A preliminary study for refinement of equity preference questionnaire Application of Item response theory (IRT)

Main Article Content

SeungRib Park
Yongwon Suh


Equity Preference Questionnaire (EPQ; Sauley & Bedeian, 2000) was developed as an alternative measure of Equity Sensitivity Instrument (ESI; Huseman, Hatfield, & Miles, 1987) assessing the construct of equity sensitivity. However, EQP appeared to have sub-dimensions, making it difficult to explain which the sub-factors are relavant to the equity sensitivity and causing the dispute on the validity issue, including the multidimensionality, of the measure. Current study, by using the principal component analysis, was able to confirm that EPQ was unidimensional. Besides, with the use of Item Response Theory (IRT; Embretson, & Reise, 2000), the EPQ measuere was investigated at the item level, which was unable to precisely estimate, in the classical test theory, the trait of both ‘Benevolents’ and ‘Entitleds’ comprised of equity sensitivity. Based on the results of both item and test information funcion in IRT, 6 out of 16 items were dropped from the measure due to the lack of the item information. The modified EPQ resulted in single factor as originally devised by Sauley and Bedeian(2000), and the predicting power of the revised measure remained stable. Implications are noted for further inquiry into refinement of modified EPQ.


Metrics Loading ...

Article Details

How to Cite
Park, S., & Suh, Y. (2016). A preliminary study for refinement of equity preference questionnaire: Application of Item response theory (IRT). Korean Journal of Industrial and Organizational Psychology, 29(2), 133–155. https://doi.org/10.24230/kjiop.v29i2.133-155
Empirical Articles


김명언 (1990). 정보화사회와 기업변화. 한국사회학회 기타간행물, 23-47.

이재윤, 김명언 (2015). 문화와 창의성 개관: 과거, 현재 그리고 미래. 한국심리학회지: 일반, 3, 1-26.

포효다, 이상명, 한정화 (2009). 학술연구: 창업팀 특성 및 꽌시 이용도가 창업성과에 미치는 영향에 관한 연구: 베이징 지역 기술창업기업을 중심으로. 기업가정신과 벤처연구 (구 벤처경영연구), 12(4), 1-18.

Amason, A. C., Shrader, R. C., & Tompson, G. H. (2006). Newness and novelty: Relating top management team composition to new venture performance. Journal of Business Venturing, 21(1), 125-148. DOI: https://doi.org/10.1016/j.jbusvent.2005.04.008

Autio, E., Sapienza, H. J., & Almeida, J. G. (2000). Effects of age at entry, knowledge intensity, and imitability on international growth. Academy of Management Journal, 43(5), 909-924.

Barrick, M. R., Stewart, G. L., Neubert, M. J., & Mount, M. K. (1998). Relating member ability and personality to work-team processes and team effectiveness. Journal of Applied Psychology, 83(3), 377. DOI: https://doi.org/10.1037/0021-9010.83.3.377

Barry, B., & Stewart, G. L. (1997). Composition, process, and performance in self-managed groups: the role of personality. Journal of Applied Psychology, 82(1), 62. DOI: https://doi.org/10.1037/0021-9010.82.1.62

Bartel, C. A., & Milliken, F. J. (2004). Perceptions of time in work groups: Do members develop shared cognitions about their temporal demands. Research on Managing Groups and Teams: Time in Groups, 6, 87-109.

Beckman, C. M. (2006). The influence of founding team company affiliations on firm behavior. Academy of Management Journal, 49(4), 741-758. DOI: https://doi.org/10.5465/amj.2006.22083030

Beckman, C. M., Burton, M. D., & O'Reilly, C. (2007). Early teams: The impact of team demography on VC financing and going public. Journal of Business Venturing, 22(2), 147-173. DOI: https://doi.org/10.1016/j.jbusvent.2006.02.001

Bernard, H, R. (1995). Research Methods in Anthropology, Second Edition. London: Sage Publications.

Brush, C. G., & Vanderwerf, P. A. (1992). A comparison of methods and sources for obtaining estimates of new venture performance. Journal of Business Venturing, 7(2), 157-170. DOI: https://doi.org/10.1016/0883-9026(92)90010-O

Buehler, R., Griffin, D., & Ross, M. (1995). It's about time: Optimistic predictions in work and love. European Review of Social Psychology, 6(1), 1-32. DOI: https://doi.org/10.1080/14792779343000112

Buehler, R., Griffin, D., & Peetz, J. (2010). Chapter one-the planning fallacy: cognitive, motivational, and social origins. Advances in Experimental Social Psychology, 43, 1-62.

Chandler, G. N., Honig, B., & Wiklund, J. (2005). Antecedents, moderators, and performance consequences of membership change in new venture teams. Journal of Business Venturing, 20(5), 705-725. DOI: https://doi.org/10.1016/j.jbusvent.2004.09.001

Chowdhury, S. (2005). Demographic diversity for building an effective entrepreneurial team: is it important?. Journal of Business Venturing, 20(6), 727-746. DOI: https://doi.org/10.1016/j.jbusvent.2004.07.001

Clarysse, B., & Moray, N. (2004). A process study of entrepreneurial team formation: the case of a research-based spin-off. Journal of Business Venturing, 19(1), 55-79. DOI: https://doi.org/10.1016/S0883-9026(02)00113-1

Colaizzi, P. F. (1978). Psychological research as the phenomenologist views it. Existential Phenomenological Alternatives for Psychology. Oxford University Press, New York.

Cooney, T. (2005). What is an entrepreneurial team?. International Small Business Journal, 23(3), 226-235. DOI: https://doi.org/10.1177/0266242605052131

Costa, P. T., & McCrae, R. R. (1992). Four ways five factors are basic. Personality and Individual Differences, 13(6), 653-665. DOI: https://doi.org/10.1016/0191-8869(92)90236-I

Covin, J. G., & Wales, W. J. (2011). The measurement of entrepreneurial orientation. Entrepreneurship Theory and Practice, 1(1), 1-26.

Creswell, J. W., & Miller, D. L. (2000). Determining validity in qualitative inquiry. Theory into Practice, 39(3), 124-130. DOI: https://doi.org/10.1207/s15430421tip3903_2

Eisenhardt, K. M., & Bourgeois, L. J. (1988). Politics of strategic decision making in high-velocity environments: Toward a midrange theory. Academy of Management Journal, 31(4), 737-770.

Ensley, M. D., Pearson, A. W., & Amason, A. C. (2002). Understanding the dynamics of new venture top management teams: cohesion, conflict, and new venture performance. Journal of Business Venturing, 17(4), 365-386. DOI: https://doi.org/10.1016/S0883-9026(00)00065-3

Fern, M. J., Cardinal, L. B., & O'Neill, H. M. (2012). The genesis of strategy in new ventures: escaping the constraints of founder and team knowledge. Strategic Management Journal, 33(4), 427-447.

Foo, M. D., Sin, H. P., & Yiong, L. P. (2006). Effects of team inputs and intrateam processes on perceptions of team viability and member satisfaction in nascent ventures. Strategic Management Journal, 389-399. DOI: https://doi.org/10.1002/smj.514

Frese, M. (2009). Toward a psychology of entrepreneurship: An action theory perspective. Foundations and Trends in Entrepreneurship, 5(6), 435-494. DOI: https://doi.org/10.1561/0300000028

Frese, M., & Gielnik, M. M. (2014). The Psychology of entrepreneurship. Annual Review of Organizational Psychology and Organizational Behavior, 1(1), 413-438. DOI: https://doi.org/10.1146/annurev-orgpsych-031413-091326

Gartner, W. B. (1985). A conceptual framework for describing the phenomenon of new venture creation. Academy of Management Review, 10(4), 696-706. DOI: https://doi.org/10.5465/amr.1985.4279094

Gartner, W. B., Shaver, K. G., Gatewood, E., & Katz, J. A. (1994). Finding the entrepreneur in entrepreneurship. Entrepreneurship Theory and Practice, 18, 5-5. DOI: https://doi.org/10.1177/104225879401800301

Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206. DOI: https://doi.org/10.5465/amr.1984.4277628

Harrison, D. A., & Klein, K. J. (2007). What's the difference? Diversity constructs as separation, variety, or disparity in organizations. Academy of Management Review, 32(4), 1199-1228. DOI: https://doi.org/10.5465/amr.2007.26586096

Harrison, D. A., Price, K. H., & Bell, M. P. (1998). Beyond relational demography: Time and the effects of surface-and deep-level diversity on work group cohesion. Academy of Management Journal, 41(1), 96-107.

Harrison, D. A., Price, K. H., Gavin, J. H., & Florey, A. T. (2002). Time, teams, and task performance: Changing effects of surface-and deep-level diversity on group functioning. Academy of Management Journal, 45(5), 1029- 1045. DOI: https://doi.org/10.5465/3069328

Hinssen, P. (2010). The New Normal, MachMedia NV, Edison, NJ.

Fern, M. J., Cardinal, L. B., & O'Neill, H. M. (2012). The genesis of strategy in new ventures: escaping the constraints of founder and team knowledge. Strategic Management Journal, 33(4), 427-447. DOI: https://doi.org/10.1002/smj.1944

Hmieleski, K. M. & Baron, R. A. (2009). Entrepreneurs' optimism and new venture performance: A social cognitive perspective. Academy of Management Journal, 52(3), 473-488. DOI: https://doi.org/10.5465/amj.2009.41330755

Hornaday, J. A., & Aboud, J. (1971). Characteristics of Successful Entrepreneurs. Personnel Psychology, 24(2), 141-153. DOI: https://doi.org/10.1111/j.1744-6570.1971.tb02469.x

Iacobucci, D., & Rosa, P. (2010). The growth of business groups by habitual entrepreneurs: The role of entrepreneurial teams. Entrepreneurship Theory and Practice, 34(2), 351-377. DOI: https://doi.org/10.1111/j.1540-6520.2010.00378.x

Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica: Journal of the Econometric Society, 263-291. DOI: https://doi.org/10.2307/1914185

Kazanjian, R. K., & Rao, H. (1999). Research note: the creation of capabilities in new ventures-a longitudinal study. Organization Studies, 20(1), 125-142. DOI: https://doi.org/10.1177/0170840699201006

Kelley, D., Bosma, N. S., & Amorós, J. E. (2011). Global entrepreneurship monitor 2010 executive report.

Kim, Y., & Heshmati, A. (2010). Analysis of Korean IT start-ups’ initial public offering and their post-IPO performance. Journal of Productivity Analysis, 34(2), 133-149. DOI: https://doi.org/10.1007/s11123-010-0176-0

Klotz, A. C., Hmieleski, K. M., Bradley, B. H., & Busenitz, L. W. (2014). New venture teams a review of the literature and roadmap for future research. Journal of Management, 40(1), 226-255. DOI: https://doi.org/10.1177/0149206313493325

Knockaert, M., Ucbasaran, D., Wright, M., & Clarysse, B. (2011). The relationship between knowledge transfer, top management team composition, and performance: the case of science‐based entrepreneurial firms. Entrepreneurship Theory and Practice, 35(4), 777-803. DOI: https://doi.org/10.1111/j.1540-6520.2010.00405.x

Koellinger, P., Minniti, M., & Schade, C. (2007). “I think I can, I think I can”: Overconfidence and entrepreneurial behavior. Journal of Economic Psychology, 28(4), 502-527. DOI: https://doi.org/10.1016/j.joep.2006.11.002

Lavine, M. (2014). Paradoxical leadership and he competing values framework. Journal of Applied Behavioral Science, 50(2), 189-205. DOI: https://doi.org/10.1177/0021886314522510

Lawrence, B. S. (1997). Perspective-the black box of organizational demography. Organization Science, 8(1), 1-22. DOI: https://doi.org/10.1287/orsc.8.1.1

Lechler, T. (2001). Social interaction: A determinant of entrepreneurial team venture success. Small Business Economics, 16(4), 263-278. DOI: https://doi.org/10.1023/A:1011167519304

Locke, E. A., & Latham, G. P. (2002). Building a practically useful theory of goal setting and task motivation: A 35-year odyssey. American Psychologist, 57(9), 705. DOI: https://doi.org/10.1037/0003-066X.57.9.705

Lyon, D. W., Lumpkin, G. T., & Dess, G. G. (2000). Enhancing entrepreneurial orientation research: Operationalizing and measuring a key strategic decision making process. Journal of Management, 26(5), 1055-1085. DOI: https://doi.org/10.1177/014920630002600503

Maschke, K. & zu Knyphausen-Aufseβ, D. (2012). How the entrepreneurial top management team setup influences firm performance and the ability to raise capital: A Literature Review. Business Research, 5(1), 83-123. DOI: https://doi.org/10.1007/BF03342733

McClelland, D. C. (1961). The achievement society. Princenton, NJ: Von Nostrand.

Milliken, F. J., & Martins, L. L. (1996). Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Review, 21(2), 402-433. DOI: https://doi.org/10.5465/amr.1996.9605060217

Mohammed, S., & Angell, L. C. (2004). Surface and deep‐level diversity in workgroups: Examining the moderating effects of team orientation and team process on relationship conflict. Journal of Organizational Behavior, 25(8), 1015-1039. DOI: https://doi.org/10.1002/job.293

Mokwa, C. F., & Sievers, S. (2012). The Relevance of Biases in Management Forecasts for Failure Prediction in Venture Capital Investments. Available at SSRN 2100501. DOI: https://doi.org/10.2139/ssrn.2100501

Nelson, R. R. (2007). IT Project Management: Infamous Failures, Classic Mistakes, and Best Practices. MIS Quarterly Executive, 6(2), 67-78.

Neuman, G. A., Wagner, S. H., & Christiansen, N. D. (1999). The relationship between work-team personality composition and the job performance of teams. Group & Organization Management, 24(1), 28-45. DOI: https://doi.org/10.1177/1059601199241003

Palmer, M. (1971). The application of psychological testing to entrepreneurial potential. California Management Review, 13(3), 32-38. DOI: https://doi.org/10.2307/41164291

Pearce, C. L., & Conger, J. A. (2003). Shared Leadership: Reframing the Hows and Whys of Leadership. Sage Publications.

Pelled, L. H., Eisenhardt, K. M., & Xin, K. R. (1999). Exploring the black box: An analysis of work group diversity, conflict and performance. Administrative Science Quarterly, 44(1), 1-28. DOI: https://doi.org/10.2307/2667029

Reynolds, P., & Miller, B. (1992). New firm gestation: Conception, birth, and implications for research. Journal of Business Venturing, 7(5), 405-417. DOI: https://doi.org/10.1016/0883-9026(92)90016-K

Rich, S. R., & Gumpert, D. E. (1985). How to write a winning business plan. Harvard Business Review, 63(3), 156.

Rothenberg, A. (2014). Flight from Wonder: An Investigation of Scientific Creativity. NY: Oxford University Press. DOI: https://doi.org/10.1093/acprof:oso/9780199988792.001.0001

Ruef, M. (2010). The entrepreneurial group: Social identities, relations, and collective action. Princeton University Press.

Ruef, M., Aldrich, H. E., & Carter, N. M. (2003). The structure of founding teams: Homophily, strong ties, and isolation among US entrepreneurs. American Sociological Review, 195-222. DOI: https://doi.org/10.2307/1519766

Russo, J. E., & Schoemaker, P. J. (2002). Winning decisions: Getting it right the first time. Crown Business.

Sassmannshausen, S. P. (2012). 99 entrepreneurship journals: A comparative empirical investigation of rankings, impact, and H/HC-index. Schumpeter Discussion Papers, (2012-002).

Sethi, R., Smith, D. C., & Park, C. W. (2001). Cross-functional product development teams, creativity, and the innovativeness of new consumer products. Journal of Marketing Research, 38(1), 73-85. DOI: https://doi.org/10.1509/jmkr.

Snedecor, G. W., & Cochran, W. G. (1989). Statistical methods, 8th Edn. Ames: Iowa State Univ. Press Iowa.

Spulber, D. F. (2014). The innovative entrepreneur. New York: Cambridge University Press. DOI: https://doi.org/10.1017/CBO9781107239012

Stewart Jr, W. H., & Roth, P. L. (2001). Risk propensity differences between entrepreneurs and managers: a meta-analytic review. Journal of Applied Psychology, 86(1), 145. DOI: https://doi.org/10.1037/0021-9010.86.1.145

Stinchcombe, A. L. (1965). Organizations and social structure. Handbook of Organizations, 44 (2), 142-193.

Sutton, R. I., & Callahan, A. L. (1987). The stigma of bankruptcy: Spoiled organizational image and its management. Academy of Management Journal, 30(3), 405-436.

Thoms, P. (2004). Driven by time: Time orientation and leadership. Greenwood Publishing Group.

Turner, J. C. (1982). Towards a cognitive redefinition of the social group. Social Identity and Intergroup Relations, 15-40.

Van Knippenberg, D., & Schippers, M. C. (2007). Work group diversity. Annual Review of Psychology, 58, 515-541. DOI: https://doi.org/10.1146/annurev.psych.58.110405.085546

Vanaelst, I., Clarysse, B., Wright, M., Lockett, A., Moray, N., & S'Jegers, R. (2006). Entrepreneurial team development in academic spinouts: An examination of team heterogeneity. Entrepreneurship Theory and Practice, 30(2), 249-271. DOI: https://doi.org/10.1111/j.1540-6520.2006.00120.x

Watson, W. E., Ponthieu, L. D., & Critelli, J. W. (1995). Team interpersonal process effectiveness in venture partnerships and its connection to perceived success. Journal of Business Venturing, 10(5), 393-411. DOI: https://doi.org/10.1016/0883-9026(95)00036-8

Weinzimmer, L. G. (1997). Top management team correlates of organizational growth in a small business context: a comparative study. Journal of Small Business Management, 35(3), 1.

Zhao, H., Seibert, S. E., & Hills, G. E. (2005). The mediating role of self-efficacy in the development of entrepreneurial intentions. Journal of Applied Psychology, 90(6), 1265. DOI: https://doi.org/10.1037/0021-9010.90.6.1265

Zhou, W. (2013). Shared leadership in teams: An empirical study of dispositional Antecedents. In Academy of Management Proceedings (Vol. 2013, No. 1, p. 11763). Academy of Management. DOI: https://doi.org/10.5465/ambpp.2013.31

Most read articles by the same author(s)