The relationship of self-efficacy with entrepreneurial success: A meta-analytic replication and extension

Alexander Glosenberg, Duygu Phillips, Joseph Schaefer, Jeffrey M. Pollack, Bradley L. Kirkman, Jenna McChesney, Sean M. Noble, M.K. Ward and Lori L. Foster

Journal of Business Venturing Insights, 2022, vol. 18, issue C

Abstract: The replication of meta-analyses is important for developing stable and accurate insights into entrepreneurship. To that end, we replicate key aspects of the meta-analysis conducted by Miao et al. (2017) on the relationships between entrepreneurial self-efficacy (ESE) and financial measures of firm performance and extend their meta-analysis by considering generalized forms of self-efficacy and non-financial measures of entrepreneurial success. We expand the number of included samples from 27 in Miao et al. (2017) to 159. Overall, we find that the relationship between self-efficacy and success is small (ρ = 0.24) using guidelines from Cohen (1988); however, the relationship between ESE and at least partially financial measures of success was moderate, but larger in size (ρ = 0.44 vs. ρ = 0.31), than that estimated by Miao et al. (2017). We find that effect sizes vary widely depending on the type of success variable—with small to practically insignificant relations between self-efficacy and firm size as measured by the number of employees. In addition, we find stronger relations between ESE and success than generalized self-efficacy. Altogether we find that without properly accounting for the influence of the type of success variable, researchers might draw incorrect conclusions regarding the role of self-efficacy in entrepreneurial dynamics. We discuss the methodological and theoretical implications of our findings.

Keywords: Meta-analysis; Success; Self-efficacy; ESE; Replication (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jobuve:v:18:y:2022:i:c:s2352673422000403

DOI: 10.1016/j.jbvi.2022.e00342

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