A preliminary exploration of the effects of rational factors and behavioral biases on the managerial choice to invest in corporate responsibility

We explore a possible decision-making process in which mixes of rational and non‐rational factors affect the choice made by a firm's management to invest in corporate responsibility. We propose that the rational factors affecting the decision‐makers' investment choice are: (a) moral choice; (b) risk management; (c) consequential changes that would be required in corporate structure or production processes; and (d) long‐term versus short‐term considerations. The non‐rational behavioral biases that we suggest affecting the decision‐makers' investment choice are: (a) attitude to risk, (b) status quo bias, (c) subjective discounting, and (d) myopic loss‐aversion. Copyright (C) 2011 John Wiley & Sons, Ltd.

Desenvolvimento de uma escala para medir o potencial empreendedor utilizando a Teoria da Resposta ao Item (TRI) Development of a scale to measure the entrepreneurial potential using the Item Response Theory (IRT)

Diversas variáveis estão relacionadas ao desenvolvimento da atividade empreendedora, verifica-se, entre elas, a importância do agente empreendedor. Dos estudos que contribuem para o seu entendimento, este segue a linha que defende que o empreendedor tem características e traços de personalidade singulares em relação à população, os quais são propícios ao sucesso do empreendedorismo. O objetivo deste trabalho é desenvolver uma escala para medir o potencial empreendedor utilizando a Teoria da Resposta ao Item. Foi utilizado o modelo logístico de dois parâmetros da TRI. As estimativas dos parâmetros foram obtidas a partir da amostra com 764 pessoas que responderam a um instrumento composto por 103 itens. A curva de informação e do erro padrão do teste e a interpretação qualitativa de níveis da escala permitiram determinar o intervalo mais apropriado para utilização do instrumento. Os resultados mostraram que a escala é mais adequada para avaliar indivíduos com baixo até moderadamente alto potencial empreendedor. Por isso, sugere-se que novos itens sejam incorporados ao instrumento para mensurar e interpretar níveis ainda mais elevados. A Teoria da Resposta ao Item permite que novos itens sejam calibrados a fim de mensurar os empreendedores com alto potencial empreendedor, aproveitando os dados já obtidos.<br>Several variables are related to the development of entrepreneurial activities. An important one among them is the entrepreneurial agent. This study is one of many that contribute to the understanding of the entrepreneurial agent. In its line of thought, it upholds the idea that the entrepreneur has characteristics and personality traits that stand out from the general population and that are favorable to the success of the entrepreneurship. This study aims at developing a measurement scale for entrepreneurial potential using the Item Response Theory. The items were generated by Santos (2008) based on a theoretical model referenced in theories of entrepreneur's personality. The samples include 664 undergraduate and graduate students of Brazilian universitie, and 100 entrepreneurs of the state of Alagoas. A two- parameter logistic IRT model was used. The parameter estimates were obtained from a sample of 764 people who responded to an instrument containing 103 items. The information and the standard error curves and the qualitative interpretation of the scale levels allowed us to determine the most appropriate range for the instrument use. The results showed that the scale is most adequate to evaluate individuals with low to moderately high entrepreneurial potential. Therefore, it is suggested that new items are incorporated into the instrument to measure and interpret even higher levels. The Item Response Theory allows the calibration of new items to measure entrepreneurs with high entrepreneurial potential using previously obtained data