Students’ Survey: Propensity to Innovate
Objectives: The research in progress relates to the behavioral corporate finance field and is devoted to students’ propensity to innovate. The term “propensity to innovate” is often used in the research devoted to entrepreneurship orientation, however, the literature review revealed an absence of methodology to measure it. Thus, the goal of current research is to measure propensity to innovate and identify its determinants. Data: The data about students and recent graduates of NRU Higher School of Economics was gathered by the survey. Method: We prepared a questionnaire that measures propensity to innovate using alternative Kirton adoption inventory (AltKirt). Based on Schweizer's (2006) novelty generation model we highlighted 3 main determinants of propensity to innovate: sensation seeking, creativity, and risk-attitude. Sensation seeking was measured using brief sensation seeking scale (BSSS) developed by Hoyle et al. (2002); creativity - using Johnson’s questionnaire (2002), Torrance’s test of creative thinking (1972), Mednick’s verbal creativity test (1962), and creative achievements questionnaire (CAQ); risk-attitude - using Gneezy & Potters (1997) and Eckel & Grossman (2002) methods. Also, a set of control variables was included in the model. Results: We revealed a positive correlation between the propensity to innovate and sensation seeking, creativity, and risk-attitude. Also, we checked the hypothesis that willingness to receive under risk is higher than a willingness to invest under risk. Additionally, we found that the older a person the less often he does sports; acting as a parent in childhood surprisingly increases risk-taking; and that creativity measured by CAQ is negatively correlated with verbal creativity and creative thinking, which potentially may be explained by “boundary creativity” by analogy with boundary rationality. Conclusions: The research provides is the first one, according to our knowledge, that tested the relationship between propensity to innovate and its determinants such as sensation-seeking, creativity, and risk-attitude. Implementation of the research results may be quite wide: from an interview for magistracy to selection of personnel for innovative companies.