Abstract
We explore the effect of entrepreneurs’ optimism on entrepreneurial exit using survey results of 175 new ventures based in China. The findings of this study challenge the assumption that there is a linear relationship between entrepreneurial optimism and entrepreneurial exit, we demonstrate that there is a U-shaped relationship. We also incorporate institutional theory to address the importance of institutional context in the external environment on entrepreneurial exit. Our results suggest that institutional support moderates the U-shaped relationship between entrepreneurial optimism and entrepreneurial exit, in other words, when institutional support is high, the relationship is more positive for overly optimistic entrepreneurs, and the relationship is more negative for moderately optimistic entrepreneurs.
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