Psychological Capital Dimensions and Nascent Entrepreneurial Activity Among Ukrainian Refugees: Examining the Moderating Role of Fear of Failure

Sammanfattning

This study examines the relationship between four dimensions of psychological capital (PsyCap) and nascent entrepreneurial activity among Ukrainian refugees residing in European host countries. Specifically, it analyzes how internally and externally sourced fear of failure moderates this relationship, focusing on the psychological and emotional barriers that may limit refugees’ entrepreneurial engagement. Drawing on Conservation of Resources (COR) theory, the study conceptualises dimensions of PsyCap: hope, resilience, optimism and self-efficacy, as psychological resources that support goal pursuit, coping and persistence in the face of uncertainty. The study employs a quantitative approach, using survey data collected from Ukrainian refugees residing in European host countries. The results show that, among the four dimensions of psychological capital, only hope is positively and significantly associated with nascent entrepreneurial activity. Resilience, optimism and self-efficacy do not have significant direct effects. Contrary to the proposed hypotheses, neither internally nor externally sourced fear of failure significantly moderates the relationships between psychological capital dimensions and nascent entrepreneurial activity. The findings contribute to refugee entrepreneurship research by emphasizing the role of specific psychological resources and fear of failure in shaping nascent entrepreneurial engagement.