Risk-taking in a transitional economy: the case of Bulgarian microentrepreneurs

The paper describes the results of an empirical study of some business environment factors impact on risk taking decision-making of entrepreneurs on the basis of individual entrepreneurial judgments. Multiple regression analysis is used to interpret data collected from 382 micro-entrepreneurs. It aims to answer the question of whether differences across economic environments may be reflected in entrepreneurs’ risk perception. Results indicate that environmental dynamism and uncertainty appear to have significant influence on risk-taking behavior being natively related to it. Some policy implications of this research are discussed in the context of conducted market transition reforms. JEL Classification: M13, D81, P20