Psychological Capital: Definition, Components and Effects

In today’s ever-changing world, effective management of human resources is a necessity, but are accompanied with differing management philosophies and methods. This study addresses the growing body of psychological capital research, defined as a positive situation for personal development with the features of self-reliance while dealing with the challenges (self-efficacy), positive expectations for the future success (optimism), being full of determination (hope), and accomplishment in spite of obstacles (resilience). Psychological Capital has a positive impact on sustainable competitiveness. It is expected that the positive influences of psychological capital will reduce costs and mitigate negative influences in an organization.
Based on a review of pertinent literature and theory, this study aims to examine all Psychological Capital concepts, and other related topics. The greatest source of references is management literature followed literature specifically related to Psycological Capital and its management.