Abstract

This study examines how psychological capital affects opportunity recognition among e-commerce entrepreneurs in China, focusing on the moderating role of environmental dynamism. Based on data collected from 386 first-time founders in Beijing, Shanghai, and Guangzhou, hierarchical regression analysis shows that psychological capital significantly enhances opportunity recognition, and this effect is strengthened in highly dynamic environments (interaction β = 0.17, p < 0.001). Among the four dimensions, optimism emerged as the strongest predictor (β = 0.20), a pattern theorized in relation to the volatility of Chinese platform markets. By integrating the Digital Entrepreneurial Capability (DEC) and Measurement–Outcome–Structure (MOS) frameworks, and by triangulating survey findings with semi-structured interviews, this research advances understanding of how internal psychological resources and external market conditions jointly drive entrepreneurial outcomes. The findings address a key gap in digital entrepreneurship literature and provide practical insights for supporting new venture success in volatile markets.

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