How Do Failed Entrepreneurs Cope with Their Prior Failure When They Seek Subsequent Re-Entry into Serial Entrepreneurship? Failed Entrepreneurs’ Optimism and Defensive Pessimism and Coping Humor as a Moderator
Abstract
:1. Introduction
2. Theoretical Background: Pre-Factual and Counterfactual Mental Simulation: Optimism and Defensive Pessimism
3. Hypothesis Development
3.1. Hypotheses
3.2. Coping Humor as a Moderator
4. Data and Methods
4.1. Data Collection and Sample
4.2. Measures
4.3. Data Analysis
5. Results
5.1. Demographic Characteristic Results
5.2. Confirmatory Factor Analysis
5.3. Results of Reliability Analysis and Correlation Matrix
5.4. Hypotheses Testing
5.5. Mediation Analysis
5.6. Moderator Analysis
5.7. Robustness Tests
6. Discussion
6.1. Theoretical and Practical Implications
6.2. Limitations and Future Directions
7. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Conflicts of Interest
Appendix A. Question Items
Variables | Items |
---|---|
Fear of failure |
|
Self-doubt |
|
Career ambition |
|
Public self-consciousness |
|
Optimism |
|
Defensive Pessimism |
|
Re-entry |
|
Coping Humor |
|
Appendix B. Robustness Test
Division | Factor Loading | Eigenvalue | Cumulative Variance | |||||||
---|---|---|---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | ||||
Public Self-Consciousness | PSC4 | −0.842 | 0.083 | 0.076 | 0.078 | 0.021 | 0.037 | −0.003 | 6.007 | 10.629 |
PSC3 | 0.815 | −0.016 | 0.016 | 0.061 | 0.071 | 0.081 | 0.043 | |||
PSC1 | 0.788 | 0.054 | −0.006 | 0.003 | 0.036 | −0.016 | 0.078 | |||
PSC2 | 0.788 | 0.016 | −0.042 | −0.008 | −0.040 | −0.006 | −0.111 | |||
PSC5 | 0.779 | −0.060 | −0.007 | 0.121 | 0.044 | 0.013 | 0.085 | |||
Re-Entry Intention | REI4 | 0.005 | 0.830 | −0.032 | 0.175 | −0.005 | 0.119 | 0.067 | 3.338 | 21.236 |
REI1 | 0.019 | 0.815 | 0.031 | 0.099 | −0.010 | 0.060 | 0.076 | |||
REI2 | −0.001 | 0.807 | −0.012 | 0.133 | −0.005 | 0.053 | 0.178 | |||
REI3 | 0.095 | 0.733 | −0.020 | 0.010 | 0.061 | 0.150 | 0.156 | |||
REI5 | −0.047 | 0.664 | −0.014 | 0.163 | −0.008 | 0.061 | 0.224 | |||
Self-Doubt | SD4 | −0.024 | −0.051 | 0.930 | −0.066 | −0.017 | −0.015 | 0.008 | 3.265 | 31.692 |
SD2 | 0.053 | 0.016 | 0.907 | −0.095 | −0.048 | 0.039 | −0.037 | |||
SD1 | −0.022 | −0.026 | 0.872 | −0.047 | −0.017 | −0.018 | −0.041 | |||
SD3 | 0.000 | −0.009 | 0.832 | −0.070 | −0.052 | −0.015 | −0.072 | |||
Optimism | O1 | 0.081 | 0.149 | −0.094 | 0.888 | −0.022 | −0.019 | 0.194 | 2.705 | 41.669 |
O2 | 0.092 | 0.190 | −0.036 | 0.827 | −0.001 | −0.016 | 0.217 | |||
O4 | 0.049 | 0.153 | −0.060 | 0.816 | 0.098 | 0.108 | 0.174 | |||
O3 | 0.051 | 0.098 | −0.087 | 0.780 | 0.012 | 0.109 | 0.215 | |||
Fear of Failure | FoF5 | 0.076 | −0.009 | −0.024 | 0.056 | 0.866 | 0.020 | −0.004 | 2.567 | 50.859 |
FoF2 | 0.003 | 0.013 | 0.016 | −0.004 | 0.850 | 0.012 | 0.096 | |||
FoF4 | −0.018 | 0.025 | −0.067 | 0.049 | 0.835 | −0.039 | 0.096 | |||
FoF1 | 0.059 | 0.002 | −0.026 | −0.024 | 0.784 | −0.006 | −0.083 | |||
Defensive Pessimism | DP6 | 0.025 | 0.045 | 0.009 | 0.022 | −0.014 | 0.862 | 0.018 | 1.946 | 59.915 |
DP4 | 0.000 | 0.064 | −0.071 | 0.015 | 0.016 | 0.849 | 0.095 | |||
DP5 | 0.002 | 0.124 | −0.009 | 0.018 | −0.018 | 0.809 | 0.108 | |||
DP1 | 0.034 | 0.112 | 0.037 | 0.069 | −0.032 | 0.730 | −0.041 | |||
DP2 | 0.100 | 0.152 | 0.217 | 0.118 | 0.127 | 0.241 | 0.029 | |||
Career Ambition | CA1 | 0.003 | 0.117 | 0.014 | 0.181 | −0.049 | 0.089 | 0.822 | 1.408 | 68.498 |
CA3 | −0.031 | 0.233 | −0.044 | 0.155 | 0.045 | 0.013 | 0.817 | |||
CA2 | 0.026 | 0.179 | −0.067 | 0.203 | 0.112 | 0.039 | 0.727 | |||
CA5 | 0.120 | 0.197 | −0.056 | 0.302 | 0.010 | 0.064 | 0.654 |
Appendix C. Robustness Test
Model 1 | Model 2 | Model 3 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
B | BETA | t | B | BETA | t | B | BETA | t | ||
Independent | DP | 0.189 | 0.246 | 4.211 *** | 0.180 | 0.234 | 4.071 *** | 0.181 | 0.236 | 4.182 *** |
Moderator | CH | 0.216 | 0.197 | 3.426 *** | 1.028 | 0.939 | 4.104 *** | |||
Interaction term | DP * CH | 0.224 | 0.766 | 3.347 *** | ||||||
R Square | 0.246 | 0.315 | 0.367 | |||||||
Adjusted R Square | 0.057 | 0.093 | 0.125 | |||||||
R square change | 0.061 | 0.099 | 0.135 | |||||||
F change | 0.000 | 0.001 | 0.001 |
Appendix D. Robustness Test
Model 1 | Model 2 | Model 3 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
B | BETA | t | B | BETA | t | B | BETA | t | ||
Independent | Optimism | 0.302 | 0.351 | 6.207 *** | 0.279 | 0.323 | 5.029 *** | 1.087 | 1.259 | 4.061 *** |
Moderator | CH | 0.063 | 0.057 | 0.894 | 1.026 | 0.937 | 3.207 *** | |||
Interaction term | Optimism * CH | 0.237 | 1.570 | 3.084 *** | ||||||
R Square | 0.351 | 0.354 | 0.394 | |||||||
Adjusted R Square | 0.120 | 0.119 | 0.146 | |||||||
R square change | 0.123 | 0.125 | 0.126 | |||||||
F change | 0.000 | 0.372 | 0.002 |
Appendix E. Robustness Test
Model 1 | Model 2 | Model 3 | |
---|---|---|---|
Gender | −0.106 | −0.070 | −0.050 |
Age | 0.049 | 0.043 | 0.031 |
Education | 0.098 | 0.030 | 0.021 |
Failure Experiences (Numbers) | −0.087 * | −0.065 | −0.080 |
Fear of Failure | −0.005 | −0.020 | |
Self-Doubt | −0.004 | −0.059 | |
Career Ambition | 0.249 *** | 0.739 *** | |
Public Self-Awareness | 0.119 * | 0.141 * | |
Defensive Pessimism | 0.278 *** | 0.352 *** | |
Optimism | 0.297 *** | 0.584 ** | |
FoF x Defensive Pessimism | 0.228 ** | ||
Self-doubt x Defensive pessimism | 0.112 * | ||
Career Ambition x Optimism | 0.239 ** | ||
Public Self-Awareness x Optimism | 0.125 * | ||
R Square | 0.030 | 0.289 | 0.417 |
F | 2.102 | 9.482 | 8.420 |
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Characteristics | Frequency | Ratio (%) | |
---|---|---|---|
Gender | Male | 186 | 67.15 |
Female | 91 | 32.85 | |
Age | 20–29 years | 17 | 6.14 |
30–39 years | 71 | 25.63 | |
40–49 years | 100 | 36.10 | |
50–59 years | 69 | 24.91 | |
60–69 years | 18 | 6.50 | |
Above 70 years | 2 | 0.72 | |
Education Level | Elementary school | 1 | 0.36 |
Junior high school | 5 | 1.81 | |
High school | 66 | 23.83 | |
Bachelor’s degree | 201 | 72.56 | |
Others | 4 | 1.44 | |
Entrepreneurship Failure Experiences | One time | 188 | 67.87 |
Two times | 55 | 19.86 | |
More than three times | 34 | 12.27 | |
Industry | Food industry | 75 | 24.59 |
Wholesale and retail industry | 44 | 14.43 | |
Service industry | 98 | 32.13 | |
Manufacturing industry | 37 | 12.13 | |
Technology venture industry | 46 | 15.08 | |
Total | 277 | 100.00 |
Construct | Item | Estimate | S.E. | C.R. | p |
---|---|---|---|---|---|
Fear of Failure | FoF5 | 1 | |||
FoF4 | 1.007 | 0.071 | 14.243 | *** | |
FoF2 | 1.052 | 0.076 | 13.845 | *** | |
FoF1 | 0.742 | 0.064 | 11.636 | *** | |
Self-Doubt | Self-Doubt4 | 1 | |||
Self-Doubt3 | 0.828 | 0.048 | 17.146 | *** | |
Self-Doubt2 | 0.938 | 0.041 | 22.97 | *** | |
Self-Doubt1 | 0.856 | 0.044 | 19.422 | *** | |
Career Ambition | CA5 | 1 | |||
CA3 | 1.28 | 0.112 | 11.471 | *** | |
CA2 | 1.142 | 0.113 | 10.098 | *** | |
CA1 | 1.161 | 0.106 | 10.998 | *** | |
Public Self-Consciousness | PSC5 | 1 | |||
PSC3 | 1.067 | 0.08 | 13.265 | *** | |
PSC2 | 0.819 | 0.076 | 10.734 | *** | |
PSC1 | 0.718 | 0.067 | 10.646 | *** | |
PSC4 | 0.974 | 0.078 | 12.545 | *** | |
Defensive Pessimism | DP5 | 1 | |||
DP4 | 1.042 | 0.079 | 13.151 | *** | |
DP1 | 0.732 | 0.073 | 10.001 | *** | |
DP2 | 0.185 | 0.064 | 2.906 | 0.004 | |
DP6 | 1.006 | 0.075 | 13.438 | *** | |
Optimism | Optimism4 | 1 | |||
Optimism3 | 0.894 | 0.066 | 13.496 | *** | |
Optimism2 | 1.14 | 0.072 | 15.923 | *** | |
Optimism1 | 1.186 | 0.067 | 17.575 | *** | |
Re-entry Intention | REI4 | 1 | |||
REI3 | 0.814 | 0.069 | 11.717 | *** | |
REI2 | 0.926 | 0.067 | 13.894 | *** | |
REI1 | 0.881 | 0.065 | 13.466 | *** | |
REI5 | 0.904 | 0.082 | 10.957 | *** |
Variable | Cronbach’s α | AVE |
---|---|---|
Fear of Failure | 0.857 | 0.895 |
Self-Doubt | 0.915 | 0.762 |
Career Ambition | 0.828 | 0.761 |
Public Self-Awareness | 0.865 | 0.742 |
Defensive Pessimism | 0.786 | 0.845 |
Optimism | 0.897 | 0.644 |
Re-entry Intention | 0.855 | 0.673 |
Data | Mean | Std.Dev | Min | Max | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gender | 277 | 1.33 | 0.471 | 1 | 2 | 1 | ||||||||||
Age | 277 | 3.02 | 1.039 | 1 | 6 | 0.148 * | 1 | |||||||||
Education | 277 | 3.74 | 0.58 | 1 | 6 | −0.115 | −0.225 ** | 1 | ||||||||
Failure Experiences (number) | 277 | 2.45 | 0.724 | 1 | 5 | −0.107 | 0.141 * | −0.077 | 1 | |||||||
Fear of Failure | 277 | 3.5 | 0.907 | 1 | 5 | −0.123 * | −0.093 | 0.170 ** | 0.018 | 0.619 | ||||||
Self-Doubt | 277 | 2.7 | 0.970 | 1 | 5 | −0.035 | 0.082 | −0.048 | 0.005 | −0.067 | 0.702 | |||||
Career Ambition | 277 | 4.0 | 0.708 | 2 | 5 | −0.096 | −0.031 | 0.142 * | −0.055 | 0.082 | −0.112 | 0.622 | ||||
Public Self-Consciousness | 277 | 3.4 | 0.773 | 1 | 5 | −0.103 | 0.044 | −0.062 | −0.050 | 0.069 | 0.006 | 0.075 | 0.588 | |||
Defensive Pessimism | 277 | 3.6 | 0.776 | 1 | 5 | −0.074 | 0.030 | 0.040 | 0.035 | 0.012 | 0.015 | 0.165 ** | 0.072 | 0.585 | ||
Optimism | 277 | 3.9 | 0.591 | 1 | 5 | 0.036 | −0.042 | 0.117 | −0.091 | 0.061 | −0.162 ** | 0.499 ** | 0.150 * | 0.136 * | 0.786 | |
Re-entry Intention | 277 | 3.8 | 0.596 | 1 | 5 | −0.071 | 0.036 | 0.094 | −0.093 | 0.029 | −0.047 | 0.421 ** | 0.052 | 0.246 ** | 0.351 ** | 0.685 |
H | Path | Path Coefficient | S.E | C.R | p | |
---|---|---|---|---|---|---|
H1 | Fear of Failure → Defensive Pessimism | 0.119 | 0.049 | 2.407 | 0.016 * | Supported |
H2 | Self-doubt → Defensive Pessimism | 0.139 | 0.044 | 2.338 | *** | Supported |
H3 | Career ambition → Optimism | 0.448 | 0.039 | 3.213 | 0.008 ** | Supported |
H4 | Public self-consciousness → Optimism | 0.392 | 0.046 | 2.070 | 0.044 * | Supported |
H5 | Defensive Pessimism → R-EI | 0.380 | 0.065 | 2.176 | 0.003 ** | Supported |
H6 | Optimism → R-EI | 0.173 | 0.061 | 2.842 | 0.004 ** | Supported |
Path | Coefficient | S.E. | t | p | LLCI | ULCI |
---|---|---|---|---|---|---|
FoF-DP-Re-Entry Intention | 0.1887 | 0.0449 | 4.1992 | 0.0000 | 0.1145 | 0.2629 |
SD-DP-Re-Entry Intention | −0.0313 | 0.359 | −0.8716 | 0.3842 | −0.1021 | 0.0394 |
CA-O-Re-Entry Intention | 0.2762 | 0.0523 | 5.2775 | 0.0000 | 0.1732 | 0.3792 |
PSC-O-Re-Entry Intention | −0.0004 | 0.0441 | 0.9920 | 0.2783 | −0.0873 | 0.0864 |
Path | High Coping Humor | Low Coping Humor | Unconstrained Model | Constrained Model | Difference of Chi-Square | ||||
---|---|---|---|---|---|---|---|---|---|
Estimate | S.E. | C.R. | Estimate | S.E. | C.R | ||||
DP Re-Entry Intention | 0.324 | 0.498 | 2.651 | 0.853 | 0.344 | 2.480 | 210.016 | 294.392 | 97.085 *** |
Optimism→Re-Entry Intention | 0.283 | 0.090 | 3.152 | 0.376 | 0.098 | 3.821 | 210.016 | 210.461 | 0.445 |
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Hwang, K.; Choi, J. How Do Failed Entrepreneurs Cope with Their Prior Failure When They Seek Subsequent Re-Entry into Serial Entrepreneurship? Failed Entrepreneurs’ Optimism and Defensive Pessimism and Coping Humor as a Moderator. Int. J. Environ. Res. Public Health 2021, 18, 7021. https://doi.org/10.3390/ijerph18137021
Hwang K, Choi J. How Do Failed Entrepreneurs Cope with Their Prior Failure When They Seek Subsequent Re-Entry into Serial Entrepreneurship? Failed Entrepreneurs’ Optimism and Defensive Pessimism and Coping Humor as a Moderator. International Journal of Environmental Research and Public Health. 2021; 18(13):7021. https://doi.org/10.3390/ijerph18137021
Chicago/Turabian StyleHwang, Kumju, and Jinsook Choi. 2021. "How Do Failed Entrepreneurs Cope with Their Prior Failure When They Seek Subsequent Re-Entry into Serial Entrepreneurship? Failed Entrepreneurs’ Optimism and Defensive Pessimism and Coping Humor as a Moderator" International Journal of Environmental Research and Public Health 18, no. 13: 7021. https://doi.org/10.3390/ijerph18137021