Psychological Factors Predicting Risk-Taking Propensity of Poultry Farmers

Abstract

The importance of perceived fear of failure, achievement motivation, and locus of control in explaining risk-taking propensity was tested among poultry farmers. A sample of 238 poultry farmers (133(55.9%) males 105 (44.1%) females), with ages ranged between 19 years and 70 years with a mean of 39 years (Sd=10.70) were randomly selected among members of Poultry Farmers Association of Nigeria (POFAN), Ibadan Branch. Using a correlational design, the following measures were used: Performance Failure Appraisal Inventory (PFAI), Need for achievement scale, Locus of Control Behaviour and Risk-taking propensity. Results indicate a significant joint influence of perceived of fear of failure, achievement motivation, locus of control, age and years of experience on risk-taking propensity of poultry farmers (R2 = .58; F (5, 232) = 63.51; p<.001). The independent predictions show significant independent influence of fear of failure on risk-taking propensity (ß=-.49; t = 4.74; p=n.s). Also, need for  achievement (ß = .20; t = 2.98; p<.01) and locus of control (ß = .34; t = 3.36; p<.001) contribute significantly to variants in risk-taking propensity. The result also shows a significant effect of educational levels on risk-taking propensity of poultry farmers (F (3, 234) =3.38; p<.01). Overall, the findings of this study hold perceived fear of failure, achievement motivation and locus of control are important in understanding risktasking propensity. Therefore, it is possible to achieve improvement in risk-tasking propensity among poultry farmers with psychological intervention. Training sessions, seminars and conferences organized for poultry farmers are important arenas for reducing fear of failure, improving need for achievement, locus of control, and healthy perception of risk-taking propensity, which could be important for individual, group and societal economy and well-being.

Key words: Risk taking propensity, locus of control, need for achievement, perceived fear of failure, poultry farming