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Antecedent and Consequences of Psychological Capital of Entrepreneurs

Department of Business Administration, Huaiyin Institute of Technology, Huai’an 223001, China
Department of Business Administration, Cheng Shiu University, Kaohsiung 83347, Taiwan
Postgraduate Programs in Management, I-Shou University; Kaohsiung 840, Taiwan
Author to whom correspondence should be addressed.
Sustainability 2018, 10(10), 3717;
Received: 21 September 2018 / Revised: 7 October 2018 / Accepted: 8 October 2018 / Published: 16 October 2018
(This article belongs to the Special Issue Psychology of Sustainability and Sustainable Development)
PDF [1151 KB, uploaded 16 October 2018]


Psychological capital is critical for entrepreneurial resilience and sustainability. The purpose of this study is to examine a comprehensive model of the relationships between the antecedents and consequences of the psychological capital of entrepreneurs. A data sample of 208 entrepreneurs from the Philippines was analyzed with Structural Equation Modeling. The results found that organizational climate, organizational justice, leader-member exchange, authentic leadership have significant and positive influences on psychological capital, while occupational stressor is significantly associated with psychological capital. Among them, authentic leadership has the strongest impact on psychological capital. Results also found that psychological capital has significant and positive influences on entrepreneurs’ job satisfaction, performance, attitude, organizational citizenship behavior, while it also has negative influences on undesirable behavior. Theoretical and practical implications are discussed. View Full-Text
Keywords: psychological capital; antecedents; consequences; structural equation modeling; entrepreneurs psychological capital; antecedents; consequences; structural equation modeling; entrepreneurs

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Wang, Y.; Tsai, C.-H.; Tsai, F.-S.; Huang, W.; De la Cruz, S.M. Antecedent and Consequences of Psychological Capital of Entrepreneurs. Sustainability 2018, 10, 3717.

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