Who am I? An effectual perspective on the impact of psychological capital on the internationalization of academic spin-offs

The literature applying effectual logic to entrepreneurial activity is extensive. However, more effective research needs to be conducted to analyze international entrepreneurship in the specific context of academic spin-offs (ASOs). Prior research has mainly analyzed the effect of human capital and relational capital on internationalization. However, limited research has focused on their psychological capital (PsyCap). The PsyCap changes over time due to the entrepreneur's international experiences and the differences in PsyCap in different internationalization patterns. Therefore, the objective of the paper is twofold. First, to analyze whether there are differences in the PsyCap of the academic entrepreneur between domestic ASOs and international ASOs. Second, to identify differences in the PsyCap of entrepreneurs' pre- and post-internationalization in international ASOs and with different internationalization patterns. The results of hierarchical cluster analysis, analysis of variance (ANOVA), and post-hoc tests conclude, first, that there are no differences in the PsyCap of academic entrepreneurs in domestic ASOs and international ASOs, except for one of its dimension, optimism, which is more prominent for international ASOs. Second, in all internationalized ASOs, there are differences in the PsyCap of the academic entrepreneur if we compare the stage of creation with the current stage. However, optimism is similar in both stages. Third, comparing PsyCap in different internationalization patterns, there are differences in the PsyCap of academic entrepreneurs from one stage to another. PsyCap grows in Uppsala and Born Global (BG) ASOs but decreases in de-internationalized ASOs, which follow a non-linear pattern. Finally, self-efficacy is a key psychological dimension for de-internationalized ASOs.