Sun Zenan, Lu Shen, Huang Man, Zhuang Jincai, Vaca Lucero Andrea Maria, Osei Charles Dwumfour
School of Management, Jiangsu University, Zhenjiang, China.
Front Psychol. 2023 Mar 10;14:1112344. doi: 10.3389/fpsyg.2023.1112344. eCollection 2023.
Entrepreneurs' attitudes toward risk is one of the most critical factors influencing business growth and economic development. Therefore, addressing the influencing factors and formation mechanisms of entrepreneurs' risk attitudes has become a crucial research endeavor. In this paper, we examine how contract performance rates affect entrepreneurs' risk attitudes through the mediating effect of subjective well-being as well as assess the moderating effect of the regional business environment on this relationship.
The ordered probit regression technique was employed to analyze the data obtained from 3,660 sampled respondents from the 2019 China Household Finance Survey. All analysis was performed using Stata 15.0.
The empirical results show that contract performance rates have a substantial positive indirect effect on entrepreneurs' degree of risk aversion through improved subjective well-being. The regional business environment plays a negative regulatory role in the relationship between contract performance rates and entrepreneurs' risk aversion. Furthermore, urban-rural heterogeneity appears to consistently determine the extent of the influence of contract performance rates on entrepreneurs' risk attitudes.
To reduce entrepreneurs' risk aversion and enhance social and economic activity, the government should improve regional business environments by taking specific measures. Our study contributes to the empirical understanding of entrepreneurs' investment decisions in the context of urban and rural environments.
企业家对风险的态度是影响企业成长和经济发展的最关键因素之一。因此，探讨企业家风险态度的影响因素和形成机制已成为一项至关重要的研究工作。在本文中，我们研究合同履行率如何通过主观幸福感的中介作用影响企业家的风险态度，并评估区域商业环境对这种关系的调节作用。
采用有序概率回归技术分析从2019年中国家庭金融调查中抽取的3660名受访者的数据。所有分析均使用Stata 15.0进行。
实证结果表明，合同履行率通过改善主观幸福感对企业家的风险厌恶程度产生显著的正向间接影响。区域商业环境在合同履行率与企业家风险厌恶之间的关系中起负向调节作用。此外，城乡异质性似乎始终决定合同履行率对企业家风险态度的影响程度。
为了降低企业家的风险厌恶并促进社会和经济活动，政府应采取具体措施改善区域商业环境。我们的研究有助于从实证角度理解城乡环境背景下企业家的投资决策。
