Your browser does not support the PubReader view.
Go to this page to see a list of supporting browsers.
Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 54, No. 6, pp.1731-1778
ISSN: 1226-1874 (Print)
Print publication date 31 Dec 2025
Received 12 Feb 2024 Revised 27 Jun 2025 Accepted 26 Aug 2025
DOI: https://doi.org/10.17287/kmr.2025.54.6.1731

Barriers and Opportunities for Youth Entrepreneurship in Korea: Examining the Dual Role of Social Capital and the Relative Importance of the Four Capitals

Kyounghee Chu ; Soyeon Kim
(First Author) Chosun University khjoo777@chosun.ac.kr
(Corresponding Author) Gakushuin University soyeon.kim@gakushuin.ac.jp
주경희 ; 김소연
(주저자) 조선대학교 경영학부
(교신저자) 가쿠슈인대


Copyright 2025 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

In light of the escalating issues of youth unemployment and economic deceleration in Korea, this study investigates the differential effects and relative importance of four key types of capital―human capital, bonding social capital, bridging social capital, and psychological capital―emphasizing the mediating function of entrepreneurial self-efficacy. Based on an integrated capital-cognition model that combines the resource-based view, social capital theory, and social cognitive theory, this study examines the mechanisms by which these different forms of capital are transformed into entrepreneurial intention, highlighting the pivotal role of entrepreneurial self-efficacy. To robustly assess the relative importance of these four capitals, a triangulated analytical approach incorporating structural equation modeling, dominance analysis, and the Wald test were utilized. The results reveal that human capital and bridging social capital—characterized by their externally oriented, dynamic, and execution-focused nature—played a dominant role in strengthening entrepreneurial self-efficacy. Conversely, psychological capital and bonding social capital, which are characterized by their internally oriented, static, and stability-focused characteristics, demonstrated a relatively limited influence on entrepreneurial self-efficacy. Notably, contrary to the positive effects of the other three capitals, bonding social capital was found to actually undermine entrepreneurial self-efficacy within the Korean cultural context. Significantly, the study validates that entrepreneurial self- efficacy functions as a principal mediating mechanism by which various forms of capital affect individuals' entrepreneurial intentions. This study theoretically enhances entrepreneurship research by presenting an integrated capital-cognition model, thereby reinforcing methodological rigor and validity through a triangulation-based analytical framework. Practically, the findings inform policymakers and educators to prioritize experiential entrepreneurship education, foster diverse network expansion, and reframe cultural narratives that inadvertently suppress risk-taking behaviors among youth entrepreneurs.

Keywords:

Human capital, social capital, bonding social capital, bridging social capital, psychological capital, entrepreneurial self-efficacy, entrepreneurial intention, entrepreneurship

References

  • Abuzaid, A. N. (2024). “The Moderating Effect of Entrepreneurial Skills on the Relationship Between Self-Efficacy and Entrepreneurial Intention of Business Schools Students: Insight From Jordan,” Journal of Entrepreneurship and Innovation in Emerging Economies, 10(2), pp.251-265. [https://doi.org/10.1177/23939575231192795]
  • Adler, P. S., and S. W. Kwon (2002). “Social Capital: Prospects for a New Concept,” Academy of Management Review, 27(1), pp.17-40. [https://doi.org/10.2307/4134367]
  • Ajzen, I. (1991). “The Theory of Planned Behavior,” Organizational Behavior and Human Decision Processes, 50(2), pp.179-211. [https://doi.org/10.1016/0749-5978(91)90020-T]
  • Al Issa, H.-E. (2022). “Psychological Capital for Success: The Mediating Role of Entrepreneurial Persistence and Risk-Taking,” Journal of Entrepreneurship in Emerging Economies, 1(4), pp.525-548.
  • Aldrich, H. E., and J. E. Cliff (2003). “The pervasive effects of family on entrepreneurship: Toward a family embeddedness perspective,” Journal of Business Venturing, 18(5), pp.573-596. [https://doi.org/10.1016/S0883-9026(03)00011-9]
  • Amrhein, V., S. Greenland, and B. McShane (2019). “Scientists Rise up against Statistical Significance,” Nature, 567(7748), pp.305-307. [https://doi.org/10.1038/d41586-019-00857-9]
  • Azen, R., and D. V. Budescu (2006). “Comparing Predictors in Multivariate Regression Models: An Extension of Dominance Analysis,” Journal of Educational and Behavioral Statistics, 31(2), pp.157-180. [https://doi.org/10.3102/10769986031002157]
  • Bagozzi, R. P., Y. Yi, and L. W. Phillips (1991). “Assessing Construct Validity in Organizational Research,” Administrative Science Quarterly, 36(3), pp.421-458. [https://doi.org/10.2307/2393203]
  • Bakker, A. B., and E. Demerouti (2017). “Job Demands–Resources Theory: Taking Stock and Looking Forward,” Journal of Occupational Health Psychology, 22(3), pp.273-285. [https://doi.org/10.1037/ocp0000056]
  • Baluku, M. M., J. F. Kikooma, and G. M. Kibanja (2016). “Psychological Capital and the Startup Capital–Entrepreneurial Success Relationship,” Journal of Small Business and Entrepreneurship, 2(1), pp.27-54. [https://doi.org/10.1080/08276331.2015.1132512]
  • Bandura, A. (1986). Social Foundations of Thought and Action: A Social Cognitive Theory, Englewood Cliffs, NJ, Prentice-Hall.
  • Bandura, A. (1997). Self-Efficacy: The Exercise of Control, Macmillan.
  • Bandura, A., W. H. Freeman, and R. Lightsey (1999). “Self-Efficacy: The Exercise of Control,” Journal of Cognitive Psychotherapy, 13, pp.158-166. [https://doi.org/10.1891/0889-8391.13.2.158]
  • Barney, J. (1991). “Firm Resources and Sustained Competitive Advantage,” Journal of Management, 17(1), pp.99-120. [https://doi.org/10.1177/014920639101700108]
  • Baron, R. A., R. J. Franklin, and K. M. Hmieleski (2016). “Why Entrepreneurs Often Experience Low, Not High, Levels of Stress: The Joint Effects of Selection and Psychological Capital,” Journal of Management, 42(3), pp.742-768. [https://doi.org/10.1177/0149206313495411]
  • Becker, G. S. (1964). Human Capital, New York, Columbia University Press.
  • Becker, G. S. (1994). Human capital: A theoretical and empirical analysis with special reference to education (3rd ed.). National Bureau of Economic Research. [https://doi.org/10.7208/chicago/9780226041223.001.0001]
  • Behson, S. J. (2002). “Which Dominates? The Relative Importance of Work-Family Organizational Support and General Organizational Context on Employee Outcomes,” Journal of Vocational Behavior, 61(1), pp.53-72. [https://doi.org/10.1006/jvbe.2001.1845]
  • Brändle, L., E. S. Berger, S. Golla, and A. Kuckertz (2018). “I Am What I Am-How Nascent Entrepreneurs' Social Identity Affects Their Entrepreneurial Self-Efficacy,” Journal of Business Venturing Insights, 9, pp.17-23. [https://doi.org/10.1016/j.jbvi.2017.12.001]
  • Budescu, D. V. (1993). “Dominance Analysis: A New Approach to the Problem of Relative Importance of Predictors in Multiple Regression,” Psychological Bulletin, 114(3), pp.542-551. [https://doi.org/10.1037//0033-2909.114.3.542]
  • Burt, R. S. (1992). Structural Holes: The Social Structure of Competition, Harvard University Press.
  • Burt, R. S. (2003). “The Social Structure of Competition,” Networks in the Knowledge Economy, 13(2), pp.57-91. [https://doi.org/10.1093/oso/9780195159509.003.0006]
  • Burt, R. S. (2004). “Structural Holes and Good Ideas,” American Journal of Sociology, 110(2), pp. 349-399. [https://doi.org/10.1086/421787]
  • Byun, C. G., and H. Ha (2013). “An Application of Dominance Analysis and Regression Analysis for Determining the Relative Importance of Critical Factors in Satisfaction of Start-up Support Service Program,” Asia-Pacific Journal of Business Venturing and Entrepreneurship, 8(3), pp.67-76. [https://doi.org/10.16972/apjbve.8.3.201309.67]
  • Cao, Q., Z. Simsek, and J. J. Jansen (2015). “CEO Social Capital and Entrepreneurial Orientation of the Firm: Bonding and Bridging Effects,” Journal of Management, 41(7), pp.1957-1981. [https://doi.org/10.1177/0149206312469666]
  • Chen, C. C., P. G. Greene, and A. Crick (1998). “Does Entrepreneurial Self-Efficacy Distinguish Entrepreneurs From Managers?,” Journal of Business Venturing, 13(4), pp.295-316. [https://doi.org/10.1016/S0883-9026(97)00029-3]
  • Cho, Y. H., and J.-H. Lee (2018). “Entrepreneurial Orientation, Entrepreneurial Education and Performance,” Asia Pacific Journal of Innovation and Entrepreneurship, 12(2), pp.124-134. [https://doi.org/10.1108/APJIE-05-2018-0028]
  • Chung, H.-J. (2009). “Relationship of Vertical Versus Horizontal Individualism and Collectivism With Self-Differentiation Among Korean College Students,” International Journal of Human Ecology, 10(1), pp.47-59.
  • Cohen, J. (1994). “The Earth Is Round (p<.05),” American Psychologist, 49(12), pp.997. [https://doi.org/10.1037/0003-066X.49.12.997]
  • Coleman, J. S. (1988). “Social Capital in the Creation of Human Capital,” American Journal of Sociology, 94, pp.S95-S120. [https://doi.org/10.1086/228943]
  • Davidsson, P., and B. Honig (2003). “The Role of Social and Human Capital Among Nascent Entrepreneurs,” Journal of Business Venturing, 18(3), pp.301-331. [https://doi.org/10.1016/S0883-9026(02)00097-6]
  • Ehsani, M., and O. Osiyevskyy (2022). “Entrepreneurial strategies for navigating the VUCA world,” Rutgers Business Review, 7(3), pp.237-249.
  • Estrin, S., M. Guerrero, and T. Mickiewicz (2024). “A framework for investigating new firm entry: The (limited) overlap between informal-formal and necessity-opportunity entrepreneurship,” Journal of Business Venturing, 39, 106404. [https://doi.org/10.1016/j.jbusvent.2024.106404]
  • Fornell, C., and D. F. Larcker (1981). “Evaluating Structural Equation Models With Unobservable Variables and Measurement Error,” Journal of Marketing Research, 18(1), pp.39-50. [https://doi.org/10.1177/002224378101800104]
  • Global Entrepreneurship Monitor (2024). GEM 2023/ 2024 global report: 25 years and growing. Global Entrepreneurship Research Association, London Business School.
  • Granovetter, M. S. (1973). “The Strength of Weak Ties,” American Journal of Sociology, 78(6), pp.1360-1380. [https://doi.org/10.1086/225469]
  • Hair, J., R. Anderson, R. Tatham, and W. Black (1998). Multivariate Data Analysis (5th ed), Upper Saddle River, NJ, Prentice Hall.
  • Harima, A., J. Harima, and J. Freiling (2024). “Ecosystem Orchestration: Unpacking the Leadership Capabilities of Anchor Organizations in Nascent Entrepreneurial Ecosystems,” Entrepreneurship Theory and Practice, 48 (6), pp.1404-1450. [https://doi.org/10.1177/10422587241241824]
  • Harman, H. H. (1976). Modern Factor Analysis, University of Chicago Press.
  • Hmieleski, K. M., and J. C. Carr (2007). “The Relationship between Entrepreneur Psychological Capital and Well-Being,” Babson College Entrepreneurship Research Conference (BCERC) 2007, Frontiers of Entrepreneurship Research, pp.1-12.
  • Iacobucci, D. (2005). “From the Editor: On p-Value,” Journal of Consumer Research, 32, pp.6-12. [https://doi.org/10.1086/430648]
  • Ioannou, A., and S. Retalis (2025). “Building Entrepreneurial Self-Efficacy in the EdTech Sector: The Impact of an Entrepreneurship Education Program,” The International Journal of Information and Learning Technology, 42 (3), pp.251-268. [https://doi.org/10.1108/IJILT-12-2023-0234]
  • Janis, I. L. (1972). Victims of Groupthink: A Psychological Study of Foreign-Policy Decisions and Fiascoes, Boston, Houghton Mifflin.
  • Jones, O., and D. Jayawarna (2010). “Resourcing New Businesses: Social Networks, Bootstrapping and Firm Performance,” Venture Capital, 12(2), pp.127-152. [https://doi.org/10.1080/13691061003658886]
  • Kim, S.-Y., T. Ahn, and N. Fouad (2016). “Family Influence on Korean Students' Career Decisions: A Social Cognitive Perspective,” Journal of Career Assessment, 24(3), pp. 513-526. [https://doi.org/10.1177/1069072715599403]
  • Krueger, N. F., and A. L. Carsrud (1993). “Entrepreneurial Intentions: Applying the Theory of Planned Behaviour,” Entrepreneurship and Regional Development, 5(4), pp.315-330. [https://doi.org/10.1080/08985629300000020]
  • Ladik, D. M., and D. W. Stewart (2008). “The Contribution Continuum,” Journal of the Academy of Marketing Science, 36(2), pp.157-165. [https://doi.org/10.1007/s11747-008-0087-z]
  • Lee, D., and Y. Choi (2010). “Study on Antecedents and Consequences of Positive Psychological Capital in Organizations,” Korean Management Review, 39(1), pp.1-28.
  • Li, C., M. Murad, F. Shahzad, M. A. S. Khan, S. F. Ashraf, and C. S. K. Dogbe (2020). “Entrepreneurial Passion to Entrepreneurial Behavior: Role of Entrepreneurial Alertness, Entrepreneurial Self-Efficacy and Proactive Personality,” Frontiers in Psychology, 11, pp.1611. [https://doi.org/10.3389/fpsyg.2020.01611]
  • Lin, N.(2002). Social Capital: A Theory of Social Structure and Action (Vol. 19), Cambridge University Press. [https://doi.org/10.1017/CBO9780511815447.003]
  • Liñán, F., and F. J. Santos (2007). “Does Social Capital Affect Entrepreneurial Intentions?” International Advances in Economic Research, 13(4), pp.443-453. [https://doi.org/10.1007/s11294-007-9109-8]
  • Liñán, F., and Y. W. Chen (2009). “Development and Cross-Cultural Application of a Specific Instrument to Measure Entrepreneurial Intentions,” Entrepreneurship Theory and Practice, 33(3), pp.593-617. [https://doi.org/10.1111/j.1540-6520.2009.00318.x]
  • Lokuge, S., D. Sedera, V. Grover, and S. Sarker (2025). “Orchestrating Digital Technologies With Incumbent Enterprise Systems for Attaining Innovation,” Information and Management, 62(1), pp.104066. [https://doi.org/10.1016/j.im.2024.104066]
  • Luthans, F., and C. M. Youssef (2004). “Human, Social, and Now Positive Psychological Capital Management: Investing in People for Competitive Advantage,” Organizational Dynamics, 33(2), pp.143-160. [https://doi.org/10.1016/j.orgdyn.2004.01.003]
  • Luthans, F., and C. M. Youssef-Morgan (2017). “Psychological Capital: An Evidence-Based Positive Approach,” Annual Review of Organizational Psychology and Organizational Behavior, 4(1), pp.339-366. [https://doi.org/10.1146/annurev-orgpsych-032516-113324]
  • Luthans, F., B. J. Avolio, J. B. Avey, and S. M. Norman (2007a). “Positive Psychological Capital : Measurement and Relationship With Performance and Satisfaction,” Personnel Psychology, 60(3), pp.541-572. [https://doi.org/10.1111/j.1744-6570.2007.00083.x]
  • Luthans, F., C. M. Youssef, and B. J. Avolio (2007b). Psychological Capital: Developing the Human Competitive Edge, Oxford, UK, Oxford University Press.
  • Martin, B. C., J. J. McNally, and M. J. Kay (2013). “Examining the Formation of Human Capital in Entrepreneurship: A Meta-Analysis of Entrepreneurship Education Outcomes,” Journal of Business Venturing, 28(2), pp.211-224. [https://doi.org/10.1016/j.jbusvent.2012.03.002]
  • Marvel, M. R., J. L. Davis, and C. R. Sproul (2016). “Human Capital and Entrepreneurship Research : A Critical Review and Future Directions,” Entrepreneurship Theory and Practice, 40 (3), pp.599-626. [https://doi.org/10.1111/etap.12136]
  • McGee, J. E., M. Peterson, S. L. Mueller, and J. M. Sequeira (2009). “Entrepreneurial Self–Efficacy: Refining the Measure,” Entrepreneurship Theory and Practice, 33(4), pp.965-988. [https://doi.org/10.1111/j.1540-6520.2009.00304.x]
  • Ministry of SMEs and Startups (2023). “The Government Is Making Every Effort to Ensure the Success of Entrepreneurship Support Programs,” Available at https://blog.naver.com/bizinfo1357/223097622051, .
  • Nahapiet, J., and S. Ghoshal (1998). “Social Capital, Intellectual Capital, and the Organizational Advantage,” Academy of Management Review, 23(2), pp.242-266. [https://doi.org/10.5465/amr.1998.533225]
  • Newman, A., D. Ucbasaran, F. E. I. Zhu, and G. Hirst (2014). “Psychological capital: A review and synthesis,” Journal of Organizational Behavior, 35(S1), S120-S138. [https://doi.org/10.1002/job.1916]
  • Newman, A., M. Obschonka, S. Schwarz, M. Cohen, and I. Nielsen (2019). “Entrepreneurial SelfEfficacy: A Systematic Review of the Literature on Its Theoretical Foundations, Measurement, Antecedents, and Outcomes, and an Agenda for Future Research,” Journal of Vocational Behavior, 110, pp.403-419. [https://doi.org/10.1016/j.jvb.2018.05.012]
  • OpenAI (2025). ChatGPT (5.0), [Large Language Model(LLM)], https://chatgpt.com, .
  • Park, J. H. (2023). “Spending on Private Education Surpasses W26tr in 2022,” Available at https://www.koreaherald.com/view.php?ud=20230307000508, .
  • Park, Y. S., and U. Kim (2006). “Family, Parent-Child Relationship, and Academic Achievement in Korea: Indigenous, Cultural, and Psychological Analysis,” in Indigenous and Cultural Psychology: Understanding People in Context, Boston, MA, Springer US, pp. 421-443. [https://doi.org/10.1007/0-387-28662-4_19]
  • Perez Fernandez, H., A. I. Rodriguez Escudero, N. Martin Cruz, and J. B. Delgado Garcia (2021). “The Impact of Social Capital on Entrepreneurial Intention and Its Antecedents: Differences Between Social Capital Online and Offline,” BRQ Business Research Quarterly, 23409444211062228. [https://doi.org/10.1177/23409444211062228]
  • Prabhu, V. P., S. J. McGuire, E. A. Drost, and K. K. Kwong (2012). “Proactive Personality and Entrepreneurial Intent: Is Entrepreneurial Self-Efficacy a Mediator or Moderator?” International Journal of Entrepreneurial Behavior and Research, 18(5), pp.559-586. [https://doi.org/10.1108/13552551211253937]
  • Putnam, R. D. (2000). Bowling Alone: The Collapse and Revival of American Community, New York, Simon and Schuster. [https://doi.org/10.1145/358916.361990]
  • Quan, X. (2012). “Prior Experience, Social Network, and Levels of Entrepreneurial Intentions,” Management Research Review, 3(10), pp. 945-957. [https://doi.org/10.1108/01409171211272679]
  • Rauch, A., M. Frese, and A. Utsch (2005). “Effects of Human Capital and Long–Term Human Resources Development and Utilization on Employment Growth of Small–Scale Businesses : A Causal Analysis,” Entrepreneurship Theory and Practice, 29(6), pp.681-698.
  • Sánchez, J. C. (2013). “The Impact of an Entrepreneurship Education Program on Entrepreneurial Competencies and Intention,” Journal of Small Business Management, 51(3), pp.447-465. [https://doi.org/10.1111/jsbm.12025]
  • Sandhu, M. S., S. F. Sidique, and S. Riaz (2011). “Entrepreneurship Barriers and Entrepreneurial Inclination Among Malaysian Postgraduate Students,” International Journal of Entrepreneurial Behavior and Research, 17(4), pp.428-449. [https://doi.org/10.1108/13552551111139656]
  • Sarasvathy, S. D. (2001). “Causation and effectuation : Toward a theoretical shift from economic inevitability to entrepreneurial contingency,” Academy of Management Review, 26(2), pp.243-263. [https://doi.org/10.2307/259121]
  • Schüler, D. (2023). “Institutional Change and Entrepreneurship as Occupational Choice―The Case of South Korea,” Journal of International Entrepreneurship, 21(3), pp.385-439. [https://doi.org/10.1007/s10843-022-00313-2]
  • Segal, G., D. Borgia, and J. Schoenfeld (2005). “The Motivation to Become an Entrepreneur,” International Journal of Entrepreneurial Behavior and Research, 11(1), pp.42-57. [https://doi.org/10.1108/13552550510580834]
  • Selvan, A. M., S. Susainathan, H. J. George, B. J. Olson, S. Parayitam, and S. Jayaraman (2025). “Antecedents of Entrepreneurial Intention: Entrepreneurship Education as a Moderator and Entrepreneurial Self-efficacy as a Mediator,” Journal of Entrepreneurship and Innovation in Emerging Economies, 23939575251345228. [https://doi.org/10.1177/23939575251345228]
  • Shane, S. (2000). “Prior Knowledge and the Discovery of Entrepreneurial Opportunities,” Organization Science, 11(4), pp.448-469. [https://doi.org/10.1287/orsc.11.4.448.14602]
  • Shane, S., and S. Venkataraman (2000). “The Promise of Entrepreneurship as a Field of Research,” Academy of Management Review, 25(1), pp.217-226. [https://doi.org/10.5465/amr.2000.2791611]
  • Sirmon, D. G., M. A. Hitt, R. D. Ireland, and B. A. Gilbert (2011). “Resource Orchestration to Create Competitive Advantage: Breadth, Depth, and Life Cycle Effects,” Journal of Management, 37(5), pp.1390-1412. [https://doi.org/10.1177/0149206310385695]
  • Stam, W., S. Arzlanian, and T. Elfring (2014). “Social Capital of Entrepreneurs and Small firm Performance: A Meta-Analysis of Contextual and Methodological Moderators,” Journal of Business Venturing, 29(1), pp.152-173. [https://doi.org/10.1016/j.jbusvent.2013.01.002]
  • Stiglitz, J. E. (2015). “Macroeconomic Fluctuations, Inequality, and Human Development,” In D. Nayyar (Ed.), Macroeconomics and Human Development (pp.31-58). Routledge. [https://doi.org/10.1080/19452829.2011.643098]
  • Tajfel, H., J. C. Turner, W. G. Austin, and S. Worchel (1979). “An Integrative Theory of Intergroup Conflict,” Organizational Identity: A Reader, 56(65), pp.9780203505984-16. [https://doi.org/10.1093/oso/9780199269464.003.0005]
  • Tsai, K.-H., H.-C. Chang, and C.-Y. Peng (2016). “Extending the Link Between Entrepreneurial Self-Efficacy and Intention: A Moderated Mediation Model,” International Entrepreneurship and Management Journal, 12(2), pp. 445-463. [https://doi.org/10.1007/s11365-014-0351-2]
  • Unger, J. M., A. Rauch, M. Frese, and N. Rosenbusch (2011). “Human Capital and Entrepreneurial Success: A Meta-Analytical Review,” Journal of Business Venturing, 26(3), pp.341-358. [https://doi.org/10.1016/j.jbusvent.2009.09.004]
  • Uzkurt, C., E. B. Ekmekcioglu, S. Ceyhan, and A. S. Pampal (2025). “Entrepreneurial Self-Efficacy as a Mediator in the Entrepreneurial Education-Entrepreneurial Intention Nexus: The Moderating Role of Government-Based Support and Financial Concerns,” Entrepreneurship Education, 8(1), pp.131-156. [https://doi.org/10.1007/s41959-024-00133-6]
  • Vuković, K., I. Kedmenec, K. Postolov, K. Jovanovski, and D. Korent (2017). “The Role of Bonding and Bridging Cognitive Social Capital in Shaping Entrepreneurial Intention in Transition Economies,” Management: Journal of Contemporary Management Issues, 22(1), pp. 1-33. [https://doi.org/10.30924/mjcmi/2017.22.1.1]
  • Wang, H., and Y. Liu (2016). Entrepreneurship and talent management from a global perspective: Global returnees. Edward Elgar Publishing. [https://doi.org/10.4337/9781783479139]
  • Wasserstein, R. L., and N. A. Lazar (2016). “The ASA Statement on p-Values: Context, Process, and Purpose,” The American Statistician, 70(2), pp.129-133. [https://doi.org/10.1080/00031305.2016.1154108]
  • Weick, K. E. (1976). “Educational Organizations as Loosely Coupled Systems,” Administrative Science Quarterly, 21(1), pp.1-19. [https://doi.org/10.2307/2391875]
  • Williams, D. (2006). “On and off the 'Net: Scales for Social Capital in an Online Era,” Journal of Computer-Mediated Communication, 11 (2), pp.593-628. [https://doi.org/10.1111/j.1083-6101.2006.00029.x]
  • Yi, J.-S. (2018). “Revisiting Individualism-Collectivism a Cross-Cultural Comparison Among College Students in Four Countries,” Journal of Intercultural Communication, 18(2), pp.1-13. [https://doi.org/10.36923/jicc.v18i2.759]
  • Zhao, H., S. E. Seibert, and G. E. Hills (2005). “The Mediating Role of Self-Efficacy in the Development of Entrepreneurial Intentions,” Journal of Applied Psychology, 90(6), pp. 1265-1272. [https://doi.org/10.1037/0021-9010.90.6.1265]
  • Zhao, J., G. Wei, K.-H. Chen, and J.-M. Yien (2020). “Psychological Capital and University Students' Entrepreneurial Intention in China: Mediation Effect of Entrepreneurial Capitals,” Frontiers in Psychology, 10, pp.2984. [https://doi.org/10.3389/fpsyg.2019.02984]
  • Zhu, X., W. Li, C. Su, J. Hu, and H. Zhao (2025). “Associations Between Teacher Academic Support and Externalizing Problem Behaviors Among Chinese Adolescents: An Analysis of Chain Mediation and Moderating Effects,” Humanities and Social Sciences Communications, 12(1), pp.1-15. [https://doi.org/10.1057/s41599-025-04591-8]

∙ The author Kyounghee Chu is a Professor of Marketing in the School of Business at Chosun University. Her primary research interests include entrepreneurship, senior marketing, K-culture, and brand management. She seeks to contribute to solving practical problems for businesses and society through interdisciplinary research grounded in robust theoretical frameworks.

∙ The author Soyeon Kim is a professor in the Faculty of International Social Sciences at Gakushuin University. Her research resides in the field of international human resource management and cross-cultural management with a particular focus on global and female leadership, diversity and inclusion, and entrepreneurship. Her research seeks to foster a more inclusive and sustainable social and business environment.

∙ The authors used generative AI tool (ChatGPT) to obtain linguistic assistance (English translation and editing).