This study aims at introducing subjective risk intelligence (SRI) in the context of small businesses to analyze how both rationality and intuition may influence the entrepreneurial decision-making process, particularly in affecting firms’ financial equilibrium.

SRI aggregates four dimensions: two positive attitudes (imaginative capability and problem-solving self-efficacy) and two detrimental ones (emotional stress vulnerability and negative attitude towards uncertainty). In particular, we argue that imaginative capability and emotional stress vulnerability refer to Kahneman’s System 1 (the intuitive), while problem-solving self-efficacy and negative attitude towards uncertainty appertain to System 2 (the rational).

We conducted an empirical investigation collecting data from an ad hoc survey administered to owners and managers of small businesses and their balance sheets over 2013–2017. After testing the proposed constructs’ reliability, we tested the influence that both Systems 1 and 2 have on SMEs’ financial structure through a pooled OLS regression estimator.

Results show that the intuitive and the rational components of risk intelligence affect entrepreneurs’ decision-making differently. The rational component seems to stimulate the entrepreneurial orientation to risk tolerance. The intuitive component limits the entrepreneurial propensity to take financial risks due to the desire for stability attached to this cognitive process. Accordingly, we highlight the importance of enhancing a balance between the two systems of thinking. Practical implications suggest that entrepreneurs with a dominant attitude towards problem-solving self-efficacy, or a positive attitude towards uncertainty, should invest in developing imaginative capabilities or emotional control, and vice versa.

本研究旨在在小企业背景下引入主观风险情报 (SRI)，以分析理性和直觉如何影响创业决策过程，尤其是影响企业的财务均衡。

SRI 聚合了四个维度：两个积极态度（想象力和解决问题的自我效能）和两个不利态度（情绪压力脆弱性和对不确定性的消极态度）。特别是，我们认为想象能力和情绪压力脆弱性是指卡尼曼的系统 1（直觉），而解决问题的自我效能和对不确定性的消极态度属于系统 2（理性）。

我们进行了一项实证调查，从 2013-2017 年对小型企业的所有者和经理及其资产负债表进行的临时调查中收集数据。在测试了所提出的结构的可靠性之后，我们通过合并的 OLS 回归估计器测试了系统 1 和系统 2 对中小企业财务结构的影响。

结果表明，风险情报的直观和理性成分对企业家决策的影响不同。理性成分似乎激发了风险承受能力的创业取向。由于这种认知过程对稳定性的渴望，直觉成分限制了企业家承担金融风险的倾向。因此，我们强调加强两种思维系统之间平衡的重要性。实际意义表明，对解决问题的自我效能感持主导态度或对不确定性持积极态度的企业家应该投资于发展想象力或情绪控制，反之亦然。