ICT 벤처기업의 경영 성과와 위험 선택의 관계: 전망 이론(Prospect Theory)을 바탕으로 한 시사점

Today, in order to improve management performance of venture businesses, entrepreneurship is emphasized, and among the components of entrepreneurship, the interest in risk taking is increasing. However, previous studies have not provided consistent results on the relationship between management performance and risk preference. Therefore, this study analyzed the relationship between management performance and risk preference through prospect theory that explains attitudes toward risks. For empirical analysis, a total of 732 ICT venture businesses were selected using the data from the ICT venture panel survey. As a result, based on the median of management performance, a negative relationship was found between management performance and risk preference in the loss group, and a positive relationship was found in the profit group. Thus, it was confirmed that there was no simple linear relationship between management performance and risk preference. From the results, it was derived that there is a difference in risk preference of the top management according to the management performance, and this study suggested the implications regarding the strategic choice of ICT venture businesses.