The fear of COVID-19 infection and firm performance deficiency among SME entrepreneurs in China: a serially mediated moderation model
摘要
This empirical study investigates the relationship between the fear of COVID-19 infection (FCI) and firm performance deficiency (FPD), mediated by mental exhaustion (ME) and the lack of entrepreneurial spirit (LES) among Chinese small and medium enterprise (SME) entrepreneurs, and is grounded in Affective Events Theory (AET). Furthermore, the study incorporates entrepreneurial knowledge sharing (EKS) as a single moderator to examine its potential strengthening or weakening effect on the relationship between ME and FPD, as well as on the relationship between LES and FPD. We purposefully selected 1,324 Chinese manufacturing-based SME entrepreneurs as valid samples and applied second-generation variance-based structural equation modeling (PLS-SEM) to test the hypothesized relationships. FCI was found to have a significant positive relationship with FPD. Second, all other direct path-based relationships, including those between FCI and ME, ME and FPD, FCI and LES, LES and FPD, and ME and LES, were found to be significantly positive. Third, regarding the mediating effects, ME was found to partially mediate the relationship between FCI and FPD. LES was also found to partially mediate the relationship between FCI and FPD, as well as the relationship between ME and FPD. Finally, EKS was found to weaken the positive relationship between ME and FPD, as well as the relationship between LES and FPD. Grounded in AET, this study is the first empirical investigation to examine the mediating roles of ME and LES, together with the dual moderating roles of EKS, thereby offering a novel perspective on entrepreneurial behavior during health-related crises. Although conducted in the context of COVID-19, we expect this study to make a profound theoretical contribution by focusing on issues such as the lack of entrepreneurial spirit and entrepreneurial knowledge sharing in any health-related emergency situation. In addition, both entrepreneurs and policymakers can benefit from these insights when formulating and implementing business policies that ensure the free and uninterrupted flow of information and knowledge.