Overconfidence and French SME performance
This paper investigates the relationship between entrepreneur overconfidence and French SMEs’ performance. Using a unique dataset linking objective firm financial performance to the individual characteristics and cognitive biases of their owners, we conclude that overestimation is detrimental to ris...
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| Julkaisussa: | URI:https://journals.openedition.org/fcs, |
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| Päätekijät: | , , |
| Aineistotyyppi: | Article ou chapitre numérique |
| Kieli: | Anglais |
| Julkaistu: |
Finance Contrôle Stratégie
2026
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| Aiheet: | |
| Linkit: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
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openedition-oai:revues.org:fcs_14217 |
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openedition |
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openedition-oai:revues.org:fcs_14217 https://doi.org/10.4000/15x8b urn:doi:10.4000/15x8b en https://journals.openedition.org/fcs/14217 2026-03-20T01:00:00Z info:eu-repo/semantics/openAccess article info:eu-repo/semantics/article urn:handle:20.500.13089/15x8b https://creativecommons.org/licenses/by-sa/4.0/ Overconfidence and French SME performance Finance Contrôle Stratégie Association FCS info:eu-repo/semantics/reference/issn/2261-5512 info:eu-repo/semantics/reference/issn/1287-1141 URI:https://journals.openedition.org/fcs Bijlholt, Juliette Hamelin, Anaïs Pfiffelmann, Marie performance excès de confiance entrepreneur PME questionnaire performance overconfidence entrepreneur SME survey This paper investigates the relationship between entrepreneur overconfidence and French SMEs’ performance. Using a unique dataset linking objective firm financial performance to the individual characteristics and cognitive biases of their owners, we conclude that overestimation is detrimental to risk-adjusted firm performance. The opposite effect appears when examining overplacement, which we find to have a positive effect on risk-adjusted firm performance. We do not, however, find a significant link between overprecision and firm performance. Consequently, our findings are important as they show that the crux of the “trouble with overconfidence” (Moore and Healy, 2008) lies in overestimation. Cet article étudie l'impact de l'excès de confiance des entrepreneurs sur la performance des PME françaises. En utilisant des données reliant la performance objective des entreprises aux caractéristiques et aux biais cognitifs des entrepreneurs, nous observons que l’overestimation nuit à la performance ajustée au risque. À l'inverse, l’overplacement a un effet positif sur la performance ajustée au risque de l'entreprise. Aucune relation significative n'a été observée entre l'overprecision et la performance. Ces résultats soulignent que le cœur du “ problème de l'excès de confiance » (Moore et Healy, 2008) réside dans l’overestimation. |
| collection |
OpenEdition Journal |
| language |
Anglais |
| format |
Article ou chapitre numérique |
| building |
0/Bibliothèque numérique/ 1/Bibliothèque numérique/OpenEdition Journals/ |
| topic |
performance excès de confiance entrepreneur PME questionnaire performance overconfidence entrepreneur SME survey |
| spellingShingle |
performance excès de confiance entrepreneur PME questionnaire performance overconfidence entrepreneur SME survey Bijlholt, Juliette Hamelin, Anaïs Pfiffelmann, Marie Overconfidence and French SME performance |
| description |
This paper investigates the relationship between entrepreneur overconfidence and French SMEs’ performance. Using a unique dataset linking objective firm financial performance to the individual characteristics and cognitive biases of their owners, we conclude that overestimation is detrimental to risk-adjusted firm performance. The opposite effect appears when examining overplacement, which we find to have a positive effect on risk-adjusted firm performance. We do not, however, find a significant link between overprecision and firm performance. Consequently, our findings are important as they show that the crux of the “trouble with overconfidence” (Moore and Healy, 2008) lies in overestimation. |
| author |
Bijlholt, Juliette Hamelin, Anaïs Pfiffelmann, Marie |
| author_facet |
Bijlholt, Juliette Hamelin, Anaïs Pfiffelmann, Marie |
| author_sort |
Bijlholt, Juliette |
| title |
Overconfidence and French SME performance |
| title_short |
Overconfidence and French SME performance |
| title_full |
Overconfidence and French SME performance |
| title_fullStr |
Overconfidence and French SME performance |
| title_full_unstemmed |
Overconfidence and French SME performance |
| title_sort |
overconfidence and french sme performance |
| publisher |
Finance Contrôle Stratégie |
| publishDate |
2026 |
| container_title |
URI:https://journals.openedition.org/fcs |
| url |
https://ezproxy.univ-orleans.fr/login?url=https://doi.org/10.4000/15x8b https://ezproxy.univ-orleans.fr/login?url=https://journals.openedition.org/fcs/14217 |
| _version_ |
1877291753217720320 |