The impact of psychological capital on employee work engagement in Vietnam’s securities firms: the mediating role of psychological well-being and the moderating role of perceived organizational support

This study examines the determinants of work engagement among employees in Vietnamese securities firms, focusing on psychological capital, psychological well-being, and an organizational factor, perceived organizational support. Grounded in the Job Demands-Resources model, the research proposes a framework to test hypotheses regarding the direct effect of psychological capital on work engagement, the mediating role of psychological well-being, and the moderating influence of perceived organizational support. This study employs a quantitative, cross-sectional design. Data was collected from a convenience sample of 486 Vietnamese employees in securities firms and analyzed using structural equation modeling (SEM) via SmartPLS 3.0 to evaluate mediating and moderating effects. Findings reveal that psychological capital positively influences work engagement, with psychological well-being mediating these relationships. Perceived organizational support negatively moderates the relationship between psychological capital and work engagement. These results contribute to a deeper understanding of work engagement in Vietnam’s securities sector by integrating personal and organizational perspectives. Additionally, the study offers theoretical and practical implications for securities firms and policymakers to refine human resource strategies in the context of fierce competition and market fluctuations.