IDEAS home Printed from https://ideas.repec.org/a/eee/jobuve/v16y2021ics2352673421000457.html
   My bibliography  Save this article

The missing capital: The case for psychological capital in entrepreneurship research

Author

Listed:
  • Welter, Chris
  • Scrimpshire, Alex

Abstract

Psychological capital has received limited attention in entrepreneurship research despite growing interest in its subconstructs – self-efficacy, hope, optimism, and resilience. We build a case for incorporating psychological capital into entrepreneurship research broadly and then specifically describe how psychological capital could impact opportunity evaluation research. Finally, we highlight how entrepreneurship research can provide new insights into psychological capital.

Suggested Citation

  • Welter, Chris & Scrimpshire, Alex, 2021. "The missing capital: The case for psychological capital in entrepreneurship research," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
  • Handle: RePEc:eee:jobuve:v:16:y:2021:i:c:s2352673421000457
    DOI: 10.1016/j.jbvi.2021.e00267
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S2352673421000457
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.jbvi.2021.e00267?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Jenkins, Anna S. & Wiklund, Johan & Brundin, Ethel, 2014. "Individual responses to firm failure: Appraisals, grief, and the influence of prior failure experience," Journal of Business Venturing, Elsevier, vol. 29(1), pages 17-33.
    2. Hsu, Dan K. & Burmeister-Lamp, Katrin & Simmons, Sharon A. & Foo, Maw-Der & Hong, Michelle C. & Pipes, Jesse D., 2019. "“I know I can, but I don't fit”: Perceived fit, self-efficacy, and entrepreneurial intention," Journal of Business Venturing, Elsevier, vol. 34(2), pages 311-326.
    3. Esra Memili & Dianne H. B. Welsh & Fred Luthans, 2013. "Going beyond Research on Goal Setting: A Proposed Role for Organizational Psychological Capital of Family Firms," Entrepreneurship Theory and Practice, , vol. 37(6), pages 1289-1296, November.
    4. Hmieleski, Keith M. & Corbett, Andrew C., 2008. "The contrasting interaction effects of improvisational behavior with entrepreneurial self-efficacy on new venture performance and entrepreneur work satisfaction," Journal of Business Venturing, Elsevier, vol. 23(4), pages 482-496, July.
    5. Mcmullen, Jeffery S., 2015. "Entrepreneurial judgment as empathic accuracy: a sequential decision-making approach to entrepreneurial action," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 651-681, September.
    6. Luthans, Fred & Avolio, Bruce J. & Walumbwa, Fred O. & Li, Weixing, 2005. "The Psychological Capital of Chinese Workers: Exploring the Relationship with Performance," Management and Organization Review, Cambridge University Press, vol. 1(2), pages 249-271, July.
    7. Timo Lorenz & Clemens Beer & Jan Pütz & Kathrin Heinitz, 2016. "Measuring Psychological Capital: Construction and Validation of the Compound PsyCap Scale (CPC-12)," PLOS ONE, Public Library of Science, vol. 11(4), pages 1-17, April.
    8. Mark D. Packard & Brent B. Clark & Peter G. Klein, 2017. "Uncertainty Types and Transitions in the Entrepreneurial Process," Organization Science, INFORMS, vol. 28(5), pages 840-856, October.
    9. Ayala, Juan-Carlos & Manzano, Guadalupe, 2014. "The resilience of the entrepreneur. Influence on the success of the business. A longitudinal analysis," Journal of Economic Psychology, Elsevier, vol. 42(C), pages 126-135.
    10. Scheaf, David J. & Davis, Blakley C. & Webb, Justin W. & Coombs, Joseph E. & Borns, Jared & Holloway, Garrett, 2018. "Signals' flexibility and interaction with visual cues: Insights from crowdfunding," Journal of Business Venturing, Elsevier, vol. 33(6), pages 720-741.
    11. Bradley, Steven W. & Wiklund, Johan & Shepherd, Dean A., 2011. "Swinging a double-edged sword: The effect of slack on entrepreneurial management and growth," Journal of Business Venturing, Elsevier, vol. 26(5), pages 537-554, September.
    12. Luthans, Fred & Luthans, Kyle W. & Luthans, Brett C., 2004. "Positive psychological capital: beyond human and social capital," Business Horizons, Elsevier, vol. 47(1), pages 45-50.
    13. Jeffery S. McMullen & Dimo Dimov, 2013. "Time and the Entrepreneurial Journey: The Problems and Promise of Studying Entrepreneurship as a Process," Journal of Management Studies, Wiley Blackwell, vol. 50(8), pages 1481-1512, December.
    14. Dimo Dimov, 2010. "Nascent Entrepreneurs and Venture Emergence: Opportunity Confidence, Human Capital, and Early Planning," Journal of Management Studies, Wiley Blackwell, vol. 47(6), pages 1123-1153, September.
    15. Zhang, Stephen X. & Foo, Maw-Der & Vassolo, Roberto S., 2021. "The ramifications of effectuation on biases in entrepreneurship – Evidence from a mixed-method approach," Journal of Business Venturing Insights, Elsevier, vol. 15(C).
    16. Chen, Chao C. & Greene, Patricia Gene & Crick, Ann, 1998. "Does entrepreneurial self-efficacy distinguish entrepreneurs from managers?," Journal of Business Venturing, Elsevier, vol. 13(4), pages 295-316, July.
    17. Anglin, Aaron H. & Short, Jeremy C. & Drover, Will & Stevenson, Regan M. & McKenny, Aaron F. & Allison, Thomas H., 2018. "The power of positivity? The influence of positive psychological capital language on crowdfunding performance," Journal of Business Venturing, Elsevier, vol. 33(4), pages 470-492.
    18. Busenitz, Lowell W. & Barney, Jay B., 1997. "Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making," Journal of Business Venturing, Elsevier, vol. 12(1), pages 9-30, January.
    19. Hayward, Mathew L.A. & Forster, William R. & Sarasvathy, Saras D. & Fredrickson, Barbara L., 2010. "Beyond hubris: How highly confident entrepreneurs rebound to venture again," Journal of Business Venturing, Elsevier, vol. 25(6), pages 569-578, November.
    20. Scheaf, David J. & Loignon, Andrew C. & Webb, Justin W. & Heggestad, Eric D. & Wood, Matthew S., 2020. "Measuring opportunity evaluation: Conceptual synthesis and scale development," Journal of Business Venturing, Elsevier, vol. 35(2).
    21. Cardon, Melissa S. & Glauser, Michael & Murnieks, Charles Y., 2017. "Passion for what? Expanding the domains of entrepreneurial passion," Journal of Business Venturing Insights, Elsevier, vol. 8(C), pages 24-32.
    22. Fred Luthans & Bruce J. Avolio & Fred O. Walumbwa & Weixing Li, 2005. "The Psychological Capital of Chinese Workers: Exploring the Relationship with Performance," Management and Organization Review, International Association of Chinese Management Research, vol. 1(2), pages 249-271, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gish, J. Jeffrey & Guedes, Maria João & Silva, Bárbara G. & Patel, Pankaj C., 2022. "Latent profiles of personality, temperament, and eudaimonic well-being: Comparing life satisfaction and health outcomes among entrepreneurs and employees," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    2. Yunlong Zhang & Asif Mehmood Rana & Hasnain Bashir & Ifraz Adeel & Shahid Khokhar & Jingyuan Ding, 2023. "Can University Students’ Psychological Resources Stimulate the Relationship between Entrepreneurial Optimism and Green Entrepreneurial Intentions? Moderating Role of Sustainability Orientation," Sustainability, MDPI, vol. 15(8), pages 1-14, April.
    3. Adel Ghodbane & Abdullah Alwehabie, 2023. "Academic Entrepreneurial Support, Social Capital, and Green Entrepreneurial Intention: Does Psychological Capital Matter for Young Saudi Graduates?," Sustainability, MDPI, vol. 15(15), pages 1-21, August.
    4. Johnson, Nicholas E. & Short, Jeremy C. & Chandler, Jeffrey A. & Jordan, Samantha L., 2022. "Introducing the contentpreneur: Making the case for research on content creation-based online platforms," Journal of Business Venturing Insights, Elsevier, vol. 18(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sergeeva, Anastasia & Bhardwaj, Akhil & Dimov, Dimo, 2021. "In the heat of the game: Analogical abduction in a pragmatist account of entrepreneurial reasoning," Journal of Business Venturing, Elsevier, vol. 36(6).
    2. Jeffery S. McMullen & Katrina M. Brownell & Joel Adams, 2021. "What Makes an Entrepreneurship Study Entrepreneurial? Toward A Unified Theory of Entrepreneurial Agency," Entrepreneurship Theory and Practice, , vol. 45(5), pages 1197-1238, September.
    3. Gilbert-Saad, Antoine & Siedlok, Frank & McNaughton, Rod B., 2018. "Decision and design heuristics in the context of entrepreneurial uncertainties," Journal of Business Venturing Insights, Elsevier, vol. 9(C), pages 75-80.
    4. Ramoglou, Stratos, 2021. "Knowable opportunities in an unknowable future? On the epistemological paradoxes of entrepreneurship theory," Journal of Business Venturing, Elsevier, vol. 36(2).
    5. Küsshauer, Alexander & Baum, Matthias, 2023. "The good, the bad and the uncertain: Employers' perceptions of former entrepreneurs," Journal of Business Venturing, Elsevier, vol. 38(2).
    6. David J. Rapp & Michael Olbrich, 2021. "On predictive entrepreneurial action in uncertain, ill-structured conditions," Review of Managerial Science, Springer, vol. 15(7), pages 1961-1979, October.
    7. Kurdoglu, Rasim Serdar & Lerner, Daniel & Ates, Nufer Yasin, 2022. "Unsticking the rationality stalemate: Motivated reasoning, reality, and irrationality," Journal of Business Venturing Insights, Elsevier, vol. 18(C).
    8. Gilbert-Saad, Antoine & Siedlok, Frank & McNaughton, Rod B., 2023. "Entrepreneurial heuristics: Making strategic decisions in highly uncertain environments," Technological Forecasting and Social Change, Elsevier, vol. 189(C).
    9. Ayatakshee Sarkar & Naval Garg & DK Srivastava & BK Punia, 2024. "Can Gratitude Counter Workplace Toxicity? Exploring the Mediating Role of Psychological Capital (PsyCap)," Business Perspectives and Research, , vol. 12(2), pages 261-276, April.
    10. Jenny Lukito Setiawan & Azilah Kasim & Elia Ardyan, 2022. "Understanding the Consumers of Entrepreneurial Education: Self-Efficacy and Entrepreneurial Attitude Orientation among Youths," Sustainability, MDPI, vol. 14(8), pages 1-18, April.
    11. Mohd Hizam Hanafiah, & Sheikh Usman Yousaf, & Bushra Usman,, 2017. "The influence of psychological capital on the growth intentions of entrepreneurs: A study on Malaysian SME entrepreneurs," Business and Economic Horizons (BEH), Prague Development Center, vol. 13(5), pages 556-569, December.
    12. Nasser Saad Al Kahtani & Sulphey M. M., 2022. "A Study on How Psychological Capital, Social Capital, Workplace Wellbeing, and Employee Engagement Relate to Task Performance," SAGE Open, , vol. 12(2), pages 21582440221, May.
    13. Dan K. Hsu & Johan Wiklund & Richard D. Cotton, 2017. "Success, Failure, and Entrepreneurial Reentry: An Experimental Assessment of the Veracity of Self–Efficacy and Prospect Theory," Entrepreneurship Theory and Practice, , vol. 41(1), pages 19-47, January.
    14. Russ McBride & Mark D. Packard & Brent B. Clark, 2024. "Rogue Entrepreneurship," Entrepreneurship Theory and Practice, , vol. 48(1), pages 392-417, January.
    15. Yogesh Upadhyay & Dharmendra Kumar, 2020. "Leader–Member Exchange, Psychological Capital and Employees’ Creativity," Vision, , vol. 24(4), pages 406-418, December.
    16. Dimov, Dimo & Pistrui, Joseph, 2024. "Dynamics of entrepreneurial well-being: Insights from computational theory," Journal of Business Research, Elsevier, vol. 172(C).
    17. Cixian Lv & Peijin Yang & Jingjing Xu & Jia Sun & Yuelong Ming & Xiaotong Zhi & Xinghua Wang, 2023. "Association between Urban Educational Policies and Migrant Children’s Social Integration in China: Mediated by Psychological Capital," IJERPH, MDPI, vol. 20(4), pages 1-18, February.
    18. Pham, Dung & Jones, Paul & Dobson, Stephen & Liñán, Francisco & Viala, Céline, 2021. "Entrepreneurial implementation intention as a tool to moderate the stability of entrepreneurial goal intention: A sensemaking approach," Journal of Business Research, Elsevier, vol. 123(C), pages 97-105.
    19. Urmila Rani Srivastava & Vandana Maurya, 2017. "Organizational and Individual Level Antecedents of Psychological Capital and its Associated Outcomes: Development of a Conceptual Framework," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 42(3), pages 205-236, August.
    20. Christian Garmann Johnsen & Robin Holt, 2023. "Narrating the Facets of Time in Entrepreneurial Action," Entrepreneurship Theory and Practice, , vol. 47(2), pages 613-627, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jobuve:v:16:y:2021:i:c:s2352673421000457. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/journal-of-business-venturing-insights .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.