e i S a d e ec o n o m í a mu n d i a l 23, 2009, 151-178
coGni i e aS p e c S o po e n i a l en e p e n e u S in So u h e n a n d
no h e n eu o p e : an an a l y S i S uS i n G Gem-da a
as p E c o s c o g n i i o s d E l o s E m p E s a i o s p o E n c i a l E s E n E l s U y E l
n o E d E EU o p a : U n a n á l i s i s c o n d a o s d E l gEm
José Fe nández
Uni e sidad de Se illa
j se ano@us .es
F ancisco Liñán
Uni e sidad de Se illa
linan@us .es
F ancisco J. San os
Uni e sidad de Se illa
jsan os@us .es
Recibido: junio de 2009; acep ado: oc ub e de 2009
aB S a c
The en ep eneu ial unc ion has gained g ea ele ance o explain
he de elopmen p ocess. F om an indi idual’s cogni i e pe spec i e,
en ep eneu ial in en ions a e he mos ele an elemen s leading o s a ing
up a new en u e . The e o e, he main objec i e o his pape is analysing i
di e en pe cep ions a ec en ep eneu ial in en ions and examining he
possible di e ences be ween po en ial en ep eneu s o wo Eu opean a eas:
he Sou he n coun ies (Spain, I aly, G eece and Po ugal) and he Scandina ian
coun ies (Finland, Sweden and Denma k) .The empi ical analysis, using logis ic
eg ession wi h Global En ep eneu ship Moni o da a, shows ha pe sonal,
oppo uni y and socio-cul u al pe cep ions do help explaining en ep eneu ial
in en ion . The ole o cul u al and ins i u ional di e ences is conside ed in he
conclusions .
Keywo ds: New Fi ms; Social No ms and Social Capi al; Model E alua ion
and Tes ing; Compa a i e S udies o Pa icula Economies; Eu ope,
ISSN: 1576-0162
e S u m e n
La unción emp esa ial cob a especial ele ancia en la explicación del
p oceso de desa ollo económico . Desde la pe spec i a cogni i a, la in ención
emp esa ial es el elemen o undamen al que lle a a la c eación de una emp esa .
El obje i o undamen al de es e a ículo es, po an o, analiza si di e en es
pe cepciones in luyen sob e las in enciones emp esa iales y examina las
posibles di e encias en e los emp esa ios po enciales de dos á eas eu opeas:
los países del su (España, I alia, G ecia y Po ugal) y los países escandina os
(Finlandia, Suecia y Dinama ca) . El análisis empí ico, median e eg esión
logís ica con da os del Global En ep eneu ship Moni o , mues a que las
pe cepciones pe sonales, de opo unidad y socio-cul u ales con ibuyen a
explica la in ención emp endedo a . El papel de las di e encias cul u ales e
ins i ucionales es conside ado en las conclusiones .
Palab as cla es: C eación de emp esas, Capi al social y no mas sociales;
E aluación y Validación de Modelos; Es udios Compa a i os en e Economías;
Eu opa .
Clasi icación JEL: M13; Z13; C52; P52; O52 .
e i S a d e ec o n o m í a mu n d i a l 23, 2009, 151-178
1 . in o d u c i o n
In gene al, social esea che s ag ee ha en ep eneu ship is e y impo an
o p omo e he de elopmen p ocess (Aud e sch and Thu ik, 2000; Baumol,
2002; Fon ela, Guzmán, Pe ez and San os, 2006; Guzmán, 1994; Hébe and
Link, 1989; San os, 2004; Schumpe e , 1934; Wenneke s and Thu ik, 1999).
In ac , he objec i es o he di e en app oaches o en ep eneu ship can
be summa ised in he desi e o look o an explana ion o why, how, when o
whe e en ep eneu s disco e and exploi oppo uni ies which p omo e he
de elopmen p ocess (Shane and Venka a aman, 2000) .
Following a mul idisciplina y ocus, he cogni i e app oach is acqui ing
a g ea ele ance nowadays o explain en ep eneu ship no only a he
indi idual le el (K uege , Reilly and Ca s ud, 2000), bu also a he agg ega e
le el (A enius and Minni i, 2005) . Bo h po en ial and exis ing en ep eneu s
cap u e he in luence o he ex e nal en i onmen h ough hei mo i a ions and
pe cep ions, gene a ing a i udes and in en ions which de e mine beha iou s .
Ne e heless, he cu en emphasis on en ep eneu ial cogni ion has e ol ed
h oughou he de elopmen o he en ep eneu ship esea ch domain .
This pape , ollowing he cogni i e pe spec i e, ies o con ibu e o he
unde s anding o one o he aspec s o he disco e y-exploi a ion p ocess .
Speci ically, he main objec i e is o analyse he ole o di e en pe cep ions
in he o ma ion o in en ions owa ds s a -up (K uege , 2000) . Pe cep ions
a e a cogni i e cons uc . They a e men al ep esen a ions o he ex e nal
en i onmen a ound indi iduals, cap u ed h ough hei senses and elabo a ed
in hei mind . These ep esen a ions may di e among indi iduals because o
he p esence o di e en cogni i e biases . Tha is o say, he endency o make
e o s in judgmen when acing complex p oblems wi h incomple e in o ma ion
(Ba on, 1998; Buseni z and Ba ney, 1997). En ep eneu s, because o hei
wo k unde condi ions cha ac e ized by high unce ain y and ime p essu e,
ha e a high suscep ibili y o se e al cogni i e biases, a ec ing hei le el o
pe cep ions . In his sense, compa ed o o he people, hey can pe cei e lowe
isk le els o highe con idence in hei own capaci ies o s a a business .
Un il now, he cogni i e en ep eneu ship li e a u e has s udied he
in luence exe ed by some pe cep ions on he in en ions o s a -up, es ic ing
154 Jo S é e n á n d e z , a n c i S c o li ñ a n , a n c i S c o J . Sa n o S
he analysis o an indi idual le el and using small samples, gene ally made
up o s uden s a ending MBA p og ammes (Kol e eid, 1996; K uege , 1993;
K uege e al ., 2000) . C oss-na ional s udies o his kind a e a e, since la ge
in e na ional su eys a e needed . In his sense, he Global En ep eneu ship
Moni o esea ch p ojec (www .gemconso ium .o g) annually collec s da a
on he en ep eneu ial ac i i y in 43 coun ies a ound he wo ld (Bosma,
Jones, Au io and Le ie, 2008) . This su ey is e y ele an no only o ou
unde s anding o he en ep eneu ial p ocess, bu also o he mo e gene al
unde s anding o he economic de elopmen p ocess .
GEM ques ionnai es include some cogni i e i ems ha may allow
analysing en ep eneu ial in en ions a an agg ega e le el (Reynolds e al .,
2005), al hough i is no wi hou some limi a ions . Speci ically, o his pape
pe cep ions been di ided in o h ee g oups: indi idual pe cep ions ( ole model,
sel -e icacy and isk a e sion), pe cep ions on economic oppo uni ies, and,
inally, socio-cul u al pe cep ions (pe cep ions abou he social legi ima ion o
en ep eneu ship) .
The empi ical analysis ega ding he ela ionship be ween pe cep ions
and s a -up in en ions has been es ic ed in his s udy o a compa ison
be ween Scandina ian and Medi e anean coun ies in Eu ope . These wo
se o coun ies a e p obably o med by he mos de eloped (Scandina ian)
and leas de eloped (Medi e anean) coun ies o EU-15 . The de elopmen
gap be ween bo h g oups may be pa ially based on he di e en models
o de elopmen ollowed in each a ea . These wo models a e e ealing ha
people om no he n and sou he n Eu ope ha e di e en alues and a i udes
on economic and business ac i i y (Ho s ede, 1980).
The e o e, using GEM da a, he empi ical objec i e o his s udy has
speci ically been inding ou whe he di e ences do exis in he le el o
en ep eneu ial in en ions and in he in luence o en ep eneu ial pe cep ions
on in en ions among hese wo Eu opean egions . The indings o he analysis
will be impo an a leas in wo espec s . Fi s ly, hey will help explain whe he
en ep eneu ial pe cep ions play a simila o di e en ole in egions wi h
di e en le el o economic de elopmen wi hin he Eu opean Union . Secondly,
i will s ess he need o design some speci ic na ional policies o p omo e
en ep eneu ship and, he e o e, economic de elopmen in egions wi h low
s a -up le els .
2 . h e h e o e i c a l Ba c k G o u n d
The ele ance o cogni i e p ocesses in shaping he indi idual’s
en ep eneu ial decisions and ac ions has been s essed elsewhe e (Ba on,
2004; K uege , 2000; Mi chell e al., 2002a, 2004; Sha e and Sco , 1991).
In his sense, his pape s udies a an agg ega e le el he ole o pe cep ions,
as one o he mos impo an cogni i e ac o s in he in en ion o s a a
business . In his second sec ion, he li e a u e ela ed o he impo ance o
155
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coGni i e aS p e c S o po e n i a l en e p e n e u S in So u h e n an d no h e n eu o p e :
an an a l y S i S uS i n G Gem-da a
en ep eneu ial cogni ion is e iewed . Then, de i ed om his li e a u e, h ee
dis inc kinds o pe cep ions a e conside ed: indi idual, socio-cul u al and
economic pe cep ions .
2 .1 . h e en e p e n e u i a l co G n i i o n ap p o a c h
The ocus o en ep eneu ship esea ch which eme ged om he in e ac ion
o socio-psychology and o ganiza ional managemen s a ed paying a en ion
o he mos impo an cha ac e is ics which could di e en ia e en ep eneu s
om non-en ep eneu s (Ga ne , 1989). The mos impo an pe sonali y ai s
ound by his li e a u e we e achie emen mo i a ion, need o independence,
in e nal locus o con ol and mode a e isk- aking p opensi y (Bo land, 1975;
B ockhaus, 1980; Collins and Moo e, 1964; Jennings and Zei haml, 1983;
McClelland, 1961). Some schola s e en p oposed a da k side o en ep eneu s,
emphasizing hei need o con ol, dissa is ac ion, dis us ul beha iou o
scapegoa eelings (Ke s de V ies, 1985).
This ai app oach was complemen ed by he analysis o he in luence o
some demog aphic a iables on he s a -up a e . Among hese a iables, he
ollowing may be highligh ed: age, gende , eligion, e hnic g oup, educa ion,
socioeconomic s a us o p o essional expe ience (Coope and Dunkelbe g, 1987;
Reynolds, S o ey and Wes head, 1994; S o ey, 1994). A posi i e aspec o hese
app oaches is ha hey ha e allowed o iden i y some signi ican ela ionships
be ween demog aphics and pe sonali y ai s wi h some en ep eneu ial
beha iou s, such us inno a ion . Ne e heless, om a heo e ical poin o iew,
hese app oaches we e c i icised bo h o hei me hodological and concep ual
p oblems and o hei weak explana o y capaci y (Ga ne , 1989; K uege e al.,
2000; Robinson, S impson, Hue ne and Hun , 1991).
One impo an cause o he weak explana o y capaci y a ibu ed o he
ai and demog aphic app oaches is ha hey did no conside beha iou
as a consequence o pe son-si ua ion in e ac ions, in con as o hei wide
accep ance in cogni i e psychology since he 1960s (Sha e and Sco , 1991).
Fo una ely, esea ch has no ably e ol ed and his cogni i e app oach has
gained much ele ance in he a emp s o explain en ep eneu ship nowadays
(Ba on, 2004; K uege and Ca s ud, 1993; Mi chell e al., 2002a, 2004).
The cogni i e app oach emphasizes he ac ha e e y hing we say o
do as human beings is in luenced by men al p ocesses, such as mo i a ion,
pe cep ions o a i udes (K uege , 2003) . Th ough hese p ocesses, people
acqui e in o ma ion, s o e i , ans o m i and use i o accomplish di e en
asks, such us making decisions o sol ing p oblems . Acco ding o Mi chell
e al (2002a), “en ep eneu ial cogni ions a e he knowledge s uc u es ha
people use o make assessmen , judgemen o decisions in ol ing oppo uni y
e alua ion, en u e c ea ion and g ow h” .
S udies which i s de eloped he cogni i e app oach o en ep eneu ship
we e hose ocused on mo i a ion (Collins and Moo e, 1964; McClelland,

156 Jo S é e n á n d e z , a n c i S c o li ñ a n , a n c i S c o J . Sa n o S
1961). Mo i a ion is he se o easons ha de e mines indi iduals o engage
in a pa icula beha iou , o ins ance, he s a -up (Shane, Locke and Collins,
2003) . Howe e , ela ed o mo i a ion s udies and he in en ion o s a -up,
he social lea ning heo y (Bandu a, 1977, 1982) is p obably he cogni i e
app oach o en ep eneu ship which has awakened he mos in e es among
schola s . Acco ding o i , beha iou is he consequence o en i onmen al
s imuli, eed-back p ocess and obse a ional lea ning . Following his line
o esea ch, Ajzen buil his heo y o planned beha iou (TPB) s a ing ha
in en ions cap u e he mo i a ional ac o s which in luence beha iou . Thus,
hey become measu es o he e o he indi idual plans o exe in o de o
pe o m he beha iou (Ajzen, 1991). The in luence o Bandu a’s and Ajzen’s
wo ks has been e y impo an in en ep eneu ial cogni ion esea ch because
hey de ine some impo an indi idual pe cep ions, such as, o ins ance, sel -
e icacy . These pe cep ions ha e been use ul o en ep eneu ship schola s
in explaining why en ep eneu s s a a business, (Kol e eid, 1996; K uege ,
1993, 2003; Liñán and Chen, 2009; Shape o and Sokol, 1982).
Mo e ecen ly, he en ep eneu ial cogni ion app oach has been paying
a en ion o he analysis o cogni i e biases and heu is ics (Ba on, 1998;
Buseni z and Lau, 1996; De Ca olis and Sapa i o, 2006; Keh, Foo and Lim,
2002; Simon, Hough on and Aquino, 2000) Cogni i e biases ep esen a
pe son’s endency o make e o s in judgmen based on cogni i e ac o s,
such as pe cep ions and mo i a ions . Heu is ics a e e icien ules coded by
e olu iona y o lea ned p ocesses . These ules help explain why and how
people, such as exis ing en ep eneu s o po en ial en ep eneu s, make
decisions, come o judgmen s o sol e p oblems, when acing complex
ma e s wi h incomple e in o ma ion . The e o e, biases and heu is ics a e e y
impo an in he decision-making p ocess . Fo ins ance, in o de o success ully
s a a new business when an oppo uni y is disco e ed, i is no possible o
wai o all he necessa y in o ma ion o be a ailable because hen, p obably,
he oppo uni y will be gone (Buseni z and Ba ney, 1997).
To sum up, pe cep ions a e he cen al cogni i e elemen o analysis in bo h
en ep eneu ial cogni i e ocuses . Speci ically, pe cep ions a e ep esen a ions
o he ex e nal en i onmen a ound indi iduals cap u ed h ough ou senses
and consciousness (K uege , 2003) . They ep esen a subjec i e in e p e a ion
o eali y, and he e o e do no necessa ily e lec objec i e ci cums ances
(A enius and Minni i, 2005) . Fo he pu poses o his s udy, i may be use ul o
di e en ia e h ee di e en ca ego ies o pe cep ions ha may be a ec ing he
indi idual’s en ep eneu ial in en ion.
2 .2 . in d i i d u a l pe c e p i o n S a e c i n G en e p e n e u i a l in e n i o n S
Bandu a’s (1977) wo k has emphasized he ele ance o wo impo an
pe cep ions in social lea ning: ole model pe cep ion and sel -e icacy . They
ha e consis en ly been in oduced in o en ep eneu ial cogni i e esea ch
157
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coGni i e aS p e c S o po e n i a l en e p e n e u S in So u h e n an d no h e n eu o p e :
an an a l y S i S uS i n G Gem-da a
(Kol e eid, 1996; K uege e al., 2000; Liñán and Chen, 2009). Fi s ly, ole
model heo y explains he p ocess o lea ning by copying he ac ion o o he
pe sons h ough obse ing hem doing i . This heo y has been applied o
en ep eneu ship esea ch o explain why indi iduals whose pa en s a e
en ep eneu s become en ep eneu s (A enius and Minni i, 2005; Sche e ,
B odzinsky and Wiebe, 1991). In his sense, ole modelling is di e en o
imi a ion because obse a ional lea ning and pe cep ions change he beha iou
o indi iduals h ough a cogni i e p ocess o ou s ages: a en ion, e en ion,
ep oduc ion and, inally, mo i a ion (Bandu a, 1977).
On he o he hand, he concep o sel -e icacy is he belie in one’s own
capabili ies o pe o m an ac ion and o a ain di e en ou comes (Bandu a,
1982). Thus, indi iduals conside ing hemsel es as capable o success ully
pe o ming as an en ep eneu , will ha e a g ea e p obabili y o becoming
en ep eneu s o , a leas , o exhibi ing en ep eneu ial in en ions (K uege and
Ca s ud, 1993). This concep is di e en o he in e nal locus o con ol which
means ha people belie e he ou comes o hei ac ions as depending on hei
own e o (Bo land, 1975). Al hough he e is a co ela ion among hese wo
concep s, i is possible o ha e an in e nal locus o con ol bu low sel -e icacy
(Robinson e al., 1991).
Rela ed o he concep o sel -e icacy, en ep eneu ship esea ch
de eloped some en ep eneu ial in en ion models . The mos impo an ea ly
con ibu ion o his app oach is he ‘en ep eneu ial e en ’ heo y (Shape o
and Sokol, 1982). Acco ding o his, indi iduals decide o c ea e a i m when
he en ep eneu ial ac i i y is pe cei ed o be mo e desi able and mo e
easible han o he al e na i es . Pe cei ed easibili y e e s o he pe cep ion
o he abili y o pe o m he en ep eneu ial beha iou o , in o he wo ds, sel -
e icacy .
Simila ly, K uege and Cas ud (1993) apply he heo y o planned
beha iou (TPB) de eloped by Ajzen (1991) o explain en ep eneu ial
po en ial . Acco ding o hem, he in en ion o se up a new i m is in luenced
by h ee pe cep ions: pe sonal a ac ion o en ep eneu ial ac i i y, pe cei ed
subjec i e no ms (pe cep ion ha people in hei close en i onmen would
app o e o he i m-c ea ion decision) and again pe cei ed beha iou al con ol
o sel -e icacy (K uege e al ., 2000) .
Finally, en ep eneu ial cogni ion esea ch has ocused on isk pe cep ions
as an impo an ac o in luencing he s a -up p ocess (Simon e al ., 2000) . A
high isk pe cep ion is expec ed o be a nega i e in luence on en ep eneu ial
in en ion . Risk pe cep ion may be conside ed as a consequence o ea o
ailu e (A enius and Minni i, 2005) . Tha is o say, ea o he unce ain y abou
economic o e en social and psychological ewa ds inhe en o he en u e
c ea ion p ocess .
Risk p opensi y o en ep eneu s was i s ly s udied du ing he 1970s as a
ac o which could di e en ia e en ep eneu s om non-en ep eneu s . These
esea che s expec ed en ep eneu s o be people wi h a highe willingness o
158 Jo S é e n á n d e z , a n c i S c o li ñ a n , a n c i S c o J . Sa n o S
ake isky ac ions compa ed o o he s . Howe e , esul s ha e shown ha isk
p opensi y was e y simila be ween en ep eneu s and non-en ep eneu s
(B ockhaus, 1980). I may be a gued ha his “ ai s pe spec i e” ailed o
explain he ole o isk in en ep eneu ship because i did no conside he
in luence o he cogni i e p ocess . The cogni i e app oach has shown ha isk
plays an impo an ole in, o ins ance, en ep eneu ial in en ions (Shane e
al ., 2003) . Objec i ely, si ua ions aced by en ep eneu s a e mo e isky han
si ua ions aced by manage s . Howe e , he o me pe cei ed less isk han he
la e because o cogni i e biases, such as , o ins ance, o e con idence (Simon
e al ., 2000) . Fo his eason, po en ial en ep eneu s a e expec ed o pe cei e
lowe isks and show lowe ea o ailu e and, he e o e, hei in en ions o
becoming en ep eneu s would be highe .
To sum up, he ollowing p oposi ion is es ablished:
P oposi ion 1: These h ee indi idual pe cep ions (knowing a
ole model, ha ing high sel -e icacy and low isk pe cep ion) will
exe a posi i e in luence on en ep eneu ial in en ions .
2 .3 . pe c e p i o n S o ec o n o m i c (o e n e p e n e u i a l ) op p o u n i i e S
As i is well-known, economic condi ions a e ela ed o he s a -up a e . The
li e a u e sugges s ha a high le el o economic de elopmen (high na ional
income pe inhabi an , a well-educa ed popula ion, a high li e expec ancy) and
a posi i e economic cycle (low in e es a es, budge su plus, low in la ion, low
unemploymen a e, high economic g ow h) exe a posi i e in luence on he
c ea ion o new i ms (Thu ik, Uhlane and Wenneke s, 2002) . Ne e heless,
GEM da a has ound ha less de eloped coun ies usually cha ac e ized by
nega i e economic condi ions ha e eco ded highe new- en u e a es han
mos de eloped coun ies . An explana ion o his beha iou is ha he deg ee
o economic wel a e p o ided by a good economic si ua ion de e mines he
exis ence o job al e na i es o people (Wenneke s, an S el, Thu ik and
Reynolds, 2005) . In ac , only when unemploymen became an impo an
p oblem du ing he se en ies and eigh ies, did he s a -up a e g ow mo e
in ensi ely in de eloped coun ies, al hough no a he same le el as in less
de eloped coun ies (Ca lsson, 1996).
Besides, one impo an quali a i e di e ence be ween businesses s a ed in
highly-de eloped and less-de eloped coun ies is ha mos people a e mo i a ed
by economic oppo uni ies in he o me and mos people a e mo i a ed by
economic necessi y in he la e (Bosma e al ., 2008) . Then he ques ion is,
why do some people and no o he s disco e hese economic oppo uni ies?
A plausible explana ion o his ac is ha he disco e y o oppo uni ies is
no a mechanical p ocess (Baumol, 1993). The speci ic cha ac e is ics o
ma ke s, such as hei size o composi ion, and he a ailabili y o inancing and
di e en kinds o capi al (physical, echnological, human o social) can inc ease
economic oppo uni ies since hey inc ease po en ial p o i s . This, in u n,
159
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coGni i e aS p e c S o po e n i a l en e p e n e u S in So u h e n an d no h e n eu o p e :
an an a l y S i S uS i n G Gem-da a
would aise he amoun o people engaged in he s a -up p ocess (Casson,
1982; Wilken, 1979). Howe e , e en in his case, i is necessa y o indi iduals
o pe cei e hose economic oppo uni ies as easible and desi able (K uege ,
2000) . The e o e, again he cogni i e p ocess makes some indi iduals mo e
sensi i e han o he s o he di e en economic oppo uni ies p o ided by he
ma ke and he a ailable esou ces (A dich ili, Ca dozo and Ray, 2003; Shane
and Venka a aman, 2000) .
In his sense, he gene al e olu ion o economic o en ep eneu ial
oppo uni ies expec ed by people will ha e a mac oeconomic e ec on he
agg ega e le el o en ep eneu ial in en ions and on he o e all s a -up a e
(Thu ik e al ., 2002) . Bu , a he indi idual le el, indi iduals will end o show
en ep eneu ial in en ions and exhibi s a -up beha iou s depending on
hei cogni i e p ocess and hei pe cep ions o he exis ence o economic
oppo uni ies, independen ly o he ealism o hese pe cep ions (A enius and
Minni i, 2005) .
I migh be a gued ha people wi h en ep eneu ial in en ion will end o
pe cei e mo e oppo uni ies, e e sing causa ion . Howe e , he pe cep ion ha
he e a e gene ally good oppo uni ies in he ma ke is expec ed o con ibu e
o he decision o s a -up . Bu , on he o he hand, ha ing in en ion needs no
make he pe son hink he e a e good oppo uni ies (e .g ., i he pe son has jus
los his/he job) .
An impo an ques ion is whe he he pe cep ion o en ep eneu ial
oppo uni ies is an an eceden o o he pe cep ions, such us sel -e icacy o isk
pe cep ion, o no . In his sense, acco ding o K uege (2003), he pe cep ion
o en ep eneu ial oppo uni ies could ac as a p ecipi a ing ac o because i
ein o ces o he indi idual pe cep ions in he o ma ion o in en ions .
The e o e, hese a gumen s lead o he ollowing p oposi ion:
P oposi ion 2: A posi i e pe cep ion o en ep eneu ial
oppo uni ies will exe a posi i e in luence on en ep eneu ial
in en ions, ein o cing he ole o indi idual pe cep ions .
2 .4 . So c i o -c u l u a l pe c e p i o n S
Finally, he en ep eneu ship li e a u e has also s udied he in luence
o cul u al and sociological aspec s on oppo uni y ecogni ion and
en ep eneu ial in en ion h ough cogni i e mechanisms . Cul u e is made up
o ideas, alues and no ms common o a g oup o people . In ac , Ingleha
(1997) de ines cul u e as he se o basic common alues which con ibu es o
shaping people’s beha iou in a socie y. Acco ding o Ho s ede and Ho s ede
(2005), he no ion o cul u e also includes pa e ns o hinking, eeling and
ac ing, which a e lea ned and sha ed by people li ing wi hin he same social
en i onmen . He calls hese pa e ns o beha iou “so wa e o he mind”
and, hus, de ines cul u e as he collec i e p og amming o he mind which
dis inguishes he membe s o a g oup o people om o he s .
166 Jo S é e n á n d e z , a n c i S c o li ñ a n , a n c i S c o J . Sa n o S
Global esul s a e ela i ely sa is ac o y, as may be seen in Table 4 . The
omnibus es is always signi ican (p < 0 .05), deno ing accep ance o he
hypo hesis ha β coe icien s a e di e en om ze o . Ne e heless, he
a iables conside ed he e only explain a limi ed ac ion o he a iance in
en ep eneu ial in en ions (pseudo R-squa ed s a is ics) . Addi ional a iables
a e p obably needed o complemen hose included in models 1 o 5 . In
his sense, he Hosme -Lemeshow es con i ms his idea . A cu -o alue o
0 .058 has been used (co esponding o he pe cen age o indi iduals s a ing
en ep eneu ial in en ions) . Fo his eason, he pe cen age o co ec ly
classi ied cases (which anges om 63 .0% o 70 .1%) is easonably sa is ac o y
when compa ed wi h he e e ence 5 .8% le el .
Model 1 is he basic model including only a iables ela ed o socio-
demog aphic cha ac e is ics (Table 2, o a dis ibu ion o demog aphic
cha ac e is ics o esponden s, see appendix) . As may be seen, age, gende and
educa ion signi ican ly con ibu e o explaining he en ep eneu ial in en ion o
esponden s, wi h he expec ed signs . Thus, males a e 2 .343 imes as likely as
emales o decla e a posi i e in en ion (odds a io) . Simila ly, a highe educa ion
le el is associa ed wi h highe in en ions, wi h odd- a ios anging om 1 .153
o 2 .407 . The e ec o age is e e sed, as expec ed, since e e y addi ional
yea o age o esponden s is associa ed wi h dec easing p obabili y o show
en ep eneu ial in en ion (Le esque and Minni i, 2006)3 . These h ee esul s
a e no ably obus , since hey a e main ained e en when addi ional a iables
a e included (models 2 o 5) .
Model 2 ies o e i y p oposi ion 1 . The h ee indi idual pe cep ions
conside ed ha e signi ican coe icien s wi h he expec ed signs . In pa icula ,
he e ec s o knowing a ole model o ha ing sel -e icacy a e he s onges o all
a iables included (odds- a ios a e 2.359 and 3.614, espec i ely). On he o he
hand, pe cei ing a high isk o ailu e con ibu es o dec easing en ep eneu ial
in en ions . The con ibu ion o socio-demog aphic cha ac e is ics emains
essen ially he same, wi h espec o bo h he sign and le el o coe icien s, and
also o signi icance le els . The only di e ence ela es o income . In model 1,
highe income was posi i ely associa ed wi h in en ion (al hough his esul was
no signi ican ) . The inclusion o indi idual pe cep ions has u ned he e ec o
highe income nega i e and ( o he highes income g oup) signi ican . Thus,
once he e ec o hese pe cep ions has been conside ed, be e -o people
exhibi a lowe in en ion o become en ep eneu s .
3 Le esque and Minni i (2006) ound a non-linea e ec o age on en ep eneu ial ac i i y . E en hough
en ep eneu ial in en ion is some hing di e en , we pe o med an addi ional eg ession o e alua e
his possibili y . Resul s con i m he non-linea e ec o age . Howe e , since he alue and signi icance
o he emaining coe icien s we e simila , we chose o keep he linea pa e n o simplici y, and no
o di e a en ion om he objec i e o his pape .

167
e i S a d e ec o n o m í a mu n d i a l 23, 2009, 151-178
coGni i e aS p e c S o po e n i a l en e p e n e u S in So u h e n an d no h e n eu o p e :
an an a l y S i S uS i n G Gem-da a
a B l e 4: Go o d n e S S -o - i S a i S i c S a
MODEL 1 MODEL 2 MODEL 3 MODEL 4 MODEL 5
Omnibus es (signi icance le el)
0 .000 0 .000 0 .000 0 .000 0 .000
Cox and Snell pseudo
R-squa ed 0.029 0 .062 0 .064 0 .065 0 .065
Nagelke ke pseudo
R-squa ed 0 .080 0 .172 0 .178 0.179 0 .181
Hosme -Lemeshow es
(Signi . le .) 0 .017 0 .001 0 .002 0 .002 0 .000
Pe cen age co ec 63 .01 69.40 70 .00 70 .02 70 .10
a A cu -o alue o 0 .058 is used .
Model 3 includes an addi ional a iable measu ing he indi idual’s
pe cep ion abou he exis ence o en ep eneu ial oppo uni ies o s a a i m
in hei a ea o esidence . P oposi ion 2 is sa is ac o ily con i med, since his
a iable has a signi ican and posi i e β coe icien , wi h a ela i ely high odds-
a io . Besides, he signs, le el and signi icance o all he o he s a iables a e
simila o model 2 .
To es p oposi ion 3, socio-cul u al pe cep ions ha e been included in
model 4 . Howe e , esul s suppo p oposi ion 3 weakly, since only one o
he h ee a iables included is signi ican . Pe cei ing he socie y espec s
en ep eneu s and conside s en ep eneu ship o be a desi able ca ee choice
does no a ec he in en ion le el . In con as , he pe cep ion ha success ul
new businesses a e equen ly ea u ed in he public media con ibu es o
inc easing he en ep eneu ial in en ion o esponden s . Ne e heless, he
odd- a io o his a iable is ela i ely low (1 .213) .
Finally, a inal eg ession was pe o med (model 5 in Table 3) o es o he
exis ence o signi ican di e ences be ween Scandina ian and Medi e anean
coun ies in Eu ope . O e all, esul s a e sa is ac o y . The coe icien o his
a iable is signi ican and nega i e (en ep eneu ial in en ion is lowe in he
Medi e anean coun ies) . Besides, he model is signi ican , acco ding o he
Omnibus es , bu he model i is no sa is ac o y (see Table 4) . Coe icien s
and signi icance le els o mos o he a iables emain s able . The only ele an
di e ence ela es o wo k s a us, which becomes signi ican in model 5 . Based on
his esul , i may be a gued ha some ele an di e ences do exis ega ding he
o ma ion o en ep eneu ial in en ions in bo h a eas . To y o be e unde s and
hese dispa i ies, sepa a ed analyses will be ca ied ou o each sub-sample .
4 .2 . e G i o n a l diSpa i ieS in en e p e n e u i a l in e n i o n S
To ca y ou he analysis o egional dispa i ies, he inal logis ic eg essions
in Table 2 will be compu ed o Medi e anean and Scandina ian coun ies .
These a e p esen ed in Table 5 . As may be obse ed, he coe icien s o nea ly
168 Jo S é e n á n d e z , a n c i S c o li ñ a n , a n c i S c o J . Sa n o S
all he pe cep ion a iables a e he same in bo h a eas . The only di e ence
ela es o he pe cei ed social espec o en ep eneu s . Howe e , his
coe icien is non-signi ican o nei he subsample .
Some socio-demog aphic cha ac e is ics end o ha e a simila e ec on
en ep eneu ial in en ions in bo h a eas . This is he case o age and gende .
Howe e , he e a e some di e ences ha dese e close a en ion . Thus,
he e ec o educa ion di e s in deg ee . In he Medi e anean coun ies,
he s onges posi i e e ec on in en ion is o hose ha ing a uni e si y
deg ee, wi h a likelihood o decla ing such in en ion 11 imes highe han
he e e ence g oup ( hose wi h some seconda y educa ion, odds a io o
11 .523) . In Scandina ia, hose ha ing some pos seconda y educa ion bu
no a deg ee a e hose exhibi ing a highe en ep eneu ial in en ion (odds
a io o 8 .325) .
a B l e 5: e G i o n a l loGiS ic e G e S S i o n a
Va iables Medi e anean Scandina ian
B Exp(B) B Exp(B)
Cons an -3 .52*** 0 .03 -2 .788*** 0 .062
Gende 0.379** 1 .461 0 .577*** 1 .780
Age -0 .042*** 0.959 -0 .041*** 0.960
Wo k
Wo k(1) 0.098 1 .102 0 .023 1 .023
Wo k(2) 0 .154 1 .166 2 .072*** 7.938
Educa ion
Educa ion(1) 0 .731*** 2 .078 0 .306*** 1 .358
Educa ion(2) 0 .273 1 .314 2.119*** 8 .325
Educa ion(3) 2 .444*** 11 .523 0 .486*** 1 .626
Income
Income(1) -0 .132 0 .876 -0 .028 0.973
Income(2) -0 .302* 0.739 -0 .147 0 .863
Role Model 0.971*** 2 .642 0 .707*** 2 .028
Risk Pe cep ion -0 .335** 0 .716 -0.299*** 0 .742
Sel -E icacy 1 .631*** 5 .111 1 .152*** 3 .165
En ep eneu ial
Oppo . 0.292* 1.339 0 .466*** 1.594
Desi able Ca ee -0 .005 0.995 -0 .01 0.990
Respec 0 .045 1 .046 -0.059 0.943
Public Media 0 .255* 1.291 0 .166* 1 .180
Signi icance le els based on Wald s a is ic: *** signi ican a p< 0,001; ** signi ican a p< 0,01;
* signi ican a p< 0,05 .
a A cu -o alue o 0 .046 is used o he Medi e anean sub-sample, and 0 .065 o he
Scandina ian sub-sample .
169
e i S a d e ec o n o m í a mu n d i a l 23, 2009, 151-178
coGni i e aS p e c S o po e n i a l en e p e n e u S in So u h e n an d no h e n eu o p e :
an an a l y S i S uS i n G Gem-da a
Wo k s a us and income le el e ec s a e clea ly di e en . In Sou he n
coun ies, highe income is associa ed wi h lowe in en ion, bu he odds a io
is no oo low (0.739). In he no he n g oup o coun ies, i is being e i ed o
a s uden which makes esponden s decla e a much highe s a -up in en ion
(odds a io o 7.938).
I may be said ha hese socio-demog aphic cha ac e is ics a e hose which
di e en ia e bo h sub-samples . In his sense, when we look a indi idual and
en ep eneu ial oppo uni y pe cep ions, we ind ha bo h g oups o a iables
a e signi ican in bo h sub-samples, wi h equi alen coe icien s and odds-
a ios . This may be in e p e ed in he sense ha he cogni i e mechanisms
people use o de e mine hei s a -up in en ions a e simila in bo h a eas,
bu ins i u ional ci cums ances di e (gene al le el o educa ion, employmen
condi ions, unemploymen a e, income le el …) .
Finally, when socio-cul u al a iables a e conside ed, hey a e gene ally non-
signi ican in bo h subsamples . Only he ea u ing o success ul en ep eneu s
in public media con ibu es o inc easing in en ion in bo h Medi e anean and
Scandina ian coun ies . E en hough he posi i e in luence o he public media
seems o be sligh ly highe in Medi e anean coun ies, he odds- a io a e e y
simila in bo h cases and ela i ely small (1.291 s. 1.180).
a B l e 6: e G i o n a l Go o d n e S S -o - i S a i S i c S a
Medi e anean Scandina ian
Omnibus es (signi icance le el) 0 .000 0 .000
Cox and Snell pseudo R-squa ed 0 .068 0 .067
Nagelke ke pseudo R-squa ed 0 .218 0 .176
Hosme -Lemeshow es (Signi . le .) 0 .152 0 .006
Pe cen age co ec 72 .5 70 .4
a A cu -o alue o 0 .046 is used o he Medi e anean sub-sample, and 0 .065 o he Scandina ian
sub-sample .
I we conside he gene al adequacy o he model o each subsample, he
ele an es s a e epo ed in Table 6 . I is in e es ing o no e ha goodness-
o - i s a is ics a e simila o hose o he ull-sample model . In ac , o he
Medi e anean coun ies, hey a e e en be e , since he Hosme -Lemeshow
es indica es he model is a good app oxima ion o he da a, and he
pe cen age o co ec ly classi ied obse a ions is highe .
5 . co n c l u S i o n S
As was poin ed ou in he in oduc ion o his pape , he cogni i e
app oach o en ep eneu ship is e y impo an nowadays no only a he
indi idual le el bu also a he agg ega e le el . In his espec , a i s impo an
con ibu ion o his pape has been o p o ide a classi ica ion o di e en
170 Jo S é e n á n d e z , a n c i S c o li ñ a n , a n c i S c o J . Sa n o S
pe cep ions ela ed o en ep eneu ial in en ions . Acco ding o he li e a u e,
h ee g oups o en ep eneu ial pe cep ions ha e been ound: indi idual
pe cep ions, pe cep ions on economic oppo uni ies and, inally, socio-cul u al
pe cep ions .
Simila ly, he in luence o hose di e en pe cep ions on en ep eneu ial
in en ions has usually been es ed h ough empi ical analyses on small samples
o uni e si y s uden s . Resul s ha e been e y p omising bu i was necessa y
o ca y ou addi ional analyses a he agg ega e le el . In pa icula , he GEM
p ojec p o ides a good oppo uni y o pe o m his kind o analysis since i
collec s da a on di e en aspec s o he i m-c ea ion p ocess om se e al
coun ies a ound he wo ld . In his sense, he empi ical objec i e o his pape
has been, ollowing he p oposed classi ica ion o en ep eneu ial pe cep ions,
analysing GEM da a o compa e en ep eneu ial in en ions in wo di e en
Eu opean egions: Scandina ian and Medi e anean coun ies . As hese wo
g oups o coun ies a e conside ably di e en wi h espec o hei cul u al and
economic backg ound, a clea di e ence in he in luence o pe cep ions on
in en ions was expec ed .
The i s impo an inding o he empi ical analysis is ha he h ee kinds
o pe cep ions p oposed ha e a signi ican in luence on in en ions in he
combined sample (Scandina ian and Medi e anean coun ies) . As expec ed,
indi idual pe cep ions (especially, sel -e icacy and ole model) a e he mos
impo an an eceden s o en ep eneu ial in en ion (K uege e al . 2000) .
Rega ding pe cep ions on economic oppo uni ies, his in luence is no as high
as expec ed . Ou in e p e a ion is ha he li e a u e may be emphasizing he
ole o oppo uni ies wi hou aking in o accoun he impo an di e en ia ion
be ween de eloped and unde de eloped coun ies, and also be ween expansion
and ecession in he economic cycle . I may be he case ha p ecisely he
people wi h high in en ions pe cei e he ecogni ion o oppo uni ies as he
no mal si ua ion . I is possible oo ha he p esence o cogni i e biases is
exe ing an in luence on pe cep ions abou economic oppo uni ies (Keh e
al . 2002) . As a consequence, he e o e, people wi h en ep eneu ial in en ion
may be less wo ied abou oppo uni ies .
Resul s ega ding socio-cul u al pe cep ions in he combined sample a e
he weakes . Again he exis ence o cogni i e biases o a posi i e en i onmen
o c ea e i ms in de eloped coun ies may make indi iduals ake socio-cul u al
suppo o g an ed, hus diminishing i s e ec on in en ions . As Da idsson
(1995) a gues o he case o Swedish egions, he ela i ely small di e ences
in cul u al alues among esponden s’ coun ies would make hese a iables
non-signi ican .
The e o e, he e seems o be a common en ep eneu ial cul u e b oadly
sha ed by bo h Scandina ian and Medi e anean coun ies . This is mani es ed
in a leas wo aspec s . On he one hand, as i has been poin ed ou , gene al
esul s ega ding socio-cul u al pe cep ions o each sub-sample a e e y simila
o esul s o he combined sample, in spi e o he Scandina ian popula ion
171
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coGni i e aS p e c S o po e n i a l en e p e n e u S in So u h e n an d no h e n eu o p e :
an an a l y S i S uS i n G Gem-da a
showing highe en ep eneu ial in en ions . On he o he hand, he mos
impo an di e ences be ween sub-samples a e ound in some demog aphic
a iables (wo k s a us and educa ion) and some indi idual pe cep ions ( ole
model and sel -e icacy), bu no on pe cep ions abou economic oppo uni ies
o on socio-cul u al pe cep ions .
In Scandina ian coun ies, he in luence o wo k s a us on en ep eneu ial
in en ions (speci ically, being e i ed o , mos p obably, a s uden ) is signi ican ly
highe . This could be e lec ing ha young s uden s a e po en ial u u e
en ep eneu s o a much g ea e ex en han in Medi e anean coun ies .
In some sense, his esul pa ially explains why en ep eneu ial in en ion is
highe in no he n Eu ope and e en sugges s why oppo uni y mo i a ions a e
usually highe in Scandina ia o nascen en ep eneu s .
Rega ding he in luence o educa ion, Scandina ian people show highe
in en ions when hey ha e a pos seconda y le el, while in Medi e anean
coun ies in en ions a e he highes o uni e si y g adua es . This would be
ela ed o he di e en emphasis placed on seconda y educa ion in each a ea .
In gene al, echnical aining is mo e alued in no he n Eu ope han in sou he n
Eu ope . As a esul , s uden s wi h a pos seconda y educa ion in Scandina ian
coun ies ha e mo e en ep eneu ial in en ion because hey ha e acqui ed
mo e abili ies du ing hei educa ional p ocess and maybe eel mo e con iden
o be en ep eneu s .
Join esul s ound a nega i e e ec o income le el on en ep eneu ial
in en ion . This is no in con adic ion wi h he usual inding ha highe weal h is
associa ed wi h s a -up beha iou . In his sense, i is his e ec on pe cep ions
which is ele an o de e mine he en ep eneu ial in en ion, and no weal h
i sel . Thus, be e -o people will p obably ha e mo e job oppo uni ies
a ailable and need no become en ep eneu s . This esul is s onge o
he Medi e anean coun ies, sugges ing ha among highe -income g oups
in sou he n Eu ope, en ep eneu ship is no he bes alued ca ee op ion .
The e o e, Medi e anean coun ies need o implemen policies o p omo e
en ep eneu ship as a desi able-ca ee choice, as Scandina ian coun ies ha e
been doing since he beginning o he 1990s.
Finally, ega ding he in luence o indi idual pe cep ions, he clea es
di e ences a e ound wi h espec o ole model and sel -e icacy . On he one
hand, he e ec o pe sonally knowing an en ep eneu on in en ions is highe
among he Medi e anean popula ion . This is ela ed o some cul u al alues o
he Medi e anean socie y in which he ole o amily, iends o acquain ances
is impo an . Con e sely, he highe indi idualis ic beha iou o no he n
Eu opean people (Ho s ede and Ho s ede, 2005) may make he in luence o
o he en ep eneu s weake in shaping hei in en ions .
On he o he hand, he highe e ec o pe cei ed sel -e icacy on
en ep eneu ial in en ions in he Medi e anean coun ies is mo e di icul
o in e p e . As pe cep ion o en ep eneu ial cul u e does no exe a clea
in luence on en ep eneu ial in en ions, he highe in luence o sel -e icacy on

172 Jo S é e n á n d e z , a n c i S c o li ñ a n , a n c i S c o J . Sa n o S
en ep eneu ial in en ion may be ela ed o he le el o economic de elopmen
in sou he n Eu ope . This lowe de elopmen le el, oge he wi h a lowe
adi ion in en ep eneu ial ac i i y, may esul in people eeling hey need o
be mo e con iden in hei own capaci ies o un a business . Simila ly, his may
also help explain he highe e ec o knowing a ole model on en ep eneu ial
in en ions in sou he n coun ies . Ne e heless, an ob ious means o inc easing
sel -e icacy is h ough imp o emen s in he educa ional sys em in gene al, and
h ough en ep eneu ship educa ion in pa icula .
O cou se, his s udy has a numbe o limi a ions . Some o hem a e ela ed
o cha ac e is ics o he GEM da abase . Fi s , he numbe o i ems ela ed o
en ep eneu ial in en ions and en ep eneu ial pe cep ions is small in his
da abase . Secondly, he kind o i ems included in he ques ionnai e p e en
he use o mo e accu a e s a is ical echniques, such as s uc u al equa ions
models ha may show he di e en ela ionships among pe cep ions and
in en ions . In his sense, he ac ha a iance explained by he di e en
models is low should be due o ele an heo e ical a iables being omi ed .
An ob ious example is he case o desi abili y (Shape o and Sokol, 1982) o
pe sonal a i ude owa ds s a -up (Ajzen, 1991). We ully belie e he GEM
da a p o ides a e y ele an s a ing poin o he analysis o hese cogni i e
aspec s o he i m-c ea ion p ocess . Ne e heless, i a mo e de ailed analysis
o he po en ial en ep eneu is o be ca ied ou , he GEM ques ionnai e needs
o include some addi ional i ems and o he modi ica ions . Wha is mo e, wi h
ha agg ega ed in o ma ion, he ela ionship among in en ions and ac ions
( ha is o say, among en ep eneu ial po en ial and en ep eneu ial ac i i y)
could be s udied in g ea e dep h .
As u u e ex ensions o his s udy, he compa ison o hese wo egions
in ollowing yea s is an ob ious a enue o esea ch . Addi ionally, he
me hodology p oposed may be applied o compa e o he coun ies o egions,
and mo e de ailed analysis will allow o assess he ela i e p obabili ies o s a e
en ep eneu ial in en ions gi en he di e en alues o explana o y a iables .
Finally, a es wi h he ull GEM sample may be pe o med . On he o he hand,
a new ques ionnai e may be de eloped and es ed o allow o e coming some
o he limi a ions o he one used he e .
e e e n c e S
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