Abstract: Existing studies have not formed a systematic theoretical explanation for the mechanism of impression management strategies affecting the stigma of entrepreneurial failure. Through two experiments, this study explores the impact and boundary conditions of impression management strategies on the legitimacy of subsequent entrepreneurship of failed entrepreneurial firms in the context of being stigmatized by entrepreneurial failure. Results show that: compared to the defensive strategies in impression management, acquisitive strategies have a better effect in alleviating the negative impact of entrepreneurial failure stigma on the legitimacy of subsequent entrepreneurship. Adopting acquisitive strategies on the basis of defensive strategy implementation has a more significant effect on promoting the legitimacy of subsequent entrepreneurship. Corporate reputation plays a mediating effect in the relationship between impression management strategy and subsequent entrepreneurial legitimacy. When suffering from low stigma level, a single type of impression management strategy can alleviate the negative impact of stigma of entrepreneurial failure; when suffering from high stigma level, two strategies are required at the same time to significantly enhance the legitimacy of subsequent entrepreneurship. The conclusions provide theoretical guidance for entrepreneurial failure enterprises to implement impression management strategies to cope with failure stigma.

Key words: stigma of entrepreneurial failure, impression management strategy, legitimacy of subsequent entrepreneurship, experimental method