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| A Study on the Relationship between Financial Aspirations, Family Emotional Attachment and Entrepreneurial Persistence |
| LYU Feifei，ZHANG Ke，ZHU Lina，GAO Hao |
| 1.Shanghai University, Shanghai, China; 2.East China University of Science and Technology, Shanghai, China; 3.Tsinghua University, Beijing, China |
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Abstract On the basis of behavioral theory of the firm and socioemotional wealth perspective, by analyzing a sample of 194 start-firms in China, our results show that the relationship between the realization extent of financial aspirations and entrepreneurial persistence is inverted U shaped. This study also reveals that family emotional attachment significantly moderates the relationship between the level of realization extent of financial aspirations and entrepreneurial persistence, in which the relationship is more negative tothose with low, as opposed to high. The effects of realization extent of financial aspiration on entrepreneur’s persistence become U shaped when family emotional attachment is high. We propose that entrepreneurs are more likely to sustain themselves in start-up ventures when they have more sensibility than sense. This studyextends the unidimensional view of mixed gambles, in which managers either focus on financial or emotional factors, to a decision context whichinvolves both financial and nonfinancial drives simultaneously.
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Received: 09 May 2019
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