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MonikaWieczorek-Kosmala,IwonaGorzeń-Mitka
1.Thedomainfactorsdeterminingriskperception
1.1.Theunderstandingofrisk
Theunderstandingofriskisnotastraightforwardproblemasnumerousde-
finitionsofriskexist.Probablythemostwidelyknowndefinitionsofriskare
basedontheA.H.WilletandF.H.Knightdiscussions.AccordingtoWillet,risk
is“theobjectivecorrelativeofthesubjectiveuncertainty”and“itisuncertainty
consideredasembodiedinthecourseofeventsintheexternalworld”(Willet,
2002,p.29).Thedegreeofriskmaybeascertainedbytherelativeperfectionof
theknowledgeofprecedingconditions.AccordingtoKnight,riskisameasura-
bleuncertaintywhereasthetermuncertaintyshouldbelimitedtothecasesof
non-quantitativetypes(Knight,1964,p.20).Inotherwords,anentityfacesthe
riskiftheoutcomesareunknown,buttheprobabilitydistributionsareknownex-
ante.DerivingfromWilletandKnightconcepts,thedefinitionofriskisbased
ontheprobabilityofevents.Asaconsequence,manydefineriskasthevolatility
(variation)surroundingtheoutcomeofafutureevent(futureoutcomesaround
theexpected)(YoungandTippins,2001,p.73;Banks,2002,p.1;Williamsand
Heins,1989,p.8;Culp,2001,p.7).
Suchdefinitionofrisk,however,stressesthattheoutcomesofrisk,might
bebothnegativeorpositive,providingariseforthedistinctionofthenegative
andpositiveconceptofrisk(Zarządzanieryzykiem,2009,p.13;Culp,2001,p.7).
Theperceptionofriskwiththenegativeconceptismorecommon.Accordingly,
riskisassociatedwithathreat,andthusrequiresproperrisk-responseactions
thatarehelpfulinmitigatingoratleastminimisingtheimpactofrisk.Therisk
thatresultsonlyinthenegativeoutcomesisoftenreferredtoasthepurerisk.As
aconsequence,riskisbeingdefinedastheuncertaintyconcerningtheoccurren-
ceofloss(Rejda,2001,p.42).
Thepositiveconceptofriskassumesthatriskcanresultinthepositiveout-
comeaswellasinthenegativeoutcome.Thisisspecificsofthespeculativerisk
(Rejda,2001,p.6).Accordingly,riskmightbeutilisedtogainbenefitsandis
perceivedasanopportunityfortheentity.Suchapproachtoriskistypicalifwe
dealwithsomekindofinvestments(e.g.theprojectorfinancialinvestments)
(Hubbard,2009,p.88-90;Zarządzanieryzykiem,2009,p.13).However,riskas
anopportunityhasalsoastrategicdimension–thenegativeoutcomesofrisk
needtobecontrolledtoenableabusinesstomaximiseitsopportunities.Such
aconceptisbasedontheassumption,thateachstrategicdecisioninevitablybears
risk,butofferssomeopportunitiesasareward(compareChapman,2006,p.5).
Theperceptionofriskasanopportunityinthespeculativesenseisbelieved
tocontradictthemostestablishedunderstandingofriskbothinpracticeandin
thedecisiontheory(Hubbard,2009,p.90).Forthatreason,inthisstudythe
