The role of conscious awareness in the relationship between entrepreneurs’ hubris and the degree of internationalization

Entrepreneurs’ internationalization decisions are often shaped not only by market opportunities but also by psychological biases. Among these, hubris—an exaggerated form of confidence—has been recognized as a driver of aggressive expansion, yet its value as a strategic rationale remains questionable. This study argues that hubris-driven internationalization is prone to overreach and examines conscious awareness—the metacognitive ability to recognize and regulate one’s own biases—as a corrective mechanism. Results suggest that hubristic entrepreneurs are more likely to internationalize intensively in early venture stages or when they perceive their ventures as innovative. However, higher levels of conscious awareness of contextual realities attenuate this effect, while prior entrepreneurial experience does not consistently constrain hubris and may, under certain conditions, amplify it. By theorizing and testing conscious awareness as a safeguard against hubris, this study provides actionable insights for fostering more reflective and strategically sound internationalization.