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This study investigates the relationship between emotional exhaustion and entrepreneurial exit, particularly how this relationship might be invigorated by two critical psychological factors, namely cognitive well-being (CWB) and affective well-being (AWB).

Binary logistic regression analysis was employed on a longitudinal data set of 997 self-employed individuals taken from the German Socio-Economic Panel (GSOEP) during years 2012-2013.

Greater level of emotional exhaustion increases the likelihood of entrepreneurial exit. However, individuals with higher levels of affective or/and cognitive well-being are less likely to engage in the actual entrepreneurial exit behaviors.

Entrepreneurial exit is one of the crucial managerial decisions made by entrepreneurs. The decision to quit is not only triggered by poor firm performance but also by various …