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Purpose: The aim of this paper focuses on advancing the entrepreneurial literature by enhancing the understanding of the connections between personal behavior and cognitive skills in decision making under uncertainty. Methodology: The method of this research has been adapted the framework used by Garrett and Holland (2015), who developed propositions from the conceptual narratives of how environmental uncertainty and complexity differentially affect the motivations and cognition of independent entrepreneurs and corporate entrepreneurs to engage in entrepreneurial action. Findings: The findings of this research provide a conceptual basis for a broader perspective on behaviors and cognitions that motivate or hinder entrepreneurial actions while at the same time, positioning the entrepreneur’s decision at the core of decision theory. Implications for theory and practice: Theoretically, this research contributes to a holistic view of opportunity decisions. It redirects the traditional analyses path of entrepreneurial decisions discussed distinctively from the personal behavior or cognition paradigm, which does not provide a complete view into the larger entrepreneurial decisions under uncertainty. Practically, our argument provides further insight into the black box of entrepreneurial opportunity decisions under uncertainty and thus highlights the need for a broader perspective for the entrepreneur, especially in the early stage of venture formation, where some cognitions and required personal attributes are needed in consonance for entrepreneurial action. Originality and value: Entrepreneurship research on decision making under uncertainty has mainly focused on the effect of uncertainty on entrepreneurial actions, while an attempt at the individual level, particularly, from the cognitive framework seeks to explain why actions differ. Scholarly efforts have also been made on what informs entrepreneurial actions from the perspective of the entrepreneur’s personal attributes. However, no integrated approach is offered in the literature to study how cognitive skills and personality traits complement each other.

<p> </p><div> <div> <div> <p>Entrepreneurship research on decision making under uncertainty has focused largely on the effect of uncertainty on the entrepreneurial actions while attempt at the individual level particularly, from the cognitive framework seeks to explain why actions differ. Scholarly efforts have also been made on what informs entrepreneurial actions from the perspective of the entrepreneur’s personal attributes. However, no integrated approach is offered in the literature to study how cognitive skills and personality traits complement each other. In this paper, we consider how cognitive skills and personality traits affect an entrepreneur’s decision to discover or create opportunities under uncertainty. Specifically, we examine the complementary role of personality traits and cognitive skills towards opportunity decisions. We provide a conceptual basis for a broader perspective on behaviors and cognitions that motivate or hinder entrepreneurial actions while at the same time positioning the entrepreneur’s decision at the core of the decision theory. Propositions regarding the application of some selected personality traits and cognitive skills and their complementarity are presented and discussed. </p> </div> </div> </div><br><p></p>

This study investigates whether there is an institutional quality threshold effect on income distribution. We employ the dynamic panel threshold model developed by Kremer et al. (2013: Empirical Economics 44(2): 861–878) and a panel of both developing and advanced countries from 1995 to 2017. Our findings suggest the inequality-reducing effect of institutional quality is disproportionate. More specifically, we find two-pronged results: (i) when institutional quality is measured by World Governance Indicators, we find quadratic effect for advanced countries, but a monotonic negative effect for developing countries; (ii) when the International Country Risk Guide-based measure of institutional quality is used as the threshold variable, we find a Kuznets inverted U-shaped relationship between institutions and income inequality for both advanced and developing countries. The results also show a higher threshold value for developing countries compared to advanced economies. These results are robust to both measurement and endogeneity issues. The results have interesting policy implications for income inequality in developing economies.