Investigating Beliefs, Attitudes, And Intentions Regarding Strategic Decision-Making Process: An Application Of Theory Planned Behavior With Moderating Effects Of Overconfidence And Confirmation Biases

Abstract

The current research aims to apply the theory of planned behavior (TPB), as one of the most used models in the literature in terms of feasibility, testability, methodological suitability, and validity within managers who make strategic decisions in Malaysian SMEs. The current study analyzed the most common biases (overconfidence and confirmation) as moderators in the strategic making decision process.A convenience sampling technique was used for methodology with a population of 450 managers in Malaysian SMEs. The findings support the model used with predictive variables of attitude, subjective norms, and perceived behavioral control and determined the exclusion of overconfident bias as an interfering variable for the managers.Confirmation bias plaid a vital role among managers. The current study provides useful theoretical and practical implications for strategic making decision managers in Malaysian SMEs.