Necessity and opportunity entrepreneurship: the mediating effect of culture

e i S a d e ec o n o m í a mu n d i a l 33, 2013, 21-47 ne c e S S i y a n d op p o u n i y en e p e n e u S h i p : h e media inG e e c o cu l u e Em p E n d i m i E n o p o n E c E s i d a d y p o o p o u n i d a d : E l E E c o m E d i a d o d E l a c u l u a F ancisco Liñán Uni e si y o Se ille linan@us .es José Fe nández-Se ano Uni e si y o Se ille j se ano@us .es Isido o Rome o Uni e si y o Se ille isido o@us .es Recibido: oc ub e de 2012; acep ado: ene o de 2013 aB S a c This pape s udies he media ing ole o cul u al alues in explaining he o al en ep eneu ial ac i i y (TEA) and he en ep eneu s’ mo i a ion -di e en- ia ing oppo uni y e sus necessi y mo i es- in coun ies wi h di e en le els o de elopmen . Da a o 56 coun ies coming om he Global En ep eneu - ship Moni o (GEM) and he Schwa z Value Su ey (Schwa z, 1994, 2006b) a e analysed using s uc u al equa ions modelling . The esul s show ha only in highe income coun ies do Au onomy alues boos en ep eneu ial ac i - i y . Addi ionally, highe en ep eneu ship is ound in coun ies whe e Egali a i- anism p edomina es, and he e ec becomes s onge as income le el ises . Fu he mo e, he Egali a ianism-Hie a chy dimension is also e y ele an in explaining he oppo uni y/necessi y a io . Keywo ds: En ep eneu ship; Cul u al Values; Economic De elopmen ; En- ep eneu ial Mo i a ion . ISSN: 1576-0162 e S u m e n Es e abajo es udia el e ec o mediado de los alo es cul u ales sob e la ac i idad emp endedo a o al (TEA) y la mo i ación de los emp endedo es -di- e enciando el mo i o opo unidad en e al mo i o necesidad- en países con ni eles di e en es de desa ollo . Los da os de 56 países del Global En ep e- neu ship Moni o (GEM) sob e ac i idad emp endedo a y de la Schwa z Value Su ey (1994, 2006b) se analizan usando modelos de ecuaciones es uc u- ales . Los esul ados mues an que sólo en los países de ing esos al os, el a- lo Au onomía impulsa la ac i idad emp endedo a . Además, exis en mayo es ni eles de emp endimien o en los países donde p edomina el Iguali a ismo, y ese e ec o es más in enso con o me la en a se ele a . Es más, la dimensión cul u al Iguali a ismo-Je a quía ambién es muy ele an e en la explicación del a io de emp endedo es po opo unidad/necesidad . Palab as cla e: Ac i idad emp endedo a; Valo es cul u ales; Desa ollo económico; Mo i ación emp esa ial . JEL Classi ica ion: A13, L26, R11 e i S a d e ec o n o m í a mu n d i a l 33, 2013, 21-47 1 . in o d u c i o n The ela ionship be ween he economic de elopmen le el and he en e- p eneu ial ac i i y a e has ecei ed conside able a en ion in he li e a u e . Howe e , he a emp s o explain he di e ences in he le el o en ep eneu ial ac i i y be ween coun ies ha e no been comple ely success ul . P e ious e- sea ch in his espec has ound a U-shaped ela ionship be ween economic ac i i y and en ep eneu ship (Ca ee, an S el, Thu ik and Wenneke s, 2002; S e nbe g and Wenneke s, 2005; Wenneke s, an S el, Thu ik and Reynolds, 2005) . Abo e a ce ain le el o pe capi a GDP, which some au ho s se a ound US$ 7000 (Pinillos and Reyes, 2011), inc eased income leads o highe s a - up a es . The eason may be ha weal hie coun ies ha e a mo e complex economic sys em and also a g ea e demand o new and di e en ia ed consu- me goods, bo h leading o inc eased oppo uni ies (Shane, 1993) . Fu he mo e, he en ep eneu s’ mo i a ions change h oughou he de e- lopmen p ocess . In his sense, he Global En ep eneu ship Moni o (GEM) has discussed wo a he di e en ypes o en ep eneu ship, namely Imp o e- men -D i en Oppo uni y En ep eneu ial Ac i i y and Necessi y-D i en En e- p eneu ial Ac i i y (Reynolds, Byg a e, Au io and Hay, 2002; Reynolds, S o ey and Wes head, 1994) . New en u es ounded by oppo uni y en ep eneu s can be expec ed o ha e much s onge posi i e long- un e ec s on he eco- nomy in e ms o employmen , inno a ion and g ow h han s a -ups ini ia ed by necessi y en ep eneu s . Besides, he a io o oppo uni y o necessi y en- ep eneu ship seems o be highe in coun ies wi h highe pe capi a income (Wenneke s e al ., 2005) . Howe e , coun ies wi h simila de elopmen le els p esen pe sis en di e- ences in hei le els o en ep eneu ship (Pinillos and Reyes, 2011; an S el, Ca ee and Thu ik, 2005) . Simila ly, coun y di e ences in he ela i e impo - ance o he necessi y-d i en e sus oppo uni y-d i en en ep eneu ship can- no be ully explained by economic a iables alone (Da idsson and Wiklund, 1997; F ede king, 2004) . In his sense, he OECD (1998) ecognises ha en- 24 a n c i S c o li ñ á n , Jo S é e n á n d e z Se a n o , iS i d o o o m e o ep eneu ship is he esul o h ee dimensions wo king oge he : conduci e amewo k condi ions, well-designed go e nmen p og ammes and suppo i e cul u al a i udes . The ocus o his pape is on he ole o he la e . The socie al alue s uc u e ha shapes cul u e may play a signi ican ole in de e mining he en ep eneu ial ac i i y o i s membe s . Simila ly, i may also help o ex- plain he ela i e p esence o oppo uni y and necessi y en ep eneu s . Ne e - heless, he mechanisms h ough which hese e ec s a e exe ed a e a om clea . Though a numbe o con ibu ions ha e al eady s essed he in luence o cul u e on en ep eneu ship (Da idsson, 1995; Da idsson and Wiklund, 1997; F ede king, 2004), so a , esea ch on his opic has been limi ed . This pape aims o ill his gap in he li e a u e by analysing he complex ela ionship be ween de elopmen , cul u e and en ep eneu ship . Speci ically, he pape p oposes a heo e ical amewo k in which cul u al alues ac as a media ing ac o in he ela ionship be ween economic de elopmen (in e ms o GDP pe capi a) and en ep eneu ial ac i i y . This media ing ole o cul u- e also implies an in e ac ion e ec be ween cul u al alues and pe capi a income . The empi ical analysis es s his co e hypo hesis using da a om 56 coun ies . This pape is o ganised as ollows: a e his in oduc ion, he nex sec ion ou lines he ele an heo y and he hypo heses de i ed om i . Sec ion 3 desc ibes he empi ical analysis and p esen s he esul s, which a e u he discussed in Sec ion 4 . The pape ends wi h a b ie conclusion sec ion . 2 . h e o y a n d h y p o h e S e S In his sec ion, he ela ionship be ween economic de elopmen and en- ep eneu ship will be b ie ly conside ed . A e ha , he ope a ionalisa ion o cul u e and i s ole in economic de elopmen and en ep eneu ship is s udied . The esea ch hypo heses a e p esen ed h oughou he sec ion . 2 .1 . ec o n o m i c d e e l o p m e n a n d e n e p e n e u S h i p En ep eneu ship plays a e y impo an ole in he p ocess o economic de elopmen . I inc eases employmen oppo uni ies, enhances echnical in- no a ion le el, and p omo es economic g ow h (Aud e sch and F i sch, 1999; F i sch and Muelle , 2004; Reynolds e al ., 2002; an S el and S o ey, 2004) . F om a dynamic pe spec i e, en ep eneu s a e agen s o change since en e- p eneu ship implies s a ing new businesses, expe imen ing wi h new echni- ques and a new o ganiza ion o p oduc ion, in oducing new p oduc s o e en c ea ing new ma ke s (Wenneke s, Uhlane and Thu ik, 2002) . Minni i, Byg a e and Au io (2006) and Lee and Pe e son (2000) ound he income le el o ha e an e ec on he le el o en ep eneu ial ac i i y . In pa i- cula , he a e o g ow h in income has been ound o ha e an in luence on en- 25 e i S a d e ec o n o m í a mu n d i a l 33, 2013, 21-47 ne c e S S i y a n d op p o u n i y en e p e n e u S h i p : h e media inG e e c o cu l u e ep eneu ship a es (A ming on and Acs, 2002; Lee, Flo ida and Acs, 2004) . Simila ly, he income le el, i measu ed as pe capi a GDP, has a posi i e e ec on en ep eneu ship as well, a leas o indus ialised economies (Fishman and Sa ia-Allende, 2004; Pa ke and Robson, 2004) . Economic de elopmen induces new i m o ma ion since oppo uni ies and expec ed ewa ds o s a - ing a business a e highe (Ca ee e al ., 2002; Reynolds e al ., 1994) . Fu he , he le el o income and weal h de e mines he a ie y o consume demand . A high di e en ia ion in demand a ou s he supplie s o new and specialised p oduc s and diminishes he scale ad an ages o la ge incumben i ms (Jo a- no ic, 1993; Wenneke s e al ., 2002) . Howe e , de elopmen is gene ally accompanied by an inc ease in eal wages, hus aising he oppo uni y cos s o sel -employmen . Consequen ly, g ow h in GDP pe capi a could educe en ep eneu ial ac i i y (Bjo nsko and Foss, 2006; Noo de ha en, Thu ik, Wenneke s and an S el, 2004) . In his sen- se, some au ho s ( an S el, Wenneke s, Thu ik and Reynolds, 2003; Ve heul, Wenneke s, Aud e sch and Thu ik, 2002) ha e ound a signi ican nega i e e ec o GDPpc, oge he wi h a signi ican posi i e e ec o squa ed GDPpc, sugges ing a U-shaped impac o income on en ep eneu ship . Thus, o highe le els o income, a posi i e ela ionship be ween GDPpc and en ep eneu ship should be expec ed . The GEM p ojec also shows ha he mo i a ions o s a new en u es di e as ly ac oss coun ies . I is impo an o conside he en ep eneu s’ mo i a ion because i in luences hei beha iou be o e and a e s a ing up (Ku a ko, Ho nsby and Na zige , 1997) . The ype and s eng h o indi idual en ep eneu ial mo i a ion may de e mine he goals and aspi a ions o he i m, leading o di e en mac oeconomic ou comes (Fe nández-Se ano and Rome o, 2012; Fe nández, Liñán and San os, 2009; Hessels, Van Gelde en and Thu ik, 2008) . GEM's classi ica ion di e en ia es be ween ‘necessi y’ and ‘oppo uni y’ mo i a ions (Reynolds e al ., 2002) . Oppo uni y en ep eneu s a e iewed as en ep eneu s who s a a business in o de o pu sue an oppo uni y in he ma ke , whils necessi y en ep eneu s a e pushed by unemploymen si ua- ions o dissa is ac ion wi h hei p e ious jobs . In compa ison wi h necessi y en ep eneu s, oppo uni y en ep eneu s ha e usually p epa ed hei en y in o sel -employmen on a mo e solid basis and hey s a hei businesses in an a ea o hei pa icula expe ise . These ac o s lead o a longe su i al a e and a highe business g ow h in he case o oppo uni y en ep eneu s . They also ha e highe g ow h aspi a ions (Wenneke s e al ., 2005) . Thus, coun ies wi h a low a io o oppo uni y o necessi y en ep eneu s end o ha e weake i ms as well (Reynolds e al ., 2002; Wenneke s e al ., 2005) . En ep eneu s in ac o -d i en economies end o be equally mo i a ed by necessi y and imp o emen -d i en oppo uni y mo i es (G ies and Naude, 2008) . In con as , in mo e de eloped economies, necessi y g adually alls o as a mo i a o , while imp o emen -d i en oppo uni y mo i es inc ease (Wen- 26 a n c i S c o li ñ á n , Jo S é e n á n d e z Se a n o , iS i d o o o m e o neke s e al ., 2005) . Tha is, necessi y mo i es a e mo e dependen on econo- mic condi ions . Meanwhile, imp o emen -d i en oppo uni y mo i es a e less dependen on he economic en i onmen and ha e a mo e in insic na u e, such as he desi e o independence o sel - ealisa ion . In his pape , economic de elopmen will be app oached conside ing he a e age income le el . Based on he heo y e iewed abo e, he ollowing hypo- heses - e e ing o he ela ionship be ween economic de elopmen and en- ep eneu ship - a e o mula ed o be es ed in he empi ical analysis: H1a: The a e o To al En ep eneu ial Ac i i y is nega i ely co ela ed o GDP pe capi a: highe income is associa ed wi h lowe en ep eneu ship a es . H1b: The a io o oppo uni y o necessi y en ep eneu ship is posi i ely co - ela ed o GDP pe capi a: highe income is associa ed wi h a highe a io o oppo uni y o necessi y en ep eneu ship . 2 .2 . ec o n o m i c d e e l o p m e n , c u l u e a n d e n e p e n e u S h i p 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 . Cul u al alues ope a- e unconsciously, since hey a e deeply oo ed wi hin he poli ical ins i u ions and echnical sys ems . The e o e, hese alues and belie s a e con inuously ein o ced (Pinillos and Reyes, 2011) . Cul u e shapes he indi idual’s cogni i e schemes, p og amming beha iou al pa e ns consis en wi h he cul u al con- ex (Ho s ede, 1991, 2003) . Cul u e may in luence en ep eneu ship h ough wo main mechanisms (Da idsson, 1995) . Fi s ly, a suppo i e cul u e would lead o social legi ima- ion, making he en ep eneu ial ca ee mo e alued and socially ecognised in ha cul u e, hus c ea ing a a ou able ins i u ional en i onmen . The e o e, mo e people will y o s a hei en u es, i espec i e o hei pe sonal belie s and a i udes (E zioni, 1987) . Secondly, a cul u e sha ing mo e p o-en ep e- neu ial alues and pa e ns o hinking would lead o mo e indi iduals showing psychological ai s and a i udes consis en wi h en ep eneu ship (K uege , 2000, 2003; Liñán, San os and Fe nández, 2011) . Thus, mo e people will y o become en ep eneu s (Mcg a h, MacMillan, Yang and Tsai, 1992; Muelle and Thomas, 2001) . In his sense, i has been sugges ed ha a high pe cei ed alua ion o en ep eneu ship in a socie y will lead o mo e posi i e a i udes and in en ions by indi iduals (K uege and Ca s ud, 1993; Liñán, U bano and Gue e o, 2011) . The i s and mos common classi ica ion o cul u es dis inguishes be ween indi idualis and collec i is ones (Ho s ede 1980; T iandis 1995; Schwa z 1999) . Howe e , al e na i e cha ac e isa ions ha e also been made . F om an empi ical poin o iew, Ho s ede’s cul u al dimensions (Ho s ede, 1980, 1991, 2003) ha e o en been used as a e e ence in esea ch wo ks abou he in luen- ce o cul u e on en ep eneu ship (Hay on, Geo ge and Zah a, 2002; Liñán and 27 e i S a d e ec o n o m í a mu n d i a l 33, 2013, 21-47 ne c e S S i y a n d op p o u n i y en e p e n e u S h i p : h e media inG e e c o cu l u e Chen, 2009; Mcg a h and MacMillan, 1992; Mi chell, Smi h, Seaw igh and Mo se, 2000; Muelle and Thomas, 2001; Muelle , Thomas and Jaege , 2002; Shane, Kol e eid and Wes head, 1991) . Resul s ha e con i med i s in luence on na ional s a -up a es, inno a ion o en ep eneu ial in en ions . Howe e , Ho s ede’s measu es ha e been c i icised o hei me hodological weaknesses (Jab i, 2005; Tang and Ko eos, 2008) . An al e na i e app oach o cul u e has been p oposed by Schwa z (1990) . Acco ding o Schwa z (1990), alues shape he indi idual’s mo i a ional goals . A ci cula s uc u e o alues is p oposed (see Figu e 1), ep esen ing he dyna- mic ela ionships be ween alues acco ding o p inciples o compa ibili y and logical con adic ion . Following his ci cula s uc u e, he pu sui o adjacen alues is compa ible, whils he pu sui o opposing alues would gene a e con- lic (Schwa z, 1999, 2004, 2006b) . In he p esen s udy, Schwa z’s heo y will be ollowed . This conside s cul u al alues as a e aged indi idual alues (Schwa z, 1994, 1999, 2004, 2006b) . This heo y is s ongly based on a uni e sal sys em o alues ha guide human beha iou . Speci ic cul u al con ex s make some o i s aspec s p e ail o e o he s (Schwa z, 2006a, 2008) . This mechanism wo ks h ough social ins i u ions and hei ac ions ( h ough legisla ion, go e nmen di ec i es, he educa ion sys em, e c .), selec ing and p io i ising some alues ins ead o he o he s . In his sense, people end o ca y ou wha hey belie e is so- cially app op ia e beha iou (Bou dieu, 1991; Ma kus and Ki ayama, 1991; Schwa z, 1994) . A he agg ega e le el, se en ypes o cul u al alue o ien a ions may be iden i ied (Schwa z, 1994): Embeddedness, In ellec ual Au onomy, A ec i- e Au onomy, Hie a chy, Egali a ianism, Mas e y and Ha mony . They may be g ouped in o h ee bipola dimensions (Figu e 1) . • Au onomy (in ellec ual and a ec i e) s Embeddedness: This dimension co e s he oubled ela ionship be ween he indi idual and he g oup . A he embeddedness end, he pe son is seen as an en i y ha is included in he communi y (examples o alues may be social o de , espec o a- di ion, amily secu i y o wisdom) . Meanwhile, a he o he end, people a e au onomous bodies ha ind meaning in hei own di e ence ( o be cu ious, open-minded o c ea i e a e alues wi hin in ellec ual au onomy; pleasu e, a a ied li e o an exci ing li e a e a ec i e au onomy alues) . O cou se, he ela i e s eng h o a ec i e and in ellec ual au onomies may make a di e ence a he cul u al le el (see Schwa z and Ros, 1995, o a compa ison o wes e n coun ies) . Many heo is s associa e indi idualism wi h he sel -in e es ed pu sui o pe sonal goals (T iandis, 1995) . Howe e , sel -in e es is equally p esen in bo h sides o he Au onomy-Embedded- ness dimension (Schwa z, 2004, 2006b) . • Egali a ianism s Hie a chy: The second socie al p oblem is o gua an ee esponsible beha iou ha p ese es he social ab ic . People mus be induced o conside he wel a e o o he s, o coo dina e wi h hem, and 28 a n c i S c o li ñ á n , Jo S é e n á n d e z Se a n o , iS i d o o o m e o he eby manage hei una oidable in e dependencies . This add esses he esponsible, coope a i e beha iou ha will ge socie al asks done, ei he by di e en ia ing oles, o by in e nalising commi men and olun a y co- ope a ion (Schwa z, 1994) . A he Egali a ianism end o his dimension, he membe s o socie y a e conside ed as equal beings who sha e a com- mi men o coope a e wi h o he s and pu sue he common good (social alues such as jus ice, eedom, esponsibili y, hones y) . Meanwhile, a he Hie a chy end he unequal dis ibu ion o powe , oles and esou ces is conside ed legi ima e (social alues such as powe , au ho i y, humili y, weal h) . • Ha mony s Mas e y: This dimension helps egula e people’s ea men o na u al and human esou ces . I sol es he p oblems o he ela ions be ween pe sons, and be ween pe sons and na u e . Those cul u es hea - ily sided owa ds he Mas e y pole a e seeking pe sonal gain h ough he exploi a ion and domina ion o na u e (ambi ious, success ul, compe i i e, isk- ake ) . On he Ha mony side, on he o he hand, cul u es ha seek indi iduals i ing ha moniously wi h na u e a e placed (uni y wi h na u e, p o ec ing he en i onmen , a wo ld a peace, e c .) . These cul u al alue o ien a ions also p esen a amewo k o cul u al com- pa ibili y and opposi ion (Schwa z, 1994, 1999), since some o hem sha e common basic assump ions . Fo ins ance, Hie a chy and Embeddedness a e posi i ely ela ed, sha ing he idea ha pe sonal oles and obliga ions o co- llec i i ies a e mo e impo an han indi idual ideas and aspi a ions . These alues, he e o e, a e mo e p esen in collec i is coun ies . A simila ela ion- ship is also ound wi h espec o Egali a ianism and In ellec ual Au onomy . They sha e he idea o a social ac o who assumes indi idual esponsibili y and makes pe sonal decisions based on hei unde s anding o si ua ions . Thus, hese alues p edomina e in indi idualis coun ies (Schwa z, 1994, 1999) . In p ac ice, high Egali a ianism and In ellec ual Au onomy a e usually ound oge he , as in Wes e n Eu ope (Schwa z and Ros, 1995) . The sha ed and opposing assump ions inhe en in cul u al alues yield a cohe en ci cula s uc u e o ela ions be ween hem (Schwa z, 1999) . As shown in Figu e 1, he s uc u e e lec s he cul u al o ien a ions ha a e com- pa ible (adjacen in he ci cle) o incompa ible (dis an a ound he ci cle) . This concep ion o cul u al dimensions as o ming an in eg a ed sys em, de i ed om a p io i heo ising, dis inguishes his app oach om o he s . Thus, Ho s- ede (1980 and 2003) concep ualised his dimensions as independen , while Ingleha (1997) empi ically de i ed wo b oad cul u al componen s . 29 e i S a d e ec o n o m í a mu n d i a l 33, 2013, 21-47 ne c e S S i y a n d op p o u n i y en e p e n e u S h i p : h e media inG e e c o cu l u e i G u e 1 . h e c i c u l a S u c u e o a l u e S So u c e : Sc h w a z (2004) . As may be expec ed, conside able in e dependence be ween cul u e and economic de elopmen is ound (Muelle e al ., 2002; Ros, 2002; Shane, 1993) . Less de eloped coun ies a e ypically cha ac e ised by a p edominan- ce o Embeddedness and Hie a chy, while Au onomy and Egali a ianism end o p e ail in de eloped coun ies (Schwa z, 2008) . In pa icula , Au onomy seems o be mo e s ongly associa ed wi h economic g ow h, while Egali a- ianism is mo e s ongly linked o social change (Schwa z, 2004) . Rega ding he ela ionship be ween Ha mony/ Mas e y and economic de elopmen , no s ong e idence is ound (Schwa z, 2004; Schwa z and Ros, 1995) . This Ha - mony concep has been ela ed o Ingleha ’s (1997) pos ma e ialism and is ound o be highe in mos de eloped coun ies . In pa icula , his cul u al o ien a ion is highes in Wes e n Eu ope (Schwa z and Ros, 1995), while in English-speaking (especially in he USA) and Con ucian coun ies, Mas e y is p e alen (Schwa z, 2008) . Consequen ly, based on he e iew o he heo y and esea ch, we p opose he ollowing hypo heses add essing he ela ionship be ween economic de elopmen and cul u al alues: H2a: The cul u al dimension o Au onomy-Embeddedness is posi i ely co - ela ed o pe capi a GDP: as income g ows, Au onomy ends o p e ail o e Embeddedness . H2b: The cul u al dimension o Egali a ianism-Hie a chy is posi i ely co e- la ed o pe capi a GDP: as income g ows, Egali a ianism ends o p e- ail o e Hie a chy . 36 a n c i S c o li ñ á n , Jo S é e n á n d e z Se a n o , iS i d o o o m e o Cons uc eliabili y analyses he in e nal consis ency o a gi en block o indica o s . This is assessed using he composi e eliabili y (We s, Linn and Jo eskog, 1974) . The in e p e a ion o composi e eliabili y and C onbach’s alpha is simila . Fo bo h o hem, 0 .7 is an accep able benchma k o eliabili y, as sugges ed by Nunnally (1978) . All he alues in Table 1 a e abo e his h eshold wi h he unique excep ion o he C onbach’s alphas o he Ha mony- Mas e y cons uc . Howe e , alues abo e 0 .6 a e accep able in he ini ial s ages o esea ch (Nunnally, 1978) . The e o e, all o he la en cons uc s in ou analysis a e eliable . We ha e also checked he signi icance o he loadings wi h a e-sampling p ocedu e (500 sub-samples) o ob ain -s a is ic alues . They a e all signi ican o Model 1 and Model 2 (see Table 1) . A e age a iance ex ac ed (AVE) assesses he amoun o a iance ha a cons uc cap u es om i s indica o s ela i e o he amoun due o measu emen e o (Fo nell and La cke , 1981) . I is ecommended ha AVE should be g ea e han 0 .5, meaning ha o e 50 pe cen o he a iance in each indica o is accoun ed o by he cons uc . All la en a iables in Models 1 and 2 comply wi h his condi ion . Disc iminan alidi y (Fo nell and La cke , 1981) indica es he ex en o which a gi en cons uc is di e en om o he la en a iables . To assess disc iminan alidi y, AVE should be g ea e han he a iance sha ed be ween he la en cons uc and o he la en cons uc s in he model (i .e ., he squa ed co ela ion be ween wo cons uc s) (Ba clay e al ., 1995) . All la en a iables sa is y his condi ion and he disc iminan alidi y o all he la en cons uc s in bo h models is con i med (Table 2) . a B l e 2 . la e n a i a B l e co e l a i o n S Model 1 GDPpc AUTO-EMB AUTO-EMB xGDPpc HAR-MAS HAR-MAS xGDPpc EGAL- HIER EGAL- HIER xGDPpc TEA GDPpc 1 .000 AUTO-EMB 0 .718 0 .926 AUTO-EMB x GDPpc -0 .107 -0 .142 0 .916 HAR-MAS 0 .247 0 .364 0 .072 0 .863 HAR-MAS x GDPpc -0 .238 -0 .178 0 .505 0 .183 0 .512 EGAL-HIER -0 .524 -0 .588 -0 .215 -0 .682 -0 .190 0 .910 EGAL-HIER x GDPpc 0 .190 0 .073 -0 .280 -0 .040 -0 .305 -0 .052 0 .580 TEA -0 .615 -0 .610 0 .432 -0 .269 0 .298 0 .294 -0 .378 1 .000 37 e i S a d e ec o n o m í a mu n d i a l 33, 2013, 21-47 ne c e S S i y a n d op p o u n i y en e p e n e u S h i p : h e media inG e e c o cu l u e Model 2 GDPpc AUTO-EMB AUTO-EMB xGDPpc HAR-MAS HAR-MAS xGDPpc EGAL- HIER EGAL- HIER xGDPpc RATIO GDPpc 1 .000 AUTO-EMB 0 .718 0 .926 AUTO-EMB x GDPpc -0 .104 -0 .110 0 .921 HAR-MAS 0 .243 0 .305 0 .119 0 .873 HAR-MAS x GDPpc -0 .121 0 .104 0 .390 0 .194 0 .882 EGAL-HIER -0 .524 -0 .583 -0 .224 -0 .667 -0 .135 0 .911 EGAL-HIER x GDPpc -0 .038 -0 .237 -0 .505 -0 .136 -0 .685 0 .197 0 .937 RATIO 0 .672 0 .535 0 .191 0 .297 0 .113 -0 .565 -0 .391 1 .000 No e: Diagonal elemen s (i alics) a e he squa e oo o a e age a iance ex ac ed (AVE) . O -diagonal elemen s a e co ela ions be ween cons uc s . 3 .2 .2 . S u c u a l m o d e l Figu e 3 and Figu e 4 p esen he pa h coe icien s (β) and he R2 alues ( a iance explained) o he dependen a iables . Consis en wi h Chin (1998), boo s apping (500 esamples) was used o gene a e s anda d e o s and - alues . Suppo o each gene al hypo hesis on bo h samples can be de e mined by examining he sign and s a is ical signi icance o he - alues . The esul s om Model 1 show ha , as expec ed, GDPpc plays a e y ele an ole in explaining he le el o en ep eneu ial ac i i y ac oss coun ies (hypo heses H1) . Income le el, in e ms o GDPpc, is nega i ely ela ed o TEA (H1a is suppo ed) . Howe e , e idence o a U-shaped ela ionship be ween GDP and en ep eneu ship migh also be ound o he sample coun ies3 . I he a io o Oppo uni y o Necessi y en ep eneu ship is conside ed (Model 2), he esul s again con i m he posi i e ela ionship be ween GDPpc and his dependen a iable . As he le el o income ises, he p opo ion o oppo uni y- d i en o necessi y-d i en en ep eneu ship is highe . The e o e, hypo hesis H1b is suppo ed . 3 In o de o cap u e his possible quad a ic e ec , he squa ed pe capi a income was also included in he PLS eg ession . This a iable happened o ha e a posi i e s a is ically-signi ican e ec . Howe e , se e e mul icollinea i y p oblems a ose in he model which could no be sol ed wi h a iable ans o ma ions . 38 a n c i S c o li ñ á n , Jo S é e n á n d e z Se a n o , iS i d o o o m e o Addi ionally, esul s in Model 1 and Model 2 suppo he idea ha GDP le els ha e an in luence on p edominan cul u al alues . Tha is, as an economy de elops, he cul u al alue p io i ies o he socie y end o mo e owa ds s essing Au onomy (ins ead o Embeddedness), Egali a ianism (ins ead o Hie a chy) and Ha mony (ins ead o Mas e y) . In con as , in lowe income coun ies, he opposi e alue o ien a ions a e emphasized . The signs and signi icance le els o hese ela ionships a e consis en in bo h al e na i e models . The e o e, he ela ionship be ween de elopmen and cul u e is clea ly suppo ed by hese esul s (Hypo heses H2a, H2b and H2c a e hus suppo ed) . i G u e 3 . mo d e l 1: Gdpp c -cu l u e - ea No e: *p < 0 .05; **p < 0 .01; ***p < 0 .001; ns: no signi ican (based on (499) wo- ailed es ) . Rega ding he hypo heses abou he media ing ole o cul u e, hey a e pa ially con i med by he esul s . Looking a he e ec s on TEA (H3), Model 1 shows ha , as was expec ed, coun ies whe e Embeddedness, Egali a ianism and Mas e y p edomina e end o exhibi highe en ep eneu ship le els (TEA) . . In u n, he esul s abou he media ing e ec o cul u e on en ep eneu ial mo i a ions a e p esen ed in Model 2 (H4) . In his case, only he Egali a ianism- Hie a chy alue dimension plays a ele an ole in explaining he Oppo uni y/ Necessi y a io, o e and abo e ha o GDPpc . In coun ies whe e Egali a ianism 39 e i S a d e ec o n o m í a mu n d i a l 33, 2013, 21-47 ne c e S S i y a n d op p o u n i y en e p e n e u S h i p : h e media inG e e c o cu l u e is p e alen , a highe p opo ion o Oppo uni y en ep eneu ship occu s . In u n, Necessi y en ep eneu ship is mo e abundan whe e Hie a chy p e ails . The e o e, hypo heses H4b and H4c a e con i med, while H4a is no . Howe e , when he join e ec o income and cul u e is conside ed (in e ac ion e ec s as s a ed by Hypo heses H5 and H6), ele an di e ences eme ge . In he case o he Au onomy-Embeddedness dimension, e idence o a non-linea ela ionship wi h he en ep eneu ship le el is ound . In highe income coun ies Au onomy (ins ead o Embeddedness) can boos he le els o en ep eneu ship (H5a suppo ed) . This e ec is no p esen , hough, in he oppo uni y/necessi y a io (H6a no suppo ed) . In con as , he p edominance o Egali a ianism (ins ead o Hie a chy) is always associa ed wi h highe en ep eneu ial ac i i y . Bu his ela ionship becomes s onge when high income and high Egali a ianism a e ound oge he (H5b suppo ed) . And his e ec is also p esen wi h ega ds o he oppo uni y/necessi y a io (H6b suppo ed) . Tha is, he p edominance o egali a ianism always leads o a highe sha e o oppo uni y en ep eneu s, bu he e ec is s onge o highe income coun ies . Finally, as hypo hesised, no in e ac ion is ound be ween income and he Ha mony-Mas e y dimension o cul u e (H5c and H6c a e suppo ed) . i G u e 4 . mo d e l 2: Gdpp c -cu l u e - a i o No e: *p < 0 .05; **p < 0 .01; ***p < 0 .001; ns: no signi ican (based on (499) wo- ailed es ) . 40 a n c i S c o li ñ á n , Jo S é e n á n d e z Se a n o , iS i d o o o m e o 4 . di S c u S S i o n Di e en s udies ha e shown ha en ep eneu ship can signi ican ly con ibu e o economic g ow h, job c ea ion and inno a ion (Ca ee e al ., 2002; Reynolds e al ., 2002) . The e may be a ole o policy ac ion o imp o e people’s inclina ion owa ds de eloping new en ep eneu ial ini ia i es (OECD, 1998) . Some coun ies (such as hose in he Eu opean Union) ha e a emp ed o achie e his objec i e h ough sho - e m policies ocused on elimina ing ba ie s o he de elopmen and g ow h o businesses . Ne e heless, he ype o en ep eneu ial mo i a ion may be a key ac o in explaining he en ep eneu ship le els . Thus, a high in e es has been aised in he unde s anding o he ac o s de e mining he TEA and he oppo uni y/ necessi y a io in he di e en coun ies o egions . The esul s o his s udy con ibu e o a mo e ho ough unde s anding o he en i onmen al a iables ha ha e an e ec on he agg ega e le el o each ype o en ep eneu ial ac i i y . In his sense, he pape includes a mul idimensional concep o cul u e o help explain he complex ela ionship be ween cul u e, de elopmen and en ep eneu ship . Income di e ences a e associa ed wi h di e en ela i e alue p io i ies wi hin he h ee cul u al dimensions conside ed . Ra he han a pu e causa ion e ec , i may be mo e easonable o hink abou he exis ence o in e dependence . Tha is, income and cul u e end o change join ly . In pa icula , his ela ionship is mo e in ense o he Au onomy-Embeddedness and Egali a ianism-Hie a chy dimensions . In high-income coun ies, Au onomy and Egali a ianism end o p e ail, whe eas in low income coun ies Embeddedness and Hie a chy p edomina e . P e ious esea ch has associa ed indi idualis ic alues wi h en ep eneu ial ac i i y (Pinillos and Reyes, 2011) . Au onomy and Egali a ianism can be associa ed wi h indi idualism . In his pape , e idence has been p o ided abou he posi i e in luence o Egali a ianism on en ep eneu ship . Howe e , Au onomy seems o ha e an appa en ly nega i e e ec on he en ep eneu ial ac i i y . On he one hand, his is a clea indica ion ha cul u e is a complex phenomenon ha canno be accoun ed o by he simplis ic dis inc ion be ween indi idualism and collec i ism . On he o he hand, his gene al esul ega ding he Au onomy-Embeddedness dimension poin s o he complexi y o he ela ionship be ween economic de elopmen , cul u e and en ep eneu ship . Thus, he e ec o he same cul u al alues on en ep eneu ial ac i i y could be di e en depending on he coun ies’ le el o de elopmen . The esul s o his pape show ha in low-income coun ies Embeddedness could a ou en ep eneu ial ac i i y, whe eas in highe -income coun ies Au onomy can s imula e en ep eneu ial ac i i y . This pa adoxical esul can be explained by he di e en ypes o en ep eneu ship (mo i a ions) p edominan in low- and high-income coun ies . In his espec , he p edominance o Egali a ianism in a cul u e is signi ican ly associa ed wi h a highe oppo uni y/necessi y a io . This alue o ien a ion 41 e i S a d e ec o n o m í a mu n d i a l 33, 2013, 21-47 ne c e S S i y a n d op p o u n i y en e p e n e u S h i p : h e media inG e e c o cu l u e p omo es esponsibili y, equal oppo uni ies, and suppo o less powe ul ac o s . Thus, i ends o c ea e a social en i onmen in which people a e mo e willing o pu sue he oppo uni ies hey a e awa e o . I is in e es ing o no e ha his e ec is alid in bo h de eloped and de eloping coun ies, bu i is e en s onge o he high-income ones (as he signi ican in e ac ion e ec in Figu e 4 shows) . In con as , Au onomy is no signi ican o explain he oppo uni y/ necessi y a io acco ding o he esul s p esen ed in his pape . The explana ion may be ha o bo h mo i a ions ( eaping an oppo uni y o lack o be e employmen al e na i e), a socie y s essing Au onomy p omo es indi idual ac ion . O , al e na i ely, in coun ies whe e Embeddedness p e ails, any new en ep eneu s (i espec i e o hei mo i a ions) will ind g ea e social suppo in hei close en i onmen . Rega ding he Ha mony/Mas e y dimension, his is he leas signi ican cul u al dimension . Bu e en in his case, i s in luence may be mo e ele an han could be ini ially hough . Some p e ious esul s sugges ha de eloped coun ies a e di ided be ween Wes e n Eu ope (whe e Ha mony p e ails) and English-speaking and Con ucian coun ies (whe e Mas e y p e ails) (Schwa z, 2008) . The e o e, he di e ences in en ep eneu ial ac i i y be ween hese wo g oups o coun ies could be pa ly due o he s ess which hey place in each bipola elemen o his dimension . This may also accoun o he lack o signi icance in he p esen s udy . The p esen s udy, hen, adds ano he explana ion -complemen a y o o he s p e iously p o ided in he li e a u e- o he U-shaped ela ionship be ween na ional GDP pe capi a and en ep eneu ial ac i i y . In high-income coun ies, he e a e mo e oppo uni ies ha may be aken ad an age o . Bu people will ac mo e o en o p o i om hose oppo uni ies when he socie y s ongly emphasises indi idual esponsibili y and pe sonal decision and ac ion (Schwa z, 1994, 1999) . As p e iously said, h oughou he de elopmen p ocess a cul u al change occu s owa ds Au onomy and Egali a ianism alues . The mo emen owa ds Au onomy, wi hin he bipola dimension Au onomy- Embeddedness, could ha e an ini ial nega i e e ec on en ep eneu ship in de eloping coun ies . The sense o communi y can be de e io a ed by he economic and cul u al changes and, as a consequence, he amily and social suppo o he necessi y en ep eneu s in hei p ojec s could diminish . Howe e , in la e s ages in he de elopmen p ocess, high-income coun ies bene i om a cul u al en i onmen cha ac e ised by Au onomy and Egali a ianism which s imula es oppo uni y-d i en en ep eneu ial ac i i y . The heo e ical amewo k p oposed in his pape has allowed us o del e in o he complex ole o cul u al alues as a media ing ac o in he ela ionship be ween he le el o de elopmen and he en ep eneu ial ac i i y . Howe e , he pape is no wi hou limi a ions . In pa icula , he sample size is small and he esul s may be highly sensi i e o he inclusion o any addi ional coun y in he sample . Ne e heless, all coun ies o which da a we e a ailable ha e been 42 a n c i S c o li ñ á n , Jo S é e n á n d e z Se a n o , iS i d o o o m e o included . And, limi ed as i may be, his s udy o e s ele an indica ions on he media ing e ec o cul u e on he income-en ep eneu ship ela ionship . O cou se, addi ional wo k is needed –and called o – o con i m o e u e hese indings . 5 . co n c l u S i o n This pape has gone u he han he usual indi idualism-collec i ism dicho omy . I aims o ill a ele an gap in he li e a u e by assessing he speci ic e ec o se e al cul u al alue-dimensions on en ep eneu ship . In pa icula , his pape a emp s o do so by analysing how speci ic cul u al alues (as de ined by Schwa z, 1999, 2006b) can in luence oppo uni y and necessi y en ep eneu ship in di e en coun ies . The use o a heo y-based cul u al alue s uc u e may con ibu e o a mo e ho ough unde s anding o he complex in e ac ion be ween economic de elopmen and cul u e, and how hese wo g oups o a iables a ec en ep eneu ial ac i i y . Based on he e iew o he heo y and esea ch, his pape has shown e idence o he exis ence o ele an in e ac ions be ween economic de elopmen , en ep eneu ship and cul u al alues . Despi e i s en a i e cha ac e , his s udy has o e ed e y p omising insigh s abou he na u e o he ela ionships be ween cul u e and en ep eneu ship . The implica ions o academics and policy make s may be subs an ial . I a be e unde s anding o he e ec o cul u e on en ep eneu ship is gained, measu es and p og ammes o p omo e he desi ed cul u al alues may be de ised . In de eloping coun ies, a ce ain combina ion o cul u al alues should be associa ed wi h speci ic policies o p omo e income g ow h and en ep eneu ial ac i i y . Lessons may undoub edly be lea ned om his . an n e x 1 . li S o c o u n i e S (in B a c k e S , y e a S in w h i c h h e S S d a a w e e o B a i n e d ) A gen ina (1993, 1995), Aus alia (1988, 1990, 1992, 1996, 1999), Aus ia (1996, 1998), Belgium (1991, 1995, 2002), Boli ia (1993), Bosnia- He zego ina (2002), B azil (1989, 1991, 1993, 1995), Canada (1992, 2001, 2002), Chile (1994, 1995, 1997, 1998), China (1988, 1989, 1995), Cos a Rica (2002, 2003), C oa ia (2002), Denma k (1991, 1995), Egyp (2004), Finland (1989, 1991-1993, 1995, 1997, 1998, 2001), F ance 1991, 1994- 1996, 1998), Ge many (1989-1991, 1994, 1996), Ghana (1995), G eece (1989, 1996), Hong Kong (1988, 1996, 2001), Hunga y (1990, 1995), India (1991, 1992), Indonesia (1992, 1995), I an (2000), I eland (1995, 2000), Is ael (1989, 1990, 1994, 1995, 1996), I aly (1989, 1991, 1997, 2002), Japan (1989, 1990), Jo dan (2002), La ia (1998), Malaysia (1989, 2003), Mexico (1990, 1996), Ne he lands 1988, 1996, 1998), New Zealand (1988, 1994, 1998), No way (1994), Pe u (1996, 2002, 2003), Philippines (1996, 43 e i S a d e ec o n o m í a mu n d i a l 33, 2013, 21-47 ne c e S S i y a n d op p o u n i y en e p e n e u S h i p : h e media inG e e c o cu l u e 1997, 2000), Poland (1988, 1990, 1997, 2003), Po ugal (1989, 1993), Romania (1996), Russia (1993, 1995, 1996, 1999, 2002), Singapo e (1991, 1995, 1997), Slo enia (1992), Sou h A ica (1992, 1994, 1996, 2003), Sou h Ko ea (1993, 2002), Spain (1988, 1996, 2002), Sweden (1992-1994, 1998), Swi ze land (1990, 1996), Taiwan (1988, 1993, 1994), Thailand (2005), Tu key (1990, 1993, 1995, 2000), Uganda (1995), Uni ed Kingdom (1990, 1995), USA (1988, 1989, 1991-1996, 2000), Venezuela (1989, 1991, 1993, 1994), Yemen (2003) . 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