期刊
JOURNAL OF BUSINESS VENTURING
卷 34, 期 2, 页码 348-367出版社
ELSEVIER
DOI: 10.1016/j.jbusvent.2018.05.006
关键词
Self-efficacy; Control theory; Entrepreneurship; Equity crowdfunding; Experiment
类别
Our findings extend the entrepreneurship literature by highlighting the mechanism through which self-efficacy can hinder rather than enhance performance in entrepreneurial settings. Using two complementary experimental studies and a third quasi-experimental field study on equity crowdfunding decisions, we demonstrate that self-efficacy is negatively related to decision-making performance. This relationship is mediated by reduced searching effort. Our research also indicates that high self-efficacy finders tend to exhibit a crowd bias whereby they over-weight the opinions of the crowd, increasing the likelihood that they will fund poor quality ventures when such ventures are favored by the crowd. We introduce the term crowd bias and explore its effects, establishing that social indicators in the form of crowd cues can exasperate the negative effects of self-efficacy.
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