Abstract
Research background: A series of crises, starting with the COVID-19 pandemic and followed by the Ukraine-Russia war, which caused energy crises, has negatively affected the development of countries. Since these multiple disruptive shocks have created harsh economic conditions, leading to increased uncertainty and ambiguity, they have primarily affected the most vulnerable and disadvantaged entrepreneurs, who may perceive business risk more intensely and exhibit lower levels of entrepreneurial intention. Purpose of the article: This paper aims to investigate the relationship between a more intense perception of business risk and entrepreneurial intention in the con-text of multiple crises. Moreover, this paper examines whether this relationship differs depending on the type of crisis, such as health, political, and energy crises, that are the antecedents of economic recessions. Methods: By situating the paper within the dynamic capabilities of the Resource-Based View and the Theory of Planned Behavior, the researchers collected data from 1367 European enterprises and applied ordinal logistic regression tests for analysis purposes. The researchers also employ a purposive sampling method based on job status. Findings & value added: Contrary to the arguments of many existing studies that confirm individuals' perceived risk lowers their EI, this paper confirms the positive association between a more intense perception of business risk by entrepreneurs and their EI in the context of multiple crises. This relationship remains constant regardless of the type of crisis. The reasons for the positive relationship might be related to the sectors and institutional quality of countries where the analyzed firms operate. By addressing distinct crises within a single study, the paper contributes to a comprehensive understanding of entrepreneurship within a risk management context.