Risk Attitudes and Profits among Small Enterprises in Nigeria

Judith Lammers · Daan Willebrands · Joop Hartog

5 citations0/0 files storedRePEc: Research Papers in Economics

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Entrepreneurship Studies and Influences Firm Innovation and Growth Financial Literacy and Behavior

Abstract

This paper analyses the effect of risk attitudes of firm owners on profits among micro and small enterprises (MSEs) in Lagos, Nigeria. Higher risk perceptions are shown to have a significant positive effect on profits, whereas risk propensity has a negative or no effect. Education, age, being male, and firm size are all positively related to profit, while young firms earn lower profits. Overall, the results suggest that being aware and dealing cautiously with risk leads to higher profitability.

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References

1988Prospect theory: An analysis of decision under risk 1921Risk, Uncertainty and Profit 1982Selection and the Evolution of Industry 2002The Affect Heuristic 1992Reconceptualizing the Determinants of Risk Behavior 2000Factors in Risk Perception 2006A Domain-Specific Risk-Taking (DOSPERT) scale for adult populations 2007Entrepreneurial Orientation, Risk Taking, and Performance in Family Firms

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