vary according to culture and the entrepreneurs primary goal for the venture. The results have important implications for theoretical development linking dispositions and entrepreneurial behavior in different settings and for entrepreneurial education and government policy.

A Meta‐Analysis of Achievement Motivation Differences between Entrepreneurs and Managers

As a result of conflicting conclusions in primary studies, most narrative reviews have questioned the role of personality in explaining entrepreneurial behavior. We examine one stream of this research by conducting a meta‐analysis of studies that contrast the achievement motivation of entrepreneurs and managers. The results indicate that entrepreneurs exhibit higher achievement motivation than managers and that these differences are influenced by the entrepreneurs venture goals, by the use of U.S. or foreign samples, and, to a less clear extent, by projective or objective instrumentation. Moreover, when the analysis is restricted to venture founders, the difference between entrepreneurs and managers on achievement motivation is substantially larger and the credibility intervals do not include zero.

Environmental Scanning Behavior in a Transitional Economy: Evidence from Russia

We examined the effects of perceived strategic uncertainty in seven environmental sectors on the scanning behavior of Russian executives. Strategic uncertainty was highest in sectors influenced by ...

Convergence Versus Strategic Reorientation: The Antecedents of Fast-paced Organizational Change

We reexamine and extend the antecedents of strategic reorientation, a change in strategy combined with change in at least two of organization structure, power distribution and control systems, presented by Lant, Milliken, and Batra (1992) by using archival data (1987–1993) for firms in the stable furniture and turbulent computer software industries. While enabling direct comparability of results from the two studies, we specify an extended, integrated model of change forces, and test the hypotheses with a more robust data analytic technique, hierarchical regression analysis. The results support industry turbulence and CEO turnover as precursors to strategic reorientation, and suggest that industry turbulence conditions managers’ external attributions for negative financial performance in influencing strategic reorientation. Alternatively, the results indicate that top management team turnover is negatively related to strategic reorientation. The results do not support the Lant et al. (1992) conclusions th...

Data Quality Affects Meta-Analytic Conclusions: A Response to Miner and Raju (2004) Concerning Entrepreneurial Risk Propensity.

J. B. Miner and N. S. Raju (2004) contended that there are additional studies that compare the risk propensity of entrepreneurs and managers, which, when added to the data from W. H. Stewart and P. L. Roth (2001) and meta-analyzed, produce relationships between risk propensity and entrepreneurial status that are substantially weaker than previously believed. This conclusion was evaluated by identifying and examining methodological problems associated with their inclusion of effect sizes (i.e., ds) from studies with variables not relevant to research questions, dependent samples, extraneous variance in outcome variables, and confusion of constructs. When these methodological issues were addressed, a new meta-analysis indicated an overall conclusion consistent with that of Stewart and Roth, but the results varied according to instrumentation, particularly objective instrumentation (observed d = 0.31) versus the Miner Sentence Completion Scale-Form T (observed d = -0.35).

The effects of human capital, organizational demography, and interpersonal processes on venture partner perceptions of firm profit and growth

Abstract Venture teams, which are comprised of two or more partners, are becoming one of the more popular and important modes of new business development. Traditionally, financial capital has been the primary perspective in assessing venture viability. To expand the venture evaluation horizon, we examined the effects of human capital, organizational demography, and interpersonal processes on partner evaluations of venture performance, defined as the presence of profit and growth. The results support this approach in analyzing venture teams, and we propose that this perspective be included in future venture viability assessment, and used for intervention to enhance venture success. Suggestions are provided for future research.

Environmental Perceptions and Scanning in the United States and India: Convergence in Entrepreneurial Information Seeking?

Drawing on institutional theory and entrepreneurial cognition, we test the environmental perception–scanning framework in the United States and India. The results suggest that culture and transition context help explain scanning frequency, but entrepreneurs in the two countries are similar in their perceptions of strategic uncertainty in environmental sectors. Moreover, the perceptions of increased environmental change and sector importance, as conditioned by perceived information accessibility, are associated with increased scanning. Overall, our results provide important indications about perceptions and information seeking, and lend support to indications of a universal mindset of entrepreneurship.

A Test of the Measurement Validity of the Resistance to Change Scale in Russia and Ukraine

The authors developed a Russian-language version of Oreg’s (2003) Resistance to Change (RTC) Scale, a multidimensional dispositional measure of an individual’s tendency to avoid or resist change, and tested its generalizability to the post-Soviet context with data from Russia and Ukraine. Confirmatory factor analysis results indicated a lack of configural consistency for the cognitive rigidity subscale, and post hoc examination suggested an unintended frame of reference for the cognitive rigidity items. The other three subdimensions of the scale—routine seeking, emotional reaction, and short-term thinking—were measurement-invariant in the two countries, providing a psychometrically acceptable measure of individual resistance to change. As a result, this respecification of the RTC Scale should be useful for much needed research devoted to individual resistors to change in the post-Soviet context, an effort essential for understanding obstacles to organizational change, and for generating prescriptive guidelines in a situation where most organizations are pressed by transition-induced need for systemic change and development.

Building theory with BRICs: Russia's contribution to knowledge sharing theory

Purpose – The purpose of this paper is to address theory development in the context of Russia, where insights holding potential to advance knowledge sharing theory are ubiquitous. Drawing on contextual evidence, the paper aims to advance a theoretical framework for the study of knowledge sharing, an activity essential for the organizational change and development required for building competitiveness. It also aims to outline research needs that might both provide insight in Russia and also enrich extant theory originally developed in the West.Design/methodology/approach – The paper presents a review of the theory of planned behavior, its application to knowledge sharing, and the cultural environment suggest modifications that contextualize the theory for studying knowledge sharing in Russia and in other contexts.Findings – Propositions based on contextual considerations in Russia are advanced as a means of modifying and augmenting the theory of planned behavior to better address knowledge sharing more com...