Objectives The purposes of this study is to verify the effect of academic stress on psychological well-being in high school students. In addition, the multiple effects of academic stress on psychological well-being through self-efficacy, academic exhaustion, and social support. Methods The subjects of this study and data collection was high schools students from 1st to 3rd grade in B city, conducted after distributing the questionnaire to high school students. Of the total 630 copies, 612 copies were retrieved, 593 copies excluding 19 copies were finally analyzed. As the measuring tools, academic stress, psychological well-being, self-efficacy, academic exhaustion, and social support scales were used. As for the statistical analysis, Process Macro V3.5, SPSS 24.0, and AMOS were used to verify single, double, and multi-mediated effects. Results The main analysis results are as follows. First, it was found that academic stress had a direct and indirect effect on psychological well-being. As a result of analyzing the single mediators of self-efficacy, academic exhaustion, and social support between the two variables, a partial mediating effect was found. Second, as a result of analyzing the double mediating effects of self-efficacy and social support, academic exhaustion and social support, self-efficacy and academic exhaustion, in the effect of relationship between academic stress and psychological well-being, there was a partial mediating effect of increasing psychological well-being between the two variables. Third, as a result of analyzing the multiple mediators of self-efficacy, academic exhaustion, and social support in the effect of academic stress on psychological well-being, a sequential multi-mediating functions appeared between the two variables. Conclusions This study shows the difference from previous studies, that it examines the single, double, and multiple mediation between two variables as an integrated model. It proved the usefulness of increasing psychological well-being through the multi-mediated effect. In particular, it is of great significance in that it revealed the importance of the role of variables, considering complex and diverse aspects, regarding the psychological well-being of adolescent.
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