행동적 편향이 소상공인의 성과취약성에 미치는 영향: 재무적 위험인식의 역할 = The Impact of Behavioral Biases on Performance Vulnerability among Small Business: The Role of Risk Perception

다국어 초록 (Multilingual Abstract)

This study examines the relationship between behavioral biases and performance vulnerability among small business owners, with a focus on financial risk perception. Using behavior-based measures of overconfidence, optimistic expectation bias, and present bias, we analyze 12,820 newly established firms from the 2023 Small Business Survey in Korea. Financial risk perception is examined using linear regression, while performance vulnerability is analyzed through binary logistic regression.
The results indicate that behavioral biases are significantly associated with financial risk perception; however, after controlling for firm size and other structural factors, neither behavioral biases nor financial risk perception exhibit strong direct effects on performance vulnerability. This suggests that performance vulnerability is primarily driven by structural constraints, whereas behavioral biases operate mainly through cognitive processes of risk recognition rather than as direct determinants of adverse outcomes.
By highlighting the distinction between cognitive distortions and structural drivers of vulnerability, this study extends prior research on small business performance and underscores the importance of preventive policy approaches that complement structural support with interventions targeting decision-making processes.