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In the era of the digital economy, higher demands are placed on versatile talents, and the cultivation of students with innovative and entrepreneurial abilities has become an important issue for the further development of higher education, thus leading to extensive and in-depth research by many scholars. The study summarizes the characteristics and patterns of dual-innovation education at different stages of development, hoping to provide a systematic model for the development of dual-innovation education in China and make up for the shortcomings.

This paper uses Citespace software to visualize and analyze the relevant literature in CNKI and Web of Science databases from a bibliometric perspective, focusing on quantitative analysis in terms of article trends, topic clustering, keyword co-linear networks and topic time evolution, etc., to summarize and sort out the development of innovation and entrepreneurship education research at home and abroad.

The study found that the external characteristics of the literature published in the field of bi-innovation education in China and abroad are slightly different, mainly in that foreign publishers are more closely connected and have formed a more stable ecosystem. In terms of research hotspots, China is still in a critical period of reforming its curriculum and teaching model, and research on the integration of specialization and creative education is in full swing, while foreign countries focus more on the cultivation of students' entrepreneurial awareness and the enhancement of individual effectiveness. In terms of cutting-edge analysis, the main research directions in China are “creative education”, “new engineering”, “integration of industry and education” and “rural revitalization”.

Innovation and entrepreneurship education in China is still in its infancy, and most of the studies lack an overall overview and comparison of foreign studies. Based on the econometric analysis of domestic and foreign literature, this paper proposes a path for domestic innovation and entrepreneurship education reform that can make China's future education reform more effective.

The affordable loss (AL) heuristic, as one crucial sub-dimension of effectuation, delineates the maximum level of investment entrepreneurs are ready to lose in a worst-case scenario. Conflicting conceptualizations remain regarding whether entrepreneurs’ psychological traits matter for AL. Based on the narcissistic admiration and narcissistic rivalry perspective, this study investigates the relationship between chief executive officer (CEO) narcissism and AL behaviors.

Using data collected from the CEOs and paired vice presidents at 122 small and medium enterprises (SMEs) in mainland China, the authors intend to further explore the association between psychological traits, especially CEO narcissism and AL behaviors under environment and resource constraints (e.g. perceived uncertainty and slack resources).

The findings show that CEO admiration-based narcissism is positively related to AL behaviors in the firm. Furthermore, when firms hold more slack resources, narcissistic admiration has a stronger positive association with AL; while when the environment becomes more uncertain, narcissistic admiration has a weaker positive association with AL. In contrast, CEO rivalry-based narcissism is negatively related to AL behaviors in the firm. When the environment becomes more uncertain, narcissistic rivalry has a stronger negative association with AL.

This article contributes to trait-based effectuation research and suggests that individual psychological traits affect AL behaviors at the firm level, though the patterns of the relationship vary with both the type of narcissism and contexts.