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This conceptual article proposes a multilevel approach to understanding psychological capital (PsyCap) resources and their impact on macro-level outcomes in the small and medium-sized enterprises context. Drawing from the positive psychology literature, we propose that PsyCap resources impact firm performance through entrepreneurs’ innovative behavior during uncertainty. Drawing from the broaden-and-build theory, we argue that entrepreneurs could develop their state-like psychological resources to achieve superior performance and thus mitigate the impact of exogenous shocks and overcome major crises such as the current COVID-19 pandemic. Our propositions could provide helpful insights to practitioners, policy makers, and academics. By investigating the proposed relationships in our conceptual model, our study offers the opportunity for our targeted audiences (practitioners, policy makers, and academics) to streamline efforts and craft policies (that is, financial assistance, economic reliefs, incentives) with the goal to better understand and help small business owners survive and thrive in an increasingly challenging business environment.

Psychological capital and SMEs performance: The role of innovative behavior and risk propensity