Effects of cognitive variables on entrepreneurial intention levels

- 1 - E ec s o cogni i e a iables on en ep eneu ial in en ion le els F ancisco Liñán Uni e si y o Se ille Dep . Economía Aplicada I. Uni e si y o Se ille A . Ramón y Cajal, 1. E41018 - Se ille (Spain) Tel.: +34.954554487. Fax: +34.954551636. lina[email p o ec ed] Juan C. Rod íguez Uni e si y o Jaén Dep . Economía Aplicada. Uni e si y o Jaen Pa aje de las Lagunillas, s/n. E23071 - Jaen (Spain) Tel.: +34.953212069. [email p o ec ed] José M. Rueda Pablo Ola ide Uni e si y Dep . Economía, Mé odos Cuan i a i os e H.E. Pablo Ola ide Uni e si y Ca e e a de U e a, km. 1, 41013, Se illa Tel.: +34.954349354. E-mail: [email p o ec ed] Jesús S. Ma ínez Uni e si y o Se ille Dep . Economía Aplicada I. Uni e si y o Se ille A . Ramón y Cajal, 1. E41018 - Se ille (Spain) KEYWORDS: En ep eneu ship En ep eneu ial in en ion Fac o analysis Reg ession - 2 - E ec o cogni i e a iables on en ep eneu ial in en ion le els Abs ac En ep eneu ship is becoming a e y ele an ins umen o p omo e economic g ow h and de elopmen in di e en egional and na ional economies. Howe e , social scien is s ha e no s ill ag eed on he de e minan s o he decision o become an en ep eneu . The e o e, he e is some conce n ha policies may no be su icien ly e icien in achie ing his objec i e. F om a psychological poin o iew, he in en ion o become an en ep eneu has been desc ibed as he single bes p edic o o ac ual beha iou . Hence, some s udies ha e s a ed o analyse he en ep eneu ial in en ion and i s de e minan s bu howe e , me hodologies and esea ch ins umen s used so a di e widely. Then, he a ailabili y o a alida ed ins umen o measu e abili ies, a i udes and in en ions owa ds en ep eneu ship could be o much help. In his pape , we use an En ep eneu ial In en ion Ques ionnai e (EIQ), which has been ecen ly alida ed, o measu e en ep eneu ial in en ions in a sample o s uden s om wo di e en Spanish uni e si ies. A e a b ie desc ip ion o he cha ac e is ics o he EIQ, mos impo an esul s a e discussed. Addi ionally, we pay a en ion o he in luence o di e en pe sonal and amily a iables on en ep eneu ial in en ion and i s an eceden s. 1. INTRODUCTION Economic de elopmen o a e i o y could be unde s ood as he p ocess o g ow h in a e age p oduc ion pe capi a, main ained in he long e m. In his sense, i is he consequence o he in oduc ion by en e p ises o -mainly echnical and o ganiza ional- inno a ions ha allow p oduc i i y inc eases. These, in u n, help imp o e he e ibu ion o ac o s used in he p oduc ion p ocess. The en ep eneu , he e o e, is he main esponsible o economic de elopmen , as i is unde s ood nowadays. Mos au ho i a i e concep ions abou he en ep eneu 's igu e (Knigh , 1921; Shumpe e , 1934; Ki zne , 1998) s ess his/he p omo e ole in he economy, abo e and beyond o he mo e ex ended oles as manage and p ope y owne . This economic unc ion o en ep eneu s allows us o highligh hei impo an ole as de elopmen agen s. Acco ding o i , en ep eneu s a e esponsible o he p omo ion o en e p ises and businesses; hey in use dynamism in economic ac i i y wi hin hei e i o y; manage o ganiza ional and echnical change; and also p omo e he inno a ion and lea ning cul u e on such en i onmen . Te i o ies wi h highe inc eases on en ep eneu ial ini ia i e indexes end o show a g ea e all in unemploymen le els (Aud e sch, 2002). Howe e , he en ep eneu ial esou ce is sca ce. In 2001, less han 10 pe cen o he OECD adul popula ion was s a ing a new en u e (Nolan, 2003). The e o e, a conside able ag eemen exis s abou he impo ance o p omo ing en ep eneu ship o s imula e economic de elopmen and employmen . - 3 - En ep eneu ship is an a i ude ha e lec s an indi idual’s mo i a ion and capaci y o iden i y an oppo uni y and o pu sue i , in o de o p oduce new alue o economic success (Eu opean Commission, 2003, p. 5). This a i ude is c ucial o compe i i eness, because new en ep eneu ial ini ia i es aise he e i o y’s p oduc i i y -inc easing compe i i e p essu e- and encou age inno a ion. In his sense, backwa d egions such as Andalusia end o ha e low le els o i m c ea ion a es and en ep eneu ial ac i i y (Wes all e al., 2000), al hough i needs no be always he case (Nolan, 2003). I he en ep eneu is a de elopmen agen , as i seems, he Andalusian si ua ion o ela i e backwa dness migh be a consequence o he low p opensi y o hei people o be en ep eneu s. As Rod íguez-Pose (1998) a i ms, some e i o ies c ea e ins i u ions ha a ou economic de elopmen , while hose buil by o he e i o ies limi i . Pe haps Andalusian people’s a i udes -as an economic ins i u ion- do no a ou i m c ea ion and economic de elopmen . In his pape , we y o add ess heses issues. Using he EIQ, which co e elemen s ha e been ecen ly alida ed, ou main objec i e ocuses on a wide analysis o en ep eneu ial a i udes and in en ions o Andalusian uni e si y s uden s. In pa icula , we ha e concen a ed ou analysis in Se ille, he la ges me opoli an a ea in he egion. Using in en ion models as he basis o esea ch, we es he con ibu ion o a b oade se o a iables o he in en ion o becoming an en ep eneu wi h a sample o uni e si y s uden s. This pape has been s uc u ed in i e pa s. A e his in oduc ion, he second sec ion p esen s he en ep eneu ial in en ion model applied in he s udy. The hi d sec ion desc ibes he En ep eneu ial In en ion Ques ionnai e used in he empi ical analysis. The ou h pa analyses he esul s ob ained. Finally, he pape ends wi h some conclusions abou he empi ical wo k and i s implica ions. 2. ENTREPRENEURIAL INTENTION MODEL In his sec ion, we b ie ly summa ise he en ep eneu ial in en ion model. Fo a mo e de ailed analysis, se e al s udies ci ed along his pape may be conside ed. In pa icula , Liñán (2004) o e s an easy- o-unde s and desc ip ion. A e many au ho s looked o he exis ence o ce ain pe sonali y ea u es o ai s ha could be associa ed wi h he en ep eneu ial ac i i y (McClelland, 1961), o he wo ks ha e been ca ied ou ema king he impo ance o di e en cha ac e is ics such as age, gende , o igin, eligion, le el o s udies, labou expe ience, e c. (Reynolds e al., 1994; S o ey, 1994), which a e usually called “demog aphic” a iables (Robinson e al., 1991). Bo h lines o analysis ha e o e in e es ing esul s. Howe e , many au ho s ha e c i icized hose app oaches (Ajzen, 1991; Shape o & Sokol, 1982; Ga ne , 1989; San os, 2001; Veciana e al., 2000), so much o hei me hodological and concep ual limi a ions as o hei low explana o y capaci y. F om a hi d pe spec i e, since he decision o become an en ep eneu may be plausibly conside ed as olun a y and conscious (K uege e al., 2000), i seems easonable o analyze how ha decision is aken. In his sense, he en ep eneu ial in en ion would be a p e ious and de e minan elemen owa ds pe o ming en ep eneu ial beha iou s (Fayolle & Gailly, 2004; Kol e eid, 1996). In u n, he in en ion o ca ying ou a gi en beha iou will depend on he pe son's a i udes owa ds ha beha iou (Ajzen, 1991). Mo e a ou able a i udes would make mo e easible he in en ion o ca ying i ou , and he o he way ound. In his sense, his “a i ude app oach” would be p e e able o hose adi ionally used in he analysis o - 4 - he en ep eneu , such as he ai s o he demog aphic app oaches (Robinson e al., 1991; K uege e al., 2000). Thus, a i udes would measu e he ex en o which an indi idual alues posi i ely o nega i ely some beha iou (Liñán, 2004). The en ep eneu ial in en ion model used in his pape is he esul o in eg a ing wo di e en con ibu ions: he heo y o he “en ep eneu ial e en ” (Shape o & Sokol, 1982) and he heo y o “planned beha iou ” (Ajzen, 1991). Bo h models p esen a high le el o mu ual compa ibili y (K uege e al., 2000), and ha e had a no able in luence on ecen esea ch. The heo y o he en ep eneu ial e en conside s i m c ea ion as he esul o he in e ac ion among con ex ual ac o s, which would ac h ough hei in luence on he indi idual's pe cep ions. The conside a ion o he en ep eneu ial op ion would ake place as a consequence o some ex e nal change -a p ecipi a ing e en - (Pe e man & Kennedy, 2003). People’s answe s o ha ex e nal e en will depend on hei pe cep ions abou he a ailable al e na i es. The e a e wo basic kinds o pe cep ions: Pe cei ed desi abili y (a ac ion o become an en ep eneu ) and Pe cei ed easibili y (conside a ion o being able o c ea e he i m). In u n, bo h ypes o pe cep ions a e de e mined by cul u al and social ac o s, h ough hei in luence on he indi idual's alues sys em (Shape o & Sokol, 1982). The e o e, ex e nal ci cums ances would no de e mine i m-c ea ion beha iou s di ec ly, bu a he hey would be he esul o he (conscious o unconscious) analysis ca ied ou by he pe son abou he desi abili y and easibili y o he di e en possible al e na i es in ha si ua ion. Along he same line, bu much mo e de ailed, Ajzen (1991) de elops a psychological model o “planned beha iou ”. I is a heo y ha may be applied o nea ly all olun a y beha iou s and i p o ides qui e good esul s in e y di e se ields, including he choice o p o essional ca ee (Ajzen, 2001; Kol e eid, 1996). Acco ding o i , in en ion becomes he undamen al elemen owa ds explaining beha iou . I indica es he e o ha he pe son will make o ca y ou ha en ep eneu ial beha iou (Liñán, 2004). And so, i cap u es he h ee mo i a ional ac o s ha in luence beha iou (Ajzen, 1991): Pe cei ed beha iou al con ol (pe cep ion o he easiness o di icul y in he ul ilmen o he en ep eneu ial beha iou ); A i ude owa ds he beha iou (posi i e o nega i e pe sonal alua ion abou being an en ep eneu ); and Pe cei ed social no ms (pe cei ed social p essu e o ca y ou -o no o ca y ou - ha en ep eneu ial beha iou ). These h ee elemen s would cons i u e he explana o y a iables o in en ion. Thei ela i e con ibu ion o he con igu a ion o in en ion is no es ablished in he model, as i may change om case o case. In pa icula , in he six een empi ical wo ks analyzed by Ajzen (1991), subjec i e no ms ended o con ibu e e y weakly o he in en ion o ca ying ou di e en beha iou s. Finally, he model assumes he exis ence o in e ac ions among he h ee explana o y elemen s. I we compa e hese explana o y a iables wi h hose conside ed by Shape o & Sokol (1982), we can see ha pe cei ed easibili y -as i has been men ioned abo e- co esponds qui e well wi h pe cei ed beha iou al con ol. On he o he hand, he willingness o ca y ou en ep eneu ial beha iou s (pe cei ed desi abili y) could be unde s ood as composed by he pe sonal a i ude and pe cei ed social no ms. In his sense, i may be emembe ed ha Shape o & Sokol (1982) conside ed desi abili y as a esul o social and cul u al in luences. - 5 - Figu e 1 En ep eneu ial in en ion model Sou ce: Liñán (2004: 15), Figu e 2. Addi ionally, as shown in Figu e 1, a g ea e knowledge o he en ep eneu ial en i onmen will su ely con ibu e o mo e ealis ic pe cep ions abou he en ep eneu ial ac i i y and would help iden i y adequa e ole models. This la e elemen would ha e an in luence on pe cei ed easibili y and possibly on desi abili y as well (Sche e e al., 1991). In gene al, g ea e knowledge will also di ec ly p o ide a g ea e awa eness abou he exis ence o ha p o essional ca ee op ion, and will make he in en ion o become an en ep eneu mo e c edible. 3. THE ENTREPRENEURIAL INTENTION QUESTIONNAIRE (EIQ) The en ep eneu ial in en ion model de eloped abo e will se e as he basis o analysing which ac o s may ha e a ele an e ec on en ep eneu ial in en ions. In pa icula , las yea unde g adua e s uden s o Business Sciences and Economics in he wo exis en uni e si ies o Se ille, i.e. Uni e si y o Se ille and Pablo de Ola ide Uni e si y, ha e been s udied. In a i s s age o his esea ch p ojec , we used a p elimina y e sion o a ques ionnai e, which con ained mos ly yes/no ques ions o i ems wi h ou maximum di e en esponse op ions (Liñán & Rod íguez, 2004). Resul s we e clea ly encou aging and ended o suppo he en ep eneu ial in en ion model de eloped abo e. Howe e , he obus ness o he esul s we e no as desi ed. Fo hose easons, a second e sion o he ques ionnai e was de eloped, speci ically designed o allow o a ull alida ion o he ques ionnai e. The de ailed p ocess o cons uc ion and alida ion o he En ep eneu ial In en ion Ques ionnai e (EIQ) has been explained in a di e en con ibu ion o his con e ence (Liñán, 2005). The i s e sion was used as he basis o his EIQ, bu i has been ca e ully c oss- checked ollowing Kol e eid (1996), K uege e al. (2000) and Veciana e al. (2000). Along he whole cons uc ion and design p ocess, Ajzen’s (1991, 2001, 2002) wo k has been ca e ully e ised o sol e any disc epancies. I ems ha e been buil as 7-poin like - ype scales. In pa icula , his has been ue o he pa o he EIQ measu ing hose la en a iables ha a e c ucial o he En ep eneu ial Knowledge Pe cei ed Feasibili y (sel -e icacy) Pe cei ed Desi abili y Pe sonal A i ude Pe cei ed Social No ms En ep eneu ial In en ion - 6 - en ep eneu ial in en ion model (see Figu e 1): i.e., en ep eneu ial knowledge, pe sonal a ac ion, social no ms, sel -e icacy and in en ion. The EIQ has been di ided in en sec ions. Sec ions wo o six co esponds wi h he elemen s in he en ep eneu ial in en ion model and hey include only one yes/no ques ion o compa ison pu poses, which is he ollowing: “Ha e you e e se iously conside ed becoming an en ep eneu ?” as simila i ems like his one his ha e been al eady used by K uege e al (2000), Veciana e al. (2000) and o he s, i s inclusion in he EIQ would allow es ablishing compa isons. Sec ion wo asks in e iewees o a e hei knowledge o en ep eneu s and hei pe cep ions abou how good hose en ep eneu s a e. As Sche e e al. (1991) poin ed ou , ha ing access o ole models is one key elemen in explaining en ep eneu ship. Howe e , hey conside ha knowledge alone is no enough. I has o be comple ed wi h he e alua ion made abou how success ul hose en ep eneu s a e. In his pape , in e iewees’ e alua ions o hei ole models ha e been included in he analysis oge he wi h demog aphic a iables, in o de o explain hei e ec s on he en ep eneu ial in en ion model. The i s (educa ion and expe ience) and nin h (pe sonal da a) sec ions ask o demog aphic a iables ha should no a ec in en ion di ec ly, bu could be e y use ul in iden i ying hei e ec on pe cei ed con ol, pe sonal a i udes, social no ms, and knowledge. The ques ionnai e also includes a se en h sec ion cen ed on en ep eneu ial objec i es. I s pu pose is o analyse s uden s’ concep o “success” and he impo ance hey asc ibe o business de elopmen and g ow h. Guzmán & San os (2001) de ined en ep eneu ial quali y as he beha iou s pe o med o de elop he i m and make i dynamic. This sec ion ies o measu e he in en ion o pe o m such beha iou s. The eigh h sec ion asked abou pa icipa ion in en ep eneu ship educa ion cou ses and he ex en o which hey ha e helped o inc ease en ep eneu ial in en ion o in e iewees, o any o he an eceden s o in en ion. Finally, in sec ion en, we asked s uden s o olun a ily p o ide con ac da a so as hey may be s udied again in he nex u u e. This ollow-up will hope ully allow o an analysis o he in en ion-beha iou ela ionship. 4. RESULTS Empi ical analysis is suppo ed by a sample o 354 las -yea cou se unde g adua e s uden s om Business Sciences and Economics, a bo h wo public uni e si ies in Se ille (Spain). Mos o hem co espond o he Uni e si y o Se ille and he es o Pablo de Ola ide Uni e si y, which p esen ly does no include he Economics deg ee. The e a e wo main easons why such a sample may be selec ed. Fi s ly, las - yea s uden s a e abou o ace hei p o essional ca ee choice and secondly, hese s uden s belong o he empi ically highes en ep eneu ial inclina ion segmen o he popula ion, acco ding o Reynolds e al. (2002). Tha is, hose indi iduals be ween 25 and 34 yea s old wi h high le el o educa ion end o show a g ea e p opensi y owa ds en ep eneu ship. - 7 - Business Sciences s uden s ep esen 69.21% and he es co esponds o Economics deg ee. Pablo de Ola ide Uni e si y p o ides only 31 s uden s whe eas he Uni e si y o Se ille, 323. This is because he o me uni e si y was ounded jus eigh yea s ago and i is s ill ela i ely small. 55% o he in e iewees a e emale, while he a e age age is 23.7 yea s old. Fac o -Reg ession p ocedu e (FR p ocedu e) The empi ical p ocedu e de eloped in his pape can be de ined as a mix u e o ac o analysis and eg ession. SPSS is he s a is ical so wa e used o ac o analysis and Econome ic Views o eg essions. The i s s ep consis s o ca ying ou a ac o analysis wi h he aim o dis inguishing all di e en ac o s in luencing en ep eneu ial in en ion. A his ini ial s age, mos a ailable i ems we e included in he analysis. The e o e, he so-called an eceden s o in en ion (knowledge, pe sonal a i ude, social no ms and sel -e icacy) we e en e ed oge he wi h a whole se o o he a iables measu ing possibly ele an concep s. Only hose i ems ega ding deg ee s udied, labou expe ience and demog aphics (gende , age, place o esidence, …) we e excluded a his s ep. The main pu pose is o check whe he he inclusion o hose o he ac o s would lead o a di e en se o explaining a iables o in en ion. The ac o analysis was ca ied ou using a p incipal axes ac o iza ion o ex ac ion and a p omax o a ion. Pa do & Ruiz (2002) sugges hese op ions as he mos adequa e when a eg ession is o be pe o med. A e ac o s ha e been iden i ied, a eg ession analysis is es ima ed including he en ep eneu ial in en ion ac o as he explained a iable and he es o ac o s as explana o y a iables. The eg ession is es ed o sol e, i ha would be he case, he e oscedas ici y, mul icollinea i y and au oco ela ion p oblems. As a esul , some o he explana o y a iables may no be signi ican a a 95% con idence le el, so hey would be emo ed om he model. Once he eg ession model is adjus ed, he i ems ha co espond o he emaining ac o s a e again included in a second s ep ac o analysis. In his way, we ob ain a new se o ac o s ha may be e lec ing he unde lying s uc u e. Once mo e, hese ac o s a e ela ed h ough a new eg ession model, and so on. Hence, he inal esul would be a model which can explain how ce ain ac o s may in luence he en ep eneu ial in en ion. Howe e , as di e en measu es ha e been used o e alua e each an eceden o in en ion, and some addi ional a iables ha e also been included (especially hose ela ed o en ep eneu ial objec i es), he e is a isk o inding ac o s wi h no easy in e p e a ion. Ne e heless, as i is shown la e , hese ac o s a e o una ely ound o be closely ela ed o ou heo e ical a p io i expec a ions (see Figu e 1). Ou poin o depa u e is he ollowing di e en ea u es in which he EIQ is o ganized: (a) En ep eneu ial knowledge (11 i ems in 3 g oups). I includes “knowledge o he ins i u ional business amewo k” and o he i ems ega ding knowledge o di e en kinds o en ep eneu s. (b) Pe sonal a i ude (11 i ems in 3 g oups). I includes “pe sonal a ac ion” and o he i ems ega ding alua ion o di e en ca ee op ions in he sho and long un. - 8 - (c) Pe cei ed social no ms (11 i ems in 3 g oups). I includes he co e “social no ms”, oge he wi h i ems ega ding social alua ion o en ep eneu ship as a ca ee op ion and exis ence o social obs acles o be an en ep eneu . (d) Pe cei ed easibili y (12 i ems in 2 g oups). I includes “sel -e icacy” and i ems ega ding pe cei ed le el o speci ic abili ies. (e) En ep eneu ial in en ion (7 i ems in 2 g oups). I includes he “in en ion” scale oge he wi h he yes/no ques ion (ha e you e e conside ed…?). ( ) Objec i es (17 i ems in 4 g oups). This addi ional g oup includes i ems ega ding desi ed size o e en ual u u e i m, impo ance a ached o di e en dynamic beha iou s and concep s o “en ep eneu ial success”. The i s ac o analysis is pe o med wi h jus 313 indi iduals due o non- answe ed ques ions. I yields up o 19 di e en ac o s (see Table 1). I is in e es ing o ema k he nega i i y o he h ee ollowing ac o s: g ow h as a key ea u e o success, p e e ence o o ganiza ional employmen and pe sonal a i ude o en ep eneu ship. Tha is, indi iduals wi h high en ep eneu ial in en ion do no eally hink abou g ow h as a key ea u e o success, do no p e e o ganiza ional employmen , and do no ha e much a ac ion o being en ep eneu . This la e ela ionship is agains ou a p io i expec a ions. Pe haps, easons di e en han hei pe sonal iew o he ad an ages and disad an ages o en ep eneu ship may explain he en ep eneu ial in en ion. Fo ins ance, o he ac o s as he pe cei ed easibili y o he pe cei ed social no ms, among o he s, a e posi i ely ela ed wi h an en ep eneu ial beha iou . The de e mina ion coe icien o he model is 0.538. Table 1 Fac o s Sign o Coe icien En ep eneu ial in en ion Pe cei ed easibili y * Knowledge o suppo measu es Fo eign ade and inno a ion Pe cei ed social no ms* G ow h as a key ea u e o success* F iends app o al o en ep eneu ship* Leade ship, communica ions and p o essional con ac s F iends alua ion o en ep eneu ship Social app o al and u no e s as key ea u es o success Planning, alliances and o ma ion o employees* Inno a ion, c ea i i y and de ec ing oppo uni ies abili ies* P e e ence o o ganiza ional employmen * En ep eneu s in he amily* P e e ence o being independen p o essional* Pe sonal a i ude** P e e ence o con inuing educa ion Size, de elopmen and en ep eneu ial enla gemen Knowledge o non- amily en ep eneu s (explained) Posi i e - - Posi i e Nega i e Posi i e - - - Posi i e Posi i e Nega i e Posi i e Posi i e Nega i e - - - * Signi ican a a 95% con idence le el. ** Signi ican a a maximum 93% con idence le el. The second s ep o he ac o analysis was ca ied ou including he emaining 10 signi ican ac o s plus he en ep eneu ial in en ion ac o . The esul s a e shown in Table 2. In con as o he i s s ep, pe sonal a i ude changes i s sign in he expec ed di ec ion, becoming posi i e. Tha is, in his case, indi iduals wi h high en ep eneu ial in en ion ind mo e ad an ages han disad an ages in being en ep eneu . - 9 - Rega ding he sign o he coe icien s associa ed o g ow h as a key ea u e o success and he p e e ence o o ganiza ional employmen , hey emain unchanged. No ice ha planning, alliances and p omo ing highe o ma ion on employees a e posi i ely ela ed beha iou s wi h espec o he en ep eneu ial in en ion. Las ly, pe sonal a i ude and pe cei ed easibili y (as heo y indica ed) a e wo o he main explana o y ac o s ega ding en ep eneu ial in en ion in hese las -yea cou se unde g adua e s uden s. Table 2 Fac o s Sign o Coe icien En ep eneu ial in en ion Pe cei ed easibili y * Pe sonal a i ude* Pe cei ed social no ms Planning, alliances and o ma ion o employees* F iends app o al o en ep eneu ship** G ow h as a key ea u e o success* Abili y o inno a ion, c ea i i y and de ec ing oppo uni ies P e e ence o o ganiza ional employmen * (explained) Posi i e Posi i e - Posi i e Nega i e Nega i e - Nega i e * Signi ican a a 95% con idence le el. ** Signi ican a a maximum 93% con idence le el. Howe e , pe cei ed social no ms a e no eally signi ican a a 95% con idence le el, which is cohe en wi h Ajzen (1991). In his case, wi h 337 obse a ions, a 0.691 de e mina ion coe icien is ob ained a e sol ing some he e oscedas ici y p oblems using he Whi e consis en s anda d e o s o he es ima ed coe icien s. No p oblems o mul icollinea i y o au oco ela ion we e ound. In a hi d s ep, we made ano he ac o analysis including he emaining 6 ac o s plus he en ep eneu ial in en ion ac o as he explained a iable. The esul s a e shown in Table 3. A his s age, he iends’ app o al o ini ia ing en ep eneu ial ac i i ies is no signi ican and he e o e will be emo ed, while all he es o ac o s (and hei signs) emain unchanged. Table 3 Fac o s Sign o Coe icien En ep eneu ial in en ion Pe cei ed easibili y * Pe sonal a i ude* Planning, alliances and o ma ion o employees* F iends app o al o en ep eneu ship G ow h as a key ea u e o success* P e e ence o o ganiza ional employmen * (explained) Posi i e Posi i e Posi i e - Nega i e Nega i e * Signi ican a a 95% con idence le el. Finally, a las ac o analysis is ca ied ou wi h he emaining 5 explana o y ac o s and he co esponding explained a iable en ep eneu ial in en ion. The inal esul s a e shown in Table 4. A his s age, 338 obse a ions we e used. The eg ession model yields a 0.70 de e mina ion coe icien , which is sa is ac o y.