Why do some entrepreneurial ecosystems successfully adjust amid adversity while others languish? By integrating prospect theory into the entrepreneurial ecosystem literature and using a quasi-natural experimental design with a difference-in-difference-in-differences model, our theory and findings reveal that earthquakes reduce entrepreneurship in regions with high household savings, but increase entrepreneurship in regions with low savings, and these between-area differences increase over time. Reconceptualizing the meaning of savings from a resource into a key driver of loss aversion, we thus identify the surprising constraining influence of financial capital in times of adversity, yielding important implications for entrepreneurship research and policymakers.

为什么一些创业生态系统在逆境中成功调整，而另一些则萎靡不振？通过将前景理论整合到创业生态系统文献中，并使用具有 in-difference-in-differences 模型的准自然实验设计，我们的理论和发现表明，地震在家庭储蓄高的地区会降低创业精神，但在储蓄低的地区会增加创业精神，并且这些地区间的差异随着时间的推移而增加。因此，我们将资源储蓄的含义重新定义为损失厌恶的关键驱动因素，从而确定了金融资本在逆境中令人惊讶的约束影响，从而为创业研究和政策制定者产生重要影响。