De l’Etat d’Esprit au Comportement Financier : Un Modèle Conceptuel sur les Fondements Psychologiques derrière les Décisions Financières des EntrepreneursDirigeants en Temps de crise
Keywords:
Perception de Crise, Entrepreneuriat, Capital Psychologique, Capital Social, Management de Crise, Comportement Financier
Abstract
Dans un environnement de crises économiques fréquentes et perturbatrices, les décisions financières prises par les entrepreneurs-dirigeants sont essentielles à la survie et à la résilience de leurs entreprises. Cet article propose un modèle pour explorer les déterminants psychologiques qui sous-tendent de telles décisions en temps de crise, sur la base de la perception, à la suite d'une analyse approfondie menée dans notre revue de la littérature sur la façon dont la perception qu'entretiennent les entrepreneurs face à une crise façonne leur capital psychologique et leur capital social, qui se répercutent davantage sur leur comportement financier. Le cadre théorique est composé de quatre axes principaux : la perception de la crise, le capital psychologique et social de l'entrepreneur, les approches de du management des crises et la classification des comportements financiers des entrepreneurs-dirigeants. Nous avons procédé à une intégration et à une discussion des composants proposés à partir de modèles connexes tels que Suder (2023), Wang et al. (2022), Lux et al. (2020), Sahin et al. (2015) et Ajzen (1991) pour proposer ce modèle de recherche intégrative. Ce modèle, accompagné d'hypothèses vérifiables, tente d'approfondir la compréhension des mécanismes psychologiques qui sous-tendent les décisions financières en période de crise. Enfin, cet article fournit des suggestions pratiques aux chercheurs et aux praticiens et recommande des moyens par lesquels de nouvelles recherches pourraient être menées pour améliorer ce domaine d'étude très important.
In an environment of frequent and disruptive economic crises, the financial decisions taken by business leaders are essential to the survival and resilience of their businesses. This paper proposes a model to explore the psychological determinants underlying such decisions in times of crisis, based on perception, Following a thorough analysis in our literature review of how entrepreneurs' perception of crisis shapes their psychological and social capital, which has a greater impact on their financial behaviour. The theoretical framework is composed of four main axes: the perception of the crisis, the psychological and social capital of the entrepreneur, the approachs of crisis management and the classification of financial behaviors of entrepreneurs-managers. We have integrated and discussed proposed components from related models such as Suder (2023), Wang et al. (2022), Lux et al. (2020), Sahin et al. (2015) and Ajzen (1991) to propose this integrative research model. This model, along with verifiable assumptions, attempts to deepen the understanding of the psychological mechanisms underlying financial decisions in times of crisis. Finally, this paper provides practical suggestions to researchers and practitioners and recommends ways in which further research could be conducted to improve this very important area of study.
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References
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2. Giotopoulos, I., Kontolaimou, A., & Tsakanikas, A. (2017). Antecedents of growth-oriented entrepreneurship before and during the greek economic crisis. Journal of Small Business and Enterprise Development, 24(3), 528-544. https://doi.org/10.1108/jsbed-01-2017-0003
3. Kročil, O., Müller, M., & Kubátová, J. (2023). Vulnerable social enterprises: sensemaking of the covid-19 crisis in the czech republic. Social Enterprise Journal, 19(2), 144-166. https://doi.org/10.1108/sej-06-2022-0054
4. Marx, S. and Klotz, M. (2021). Entrepreneurship during crisis: innovation practices of micro and small tour operators. The International Journal of Entrepreneurship and Innovation, 24(3), 155-166. https://doi.org/10.1177/14657503211061025
5. Matpootorn, V. (2023). Adaptation of street food entrepreneurs during the covid-19 pandemic in nakhon ratchasima province. International Journal of Professional Business Review, 8(7), e02423. https://doi.org/10.26668/businessreview/2023.v8i7.2423
6. Dawson, C. (2017). Financial optimism and entrepreneurial satisfaction. Strategic Entrepreneurship Journal, 11(2), 171-194. https://doi.org/10.1002/sej.1244
7. Qu, L. (2023). Research on optimizing the path of education of ideologic and politic combined with multi-objective planning for the cultivation of innovative and entrepreneurial abilities. Applied Mathematics and Nonlinear Sciences, 9(1). https://doi.org/10.2478/amns.2023.2.01285
8. Rakotoarisoa, M., Sulistyandari, S., Ravoaja, H., Randrianantenaina, S., & Ramalina, R. (2022). Influence of positive psychological capital on social entrepreneurship intention during covid-19. International Journal of Economics and Business Issues, 1(1), 28-43. https://doi.org/10.59092/ijebi.vol1.iss1.8
9. Zheng, J. (2024). Optimization of resource allocation of university innovation and entrepreneurship education based on collaborative filtering algorithm. jes, 20(3s), 1853-1862. https://doi.org/10.52783/jes.1724
10. Putnam, R. D. (2000). Bowling alone: The collapse and revival of American community. Simon and Schuster
11. Coleman, J. S. (1988). Social capital in the creation of human capital. American Journal of Sociology, 94(S1), S95-S120.
12. Adler, P. S., & Kwon, S. W. (2022). Social capital: Prospects for a new concept. Academy of Management Review, 27(1), 17-40.
13. Newman et al (2022), Small Businesses and Entrepreneurship in Times of Crises: The Renaissance of Entrepreneur-Focused Micro Perspectives International Small Business Journal: Researching Entrepreneurship 2022, Vol. 40(2) 119–129 DOI: 10.1177/02662426211063390
14. Jalil et al (2023), The influence of psychological capital and social capital on women entrepreneurs’ intentions: the mediating role of attitude HUMANITIES AND SOCIAL SCIENCES COMMUNICATIONS | (2023) 10:393 | https://doi.org/10.1057/s41599-023-01908-3
15. Acta Oeconomica Pragensia, 2019, 27(3–4), 61–77, https://doi.org/10.18267/j.aop.628
16. Ghazi. (2017). The impact of strategic planning on crisis management styles in the 5-star hotels. المجلة العلمية لکلية السياحة و الفنادق جامعة الأسکندرية, 14(14 - A), 24-42. https://doi.org/10.21608/thalexu.2017.48499
17. Heath, R. (2001). Effective problem and crisis management - fast? and the six interaction rules. International Journal of Emergency Management, 1(1), 49. https://doi.org/10.1504/ijem.2001.000509
18. Gaspar, R., Domingos, S., Brito, D., Leiras, G., Filipe, J., Raposo, B., … & Arriaga, M. (2020). Striving for crisis resolution or crisis resilience? the crisis layers and thresholds model and information and communication technology‐mediated social sensing for evidence‐based crisis management and communication. Human Behavior and Emerging Technologies, 3(1), 40-52. https://doi.org/10.1002/hbe2.241
19. Meiste, R. and Jakštienė, S. (2015). Crisis diagnosis in anti-crisis management process in a company. Oeconomia Copernicana, 6(4), 49. https://doi.org/10.12775/oec.2015.028
20. Vašíčková, V. (2020). Crisis management process - a literature review and a conceptual integration. Acta Oeconomica Pragensia, 27(3-4), 61-77. https://doi.org/10.18267/j.aop.628
21. Fuhr, A. A team approach to corporate crisis management.. https://doi.org/10.24124/2011/bpgub1513
22. Bukar, U., Jabar, M., Sidi, F., Nor, R., Abdullah, S., & Othman, M. (2020). Crisis informatics in the context of social media crisis communication: theoretical models, taxonomy, and open issues. Ieee Access, 8, 185842-185869. https://doi.org/10.1109/access.2020.3030184
23. Laajalahti, A., Hyvärinen, J., & Vos, M. (2016). Crisis communication competence in co-producing safety with citizen groups. Social Sciences, 5(1), 13. https://doi.org/10.3390/socsci5010013
24. Harris, M., & Raviv, A. (1991). The Theory of Capital Structure. The Journal of Finance, 46(1), 297-355.
25. Shleifer, A., & Vishny, R. W. (1992). Liquidation Values and Debt Capacity: A Market Equilibrium Approach. The Journal of Finance, 47(4), 1343-1366.
26. Campbell, J. Y., & Shiller, R. J. (1988). Stock Prices, Earnings, and Expected Dividends. The Journal of Finance, 43(3), 661-676.
27. Selim Sahin et al. / Procedia - Social and Behavioral Sciences 195 ( 2015 ) 2298 – 2305
28. Doherty, N. A. (2000). Integrated Risk Management: Techniques and Strategies for Managing Corporate Risk. McGraw-Hill.
29. Cummins, J. D., & Weiss, M. A. (2009). Convergence of Insurance and Financial Markets: Hybrid and Securitized Risk-Transfer Solutions. Journal of Risk and Insurance, 76(3), 493-545.
30. Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297
31. Gilson, S. C. (1990). Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default. Journal of Financial Economics, 27(2), 355-387.
32. Andrade, G., & Kaplan, S. N. (1998). How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed. The Journal of Finance, 53(5), 1443-1493.
33. Brealey, R. A., & Myers, S. C. (2003). Principles of Corporate Finance. McGraw-Hill.
34. Baum, J. R., Locke, E. A., & Smith, K. G. (2001). A Multidimensional Model of Venture Growth. Academy of Management Journal, 44(2), 292-303.
35. D'Aveni, R. A. (1989). The Aftermath of Organizational Decline: A Longitudinal Study of the Strategic and Managerial Characteristics of Declining Firms. Academy of Management Journal, 32(3), 577-605.
36. Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money. Macmillan.
37. Berger, A. N., & Udell, G. F. (1998). The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking & Finance, 22(6-8), 613-673.
38. Evans, D. S., & Jovanovic, B. (1989). An Estimated Model of Entrepreneurial Choice under Liquidity Constraints. Journal of Political Economy, 97(4), 808-827.
39. Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99-120.
40. Penrose, E. T. (1959). The Theory of the Growth of the Firm. Oxford University Press.
41. Peteraf, M. A. (1993). The Cornerstones of Competitive Advantage: A Resource-Based View. Strategic Management Journal, 14(3), 179-191.
42. Gertler, M., & Gilchrist, S. (1994). Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms. The Quarterly Journal of Economics, 109(2), 309-340.
43. Rajan, R. G., & Zingales, L. (1998). Financial Dependence and Growth. The American Economic Review, 88(3), 559-586.
44. Demirgüç-Kunt, A., & Maksimovic, V. (1998). Law, Finance, and Firm Growth. The Journal of Finance, 53(6), 2107-2137.
45. Schumpeter, J. A. (1942). Capitalism, Socialism, and Democracy. Harper & Brothers.
46. Cohen, W. M., & Levinthal, D. A. (1990). Absorptive Capacity: A New Perspective on Learning and Innovation. Administrative Science Quarterly, 35(1), 128-152.
47. Mansfield, E. (1981). Composition of R&D Expenditures: Relationship to Size of Firm, Concentration, and Innovative Output. The Review of Economics and Statistics, 63(4), 610-615.
48. Horngren, C. T., Datar, S. M., & Foster, G. (2002). Cost Accounting: A Managerial Emphasis. Prentice Hall.
49. Kaplan, R. S., & Norton, D. P. (1996). The Balanced Scorecard: Translating Strategy into Action. Harvard Business School Press.
50. Hope, J., & Fraser, R. (2003). Beyond Budgeting: How Managers Can Break Free from the Annual Performance Trap. Harvard Business Review, 81(2), 121-122.
51. Hu, R; Shen, ZX; Kang, TW; Wang, L; Bin, P; Sun, S 2023 Entrepreneurial Passion Matters: The Relationship Between Proactive Personality and Entrepreneurial Intention SAGE OPEN http://dx.doi.org/10.1177/21582440231200940
52. Fink, S. (1986). Crisis Management: Planning for the Inevitable. AMACOM.
53. Mitroff, I. I., Shrivastava, P., & Udwadia, F. E. (1987). Effective Crisis Management. The Academy of Management Executive, 1(3), 283-292.
54. Pearson, C. M., & Clair, J. A. (1998). Reframing Crisis Management. The Academy of Management Review, 23(1), 59-76.
55. Cameron, K. S. (1994). Strategies for Successful Organizational Downsizing. Human Resource Management, 33(2), 189-211.
56. Cascio, W. F. (1993). Downsizing: What Do We Know? What Have We Learned? Academy of Management Perspectives, 7(1), 95-104.
57. Myers, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5(2), 147-175
58. Berger, A. N., & Udell, G. F. (1995). Relationship Lending and Lines of Credit in Small Firm Finance. The Journal of Business, 68(3), 351-381.
59. Petersen, M. A., & Rajan, R. G. (1994). The Benefits of Lending Relationships: Evidence from Small Business Data. The Journal of Finance, 49(1), 3-37.
60. Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77-91.
61. Merton, R. C. (1974). On the Pricing of Corporate Debt: The Risk Structure of Interest Rates. The Journal of Finance, 29(2), 449-470.
62. Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
63. Argyris, C., & Schön, D. A. (1978). Organizational Learning: A Theory of Action Perspective. Addison-Wesley.
64. Senge, P. M. (1990). The Fifth Discipline: The Art and Practice of the Learning Organization. Doubleday/Currency.
65. Jang, Y; Lee, WJ; Hadley, B 2020 Interactive Effects of Business Environment Assessment and Institutional Programs on Opportunity Entrepreneurship SUSTAINABILITY http://dx.doi.org/10.3390/su12135280
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Published
2024-12-28
How to Cite
El Fartakh, Y., & Boungab, S. (2024). De l’Etat d’Esprit au Comportement Financier : Un Modèle Conceptuel sur les Fondements Psychologiques derrière les Décisions Financières des EntrepreneursDirigeants en Temps de crise. European Scientific Journal, ESJ, 36, 496. Retrieved from https://eujournal.org/index.php/esj/article/view/18917
Section
ESI Preprints
Copyright (c) 2024 Yassine El Fartakh, Souad Boungab
This work is licensed under a Creative Commons Attribution 4.0 International License.
