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This study adopted an explanatory sequential mixed-methods design to examine how failure-is-enhancing and failure-is-debilitating mindsets are associated with doctoral students’ research and well-being outcomes. The quantitative study employed structural equation modelling to analyze data from 379 doctoral students. Results indicated that a failure-is-enhancing mindset was positively associated with research skills, research satisfaction, and number of publications, while a failure-is-debilitating mindset was positively associated with dropout intentions, anxiety, and depression. The qualitative study involved interviews with 17 doctoral students and demonstrated how different failure mindsets affect research and well-being outcomes. Findings further revealed that failure mindsets were shaped by controllable versus uncontrollable attributions and process- versus outcome-oriented thinking. These findings underscore the importance of promoting failure-is-enhancing mindsets in doctoral education.