Entrepreneurs’ psychological capital as a mediator: a broaden-and-build perspective on burnout and psychological well-being

Abstract

Background

This study explores how psychological capital (PsyCap) mitigates the negative effects of burnout on psychological well-being (PWB) among entrepreneurs in stressful business environments. Drawing on the broaden-and-build theory of positive emotions, this approach offers new insights into how positive psychological resources enhance entrepreneurial resilience, particularly in underdeveloped regions.

Methods

A cross-sectional quantitative design was employed with a structured questionnaire adapted from validated scales. Data were collected from 312 entrepreneurs across Karachi, Hyderabad, and Sukkur in Sindh, Pakistan, via simple random sampling. The analysis was conducted via PLS-SEM in SmartPLS 4.

Results

A significant negative correlation was identified between burnout and both PWB (β = -0.151, t = 2.734, p < 0.05) and PsyCap (β = -0.190, t = 3.737, p < 0.05). Furthermore, PsyCap significantly mediated the link between burnout and PWB, as evidenced by a notable indirect effect (β = -0.088, t = 3.471, p < 0.05), underlining its buffering role in mitigating the detrimental psychological outcomes of burnout.

Conclusions

This study highlights the importance of PsyCap—encompassing hope, optimism, resilience, and self-efficacy—as a protective psychological resource. Strengthening PsyCap can enhance well-being and performance among entrepreneurs. These findings extend the application of broaden-and-build theory and provide evidence for targeted psychological interventions in entrepreneurial settings.

Supplementary Information

The online version contains supplementary material available at 10.1186/s40359-025-03402-8.

Introduction

Entrepreneurship plays a vital role in socioeconomic development by driving innovation, creating jobs, and delivering products and services that meet diverse market needs [1]. Entrepreneurs not only pursue economic goals but also engage in business activities to fulfil personal psychological needs [2]. However, the entrepreneurial journey is far from smooth [3]. Entrepreneurs operate under high levels of uncertainty, financial risk, resource constraints, and social isolation [4]. These demanding conditions require strong mental resources and the ability to cope with unpredictable challenges [5]. When such demands outweigh an individual’s coping capacity, it leads to burnout—a state of emotional, physical, and mental exhaustion that can severely affect both psychological well-being (PWB) and the prospects of entrepreneurial success.

Concern about psychological vulnerability among entrepreneurs has increased globally, as continuous exposure to meeting these demands aggravates mental health and decreases performance [6]. Although entrepreneurial success has gained increasing attention, research on positive psychological resources such as PsyCap remains limited in developing economies, where entrepreneurs face distinct contextual challenges requiring heightened psychological resilience [7]. Recent evidence indicates that psychological distress among entrepreneurs in developing regions has increased due to post-pandemic challenges, high inflation, and limited access to mental health services [8]. This presents the need for an investigation focusing on psychological resource-building approaches for entrepreneurs.

Luthans’ concept of PsyCap resources is a positive attribute comprising hope, optimism, resilience, and self-efficacy, which help in the positive functioning of individuals [9]. Hope and optimism are related to individuals’ beliefs and attitudes to expect positive things and be confident in future outcomes. Self-efficacy and resilience reflect individuals’ assertiveness of their ability to achieve tasks and handle adverse situations. This PsyCap potential is highly important for entrepreneurs to have a positive attitude toward the future results of business growth and venture success to keep them driven. The belief in their ability to achieve entrepreneurial targets and resilience in times of risk and challenges involved would never let them fail or fall. This resembles Fredrickson’s broaden-and-build theory, which suggests that positive emotions strengthen the behavioural and cognitive ability of individuals, facilitating the development of lasting psychological resources in the long run [10]. Hence, PsyCap may serve as a safeguarding tool in entrepreneurial settings, which can reduce the detrimental effects of burnout on the psychological well-being of entrepreneurs.

In Pakistan, there are few entrepreneurial activities [11, 12]; this may be because people avoid taking risks [13]. As a result, individuals are less inclined towards entrepreneurship, so the country’s economic situation is not good [14]. Furthermore, entrepreneurs, specifically those in Sindh and including Pakistan as a whole, face various financial and environmental challenges, family and social hurdles, economic instability, and a lack of government support, which create stress. These stressors, risks, and uncertainties make it difficult for entrepreneurs to continue and grow businesses successfully, which creates burnout. Burnout negatively impacts entrepreneurs by increasing health issues and anxiety, causing losses of business and profits, lowering productivity, and leading to business failure [15–17]. Burnout lowers business performance [18]. New entrepreneurs face severe consequences of burnout for their health and ventures [19]. Thus, burnout worsens the health and well-being of entrepreneurs. Following post-pandemic economic shifts, high inflation, and market instability, entrepreneurs in underdeveloped regions such as Sindh became more vulnerable to mental health challenges, including increased distress and diminished well-being [20]. A timely study focusing on psychological assets such as PsyCap is crucial to ensure entrepreneurial sustainability and economic progress. Therefore, educating small business owners about the worth of PsyCap assets and helping them foster such resources would add value to entrepreneurs’ success and maintain well-being and thriving lives.

In the context of this study, the authors focus on the type of well-being, which is Ryff’s psychological well-being (PWB), comprising autonomy, environmental mastery, positive relations, personal growth, self-acceptance, and purpose in life [21]. “Entrepreneurial well-being is a positive and distinctive mental state, which reflects entrepreneurs’ affective and cognitive experiences of engagement in entrepreneurship as the process of venture creation. These experiences are characterized by positive judgments of the entrepreneurial life and good feelings about it” [22, p.76]. Engaging in entrepreneurial activities helps individuals meet their innate psychological needs and achieve healthier PWB [23, 24]. Studies have shown that entrepreneurs’ activities result in well-being, and it has been noted that psychological potential and coping processes help entrepreneurs maintain good health and well-being [25, 26].

Burnout is the outcome of severe stress [27]. Failure to achieve business and job-related goals often causes stress, anxiety, and frustration, which lead to burnout [28]. Burnout refers to the shattering of individuals’ physical, emotional, and mental abilities [29]. Burnout results in the erosion of a person’s qualities related to physical and psychological aspects and causes organizational loss [30–33]. Burnout badly impacts the health and well-being of individuals. Entrepreneurs in Sindh, Pakistan, experience various stressors due to a lack of entrepreneurial ecosystem support, economic and social problems, infrastructure issues, and other challenges that lead to burnout. The entrepreneurs in Sindh-Pakistan are subsequently unable to maintain good health and psychological well-being, which can also cause failure in business and personal life.

Previous studies have investigated the impacts of burnout on well-being [34] and the positive role of PsyCap in improving psychological functioning [35], which focused on employees in organizational settings such as educational institutions, corporations and healthcare. Conversely, entrepreneurial settings—mainly in stressful, resource-constrained environments—are comparatively underexplored. Moreover, the broaden-and-build model of positive emotions given by Fredrickson has been used in the organizational context [10]; however, its specific application to the theme of entrepreneurship and exploration of its role in reducing burnout and augmenting well-being seem less researched. The shortfall of empirical evidence on the mediating role of PsyCap in the relationship between burnout and psychological well-being among the entrepreneurial population remains unfilled. In the context of developing markets, this gap is significant because entrepreneurs experience systemic stressors and need distinctive psychological resources for resilience, coping and achieving success.

Entrepreneurs engage in business activities to fulfil their basic psychological needs, which causes them to experience healthier psychological work and better well-being [24]. Owing to increased uncertainty and risk caused by challenges such as unpredictable economic situations, challenges in accessing required resources, social pressures, and infrastructure impediments, lead to stress and burnout among entrepreneurs in the Sindh region. However, entrepreneurs—especially in regions such as Sindh—face growing difficulty when adequate institutional and ecosystem support for mental health is lacking; the recent qualitative and survey data from female entrepreneurs in Pakistan revealed widespread anxiety, stress, and a clear deficit of support systems [36]. In entrepreneurial settings, particularly in less developed regions, such as Sindh (Pakistan), where unique contextual stressors demand greater psychological resilience, the role of internal psychological resources such as PsyCap remains underexplored [37]. This research gap provides sufficient reasoning for conducting the present investigation, as entrepreneurs’ well-being is necessary not only for better mental health but also for achieving sustained business progress and venture success. Moreover, an adequate focus is needed to explore the mediating role of PsyCap in the pathway between the burnout and PWB of entrepreneurs in the Sindh region with its typical socioeconomic dynamics.

Therefore, this investigation contributes in a unique way by relating the broaden-and-build theory to entrepreneurial settings in the context of Pakistan, specifically the Sindh province. This study provides new insights into the psychological mechanisms that assist entrepreneurs in increasing mental well-being. The research objectives are (1) to investigate the extent to which burnout relates to PWB in entrepreneurs; (2) to examine the extent to which burnout correlates with PsyCap; and (3) to determine whether PsyCap mediates the link between burnout and PWB in the entrepreneurs of Sindh.

This study makes important contributions to filling the theoretical and empirical gap in the field of entrepreneurial psychology. In addition, developing an understanding of PsyCap as a buffering tool also provides essential recommendations for enriching mental health and well-being interventions, supporting robust policymaking and improving entrepreneurial support in less developed regions. With some limitations, the findings of this research are generalizable to other contexts with similar socioeconomic dynamics, such as the Sindh region of Pakistan.

Theoretical underpinning: broaden-and-build theory of positive emotions

Fredrickson proposed the broaden-and-build theory of positive emotions, which posits that a range of positive emotions—such as joy, interest, contentment, and love—function to broaden individuals’ momentary thought‒action repertoires and help them build lasting personal resources, including intellectual, social, and physical assets [10]. This theory offers a robust conceptual framework that deepens our understanding of the mechanism of how a positive mental state supports better functioning under stressful and adverse situations over a period of time. In particular, this study highlights how experiencing repeated positive emotions facilitates the development of psychological resources such as PsyCap, including four components: hope, optimism, resilience and self-efficacy. Positivity and optimism serve as key pathways in this process—positivity expands individuals’ thought–action repertoires, enabling flexible thinking and adaptive behaviour, whereas optimism reinforces hopeful expectations and sustained motivation even in uncertain conditions. Each PsyCap component contributes to psychological well-being (PWB): hope drives goal pursuit, optimism fosters positive expectations, self-efficacy builds confidence in handling tasks, and resilience aids recovery from setbacks. Together, these resources—activated and strengthened by positive emotions—buffer burnout and enhance well-being in challenging environments.

The present study employs broaden-and-build theory as the underpinning theory to explain how PsyCap acts as a mediating mechanism between burnout and psychological well-being (PWB) among entrepreneurs in Sindh, Pakistan. Entrepreneurs in this region face various stressors, including heavy workloads, financial uncertainty, environmental challenges, and market unpredictability, all of which contribute to burnout and worsened PWB [38]. In line with theory, positive emotions contribute to building cognitive and behavioural abilities that enable people to generate new ideas, cope proactively and build relationships. Such broadened aptitudes are crucial for entrepreneurs to remain resilient, innovate and be flexible under stress. The positive psychological resources of PsyCap increase positive emotions among entrepreneurs, which lead to better entrepreneurial outcomes in real life. According to theory, the personal strengths that comprise PsyCap support entrepreneurs in developing enduring psychological resources, enabling them to withstand stress, recover from burnout, and maintain psychological well-being during the entrepreneurial journey [39]. In the context of this study, positive emotions enable entrepreneurs to cultivate flexible coping strategies, enhance creativity and innovation, and build social support networks—each of which contributes to lower burnout and improved well-being [10]. Hence, for entrepreneurs in Sindh, who face elevated external pressures and systemic challenges, PsyCap operates as a buffer against burnout and transforms adversity into growth opportunities. This helps preserve their psychological well-being in difficult entrepreneurial environments [40]. By establishing this research on the framework of broaden-and-build theory, the study is theoretically coherent and justified in developing hypotheses. It links the variables burnout, PsyCap, and PWB in an empirical manner reinforced through a psychological framework, thus supporting the study objectives and hypothesized relationships with a sound theoretical foundation.

Literature review

The literature review of this study consists of a logical discussion on the key concepts of entrepreneur burnout, PWB, and PsyCap, along with a critical review of the empirical evidence given by previous authors. The hypothesized links and conceptual framework (see Fig. 1) have been developed on the basis of the research gap provided by the literature review.

Fig. 1.

Hypothesized model of the study. (adapted from [54])

Burnout and its relationship with entrepreneurs

Burnout is the outcome of persistent work stress, which is associated with emotional drain, detachment from work, and lower individual achievement [34]. Burnout reflects a person’s exhausting emotional, physical, and mental status [29]. It has been associated with negative outcomes for both individual well-being and organizational functioning [30–33]. Entrepreneurs often experience stressors related to financial uncertainty, workload, and risk, which are linked to higher levels of burnout [40]. Burnout is further associated with deteriorated health, reduced performance, limited innovation, and strained relationships [41]. Burnout among entrepreneurs is particularly concerning because of their dual burden of personal and business accountability. In resource-constrained settings such as Sindh, persistent stress may accelerate psychological exhaustion and reduce an entrepreneur’s ability to cope effectively. Research shows that burnout is correlated with lower motivation, reduced creativity, and an increased likelihood of business failure [6].

Psychological well-being (PWB) in entrepreneurship

The concept of PWB was introduced by Ryff, who identified six components: personal growth, autonomy, positive relations, environmental mastery, self-acceptance, and purpose in life [21]. These elements collectively describe general psychological functioning and life satisfaction. For entrepreneurs, higher levels of PWB are associated with greater resilience, motivation, and capacity to face business challenges. PWB can be a protective factor that helps entrepreneurs manage stress and achieve better outcomes [6]. Studies suggest that high levels of PWB are linked with effective coping behaviour, enduring optimism, and reduced psychological strain in entrepreneurs [42, 43].

Psychological capital (PsyCap) and its relevance to entrepreneurs

PsyCap is defined as a positive mental resource comprising hope, optimism, resilience, and efficacy, which are associated with positive psychological functioning [9]. Entrepreneurs utilize PsyCap to manage the unpredictable nature of business environments. Hope and optimism contribute to a positive outlook, whereas resilience and self-efficacy promote confidence and adaptability during difficult situations [39]. PsyCap increases emotional strength and enhances coping strategies to maintain stability under stress. Prior studies indicate that PsyCap is associated with reduced psychological strain and stronger personal resource recovery [44, 45]. PsyCap is negatively correlated with burnout and positively correlated with psychological well-being across organizational settings [35]. In entrepreneurial contexts, these psychological resources help entrepreneurs remain engaged, optimistic, and adaptive.

Burnout and PWB: evidence of a negative relationship

Research has indicated that burnout is negatively associated with PWB; erosion of emotional energy can diminish personal growth and interfere with one’s ability to manage environmental demands, whereas depersonalization may compromise meaningful life goals and relationships [34]. Entrepreneurs who report higher burnout levels also tend to experience lower PWB, suggesting that burnout may deplete psychological strength and satisfaction [41, 46]. A longitudinal study by Smith and Johnson revealed that increasing burnout levels were associated with a consistent decline in PWB among entrepreneurs [47]. Similarly, greater burnout was correlated with lower PWB and poorer performance in entrepreneurial ventures [48]. Another cross-sectional study revealed that burnout was negatively related to entrepreneurial motivation and future aspirations [49]. In the context of the Sindh region of Pakistan, entrepreneurs may face intensified stress, which could be related to reduced psychological well-being. The accumulating evidence supports the notion that burnout is correlated with reductions in well-being across multiple domains. When emotional capacity is depleted, entrepreneurs may struggle to maintain satisfaction and purpose. According to the broaden-and-build theory, stressors and burnout hinder entrepreneurs by reducing the positive emotions necessary for constructive cognitive and behavioural responses. They also obstruct the development of mental resources that are essential for achieving better psychological well-being. In light of the above literature review, the following hypothesis is proposed:

Hypothesis 1

Burnout is negatively correlated with the PWB of entrepreneurs.

Burnout and PsyCap: impact on internal psychological resources

The relationship between burnout and PsyCap has been explored in entrepreneurial studies. Luthans et al. reported that PsyCap is related to entrepreneurs’ psychological functioning and goal attainment [9], whereas burnout, associated with mental exhaustion, presents challenges to sustaining performance. A longitudinal study reported that burnout was negatively correlated with optimism and efficacy—two components of PsyCap [47]. Higher burnout levels were linked with reduced confidence in entrepreneurial abilities and hindered performance. Similarly, Lee and Brown reported that emotional exhaustion was negatively associated with resilience in entrepreneurs [48]. Garcia et al. [49] reported a negative association between burnout and hope. Their study concluded that increased burnout was linked to diminished positive expectations about future success. Research has shown that burnout depletes PsyCap resources and may impair their recovery [50]. These findings indicate that burnout may not only be associated with reductions in PsyCap but also hinder the replenishment of these vital psychological resources. In unstable entrepreneurial environments, this relationship may become particularly significant. Within the framework of the broaden-and-build theory of positive emotions, entrepreneurs in resource-constrained regions such as Sindh (Pakistan) often face burnout, which disrupts their positive psychological functioning and depletes psychological resources such as PsyCap. As a result, they become less resilient and struggle to cope, creating obstacles to achieving both success and psychological well-being. On the basis of theoretical understanding and empirical evidence, the following hypothesis is developed:

Hypothesis 2

Burnout is negatively correlated with the PsyCap of entrepreneurs.

PsyCap as a mediator between burnout and PWB

While prior research has focused on the link between burnout and PWB, increasing attention has been given to PsyCap as a potential mediator. Some studies have shown that PsyCap moderates the impact of stress and supports adjustment in academic and medical contexts [51, 52]. This study focuses on the mediating role of PsyCap in the relationship between burnout and PWB among entrepreneurs in Sindh, Pakistan. PsyCap may contribute to the psychological resilience that buffers against the effects of burnout [53]. Manzano-García and Ayala reported that higher levels of PsyCap were associated with reduced burnout and improved well-being among autism support staff [54]. These findings suggest that PsyCap may serve as a psychological shield that maintains well-being when individuals face elevated stress.

PsyCap is associated with recovery from burnout, increased emotional stability, and strengthened confidence [9]. Studies have shown that higher PsyCap is linked to lower burnout and higher well-being [44, 55]. Specifically, hope and efficacy are associated with goal motivation, whereas resilience and optimism facilitate recovery from negative emotional states. Li et al. [56] suggested that PsyCap could influence psychological and innovative outcomes by interacting with mediators such as work values. Additional studies have emphasized PsyCap’s role in moderating and mediating performance and psychological health outcomes [57, 58]. These findings indicate that PsyCap may be associated with mitigating burnout’s negative relationship with PWB. Emerging evidence supports PsyCap as a psychological resource that mediates the relationship between stressors, such as burnout and psychological outcomes such as well-being. When functioning as a mediator, PsyCap may help explain how entrepreneurs retain psychological balance in the face of emotional exhaustion. In the context of the broaden-and-build theory, positive emotions enhance entrepreneurs’ ability to make constructive decisions and take effective actions. These emotions also support the development of mental resources such as PsyCap (hope, optimism, resilience, and self-efficacy), which help reduce burnout and improve psychological well-being. Given this, Hypothesis 3 is proposed:

Hypothesis 3

PsyCap mediates the relationship between burnout and the PWB of entrepreneurs.

Research design & methodology

The current study uses quantitative methods to address the research question. The research design was developed after a careful literature review of the variables of the study, such as burnout, psychological well-being (PWB), and PsyCap. The authors adopted a cross-sectional approach, and quantitative data were collected from entrepreneurs in three major urban cities, Karachi, Hyderabad, and Sukkur, in the province of Sindh, Pakistan.

Sampling technique and procedure

A simple random sampling technique was used to collect the responses from the sample size of 276 determined through G* power software at a confidence level of 95%. However, we obtained 312 responses out of 400, which represented a response rate of 78%. The use of simple random sampling was chosen to reduce selection bias and ensure that each potential participant had an equal chance of being selected. This method is particularly suitable for cross-sectional studies aiming to investigate relationships among variables across diverse populations without systematic exclusion. The sampling frame was developed using business registration data and local entrepreneur associations in the selected cities. Entrepreneurs were then randomly selected to participate in the survey. The selected cities are among the most active entrepreneurial hubs in Sindh, representing a wide spectrum of business activities, including retail, services, manufacturing, and trade. This enhances the representativeness of the sample, as these cities reflect the broader demographic and economic diversity of entrepreneurs in the province. Efforts were made to ensure inclusion by targeting entrepreneurs across different industries and age groups, and both male and female participants were encouraged to participate in the survey. The sampling strategy helped minimize selection bias and support a more inclusive dataset.

While the sample provides valuable insights into urban entrepreneurship in Sindh, caution should be exercised in generalizing the findings to rural entrepreneurs or those from other provinces of Pakistan. Nonetheless, the sample captures essential entrepreneurial dynamics in key economic centers, enhancing the external validity of the findings for similar urban populations. The selection criteria for inclusion in the study were as follows: (1) the respondent must be an active entrepreneur operating a registered or recognized business within the urban centers of Karachi, Hyderabad, or Sukkur; (2) the business must have been operational for at least one year at the time of data collection to ensure relevant experience with entrepreneurial stressors; and (3) the respondent must be above 21 years or older to ensure ethical compliance. Entrepreneurs who did not meet these criteria or who were unwilling to voluntarily participate were excluded from the sample.

Data collection technique and procedure

To gather data, a structured questionnaire comprising 40 items was adopted from prior validated studies. Burnout was measured with 10 items [59], including a sample item (paraphrased) such as “During entrepreneurial work, how often do you feel tired?” rated on a 7-point frequency scale (1 = never to 7 = always). Psychological well-being (PWB) was measured with 18 items [42], representing six dimensions: personal growth, autonomy, positive relations, environmental mastery, self-acceptance, and purpose in life. Each dimension was assessed with three items, rated on a 7-point Likert scale (1 = strongly disagree to 7 = strongly agree). Example items (paraphrased) include “a sense of continuous learning and development” (personal growth), “confidence in making independent choices” (autonomy), “having close and supportive relationships” (positive relations), “ability to manage daily responsibilities effectively” (environmental mastery), “acceptance of oneself including strengths and weaknesses” (self-acceptance), and “having a clear sense of purpose in life” (purpose in life). For both scales verbatim items wording are not reproduced here due copyright restrictions. Psychological Capital (PsyCap) was conceptualized in line with Luthans et al. [9] as a higher-order construct consisting of hope, efficacy, resilience, and optimism. PsyCap was measured using the Compound Psychological Capital Scale (CPC-12) given by Lorenz et al. [60], which consists of 12 items across hope, optimism, resilience, and self-efficacy (three items per dimension). Responses were rated on a 7-point Likert scale (1 = strongly disagree to 7 = strongly agree). Example items include “I am looking forward to the life ahead of me” (optimism) and “I can remain calm when facing difficulties because I can rely on my coping abilities” (self-efficacy). The full set of items is provided in Appendix B. Data were collected over two months (December 2024-January 2025) via both face-to-face and digital formats. Study researchers approached participants at their business locations to administer printed questionnaires, while those who could not be reached in person received the survey digitally via email or WhatsApp, along with a consent statement. Follow-up reminders were sent to non-respondents to increase the response rate. Participation was voluntary, no incentives were provided, and confidentiality was ensured throughout the process to maintain data integrity.

Data analysis

For data analysis, partial least squares-structural equation modelling (PLS-SEM) in Smart Pls version 4 given by Ringle et al. [61] was used because this facilitates studies with small sample sizes and higher-order constructs, which this research study involves. In addition to testing the hypothesized links, this software also supports checking the mediating effect of PsyCap on burnout and PWB in a simple way.

Results

The descriptive statistics (Table 1) of the demographic data show that 90% of the respondents were male and that 10% were female entrepreneurs, with different age groups, marital statuses and education levels. They were involved in entrepreneurial activities and were engaged in different types of businesses related to manufacturing, services, retailing and other industries. Table 2 presents the mean analysis of the questionnaire item responses along with the kurtosis and skewness of the data.

Table 1.

Descriptive statistics_ respondents’ profile

Demographic Characteristics	Frequency	Percent (%)
Gender
Male Female	280 32	90% 10%
Age Group
21–30 31–40 41–50 Above 50	76 157 60 19	24% 50% 19% 6%
Marital Status
Single Married	96 216	31% 69%
Education Level
Matric- Intermediate Graduate- Masters M.Phil.- PhD	61 206 45	20% 66% 14%

Source: This study N = 312

Table 2.

Mean analysis of the respondents’ responses

Name	Mean	Standard deviation	Excess kurtosis	Skewness	Cramér-von Mises p value
HOPE_1	5.407	1.195	-0.825	-0.238	0
HOPE_2	5.199	1.187	-0.42	-0.309	0
HOPE_3	5.567	1.104	-0.325	-0.516	0
OPTI_1	5.676	1.172	0.64	-0.85	0
OPTI_2	5.455	1.117	-0.182	-0.427	0
OPTI_3	5.458	1.206	0.307	-0.696	0
RESI_1	5.401	1.194	-0.799	-0.257	0
RESI_2	5.321	1.227	-0.58	-0.338	0
RESI_3	5.426	1.191	-0.854	-0.219	0
SE_1	5.397	1.183	-0.796	-0.273	0
SE_2	5.455	1.143	-0.514	-0.323	0
SE_3	5.407	1.134	-0.489	-0.305	0
SA_1	4.343	1.204	-0.691	0.356	0
SA_2	4.619	1.245	-0.67	-0.057	0
SA_3	3.817	1.279	0.173	0.013	0
EM_1	4.317	1.673	-0.744	-0.053	0
EM_2	4.769	1.242	-0.094	-0.412	0
EM_3	4.724	1.299	-0.537	-0.244	0
PIL_1	4.657	1.294	-0.358	-0.234	0
PIL_2	5.199	1.298	-0.567	-0.321	0
PIL_3	4.256	1.732	-1.073	-0.002	0
PG_1	5.84	1.24	-0.716	-0.645	0
PG_2	5.128	1.292	-0.516	-0.303	0
PG_3	4.413	1.715	-0.848	-0.195	0
PR_1	5.362	1.248	-0.8	-0.245	0
PR_2	5.144	1.207	-0.881	0.116	0
PR_3	5.154	1.522	0.051	-0.739	0
AUTO_1	4.465	1.361	-0.762	0.151	0
AUTO_2	4.542	1.356	-0.671	0.059	0
AUTO_3	4.497	1.311	-0.762	0.174	0
B_1	4.051	0.819	-0.734	-0.06	0
B_2	4.038	0.858	0.1	0.263	0
B_3	3.942	0.838	-0.498	-0.022	0
B_4	3.869	0.784	-0.358	0.156	0
B_5	3.997	0.918	0.16	0.206	0
B_6	3.862	0.787	-0.236	0.09	0
B_7	3.917	0.812	-0.32	0.118	0
B_8	3.776	0.817	0.065	0.152	0
B_9	3.817	0.867	0.484	-0.378	0
B_10	3.949	0.803	-0.573	0.205	0

Source: This study

Common method bias

In cross-sectional survey research, where data are collected from a single source, there is a potential risk of common method bias (CMB). To address this, researchers typically employ two techniques: the variance inflation factor (VIF) test to assess collinearity and Harman’s single-factor test. In our study, CMB was not a concern, as the variance inflation factor (VIF) values remained below the acceptable thresholds of 0.3 and 0.5 (see Table 14 in Appendix A), which suggests that no collinearity issues exist. Additionally, the results of Harman’s single-factor test revealed that a single factor accounted for only 20.062% of the total variance—well below the critical threshold of 50% (see Table 15 in Appendix A). These findings indicate that our research model has acceptable robustness.

PLS_SEM results

This study model has higher-order constructs of PsyCap and PWB; therefore, the authors use the “embedded two-stage approach” given by Ringle et al. [62] to analyse measurement models in both stages. The two-stage approach involves analysing the lower-order measurement model at the first stage and calculating latent variable scores, which are then used to show variables in stage two as higher-order constructs [63]. The present study model uses PsyCap and PWB as reflective-reflective and formative-formative higher-order constructs, so the authors used PLS-SEM to carry out the analysis accordingly.

Measurement model evaluation for the 1st -order/lower-order constructs

Table 3 shows the item reliability and construct-level reliability and validity of the lower-order constructs in the reflective measurement model. The results indicate that the factor loading scores of all the items related to burnout, hope, optimism, resilience and self-efficacy are greater than the required value of 0.70 given by the authors [64, 65], which satisfies the reliability criteria of the indicators in the outer model (see Fig. 2). The Cronbach’s alpha and composite reliability values are above the required 0.70, which indicates that the variables in this study are reliable for measuring what they aim to assess (see Table 3). The average variance extracted (AVE) is used to measure convergent validity, which explains the degree to which a variable converges in explaining the variance of the items of the construct [64, 66]. As per the author’s given guidelines, the AVE scores of all the constructs are higher than the required 0.50, which represents construct indicators above 50% variance (see Table 3).

Table 3.

Loadings, reliability and validity

Items	Loadings	Cronbach’s alpha	Composite reliability (rho_a)	Composite reliability (rho_c)	Average variance extracted (AVE)
B_1	0.727	0.913	0.924	0.927	0.559
B_2	0.730
B_3	0.761
B_4	0.786
B_5	0.721
B_6	0.763
B_7	0.726
B_8	0.744
B_9	0.710
B_10	0.803
HOPE_1	0.856	0.705	0.754	0.831	0.622
HOPE_2	0.758
HOPE_3	0.748
OPTI_1	0.778	0.702	0.739	0.832	0.623
OPTI_2	0.854
OPTI_3	0.731
RESI_1	0.883	0.725	0.757	0.845	0.646
RESI_2	0.770
RESI_3	0.751
SE_1	0.855
SE_2	0.851
SE_3	0.745

Source: This study

Fig. 2.

First Stage_ Measurement Model Evaluation

This study also checks the discriminant validity of the model, which empirically reveals the extent to which a construct is different from other constructs in a model [64–67]. To assess the discriminant validity of the reflective measurement model, the authors proposed applying the “Fornell and Larcker criterion” and the “hetrotrait–monotrait (HTMT) ratio”. The data analysis in Table 4 concerning the Fornell and Lacker criterion indicates that diagonal values in bold and italic form are the construct’s AVE in the squared root and are above the correlated scores of the other variables beneath them, which suggests that discriminant validity is created. Discriminant validity is also ascertained through the proposed HTMT ratio [68], and the authors also suggested cut-off values below 0.85 and 0.90 for confirming discriminant validity. The results indicate that the HTMT values in our model are below 0.85 and 0.90; hence, discriminant validity has been established (see Table 5).

Table 4.

Discriminant validity_Fornell–Larcker criterion

Constructs/Dimensions	Burnout	HOPE	OPTI	RESI	SE
Burnout	0.748
HOPE	-0.236	0.789
OPTI	-0.140	0.645	0.789
RESI	-0.133	0.74{	0.643	0.804
SE	-0.155	0.740	0.702	0.726	0.818

Source: This study. The diagonal bold italic values represent the square root of each construct AVE

Table 5.

Discriminant Validity_Heterotrait-monotrait ratio (HTMT) - Matrix

Constructs/Dimensions	Burnout	HOPE	OPTI	RESI	SE
Burnout
HOPE	0.285
OPTI	0.162	0.883
RESI	0.161	0.856	0.863
SE	0.184	0.841	0.807	0.876

Source: This study

To evaluate lower-order indicators in the formative measurement model, the significance of the outer weights were checked through a bootstrapping procedure; along with this, we also assessed the variance inflation factor (VIF). Table 6 shows that all indicators of the lower-order constructs of psychological well-being have significant outer weight indicators, with t values > 1.98 and p values < 0.05. In addition, the VIF values are lower than the required levels of 3 and 5; hence, no multicollinearity issues were observed in the study model, as per the guidelines of the authors [69].

Table 6.

Outer weights, significance & VIF

Items	Original sample (O)	Sample mean (M)	Standard deviation (STDEV)	T statistics (|O/STDEV|)	P values	VIF
AUTO_1 → AUTO	0.351	0.354	0.096	3.661	0.000	3.576
AUTO_2 → AUTO	0.411	0.409	0.095	4.309	0.000	3.466
AUTO_3 → AUTO	0.417	0.413	0.068	6.169	0.000	1.490
EM_1 → EM	0.293	0.288	0.135	2.173	0.030	1.029
EM_2 → EM	0.594	0.583	0.094	6.333	0.000	1.058
EM_3 → EM	0.654	0.645	0.093	6.995	0.000	1.077
PG_1 → PG	0.462	0.457	0.091	5.061	0.000	1.585
PG_2 → PG	0.560	0.558	0.083	6.750	0.000	1.549
PG_3 → PG	0.302	0.298	0.093	3.240	0.001	1.030
PIL_1 → PIL	0.622	0.602	0.144	4.315	0.000	1.093
PIL_2 → PIL	0.722	0.701	0.108	6.707	0.000	1.010
PIL_3 → PIL	0.405	0.398	0.154	2.623	0.009	1.100
PR_1 → PR	0.516	0.507	0.099	5.184	0.000	1.199
PR_2 → PR	0.431	0.430	0.106	4.065	0.000	1.066
PR_3 → PR	0.489	0.484	0.101	4.848	0.000	1.130
SA_1 → SA	0.668	0.635	0.165	4.058	0.000	1.028
SA_2 → SA	0.442	0.417	0.190	2.330	0.020	1.031
SA_3 → SA	0.484	0.469	0.191	2.531	0.011	1.003

Source: This study

Measurement model evaluation for the 2nd -order/higher-order constructs

In stage two, the latent variable scores created at stage one were used to create the higher-order constructs, and then the measurement model for reflective and formative indicators was assessed similarly to the first stage [67]. The indicators of PsyCap (Hope, Optimism, Resilience and Self-Efficacy) in the reflective measurement model have loadings higher than 0.70 (see Table 7; Fig. 3), confirming the indicator’s reliability criteria [64, 65]. In addition, the PsyCap construct also satisfied construct reliability, as the Cronbach’s alpha and composite reliability scores were greater than 0.70, and the convergent validity was determined through the AVE, which was above the required 0.50 (see Table 7). Tables 8 and 9 report that the discriminant validity of the model has been created as in the Fornell & Larcker criterion; the bold diagonal scores are higher than the correlated values of the constructs under them, and the HTMT values are lower than the required values of 0.85 and 0.90, as the authors suggested [64, 68].

Table 7.

Loadings, reliability and validity

Items	Loadings	Cronbach’s alpha	Composite reliability (rho_a)	Composite reliability (rho_c)	Average variance extracted (AVE)
Burnout	1.000
HOPE	0.891	0.910	0.914	0.937	0.789
OPTI	0.836
RESI	0.904
SE	0.920

Source: This study

Fig. 3.

Second Stage_ Measurement Model Evaluation

Table 8.

Discriminant validity_ Fornell–Larcker criterion

Constructs	Burnout	PsyCap
Burnout	1
PsyCap	-0.190	0.888

Source: This study. The diagonal bold italic values represent the square root of each construct AVE

Table 9.

Discriminant Validity_Heterotrait-monotrait ratio (HTMT) - Matrix

Constructs	Burnout	PsyCap
Burnout
PsyCap	0.196

Source: This study

Psychological well-being is the formative higher-order construct in our model, and its measurement model is evaluated through the significance of outer weights or loadings in the bootstrap procedure and by VIF values [69]. Table 10 indicates that the outer weights of four PWB indicators, such as EM, PG, PIL and SA, are significant, whereas two PWB indicators, such as AUTO and PR, have outer weights that are nonsignificant but have significant loadings; thus, they are retained in the model. Furthermore, the variance inflation factor (VIF) scores were computed to check collinearity issues, and the VIF values were below the required 3, suggesting that there was no multicollinearity problem in our model.

Table 10.

Outer weights significance/loadings significance and the VIF

Items/Constructs	Weights, T Values & P values			Loadings with P values	VIF
AUTO → PWB	0.141	1.411	0.158	0.544 (0.000)	1.281
EM → PWB	0.450	4.345	0.000	0.737 (0.000)	1.224
PG → PWB	0.356	3.234	0.001	0.702 (0.000)	1.325
PIL → PWB	0.250	2.338	0.019	0.603 (0.000)	1.214
PR → PWB	0.187	1.921	0.055	0.524 (0.000)	1.218
SA → PWB	0.197	2.004	0.045	0.471 (0.000)	1.108

Source: This study

Structural path model assessment and testing of hypothesized relations

The structural path model of the study, which is also called the inner model, is evaluated by computing path coefficient values and significance, variance inflation factor (VIF) values, explanatory power (R²), model predictive relevance (Q² prediction) and effect size (f ²) per the suggestions of the authors [64].

Through the bootstrapping procedure in the PLS‒SEM, the structural model of the study was assessed. The results in Table 11 indicate that burnout was negatively related to the PWB of the entrepreneurs (β = -0.151), which was also significant (t = 2.734, & p < 0.05) (see Fig. 4). The results further revealed that burnout also significantly and negatively correlates with entrepreneurs’ PsyCap (β = -0.190) (t = 3.737, & p < 0.05). However, PsyCap has a positive relationship with PWB (β = 0.464), which is also significant (t = 10.260, & p < 0.05). Table 11 also shows the VIF values, which are below the suggested threshold of 3, and confirms that there are no collinearity issues in the model. Furthermore, at a probability limit of 5%, zero does not fall into 95% of the upper and lower bounds of the confidence interval bias corrected [70], which confirms the significance of the path model.

Table 11.

Path coefficients (Mean, STDEV, T values & P values)

Paths	β	(STDEV)	T statistics	P values	2.50%	97.50%	VIF
Burnout → PWB	-0.151	0.055	2.734	0.006	-0.262	-0.044	1.037
Burnout → PsyCap	-0.190	0.051	3.737	0.000	-0.289	-0.088	1.000
PsyCap → PWB	0.464	0.045	10.260	0.000	0.383	0.559	1.037

Source: This study

Fig. 4.

Final Path Model_ Structural Model Assessment. Source: This study

Table 12 shows the coefficient of determination (R²) values used to check the model’s explanatory power. To check the model’s predictive accuracy through predictive relevance, the Q² prediction scores were calculated (see Table 12), which are above the recommended limit of zero (0). The table also reveals the effect sizes through f-square values.

Table 12.

R^2, Q² predict & f ²

LV	R-square	Q²predict
PWB	0.264	0.046
PsyCap	0.036	0.031
Paths	f-square
Burnout → PWB	0.033
Burnout→ PsyCap	0.037
PsyCap → PWB	0.278

Source: This study

Mediation analysis (Burnout as a Mediator)

PsyCap is the mediating variable in our model. To assess the indirect effect, the bootstrapping procedure was run. Table 13 shows that the total effect of burnout on PWB is β = -0.239, which is greater than the direct effect (β = -0.151). This indicates that the indirect effect passes from Burnout to PWB through the PsyCap mediator (Burnout → PsyCap → PWB, β = -0.088), which is also significant (t = 3.471, p < 0.05).

Table 13.

Indirect effect (Mediation Analysis)

Effect Type	Paths	β	SD	T Values	P- Values
Total Effect	Burnout → PWB	-0.239	0.059	4.079	0.000
Direct Effect	Burnout→ PWB	-0.151	0.055	2.734	0.006
Indirect Effect	Burnout → PsyCap → PWB	-0.088	0.025	3.471	0.001

Source: This study

Discussion

This research was designed with the purpose of empirically exploring the role of PsyCap as a mediator and applying the broaden-and-build theory of positive emotions on the burnout and psychological well-being of entrepreneurs in Sindh Province, Pakistan.

The results of the hypothesis testing in Table 11 report that burnout has a negative correlation with the PWB of entrepreneurs (β = -0.151), which is also significant (t = 2.734, & p < 0.05); hence, Hypothesis one (H1) of the study is supported. This means that entrepreneurs in the Sindh region, owing to greater environmental and social challenges and financial and other risks, experience stress and burnout, which negatively impact their PWB, which is also consistent with the findings of previous studies [41, 46]. The authors argued that burnout has detrimental effects on the performance of individuals [31, 32]. The performance of entrepreneurs is also hampered by the negative effects of burnout. Entrepreneurs engage in businesses to achieve better psychological functioning and life satisfaction by fulfilling their psychological needs. Robust PWB assists entrepreneurs in maintaining resilience to cope with challenges and adversities that arise during entrepreneurial activities. However, the results indicate that entrepreneurs in Sindh experience burnout as they encounter various stressors, such as workload, financial distress, conflicts and risks. Mounting burnout subsequently impacts the PWB of entrepreneurs and reduces their life satisfaction and positive psychological functioning; these results are consistent with prior research [47]. Likewise, the authors argued that increased burnout disturbs business performance and lessens an entrepreneur’s life satisfaction [48]. The broaden-and-build theory of positive emotions argues that positive emotions broaden entrepreneurs’ thought-action repertoire, which helps them foster adaptability and coping skills, innovative decision making and networking abilities to reduce burnout and achieve sustainable PWB [10]. Therefore, entrepreneurs in Sindh (Pakistan) are highly required to develop positive emotions to achieve better coping mechanisms and resilience to control burnout, as they are prone to various risks and adversities during business activities. In other words, growing positive emotions is vital for entrepreneurs in achieving entrepreneurial success and healthier mental well-being.

The data analysis findings of this study (see Table 11) revealed a significant negative relationship between burnout and the PsyCap of entrepreneurs (β = -0.190, t = 3.737, & p < 0.05). These results agree with our second hypothesis (H2) of the study. This suggests that entrepreneurs in the Sindh region, due to a lack of support and other economic and environmental problems, experience considerable stress and burnout, which damage their PsyCap. While PsyCap is crucial for entrepreneurs to gain positive functioning and success in business, burnout lowers mental, physical and emotional strengths and abilities, which leads to low performance and business failure [9]. The results align with research outcomes, which revealed that burnout negatively influences optimism and efficacy, which are key factors of PsyCap [47]. For entrepreneurs in Sindh, having belief in their potential is mandatory for maintaining positive work and obtaining the required business goals, but this is hampered by the negative effects of burnout. Similarly, the results of this study are consistent with those of previous work, which revealed that emotional breakdown (burnout) badly impacts the resilience of entrepreneurs [48]. Resilience is a key aspect of PsyCap that enables entrepreneurs to cope with adverse situations and bounce back. The findings of the present study are also supported by the authors’ research, who concluded that a rising level of burnout has a worsening effect on hope, which is very much required for entrepreneurs to sustain positive expectations about entrepreneurial success; this also depletes overall PsyCap resources [49]. In the challenging and stressful socioeconomic environment of Sindh (Pakistan), the entrepreneur’s escalating burnout causes a reduction in their PsyCap assets, so the authors emphasized the need to take measures to mitigate the influence of burnout on PsyCap potential [50]. Therefore, as argued in the broaden-and-build theory of positive emotions, entrepreneurs are required to foster positive emotions, which can increase PsyCap resources and lessen the effects of burnout.

PsyCap is considered a key resource required for individuals’ positive functioning. The findings of this study indicated that PsyCap had a positive and significant association with the PWB of entrepreneurs. While assessing PsyCap as a mediator in the relationship between burnout and PWB, the results (see Table 13) revealed an indirect effect (β = -0.088, t = 3.471, p < 0.05) and revealed that PsyCap significantly mediated the link, which supports hypothesis 3 of this study. As shown in Table 13, the direct effect is lower (β = -0.151) than the total effect (β = -0.239), which suggests that some portion of the negative effect of burnout on PWB is absorbed by PsyCap, which shows partial mediation. These findings suggest that PsyCap is similar to a protective shield that helps entrepreneurs lower the negative effects of burnout on PWB. Current evidence is supported by previous research showing that PsyCap resources, such as optimism, hope, efficacy and resilience, decrease the negative effects of burnout and improve PWB [54]. Entrepreneurs in the Sindh region face unexpected situations, adversities and hindrances, which lead them to experience burnout that negatively impacts their PWB and business performance. However, the results revealed that PsyCap, as a mediator, ameliorated the adverse effects of burnout and improved the PWB of entrepreneurs. Similar results were also reported by other authors [71, 72]. Since entrepreneurs in Sindh experience burnout due to heavy stressors, PsyCap works positively to recover from burnout and improves confidence and emotional stability [9]. Additionally, higher levels of PsyCap reduce burnout and help individuals achieve better well-being [44, 55]. In other words, PsyCap potential is highly important for entrepreneurs. Malak et al. [73] reported that PsyCap mitigates burnout and positively influences entrepreneurial success. The efficacy and hope factors of PsyCap reassure entrepreneurs’ beliefs in their ability to achieve business objectives and encourage them to have positive expectations. The optimism and resilience aspects of PsyCap help entrepreneurs look positive, recover from adverse conditions, handle emotional damage and mitigate burnout effects, which ultimately lead to good PWB. The broaden-and-build theory also discusses enhancing positive emotions, as they increase positive psychological resources such as PsyCap, which reduce burnout and increase the positive psychological functioning and psychological well-being of entrepreneurs. Therefore, entrepreneurs in Sindh and other stakeholders need to take remedial measures to foster positive emotions to lessen burnout and achieve greater PWB among entrepreneurs. In this way, entrepreneurs will achieve more business success and flourish, which will positively contribute to the economic development of the country.

Theoretical implications

This study contributes to the theoretical development of entrepreneurial psychology by validating the broaden-and-build theory of positive emotions in a novel context. The findings confirm that positive psychological resources, particularly psychological capital (PsyCap), which is composed of hope, optimism, resilience, and self-efficacy, can mediate the negative association between burnout and psychological well-being (PWB) among entrepreneurs.

By empirically testing this mechanism in the under-researched, resource-constrained environment of Sindh, Pakistan, this study advances the theoretical understanding of how positive emotions translate into enduring psychological resources that protect entrepreneurs from adverse stress effects. These results align with Fredrickson’s model by demonstrating that positive emotions not only broaden cognitive and emotional functioning but also build durable inner capacities that buffer burnout. Furthermore, the study extends the conceptual application of PsyCap beyond employee or organizational settings, affirming its role in the entrepreneurial domain. The insights offered help refine how PsyCap and PWB interact under high-stress conditions and deepen theoretical models linking personal resources, mental health, and entrepreneurial functioning.

Practical implications

This study provides actionable insights for entrepreneurs, policymakers, and support institutions by identifying PsyCap as a critical buffer against burnout and a promoter of psychological well-being (PWB) in entrepreneurial settings. The findings demonstrated a significant negative relationship between burnout and PWB and a mediating role of PsyCap, indicating that strengthening these psychological assets can meaningfully improve entrepreneurs’ mental resilience.

Specifically, the study revealed that higher levels of PsyCap—especially hope and self-efficacy—are associated with better psychological functioning and reduced burnout symptoms. Entrepreneurs who presented higher PsyCap scores had more positive outcomes on PWB measures, including autonomy, environmental mastery, and purpose in life. These results validate the recommendation to incorporate PsyCap-building strategies into entrepreneurial development initiatives. Therefore, practical programs such as entrepreneurial coaching, psychological skills training, and resilience workshops should be designed and implemented by business incubators, government agencies, and NGOs supporting entrepreneurs, particularly in high-stress regions such as Sindh. These interventions should focus on fostering optimism about business outcomes, goal-setting confidence, and adaptability under pressure—all core elements of PsyCap. Moreover, on the basis of the 78% response rate from 312 entrepreneurs across urban hubs (Karachi, Hyderabad, Sukkur), the findings of this study can be used as a reliable reference for policy recommendations related to support of entrepreneurial well-being in similar socioeconomic contexts. Integrating psychological well-being into entrepreneurship policy frameworks will enhance business sustainability and mental health outcomes simultaneously.

Limitations and future research directions

This study has limitations, as the sample represents major urban hubs of the Sindh region, and it must be used in the context of underdeveloped regions with similar dynamic socioeconomic contexts. The research outcomes are confined to cross-sectional data, a quantitative survey in which simple random sampling is applied. The study results are also limited to traditional businesses such as retail, services, etc. The generalizability of the findings is also restricted without the use of control variables, such as gender, education level and entrepreneurial experience.

Future research may include samples from rural entrepreneurial settings along with the urban context, which may be taken from wider and diverse populations. In addition, investigations may constitute a distinct research design, such as longitudinal and qualitative methods with different sampling techniques. Forthcoming research can also focus on technology entrepreneurs instead of only including traditional businesses. Future researchers can also test control variables such as burnout, PsyCap and PWB among entrepreneurs. An upcoming investigation can assess the mediating role of PsyCap with control variables such as age, gender, business tenure and specific sector gender. In addition, PsyCap can be tested with other variables, such as innovative work behaviour, work efficiency and work‒life balance.

Conclusion

This study concludes that psychological capital (PsyCap) serves as a key mediating resource in buffering the negative relationship between burnout and psychological well-being (PWB) among entrepreneurs. The findings indicate that entrepreneurs in challenging environments, such as Sindh, are vulnerable to burnout, which diminishes both their PsyCap and overall well-being. In line with the broaden-and-build theory of positive emotions, PsyCap—through its components of hope, optimism, resilience, and self-efficacy—plays a vital role in restoring psychological functioning and enhancing well-being. These resources help entrepreneurs remain motivated, resilient, and future focused despite stressors. The study highlights the importance of fostering PsyCap through both individual strategies and social support systems, as doing so may significantly contribute to sustained well-being and entrepreneurial success.

Supplementary Information

Below is the link to the electronic supplementary material.

Abbreviations

AVE

Average variance extract

HTMT

Hetrotrait-monotrait

PLS-SEM

Partial least square structural equation modeling (PLS-SEM)

PsyCap

Psychological capital

PWB

Psychological well-being

VIF

Variance inflation factor

Biographies

Sarfraz Ali Malak

Sarfraz Ali Malak is Assistant Professor in Department of Business Administration, University of Sindh (Campus Dadu), Sindh-Pakistan.

Ali Raza

Ali Raza is a PhD holder from Department of Banking and Finance, Near East University, Lefkosa, North Cyprus, Mersin 10, Turkiye.

Mushtaque Ali Jariko

Mushtaque Ali Jariko is Professor in the Institute of Business Administration, University of Sindh, Jamshoro, Pakistan.

Author contributions

S.A.M played a key role in the data collection, analysis, interpretation and discussion of results. He also worked on hypotheses testing, literature review, methodology and overall manuscript setting. A.R assisted in developing research methodology, literature review analysis, and data validation. M.A.J supported in the introduction and background of the study, proofreading and structure of the manuscript.

Funding

No finding received for publishing this work in open access.

Data availability

Data file provided in supplementary material.

Declarations

Ethics approval and consent to participate

This study adheres to the ethical principles of the declaration of Helsinki and all participants were given informed consent before getting their responses. The study was approved by Advanced Studies and Research Board (ASRB) of the University of Sindh, Jamshoro-Pakistan vide resolution No. 28(05) and due to the anonymous survey; the formal ethical approval was not required.

Consent for publication

Not applicable.

Competing interests

The authors declare no competing interests.