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EMAC 2023 Annual

Internationalization and Managerial Overconfidence Revisited

Published: May 24, 2023


MARKOS TSOGAS, University of Piraeus; Marina Kyriakou, University of Piraeus; Georgia Sioupouli, University of Piraeus


This study aims to revisit the role of managerial overconfidence in internationalization decisions, with an emphasis on international market selection. The microfoundation perspective in international decision-making remains largely an unexploited path that promises to shed light into how these decisions can be affected by cognitive shortcuts. Initial results of a survey that took place among exporters in a European country confirm the importance of overconfidence as a personality trait during complex and uncertain country or foreign opportunity selection decisions. Our research underlines that ignorance is not a curse in managerial decisions, only when the Delphic “know thyself” principle is applied and managers understand what they do not know.