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Emotions and Opportunities: The Interplay of Opportunity Evaluation, Fear, Joy, and Anger as Antecedent of Entrepreneurial Exploitation

Authors

  • Isabell M. Welpe,

    Corresponding author
    1. Chaired Professor for Strategy and Organization, Technical Universiy Munich, Leopoldstreet 139, Munich, Germany.
      Theresa Michl, tel.: +49-89-2180-3862; e-mail: michl@lmu.de, to Isabell M. Welpe at welpe@wi.tum.de, to Matthias Spörrle at matthias.spoerrle@fham.de, to Dietmar Grichnik at dietmar.grichnik@unisg.ch, and to David B. Audretsch at daudrets@indiana.edu.
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  • Matthias Spörrle,

    Corresponding author
    1. Professor for Statistics and Research Methodology at the University of Applied Management (UAM), Am Bahnhof 2, Erding, Germany.
      Theresa Michl, tel.: +49-89-2180-3862; e-mail: michl@lmu.de, to Isabell M. Welpe at welpe@wi.tum.de, to Matthias Spörrle at matthias.spoerrle@fham.de, to Dietmar Grichnik at dietmar.grichnik@unisg.ch, and to David B. Audretsch at daudrets@indiana.edu.
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  • Dietmar Grichnik,

    Corresponding author
    1. Chaired Professor for Entrepreneurship and Technology Management, University of St. Gallen, Dufourstreet 40a, St. Gallen, Switzerland.
      Theresa Michl, tel.: +49-89-2180-3862; e-mail: michl@lmu.de, to Isabell M. Welpe at welpe@wi.tum.de, to Matthias Spörrle at matthias.spoerrle@fham.de, to Dietmar Grichnik at dietmar.grichnik@unisg.ch, and to David B. Audretsch at daudrets@indiana.edu.
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  • Theresa Michl,

    Corresponding author
    1. Ph.D. student of economics, Ludwig Maximilian University of Munich, Munich School of Management, Ludwigstreet 28, Munich, Germany.
      Theresa Michl, tel.: +49-89-2180-3862; e-mail: michl@lmu.de, to Isabell M. Welpe at welpe@wi.tum.de, to Matthias Spörrle at matthias.spoerrle@fham.de, to Dietmar Grichnik at dietmar.grichnik@unisg.ch, and to David B. Audretsch at daudrets@indiana.edu.
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  • David B. Audretsch

    Corresponding author
    1. Distinguished Professor, Indiana University, 1315 East 10th Street, Bloomington, IN, USA.
      Theresa Michl, tel.: +49-89-2180-3862; e-mail: michl@lmu.de, to Isabell M. Welpe at welpe@wi.tum.de, to Matthias Spörrle at matthias.spoerrle@fham.de, to Dietmar Grichnik at dietmar.grichnik@unisg.ch, and to David B. Audretsch at daudrets@indiana.edu.
    Search for more papers by this author

Theresa Michl, tel.: +49-89-2180-3862; e-mail: michl@lmu.de, to Isabell M. Welpe at welpe@wi.tum.de, to Matthias Spörrle at matthias.spoerrle@fham.de, to Dietmar Grichnik at dietmar.grichnik@unisg.ch, and to David B. Audretsch at daudrets@indiana.edu.

Abstract

This research examines the interplay of opportunity evaluation and emotions as determinants of entrepreneurial exploitation using affect-as-information theory and the affective processing principle as conceptual bases. Three central assumptions are confirmed across two studies. The first is that the effects of opportunity characteristics on exploitation are mediated by evaluation. The second is that emotions influence exploitation decisions in addition to evaluation. Fear reduces exploitation, whereas joy and anger increase it. The third is that fear, joy, and anger influence evaluation's effect on exploitation with higher levels of fear reducing and higher levels of joy and anger increasing the positive impact of evaluation on exploitation.

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