Problemistic search for a better world: risk-taking of social ventures in alleviating poverty
研究小额信贷机构在财务绩效低于目标时，如何通过问题性搜寻增加风险承担来缓解贫困，并发现非营利身份强化、制度治理弱化这一关系。
This study explores how social ventures, particularly microfinance institutions (MFIs), respond to performance challenges through problemistic search and increased risk-taking in their mission to alleviate poverty. Using performance feedback theory, we predict that MFIs carry out problemistic search and increase risk-taking when their financial performance negatively deviates from an aspiration level. We explore boundary conditions and suggest that both nonprofit identity and institutional governance influence the relationship between negative performance feedback and risk-taking. Empirical analyses of 718 MFIs across 81 countries between 2004 and 2010 largely support our hypotheses. We find that MFIs increase risk-taking when their financial performance falls below an aspiration level. We also find that nonprofit identity strengthens this relationship, while institutional governance mitigates it. These findings offer valuable insights for practitioners and policymakers, supporting strategic decision-making by social ventures to contribute to a better world.