Abstract
Overqualification is prevalent in times of economic downturn, and research has increasingly focused on its outcomes. This study aimed to explore the psychological burden caused by perceived overqualification (POQ) and its impact on creativity among high-tech enterprise employees. Drawing from effort-reward imbalance theory, we examined the effect of POQ on emotional exhaustion, along with the mediating role of emotional exhaustion in the POQ-creativity relationship and the moderating role of pay for performance (PFP) in strengthening the link between POQ and emotional exhaustion. Using cross-sectional data from a sample of 359 employees in China, we found that (1) POQ was positively related to emotional exhaustion; (2) emotional exhaustion was negatively related to creativity; (3) PFP moderated the effect of POQ on emotional exhaustion as well as the indirect effect of POQ on creativity via emotional exhaustion. These findings have both theoretical and practical implications.