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Article Dans Une Revue Journal of Economic Issues Année : 2016

Can Culture Account for Investment Expectations?

Résumé

Until recently, risk-taking in investment decisions has been explained by cognitive biases and emotional urges. I would like to propose an alternative explanation, based on the work of Pierre Bourdieu, who links cultural capital to risk-taking. His concept of cultural capital has a very broad meaning, as it encompasses technical skills, aesthetic preferences, verbal facility, general cultural awareness, educational credentials, and artistic competencies. On theoretical grounds, one can assume that a high level of cultural capital enables the taming of uncertainty and allows for temporal horizons that cover longer terms. I test this hypothesis by conducting and analyzing a survey of 307 entrepreneurs. I define risktaking in two ways: (i) in a somewhat mainstream way, on the basis of expected utility, and (ii) in a heterodox way, in a qualitative, context-dependent setting. I find that, in both cases, there seems to be a link between cultural capital and risktaking. Furthermore, it seems to make financing issues more salient. I conclude by opening a discussion about the heterogeneity of entrepreneurs and their animal spirits.
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hal-04265074 , version 1 (17-11-2023)

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Michael Lainé. Can Culture Account for Investment Expectations?. Journal of Economic Issues, 2016, 50 (1), pp.72-94. ⟨10.1080/00213624.2016.1147895⟩. ⟨hal-04265074⟩
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