Abstract:

Global demographic aging and institutional uncertainty are transforming retirement from a predictable life stage into an increasingly complex career transition. In emerging economies, unreliable pension systems intensify retirement vulnerability, compelling employees to develop alternative livelihood strategies before labor market exit. This paper examines the institutional challenges confronting hybrid entrepreneurs, those simultaneously engaged in paid employment and entrepreneurial activity among aging public sector employees in Nigeria, and tests the influence of hybrid entrepreneurship on financial well-being. Integrating the Theory of Planned Behavior, role theory, and institutional theory, the study employed a mixed-methods design combining survey data from 326 near-retirement employees with qualitative interviews. Findings reveal that hybrid entrepreneurs face significant institutional challenges, including high operating costs (mean = 3.79), poor infrastructure (mean = 3.67), time constraints (mean = 3.52), and regulatory barriers (mean = 3.41). Regression analysis demonstrated a statistically significant positive relationship between hybrid entrepreneurship and financial well-being (β = 0.387, t = 7.632, p < 0.001), with entrepreneurship explaining 18.4% of variance in financial well-being. Additional analysis showed that Theory of Planned Behaviour variables—attitude, subjective norm, and perceived behavioral control—significantly predicted entrepreneurial intention among non-participants (R² = 0.312). The study contributes to entrepreneurship and management scholarship by extending hybrid entrepreneurship theory to aging workforce research, conceptualizing hybrid entrepreneurship as institutional adaptation rather than mere necessity entrepreneurship, and introducing Global South institutional realities into future of work debates. Implications for human resource management practice and public policy formulation are discussed.

Keywords: Hybrid entrepreneurship, institutional issues, financial welfare, institutional adjustment, aging labor force, public sector, Nigeria.

Please choose your submission type: Full Paper

Primary Track: Entrepreneurship

Keywords: Entrepreneurship Theories;International entrepreneurship;Indigenous entrepreneurship;Entrepreneurship in emerging markets;Entrepreneurship in the Circular Economy

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Dr. Babatunde Ajayi