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This research aims to explore the contributions of entrepreneurs’ locus of control and the influence of perceived poor business performance prior to business closedown, to examine whether these personal characteristics and situational characteristics might associate with the degree of superstitious behaviors of Thai entrepreneurs. A sample of 120 entrepreneurs who recently closed down their businesses in less than one month was obtained using the snowball sampling technique. The results from partial least squares structure equation modeling shows that the degree of superstitious behaviors of Thai entrepreneurs tends to relate significantly to their level of external and internal locus of control. Moreover, the moderating effect analysis reveals that whether perceived poor business performance positively associates with superstitious behaviors tends to depend strongly on the locus of control of entrepreneurs.
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