Determinant for Adopting an Innovation: Small and Medium-sized Retailers in a Doughnut Phenomenon

We paid our attention to non-compatibility with finance theory, as a result of surveying diffusion of innovation theory and investigating the feature. We analyzed how the perceived risk of an innovation had affected Decision-Making of innovation adoption by small and Medium-sized enterprise with the case of regional small retailer to the innovation which the retailer adopted. The retailer had overestimated the risk of the innovation to minus. Furthermore, they were indifferent to almost all risks. When they adopted an innovation, their Decision-Making was performed in the risk of a familiar small number, without carrying out suitable evaluation.