Risk preference, prior experience, and serial entrepreneurship performance: evidence from China

Serial entrepreneurial performance is affected by serial entrepreneurs’ risk preference, but the way prior experience affects the relationship between the risk preference and performance remains unclear. Through regression analysis of 588 listed serial entrepreneurial companies in China, this paper shows that serial entrepreneurs who make more use of risk have higher serial entrepreneurial performance. For serial entrepreneurs with relevant industry experience, the degree of influence of their risk preference on serial entrepreneurial performance will be strengthened. For serial entrepreneurs with rich entrepreneurial experience, the degree of influence of their risk preference on serial entrepreneurial performance will be weakened. The results are conducive to the effective use of prior experience and reasonable adjustment of risk preference for serial entrepreneurial enterprises, thereby improving the performance of serial entrepreneurship.