Purpose – Psychological Capital (PsyCap)—a construct comprising self-efficacy, hope, resilience, and optimism—plays a key role in the entrepreneurial process. Although scholarly interest is growing, prior entrepreneurship research has largely examined its components separately. This study provides a systematic literature review to consolidate existing knowledge and explore the synergistic potential of PsyCap as a multidimensional construct, systematically clarifying its role in the entrepreneurial journey. Design/methodology/approach – Following PRISMA guidelines and best-practice recommendations, we conducted a systematic literature review of conceptual and empirical studies addressing PsyCap in entrepreneurial contexts. This approach ensured transparency, rigor, and replicability, allowing us to synthesize findings across diverse studies and build a coherent analytical framework. Findings – The review shows that PsyCap supports entrepreneurial success through both personal and environmental mechanisms. Individually, it enhances well-being, decision-making, and opportunity recognition. Environmentally, it fosters positive organizational climates, strengthens social networks, and improves access to resources. Additionally, PsyCap’s positive impact is amplified in dynamic contexts and targeted training. These findings reinforce the importance of considering PsyCap as an integrated dynamic resource influencing both individual behavior and the broader entrepreneurial ecosystem. Originality/value – To our knowledge, this is the first literature review to examine PsyCap holistically and systematically within the field of entrepreneurship, moving beyond existing reviews that primarily focus on its connection with opportunity evaluation and studies that have addressed its four components separately. This study contributes to the socio-cognitive literature by demonstrating the complex, multi-level role of PsyCap and by identifying future research directions to address both theoretical and methodological gaps.
Psychological Capital in Entrepreneurship: A Systematic Literature Review to Take Stock and Move Knowledge Forward
Michela Loi
;Barbara Barbieri;Alain Jean-Claude Fayolle
2025-01-01
Abstract
Purpose – Psychological Capital (PsyCap)—a construct comprising self-efficacy, hope, resilience, and optimism—plays a key role in the entrepreneurial process. Although scholarly interest is growing, prior entrepreneurship research has largely examined its components separately. This study provides a systematic literature review to consolidate existing knowledge and explore the synergistic potential of PsyCap as a multidimensional construct, systematically clarifying its role in the entrepreneurial journey. Design/methodology/approach – Following PRISMA guidelines and best-practice recommendations, we conducted a systematic literature review of conceptual and empirical studies addressing PsyCap in entrepreneurial contexts. This approach ensured transparency, rigor, and replicability, allowing us to synthesize findings across diverse studies and build a coherent analytical framework. Findings – The review shows that PsyCap supports entrepreneurial success through both personal and environmental mechanisms. Individually, it enhances well-being, decision-making, and opportunity recognition. Environmentally, it fosters positive organizational climates, strengthens social networks, and improves access to resources. Additionally, PsyCap’s positive impact is amplified in dynamic contexts and targeted training. These findings reinforce the importance of considering PsyCap as an integrated dynamic resource influencing both individual behavior and the broader entrepreneurial ecosystem. Originality/value – To our knowledge, this is the first literature review to examine PsyCap holistically and systematically within the field of entrepreneurship, moving beyond existing reviews that primarily focus on its connection with opportunity evaluation and studies that have addressed its four components separately. This study contributes to the socio-cognitive literature by demonstrating the complex, multi-level role of PsyCap and by identifying future research directions to address both theoretical and methodological gaps.
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