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| The Impact of Psychological Capital on Entrepreneurial Persistence:The Moderating Effects of Intrinsic Motivation and Entrepreneurial Role Model |
| Li Huihui1,Huang Shasha2,Sun Junhua2 |
| (1. Business School, Nankai University, Tianjin 300071, China;2. Institute of Education, Nanjing University, Nanjing 210023, China) |
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Abstract Entrepreneurs face many challenges and difficulties in entrepreneurial activities. Entrepreneurial persistence not only means that entrepreneurs continue to work hard in the face of setbacks, but also encourages entrepreneurs to stay focused when facing other temptations. Therefore, entrepreneurial persistence is an important prerequisite for entrepreneurial success. However, research in the field of entrepreneurship mainly focuses on the establishment, growth, and exit of new enterprises, ignoring the entrepreneurial persistence that exists in the whole process of entrepreneurship and plays an important role in the outcome of entrepreneurship. For entrepreneurs, research on entrepreneurship persistence can help them decide whether to persevere or cut down their losses in time. Therefore, it is of great theoretical and practical importance to explore the influencing factors of entrepreneurial persistence.#br#As a complex decision-making behavior, entrepreneurial persistence is affected by many factors. According tosocial cognition theory, individual factors and environmental factors can systematically reveal the generation process of individual behavior. Based on social cognition theory, this study aims to explore the effects of individual factors (psychological capital and intrinsic motivation) and environmental factors (entrepreneurial role model) on entrepreneurial persistence. Specifically, the study tests the effects of psychological capital such as optimism, resilience, self-efficacy, and hope on entrepreneurial persistence and the moderating effects of intrinsic motivation and entrepreneurial role model in these relationships, expanding the research on the antecedent variables of entrepreneurial persistence and provides a new perspective for research on entrepreneurial persistence. In addition, it shows the comprehensive effectiveness of different influencing factors of entrepreneurial persistence and enhances the overall explanatory power of the theoretical model.#br#This study conducted a questionnaire survey in paper and electronic forms on entrepreneurs in China to collect data. Given the geographical location, the level of regional economic development, and the situation of innovation and entrepreneurship, Jiangsu, Henan, Sichuan, and Jilin provinces were selected to carry out the large-scale research, and 202 valid samples were finally used to test the hypotheses. The results show that optimism, resilience, self-efficacy, and hope of entrepreneurs all significantly promote entrepreneurial persistence. Intrinsic motivation positively moderates the relationship between optimism, resilience, self-efficacy, and entrepreneurial persistence respectively. Entrepreneurial role model also positively moderates the relationship between optimism, resilience, self-efficacy, and entrepreneurial persistence respectively. However, the moderating effects of intrinsic motivation and entrepreneurial role model on the relationship between hope and entrepreneurial persistence are not supported.#br#The effects of individual and environmental factors on entrepreneurial persistence are discussed in a unified theoretical framework in this study, forming an effective integration and expansion of the influencing factors of entrepreneurial persistence. It provides a new and comprehensive perspective for the study of entrepreneurial persistence. There are three main theoretical contributions. First, an empirical study is conducted on the antecedents of Chinese entrepreneurs' entrepreneurial persistence from the perspective of psychological capital, which enriches the theoretical research on the influencing factors of entrepreneurial persistence in the context of China. Second, this study examines the moderating effect of intrinsic motivation on the relationship between psychological capital and entrepreneurial persistence, elaborating the role of entrepreneurial motivation in the process of entrepreneurial persistence from a relatively new classification perspective, which enriches relevant research on entrepreneurial motivation. Third, following social cognition theory and the micro perspective, this study explores the moderating effect of entrepreneurial role model as an important external environment, which not only enriches the research on entrepreneurial persistence but also expands the research on the impact of entrepreneurial role model on individual behavior after starting a business.#br#This study also provides several practical implications. From the perspective of entrepreneurs, it is necessary to improve psychological capital, strengthen the intrinsic motivation of entrepreneurship, and establish a close relationship with other successful entrepreneurs. Governments need to pay attention to the important effect of entrepreneurial role model and take specific measures, such as holding entrepreneurship training and seminars frequently, praising or rewarding outstanding entrepreneurs publicly, and creating an inclusive and respectful atmosphere for entrepreneurship. Finally, while selecting investment projects, investors should take the psychological capital and entrepreneurial motivation of entrepreneurs as important evaluation criteria so as to avoid the loss of investment due to the possible exit of entrepreneurs.#br#
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Received: 19 May 2022
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