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The impact of risk aversion on serial entrepreneurs’ intentions for reentry: a quantitative analysis across 85 countries

Author

Listed:
  • Chen Zhou

    (Jianghan University
    Business School of Jianghan University)

  • Bert M. Sadowski

    (University of Technology Eindhoven)

  • Cheng Fang

    (Jianghan University)

  • Mengyu Ruan

    (Zhongnan University of Economics and Law)

Abstract

Serial entrepreneurs can exhibit risk aversion after failure, which hinders them from re-engaging in new business activities. This study employs grounded theory-based qualitative analysis and multiple regression model-based quantitative research to integrate in-depth case analysis and phenomenon description with large-sample quantitative data, exploring the impact of risk aversion on serial entrepreneurs’ intentions for reentry. In the qualitative research, this study uses the relevant reports of serial entrepreneurs on the 36Kr website as original data to extract the “mindset recovery-opportunity management-intention formation” causal logic of serial entrepreneurs’ reentry intentions. On this basis, in the quantitative analysis, this study utilizes mixed cross-sectional data from 37,632 serial entrepreneurs from 85 countries collected in the Global Entrepreneurship Monitor (GEM) database over the period 2014 to 2018 to verify hypotheses regarding the impact of risk aversion (RA) on reentry intentions (RI) and the mediating and moderating effects of entrepreneurial failure experience (EFE), entrepreneurial learning (EL), opportunity perception (OP), and social networks (SN) on the main effect. This study overcomes the limitations of a single method by combining qualitative and quantitative research. Concepts and categories identified through qualitative research can be measured and validated in quantitative research, forming a comprehensive research loop. This approach provides a more thorough theoretical understanding of the psychological characteristics of serial entrepreneurs and has significant implications for practical policy-making and entrepreneurial practice.

Suggested Citation

  • Chen Zhou & Bert M. Sadowski & Cheng Fang & Mengyu Ruan, 2025. "The impact of risk aversion on serial entrepreneurs’ intentions for reentry: a quantitative analysis across 85 countries," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-36, December.
    • Handle: RePEc:spr:intemj:v:21:y:2025:i:1:d:10.1007_s11365-025-01118-0
    DOI: 10.1007/s11365-025-01118-0
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