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Idiosyncrasies of taking risk: a case of a South-Asian context

Journal Article


Abstract


  • Risk taking is fundamental to entrepreneurial activities and a central theme of the entrepreneurship literature. However, research on the risk taking propensity of entrepreneurs has met with virtually no empirical evidence on how socio-cultural factors influence on taking entrepreneurial risk in the context of South Asia where entrepreneurs consistently face challenges of high uncertainty due to socio-cultural and politico-economic complexity and instability. Purpose of this paper is to address this paradox by examining entrepreneurial risk through the lenses of socio-cultural, politico-economic and decision making.

    Given the self-evident that nature of complexity, irrationality and uncertainty in this context, a sophisticated exploration of entrepreneurial social reality of risk taking and management requires the fundamental philosophy of subjectivism and therefore this study adopts qualitative inductive case study methods in a sample of Sri Lankan entrepreneurs. The study found that entrepreneurs do indeed use their social and cultural understanding to a great extent in their decision making.

Publication Date


  • 2014

Citation


  • Gamage, H. Ramya. & Wickramasinghe, A. (2014). Idiosyncrasies of taking risk: a case of a South-Asian context. Corporate Ownership and Control, 11 (3, Continued - 2), 231-241.

Scopus Eid


  • 2-s2.0-84902000469

Ro Metadata Url


  • http://ro.uow.edu.au/gsbpapers/420

Number Of Pages


  • 10

Start Page


  • 231

End Page


  • 241

Volume


  • 11

Issue


  • 3, Continued - 2

Place Of Publication


  • http://www.virtusinterpress.org/Published-Issues-of-the-Journal,62.html

Abstract


  • Risk taking is fundamental to entrepreneurial activities and a central theme of the entrepreneurship literature. However, research on the risk taking propensity of entrepreneurs has met with virtually no empirical evidence on how socio-cultural factors influence on taking entrepreneurial risk in the context of South Asia where entrepreneurs consistently face challenges of high uncertainty due to socio-cultural and politico-economic complexity and instability. Purpose of this paper is to address this paradox by examining entrepreneurial risk through the lenses of socio-cultural, politico-economic and decision making.

    Given the self-evident that nature of complexity, irrationality and uncertainty in this context, a sophisticated exploration of entrepreneurial social reality of risk taking and management requires the fundamental philosophy of subjectivism and therefore this study adopts qualitative inductive case study methods in a sample of Sri Lankan entrepreneurs. The study found that entrepreneurs do indeed use their social and cultural understanding to a great extent in their decision making.

Publication Date


  • 2014

Citation


  • Gamage, H. Ramya. & Wickramasinghe, A. (2014). Idiosyncrasies of taking risk: a case of a South-Asian context. Corporate Ownership and Control, 11 (3, Continued - 2), 231-241.

Scopus Eid


  • 2-s2.0-84902000469

Ro Metadata Url


  • http://ro.uow.edu.au/gsbpapers/420

Number Of Pages


  • 10

Start Page


  • 231

End Page


  • 241

Volume


  • 11

Issue


  • 3, Continued - 2

Place Of Publication


  • http://www.virtusinterpress.org/Published-Issues-of-the-Journal,62.html