Success, Failure, and Entrepreneurial Reentry: An Experimental Assessment of the Veracity of Self–Efficacy and Prospect Theory
通过两个实验，研究了企业退出后个体再创业的意愿，发现前景理论能解释那些亏损且自我效能中等或较低的创业者的再进入意图，从而解释了为何许多失败创业者会再次创业。
This paper develops and tests a model of an individual's intention to reenter entrepreneurship following business exit. Two long–standing theories, prospect theory and self–efficacy, seem to develop opposite predictions in this context. To reconcile these conflicting predictions, we theorize a moderating model and test the boundary conditions of both theories. Relying on two experimental studies, we find that prospect theory explains reentry intentions of entrepreneurs who have lost money when their self–efficacy is moderate or low. Thereby, we provide an explanation for the puzzling empirical finding that so many failed entrepreneurs reenter entrepreneurship even if failure has undermined their self–efficacy.