- 1 -
Regional Va ia ions in En ep eneu ial Cogni ions: S a -Up In en ions o
Uni e si y S uden s in Spain
F ancisco Liñán†, Da id U bano‡ and Ma ibel Gue e o§
† Uni e si y o Se ille. A . Ramón y Cajal, 1, 41018-Se ille (Spain).
Tel.: +34.954554487. Fax: +34.954551636. Email: [email p o ec ed]
‡ Au onomous Uni e si y o Ba celona. Bella e a, 08193-Ba celona (Spain).
Tel.: +34.935814298 Fax: +34.935812555. Email: [email p o ec ed]
§ Au onomous Uni e si y o Ba celona. Bella e a, 08193-Ba celona (Spain).
Tel.: +34.935811209. Fax: +34.935812555. Email: [email p o ec ed]
- 2 -
Regional Va ia ions in En ep eneu ial Cogni ions: S a -Up In en ions o
Uni e si y S uden s in Spain
F ancisco Liñán†, Da id U bano,‡ and Ma ibel Gue e o§
† Economic Depa men , Uni e si y o Se ille, Se ille, Spain;‡ § Business Economic Depa men ,
Au onomous Uni e si y o Ba celona, Ba celona, Spain;
Regional Va ia ions in En ep eneu ial Cogni ions: S a -Up In en ions o
Uni e si y S uden s in Spain
Abs ac
Empi ical esea ch has ecen ly paid conside able a en ion o he ole o en i onmen al ac o s in
explaining egional a ia ions in en ep eneu ial ac i i y. Howe e , cogni i e models ha e no usually
included hese ac o s in hei analyses. The e o e, he main objec i e o his s udy is o iden i y some o
he en i onmen al cogni i e elemen s ha may explain egional di e ences in s a -up in en ions. Thus,
an En ep eneu ial In en ion Model is de eloped, heo e ically based on he Planned Beha iou App oach,
Ins i u ional Economic Theo y, and Social Capi al Theo y. The empi ical analysis is ca ied ou using
s uc u al equa ion echniques o e a sample o 549 las -yea uni e si y s uden s om wo Spanish
egions (Ca alonia and Andalusia). Resul s con i m ha alua ion o en ep eneu ship in each egion
helps explain egional di e ences in en ep eneu ial in en ions. As expec ed, social alua ion o he
en ep eneu was highe in he mo e de eloped egion (Ca alonia), posi i ely a ec ing pe cei ed
subjec i e no ms and beha iou al con ol. In Andalusia, he in luence o pe cei ed alua ion o he
en ep eneu in he close en i onmen was mo e impo an , a ec ing a i ude owa ds he beha iou and
subjec i e no ms. These esul s explain some o he di e ences in he pool o po en ial en ep eneu s in
each egion. They also jus i y he need by public-policy decision-make s o p omo e mo e posi i e
en ep eneu ial alues in ela i ely backwa ds egions.
Keywo ds: Regional Va ia ions, En ep eneu ial Cogni ions, S a -Up In en ions, Spain
 Co esponding au ho . Email: da id.u [email protected]
- 3 -
1. In oduc ion
Qui e ecen ly, Mi chell, Buseni z, Bi d, Gaglio, McMullen, and Mo se (2007) p esen ed some
cen al ques ions in En ep eneu ial Cogni ion Resea ch in he special issue o he jou nal
En ep eneu ship: Theo y and P ac ice. They sugges ha u u e en ep eneu ship esea ch
should be cen ed on social cogni i e ca ego ies (pe son, con ex , cogni ion and mo i a ion). In
he las ew yea s, he conce n abou unde s anding he key elemen s in ol ed in he
en ep eneu ial p ocess has no ably g own. In pa icula , many s udies ha e ocused on
en ep eneu ial cogni ions, de ined by Mi chell e al. (2002) as he knowledge s uc u es ha
people use o make assessmen s, judgmen s, o decisions in ol ing oppo uni y e alua ion,
en u e c ea ion, and g ow h.
In his sense, he e is e idence indica ing ha he cogni i e le el is in luenced by indi idual
pe cep ions owa ds en u ing, oge he wi h pe sonal, sociological and en i onmen al a iables.
Thus, an oppo uni y o be e unde s and en ep eneu ship is examining hose deep belie s ha
a e behind he cogni i e s uc u es, en ep eneu ial a i udes, en ep eneu ial in en ions and
en ep eneu ial ac ions (K uege 2007). A numbe o en ep eneu ial models ha e ied o
iden i y he main elemen s in ol ed in en ep eneu ial ac ions, bu hey su e om di e en
limi a ions. Some o hem did no include demog aphic a iables (K uege , Reilly and Ca s ud
2000). O he s ha e no conside ed en i onmen al ac o s ha play a ole in en ep eneu ship
(Gnyawali and Fogel 1994; Da idsson and Henkson, 2002). Ne e heless, empi ical analysis
ega ding hose en i onmen al o ins i u ional ac o s ha may be explaining en ep eneu ial
a ia ions be ween coun ies is la gely lacking. Empi ical e idence ega ding egional
di e ences is somewha s onge , bu heo e ically na owe (Delma and Da idsson 2000;
Ro e oss and Kol e eid 2005). On he o he hand, se e al s udies ha e used business and
enginee ing uni e si y s uden s as hei a ge popula ion, conside ing hem as po en ial
en ep eneu s (Tkache and Kol e eid 1999; Lu hje and F anke 2003).
In his con ex , he main objec i e o his pape is o iden i y some o he en i onmen al
elemen s ha may explain egional di e ences in s a -up in en ions. This a icle de elops an
en ep eneu ial in en ion model analyzing he mo i a ional ac o s sus ained by he planned
beha iou app oach (Ajzen, 1991); some p oposi ions o he ins i u ional economic heo y (No h
1990, 2005) and also some in luences om social capi al esea ch (Ande son and Jack, 2002,
Liñán and San os 2007). Some o hese en i onmen al ac o s explaining egional di e ences in
s a -up in en ions could be social clima e and indi idual-pe cep ion di e ences. In his sense,
his pape ollows No h’s (1990) ideas ega ding in o mal ac o s –a i udes, belie s, alues-,
because he o mal ac o s –no ms, egula ions- a e b oadly equi alen in all Spanish egions
(Vaillan and La uen e 2007). O cou se, he e may be di e ences wi h espec o some speci ic
o mal s uc u es, such as inancing, ad ising o some o he o m o help o po en ial and
nascen en ep eneu s. Bu , since en ep eneu ship p omo ion is widely accep ed by policy-
make s in he wo egions s udied, we do no expec hese di e ences o be la ge. Besides, his
pape is an explo a o y s udy cen ed on he ole o sha ed cogni i e alues in explaining he
indi idual’s en ep eneu ial in en ion. The e o e, we will concen a e ou analysis on he
cogni i e pe spec i e and will conside only an in o mal ins i u ional poin o iew.
- 4 -
To achie e his objec i e, he empi ical analysis ca ied ou has consis ed o s uc u al
equa ion models, wi h pe cep ions -and pa icula ly in en ion- as dependen a iables. Da a ha e
been collec ed h ough an en ep eneu ial in en ion ques ionnai e (EIQ) on 549 las -yea
uni e si y s uden s om wo Spanish uni e si ies loca ed in di e en egions. The Au onomous
Uni e si y o Ba celona (UAB) om Ca alonia, and he Uni e si y o Se ille (USE) om
Andalusia, we e selec ed o he compa ison aking in o conside a ion hei egional di e ences.
On he one hand, Ca alonia is loca ed in he No heas egion o Spain, i s GDP pe capi a was
26124 eu os in 2006, and 18.7% o new Spanish en e p ises we e c ea ed in his egion. On he
o he hand, Andalusia is loca ed in he Sou h, i s GDP pe capi a was 17250 eu os, and 14.5% o
new Spanish i ms we e c ea ed he e. Despi e hese di e ences, bo h egions sha e impo an
simila i ies. Ca alonia has a popula ion o 7.1 million inhabi an s, whe eas in Andalusia i is
almos 8.0 million. Bo h o hem ha e di e si ied p oduc i e s uc u es, wi h mo e han 3 million
employed people each.
Social di e ences be ween hese wo egions a e also subs an ial. Ca alonia has a epu a ion
o ha ing a ha d-wo king popula ion, en ep eneu ial spi i and a dynamic economy. On he
o he hand, Andalusia is seen in he es o Spain as cha ac e ized by a elaxed cul u e, enjoying
adi ions and olklo e. This has o en been associa ed wi h i s lowe le els o en ep eneu ship
and economic de elopmen . The esul s o his esea ch may be impo an in helping public-
policy decision-make s imp o e he cogni i e en i onmen al ac o s ha a ec s a -up
in en ions. Following his in oduc ion, he pape is s uc u ed in ou addi ional sec ions:
heo e ical amewo k, me hodology, esul s, and discussion and conclusion.
2. Theo e ical amewo k
The en ep eneu ial in en ion has been conside ed as he key elemen in unde s anding he
new- i m c ea ion p ocess (Bi d 1988). In his sense, en ep eneu ial esea ch has been
conduc ed ollowing wo main lines: he pe sonal cha ac e is ics o ai s o he en ep eneu ; and
he in luence o con ex ual ac o s in en ep eneu ship. F om his las ins i u ional app oach,
some en ep eneu ial models wi h a cogni i e basis eme ged o explain his phenomenon
(Mi chell e al. 2000): he En ep eneu ial E en (Shape o and Sokol 1982) and he Theo y o
Planned Beha iou (Ajzen 1991) appea ed as he main heo y-d i e models. They ha e been
widely adop ed by en ep eneu ial in en ion esea ch o analyze po en ial en ep eneu s.
Shape o’s model ocuses on he phenomenon o he en ep eneu ial e en , which is
condi ioned by pe cep ions o desi abili y ( he indi idual alue sys em and social sys em ha he
indi idual is pa o ) and easibili y ( inancial suppo and would-be pa ne s). These pe cep ions
a e he p oduc o cul u al and social en i onmen s and hey de e mine pe sonal choice (Shape o
and Sokol, 1982). This model was used o adap ed empi ically by K uege , Reilly and Ca s ud
(2000), Pe e man and Kennedy (2003) and o he s. On he o he hand, Ajzen’s (1991) model
explains how he cul u al and social en i onmen a ec s human beha iou . I is based on he
indi idual’s in en ion, which is he esul o h ee de e minan s: a i ude owa ds he beha iou ,
subjec i e no ms and pe cei ed beha iou al con ol. Much esea ch has ound empi ical suppo
o his heo y in he a ea o en ep eneu ship (Kol e eid 1996; Tkache and Kol e eid 1999;
- 5 -
K uege , Reilly and Ca s ud 2000; Liñán, 2004; Fayolle and Gailly 2005; Veciana, Apon e and
U bano 2005).
F om his poin o iew, s udies e eal ha bo h models o e lap in wo elemen s: Shape o’s
cons uc o pe cei ed en u e desi abili y is e y close o Ajzen’s de e minan s o a i ude
owa ds he beha iou and subjec i e no ms; and pe cei ed en u e easibili y p oposed by
Shape o is simila o Azjen’s pe cei ed beha iou al con ol (K uege and B azeal 1994) and also
close o he idea o pe cei ed sel e icacy (Bandu a 1997). Fo his eason and based on his
e minology, K uge and B azeal (1994) cons uc ed he En ep eneu ial Po en ial Model ha has
been widely used elsewhe e (C an 1996; Wals ad and Kou ilsky 1998; Veciana, Apon e and
U bano 2005; Gue e o, Rialp and U bano 2007; and o he s). Ne e heless, bo h app oaches
ha e been widely used o s udy en ep eneu ship, and some s udies ha e ied o compa e hei
ela i e explana o y s eng hs (K uege , Reilly and Ca s ud 2000). Resul s ha e always been
consis en wi h he applicabili y o he heo y o planned beha iou . Ne e heless, some con lic s
ha e a isen om di e ences in measu es used, as he e a e no s anda d measu emen
ins umen s o en ep eneu ial in en ion and i s an eceden s (A mi age and Conne 2001; Liñán
and Chen 2009; Thompson, 2009).
Exogenous o demog aphic a iables, on he o he hand, ope a e indi ec ly on in en ions, only
i hey change he decision make ’s a i udes (K uege 2000). The e o e, i is no s ange ha
some o hese models do no include hem (K uege , Reilly and Ca s ud 2000). Simila ly, he
inclusion o en i onmen al ac o s in hese in en ion models is s ill a e. Rele an en i onmen al
ac o s include legal, ins i u ional and socioeconomic condi ions, en ep eneu ial and business
skills, inancial o non inancial assis ance, and o he addi ional elemen s depending on he
coun y (Gnyawali and Fogel 1994; Da idsson and Henkson 2002). In his con ex , based on
hose an eceden s and he weake e idence abou he a ia ions be ween coun ies o egions
(Delma and Da idsson 2000), an En ep eneu ial In en ional Model is de eloped o unde s and
he egional a ia ions o en ep eneu ial cogni ion in Spain. This model is in eg a ed by h ee
ypes o ac o s: he mo i a ional ac o s, he en i onmen al ac o s, and si ua ional ac o s
(con ol a iables), as explained below.
2.1 Mo i a ional Fac o s
Based on he planned beha iou app oach, i could be a gued ha indi iduals ake hei
decision o c ea e a new en e p ise based on h ee mo i a ional ac o s: hei a i udes owa ds he
beha iou , hei pe cei ed beha iou al con ol, and he subjec i e no ms (Ajzen, 1991; Liñán,
2004).
The a i ude owa ds he beha iou e e s o he a ac i eness o he p oposed beha iou o
deg ee o which he indi idual holds a posi i e o nega i e pe sonal alua ion abou being an
en ep eneu (Ajzen 1991, 2002; Kol e eid 1996). In his sense, he a i ude owa ds he
beha iou is an impo an elemen conce ning he pe cep ion o desi abili y ha a ec s
en ep eneu ial in en ion. The second mo i a ional ac o is pe cei ed beha iou al con ol; ha
is, he pe cei ed easiness o di icul y o becoming an en ep eneu (Ajzen 1991). The

- 6 -
impo ance o his a iable in he new- i m c ea ion p ocess esides in i s p edic i e capaci y, as
i e lec s he pe cep ion ha he indi idual will be able o con ol ha beha iou (Ajzen 2002).
In his line, his elemen could be in luenced by di e en p ocesses, such as enac i e mas e y,
ole modelling, social pe suasion, and judgmen s (Bandu a 1997). Se e al esea che s ha e used
di e en cons uc s o measu e i , such as Boyd and Vozikis (1994) and Zhao, Hills, and Siebe
(2005). These mo i a ional elemen s ha e been cons an ly suppo ed by se e al empi ical s udies
(Kol e eid 1996; K uege , e al. 2000; Fayolle and Gailly 2005). Al hough some esea che s
ha e conside ed his concep as simila o sel -e icacy, Ajzen (2002) speci ies ha i is a wide
cons uc , since i encompasses sel -e icacy and pe cei ed con ollabili y o he beha iou .
H1a. A i ude owa ds he beha iou has a posi i e impac on en ep eneu ial
in en ions independen om he egional con ex
H1b. Pe cei ed beha iou al con ol has a posi i e impac on en ep eneu ial
in en ions independen om he egional con ex
On he o he side, subjec i e no ms measu e he pe cei ed social p essu e om amily, iends
o signi ican o he s (Ajzen 1991) o pe o m he en ep eneu ial beha iou . I e e s o he
pe cep ion ha ‘ e e ence people’ may o may no app o e o he decision o become an
en ep eneu (Ajzen 2001). In gene al, hese no ms end o con ibu e mo e weakly o in en ion
(A mi age and Conne 2001) o indi iduals wi h s ong in e nal locus o con ol (Ajzen 2002)
han o hose wi h a s ong ac ion o ien a ion (Bagozzi 1992). In he en ep eneu ship li e a u e,
se e al s udies ound no signi ican di ec ela ionship be ween subjec i e no ms and
en ep eneu ial in en ion (Au io, Keeley, Klo s en, Pa ke and Hay, 2001; K uege e al., 2000).
Social capi al li e a u e inds e idence indica ing ha hese no ms a ou ably a ec he a i ude
owa ds he beha iou and he pe cei ed beha iou al con ol (Sche e , B odzinsky and Wiebe
1991; Coope 1993; Ma hews and Mose 1996; Kennedy, D ennan, Pen ow, and Wa son, 2003;
Liñán and San os 2007). Thus, ou second se o hypo heses is:
H2a. Subjec i e no m has a posi i e impac on he a i ude owa ds he beha iou
independen o he egional con ex
H2b. Subjec i e no m has a posi i e impac on he pe cei ed beha iou al con ol
independen o he egional con ex .
2.2. En i onmen al Fac o s
Acco ding o he Social Lea ning Theo y, en i onmen al ac o s ha e a g ea in luence o e
lea ning and highe cogni i e p ocesses (Bandu a 1977). Thus, beha iou s would be he esul o
en i onmen al s imuli. En i onmen al ac o s, acco ding o No h (1990, 2005), include bo h
o mal and in o mal elemen s. And bo h o hem may play a ole in he con igu a ion o
en ep eneu ial in en ions. Howe e , his pape ocuses on he analysis o he ole played by one
speci ic kind o in o mal ac o : he alua ion o en ep eneu ship in he indi idual’s close and
wide en i onmen s. In his sense, many au ho s poin ou ha ins i u ional economic heo y
se es o analyze he in luence o en i onmen al ac o s on en ep eneu ship. Thus, his heo y
has been applied o he analysis o new i m c ea ion in ansi ion economies (Nee and Young
- 7 -
1991; Nee 1992; Li wack 1993; B au igam 1997; Peng and Shekshnia 2001; S ein, 2002).
Simila ly, i has also been used in he case o Wes e n Eu opean a eas (Wes head 1995; Veciana
1999; Díaz, U bano and He nández 2005; Veciana, Apon e and U bano 2005; U bano, 2006).
In his line, many en ep eneu ship esea che s ha e s essed he ole o cul u al a ia ions in
explaining di e en ial en ep eneu ial beha iou s ac oss coun ies and egions (Da idsson 1995;
Muelle and Thomas 2001; Hay on, Geo ge, and Zah a 2002). Spilling (1991) conside s cul u e
as he common ideas, alues, and no ms inside a g oup o people. As a consequence, hese
alues could in luence he en ep eneu ship le el o a socie y by legi ima ing o p omo ing on
indi iduals ce ain posi i e a i udes ela ed o i m c ea ion (Da idsson 1995). In o mal
ins i u ional ac o s, he e o e, would e lec he social dynamics o en ep eneu ship, whe e he
le el o en ep eneu ial ac i i y wi hin a communi y is an unin ended consequence o many
indi idual choices wi h espec o en ep eneu ship (Byg a e and Minni i 2000). These choices,
howe e , could be de i ed om social models ha impac on he indi idual’s en ep eneu ial
in en ion (Hmieleski and Co be 2006).
These sha ed alues and ideas a e ansmi ed h ough human in e ac ion and ne wo k
con ac s a di e en le els. Thus, acco ding o Naphie and Ghoshal (1998), hey would ep esen
he cogni i e dimension o social capi al. Un il now, he ole o s uc u al social capi al in he
o m o pe sonal ne wo ks has been s udied as an impo an elemen in he c ea ion and
de elopmen o en ep eneu ial i ms (Jack and Ande son, 2002; Hoang and An oncic, 2003;
G e e and Sala , 2003). This may be due o he ac ha s uc u al social capi al is a ela i ely
objec i e and ex e nally obse able dimension. Cogni i e social capi al (CSC), ins ead, de i es
om men al p ocesses and esul ing ideas, ein o ced by cul u e and ideology, gene a ing alues,
a i udes, belie s and us (Naphie and Ghoshal, 1998), and has ecei ed much less a en ion.
Howe e , he s eng h o he linkages wi h o he indi iduals o o ganiza ions depends on he
equency and p oximi y o con ac be ween indi iduals. G ano e e (1983, 1985) was he i s
o di e en ia e be ween s ong and weak ies. Bo h s ong ies (among membe s o a amily o
e hnic g oup) and weak ies a e complemen a y o an e icien de elopmen o social capi al
(Woolcock and Na ayan, 2000). In his sense, we can alk abou bonding social capi al, de i ed
om s ong in a-communi y ies, and b idging social capi al, de i ed om weak ex a-
communi y ies. Bo h ca ego ies a e he esul o he ela ional dimension o social capi al
(Naphie and Ghoshal, 1998). F om a cogni i e pe spec i e, bo h bonding and b idging social
capi al could play di e en oles in ansmi ing alues and ideas ha may ha e an in luence on
pe cep ions and, h ough hem, on in en ions (Simon, Hough on and Aquino, 1999; Ca olis and
Sapa i o, 2006).
Fi s ly, bonding cogni i e social capi al, based on s ong ies wi h amily o iends, gene a es
di e en alues, us , sha ed languages and sha ed na a i es. Thus, indi iduals ecei e he
in luence om Close En i onmen Valua ions, and his con ibu es o he gene a ion o mo e
a ou able pe cep ions owa ds s a -up (Coope and Dunkelbe g, 1987; Sche e , B odzinsky and
Wiebe, 1991; Ku a ko and Ma hews, 2004; Kim, Ald ich and Keis e , 2006). They could exe
hei in luence di ec ly on a i ude owa ds he beha iou as a consequence o he cogni i e
alues and belie s con o ming indi idual’s pe cep ions owa ds a ca ee (Upho 2000; G oo ae
and Bas elae 2001). Kennedy e al. (2003) ound ha expec a ions om amily, iends and
- 8 -
signi ican o he s a e key a iables in luencing s uden ’s esponses, and ha close en i onmen
expec a ions we e ela ed o a i ude owa ds he beha iou , subjec i e no ms and gende .
Pe cei ed beha iou al con ol would no be impo an a his s age.
Secondly, b idging cogni i e social capi al based on weak ies could also gene a e a ou able
alues and belie s owa ds i m s a -up h ough he acquisi ion o in o ma ion and expe ience
(Jack and Ande son, 2002; Hoang and An oncic, 2003). Thus, Social Valua ion o
En ep eneu ship akes a c i ical ole in de e mining en ep eneu ial beha iou (Zah a, Jennings
and Ku a ko 1999). The unde lying sys em o alues pe aining o a speci ic g oup o socie y
shapes he de elopmen o ce ain pe sonali y ai s and abili ies, modelling no ma i e and
abili y pe cep ions owa ds he en ep eneu ial ac i i y (Thomas and Mulle 2000). Fo example,
Takyiasiedu (1993) ound ha some socio-cul u al ac o s hinde ed he en ep eneu ial ac i i y
in A ica.
In his sense, we can now p esen ou hi d se o hypo heses ega ding he e ec o
en i onmen al alua ions o en ep eneu ship:
H3a. Close alua ion has a posi i e impac on he a i ude owa ds he beha iou ,
bu is di e en depending on he egional con ex
H3b. Close alua ion has a posi i e impac on subjec i e no ms, bu is di e en
depending on he egional con ex
H3c. Social alua ion has a posi i e impac on subjec i e no ms, bu is di e en
depending on he egional con ex
H3d. Social alua ion has a posi i e impac on pe cei ed beha iou al con ol, bu is
di e en depending on he egional con ex
2.3. Con ol Va iables
Con ol a iables e e o demog aphic in o ma ion ( ole models, age, gende , educa ional
le el o p e ious wo k expe ience). In he li e a u e hese a iables ha e been used o de ine a
p o ile o a ypical en ep eneu (Robinson, S impson, Hue ne , and Hun , 1991). Some
examples e eal he cha ac e o hese ela ions: he in luence o gende on a i udes owa ds new
en e p ise c ea ion (Kol e eid 1996; Mazza ol, Vole y, Doss and Thein, 1999); he ela ionship
be ween gende and sel -e icacy (Zhao, Hills and Siebe , 2005); he in luence o ole models on
sel -e icacy and possibly on pe sonal a ac ion and subjec i e no ms (Sche e , B odzinsky and
Wiebe 1991; Ca s ud 1992; Boyd and Vozikis 1994); age o labou expe ience as ac o s
a ec ing a pe son’s p opensi y o s a a i m (Robinson e al. 1991; Coope 1993); and he
ele ance o expe ience and social in luences (Da idsson 1995; Kol e eid 1996). Addi ionally,
some au ho s poin o he highe en ep eneu ial ac i i y by immig an s (Baude , 2008). In his
sense, we ha e conside ed he inclusion o six con ol a iables in he analysis: age, gende ,
labou expe ience, sel -employmen expe ience, ole models, and being an immig an .
Inse Figu e 1 a ound he e
- 9 -
In summa y, he elemen s and ela ionships in eg a ing he En ep eneu ial In en ion Model
p oposed in his pape a e p esen ed in Figu e 1.
3. Me hodology
The empi ical analysis has been ca ied ou on a sample o las -yea uni e si y s uden s. This
is a con enience sample e y o en used in en ep eneu ship esea ch (Fayolle and Gailly 2005;
Kol e eid 1996; K uege , Reilly and Ca s ud 2000; Tkache and Kol e eid 1999; Veciana,
Apon e and U bano 2005). In pa icula , ecen esea ch has ound ha young uni e si y
g adua es (25-34 yea s) show he highes p opensi y owa ds s a ing up a i m (Bosma, Jones,
Au io and Le ie, 2008).
Then, as ou pu pose was o analyze social alues and hei in luence on en ep eneu ial
in en ions, wo di e en egions we e selec ed o he analysis. In his con ex , a b ie summa y
o he main cha ac e is ics o bo h egions is p esen ed in able 1. Ca alonia has adi ionally been
conside ed as a main Spanish indus ial cen e. I has also been able o de elop a mode n
se ices sec o . Ca alonia p oduces 18.6% o he o al Spanish GDP, c ea ing 17.8% o o al
employmen . The e o e, i is cha ac e ized by ha ing ela i ely high p oduc i i y. O e he yea s
i has a ac ed a g ea numbe o immig an s om o he pa s o he coun y. Nowadays, i
ep esen s 16% o he o al Spanish popula ion, wi h an income le el abo e he na ional a e age
(118%). Rega ding he en ep eneu ial po en ial, he numbe o exis ing and newly-c ea ed i ms
oughly co esponds o i s con ibu ion o GDP.
Inse Table 1 a ound he e
Andalusia, on he o he hand, lacks a s ong indus ial base. In con as , ag icul u e,
cons uc ion and pe sonal se ices a e ela i ely mo e de eloped in he egion. The e o e, i
specializes in low p oduc i i y sec o s, since i p oduces 13.9% o o al Spanish GDP, while
gene a ing 14.6% o employmen . I is cha ac e ized by ha ing a la ge o al popula ion (17.8% o
Spain), wi h ela i ely low income le els (78% o he Spanish a e age). In Andalusia he e is a
ela i ely la ge numbe o i ms (16.1%), bu hey end o be smalle . Newly-c ea ed i ms
ep esen 14.5% o he Spanish o al.
Inse Table 2 a ound he e
In his s udy, one la ge public uni e si y in he bigges me opoli an a ea o each egion was
chosen: Uni e si a Au onoma de Ba celona (UAB, in Ca alonia) and Uni e sidad de Se illa
(USE, in Andalusia). The main cha ac e is ics o bo h uni e si ies a e summa ized in Table 2.
Empi ical da a o his esea ch we e ob ained om a o al popula ion o 3811 uni e si y s uden s
(in he wo inal yea s o hei deg ees), du ing he academic yea 2006-2007 (2338 s uden s
om UAB and 1473 s uden s om USE). Ques ionnai es we e adminis e ed op ionally o las -
yea s uden s en olled on business and economics deg ees du ing a class session, wi h p e ious
p o esso ’s au ho iza ion. The ieldwo k was ca ied ou in Oc obe and No embe 2006. In ha
en i onmen , esponse a e was e y high, well abo e 90%. Only a small numbe o hem we e
- 16 -
The e o e, he ele ance o p omo ing mo e posi i e en ep eneu ial cul u e and alues in
ela i ely backwa d egions could be highligh ed (Guzmán and San os 2001; Vaillan and
La uen e 2007).
The di ec e ec ound om ole models and close alua ion on en ep eneu ial in en ion
dese es u he analysis. The heo y o planned beha iou (Ajzen, 1991; 2001; 2002) s a es ha
he mo i a ional an eceden s explain in en ion, whe eas all o he a iables would only ha e an
indi ec e ec . Agains his s ong heo e ical a gumen , i is no unusual o ind empi ical
esea ch epo ing one o mo e o hese di ec ela ionships (Au io e al. 2001, Choy, Kuppusamy
and Jusoh 2005). In his sense, he i s and mos p obable explana ion would be he limi a ions
o ou esea ch design. Al e na i ely, he exis ence o mode a ing o media ing e ec s could help
explain hese di ec e ec s on in en ion. Thus, ole models (especially o he UAB subsample)
and close alua ion (especially o he USE subsample) would be mode a ing he e ec o he
mo i a ional an eceden s on in en ion. Fu he esea ch is needed o cla i y his poin .
The p esen esea ch has a numbe o limi a ions ha should be ecognized and add essed in
u u e esea ch. In he i s place, imp o emen s ega ding he ins umen a e p obably needed.
Some i ems may need e ising o e en elimina ion. In pa icula , e e sed i ems ha e p obably
been use ul o a oid acquiescence bias, bu con ibu ed e y li le o he cons uc s. Addi ionally,
some unexpec ed esul s we e ound, such as he signi ican e ec o some a iables on
in en ion, which may be pa ly a ibu ed o measu emen issues. The model used in he analysis
di e s om he o iginal TPB model in some mino poin s. This decision was made based on
p e ious esul s and me a-analyses (A mi age and Conne 2001, Chandle and Lyon 2001, Liñán
and Chen 2009). In pa icula , he measu e used o subjec i e no m is simple han ha o
Ajzen’s (1991). Howe e , addi ional esea ch should be speci ically designed o compa e bo h
iews and con i m o ejec hese de ia ions.
Secondly, mo e wo k will be needed o ully unde s and how pe cei ed alues in each
egional cul u e help de e mine s a -up decisions. A numbe o in e es ing en i onmen al- ac o
elemen s should be analyzed. Fo example, he in luence ha o mal ac o s (e.g. physical
in as uc u es o incuba o s, o mal sou ces o unding, non-mone a y helps, among o he s)
implemen ed in each egion imp o ing he en ep eneu ial cul u e.
Thi dly, he in luence o uni e si y ac ions owa ds en ep eneu ship needs o be conside ed.
In his espec , some ques ions need o be inco po a ed o ob ain complemen a y da a ha allows
iden i ying how en ep eneu ial educa ional cou ses o o he suppo p og ams in each uni e si y
would impac on he people’s schemes. Thus, he ela ionship be ween uni e si y cul u e and
s uden ’s en ep eneu ial in en ions dese es also close a en ion.
Fou hly, i is necessa y o apply his me hodology o di e en samples. In pa icula , since
mos suppo measu es o en ep eneu ship in Spain a e ocused on he de elopmen o high- ech
i ms, enginee ing schools, echnology-pa k wo ke s, and simila ‘po en ial echnology
en ep eneu s’ should be analyzed.

- 17 -
Acknowledgemen s
A p e ious e sion o his pape was p esen ed a he 2007 Babson Con e ence (Mad id, Spain). We
a e mos g a e ul o se e al pa icipan s o hei commen s and sugges ions, which ha e con ibu ed o
he imp o emen o his s udy. In pa icula , we highly app ecia e commen s om No is F. K uege . We
a e also g a e ul o commen s and sugges ions by wo anonymous e iewe s, which ha e decisi ely
con ibu ed o imp o e his inal e sion o he manusc ip . O cou se, any e o s ha may emain a e he
sole esponsibili y o he au ho s.
This esea ch has been pa ly inanced om he ollowing sou ces: Ma ibel Gue e o has ecei ed
inancial suppo om Au onomous Uni e si y o Tamaulipas (Mexico); Da id U bano has ecei ed
inancial esou ces om SEJ2007-60995 (Spanish Minis y o Educa ion and Science) and
2005SGR00858 (Ca alan Go e nmen ’s Depa men o Uni e si ies, Resea ch and In o ma ion Socie y).
Re e ences
Ajzen, I. 1991. The Theo y o Planned Beha iou . O ganiza ional Beha iou and Human Decision
P ocesses 50(2): 179-211.
Ajzen, I. 2001. Na u e and ope a ion o a i udes. Annual Re iew o Psychology 52: 27-58.
Ajzen, I. 2002. Pe cei ed beha iou al con ol, sel -e icacy, locus o con ol, and he heo y o planned
beha iou . Jou nal o Applied Social Psychology 32(4): 665-683.
Ande son, A. and S. Jack. 2002. The a icula ion o social capi al in en ep eneu ial ne wo ks: a glue o a
lub ican ?. En ep eneu ship & Regional De elopmen 14(3): 193-210.
A mi age, C. J., and M. Conne . 2001. E icacy o he heo y o planned beha iou : a me a-analy ic
e iew. B i ish Jou nal o Social Psychology 40(4): 471-499.
Au io, E., R. H. Keeley, M. Klo s en, G. G. C. Pa ke , and M. Hay. 2001. En ep eneu ial in en among
s uden s in Scandina ia and in he USA. En e p ise and Inno a ion Managemen S udies 2(2): 145-
160.
Bagozzi, R. P. 1992. The Sel -Regula ion o A i udes, In en ions, and Beha iou . Social Psychology
Qua e ly 55(2), 178-204.
Bandu a, A. 1997. Sel -e icacy: The exe cise o con ol. New Yo k: F eeman.
Baude , H. 2008. Explaining A i udes owa ds Sel -employmen among Immig an s: A Canadian Case
S udy. In e na ional Mig a ion 46(2): 109-133.
Bi d, B. 1988. Implemen ing en ep eneu ial ideas: he case o in en ion. Academy o Managemen
Re iew 13: 442-453.
Bosma, N., K. Jones, E. Au io, and J. Le ie. 2008. Global En ep eneu ship Moni o 2007, Execu i e
Repo . USA: London Business School and Babson College.
Boyd, N. G., and G. S. Vozikis. 1994. The in luence o sel -e icacy on he de elopmen o
en ep eneu ial in en ions and ac ions. En ep eneu ship Theo y and P ac ice 18: 63-77.
B au igam, D. 1997. Subs i u ing o he S a e: Ins i u ions and Indus ial De elopmen in Eas e n
Nige ia. Wo ld De elopmen 25(7): 1063-1080.
Bu nk an , R.E., and T.J. Page. 1982. An examina ion o he con e gen , disc iminan and p edic i e
alidi y o Fishbein´s beha io al in en ion model, Jou nal o Ma ke ing Resea ch 19(4): 526-550.
Byg a e, W., and M. Minni i. 2000. The Social Dynamics o En ep eneu ship. En ep eneu ship Theo y
and P ac ice 24(3): 25-36.
Ca olis, D.M. and P. Sapa i o. 2006. Social Capi al, Cogni ion, and En ep eneu ial Oppo uni ies: A
Theo e ical F amewo k. En ep eneu ship Theo y and P ac ice 30(1): 41–56.
Ca s ud, A. L. 1992. The Psychology o En ep eneu ship. S i ling: Uni e si y o S i ling.
- 18 -
Chandle , G. N., and D. W. Lyon. 2001. Issues o Resea ch Design and Cons uc Measu emen in
En ep eneu ship Resea ch: The Pas Decade. En ep eneu ship Theo y and P ac ice 25(4): 101-
113.
Chen, C.C., P.G. G eene, and A. C ick. 1998. Does en ep eneu ial sel -e icacy dis inguish en ep eneu s
om manage s?, Jou nal o Business Ven u ing 13(4): 295-316.
Chin, W. W., and T. F ye. 2003. PLS-G aph, Ve sion 3.00 (Build 1126). Hous on: Uni e si y o Hous on.
Choy, C. S., J. Kuppusamy, and M. Jusoh. 2005. En ep eneu ial ca ee s among business g adua es:
Ma ch-making using heo y o planned beha io . In e na ional Jou nal o En ep eneu ship, 9: 67-
90.
Cohen, J. 1988. S a is ical powe analysis o he beha io al sciences. NJ: Law ence E lbaum.
Coope , A.C. and W.C. Dunkelbe g. 1987.En ep eneu ial Resea ch: Old Ques ions, New Answe s and
Me hodological Issues. Ame ican Jou nal o Small Business
Coope , A. C. 1993. Challenges in P edic ing New Fi m Pe o mance. Jou nal o Business Ven u ing
8(3): 241-253.
C an , J. M. 1996. The p oac i e pe sonali y scale as a p edic o o en ep eneu ial in en ions. Jou nal o
Small Business Managemen 34(3): 42-49.
Da idsson, P. 1995. Cul u e, s uc u e and egional le els o en ep eneu ship. En ep eneu ship and
Regional De elopmen 7(1): 41-62.
Da idsson, P., and M. Henkson. 2002. De e minan s o he P e alance o S a -ups and High-G ow h
Fi ms. Small Business Economics 19(2): 81-104.
Delma , F., and P. Da idsson. 2000. Whe e do hey come om?. P e alence and cha ac e is ics o
nascen en ep eneu s. En ep eneu ship and Regional De elopmen 12(1): 1-23.
Díaz, D., D. U bano, and R. He nández. 2005. Teo ía económica ins i ucional y c eación de emp esas.
In es igaciones Eu opeas de Di ección y Economía de la Emp esa 21(3): 209-230.
Fayolle, A., and B. Gailly. 2005. Using he Theo y o Planned Beha iou o Assess En ep eneu ship
Teaching P og ammes. Cen e o Resea ch in Change, Inno a ion and S a egy o Lou ain School
o Managemen , Wo king Pape 05/2005.
Fe ando, P.J., L. Condon, and E. Chico. 2004. The con e gen alidi y o acquiescence: an empi ical
s udy ela ing balanced scales and sepa a e acquiescence scales. Pe sonali y and Indi idual
Di e ences 37(7): 1331-1340.
Gnyawali, D. R., and D. S. Fogel. 1994. En i onmen s o en ep eneu ship de elopmen : key dimensions
and esea ch implica ions. En ep eneu ship Theo y and P ac ice 18(4): 43-62.
G ano e e , M. 1983. The S eng h o Weak Ties: A Ne wo k Theo y Re isi ed. Sociological Theo y 1:
201-233.
G ano e e , M. 1985. Economic Ac ion and Social S uc u e: The P oblem o Embeddedness. Ame ican
Jou nal o Sociology 91(3): 481.
G e e, A. and J.W. Sala . 2003. Social Ne wo ks and En ep eneu ship. En ep eneu ship Theo y and
P ac ice 28(1): 1–22
G oo ae , C., and T. . Bas elae . 2001. Unde s anding and measu ing social capi al: a syn hesis o
indings and ecommenda ions om he social capi al ini ia i e. The Wo ld Bank, Social Capi al
Ini ia i e, Wo king Pape Nº 24.
Gue e o, M., J. Rialp, and D. U bano. 2008. The impac o desi abili y and easibili y on en ep eneu ial
in en ions: A s uc u al equa ion model. In e na ional En ep eneu ship and Managemen Jou nal
4(1): 35-50.
Guzmán, J. and F.J. San os. 2001. The boos e unc ion and he en ep eneu ial quali y: an applica ion o
he p o ince o Se ille. En ep eneu ship & Regional De elopmen 13(3): 211-228.
Hay on, C., G. Geo ge, and S.A. Zah a. 2002. Na ional Cul u e and En ep eneu ship: A e iew o
beha io al esea ch. En ep eneu ship Theo y and P ac ice, 26.
Hmieleski, K. M., and A. C. Co be . 2006. P ocli i y o imp o isa ion as a p edic o o en ep eneu ial
in en ions. Jou nal o Small Business Managemen 44(1): 45-63.
- 19 -
Hoang, H. and B. An oncic. 2003. Ne wo k-based esea ch in en ep eneu ship A c i ical e iew. Jou nal
o Business Ven u ing 18(2): 165-187.
Ho s ede, G. 1980. Cul u e’s Consequences: In e na ional Di e ences in wo k- ela ed alues. Be e ly
Hills, CA: Sage Publica ions.
Ho s ee, W.K.B., J.M.F. Ten Be ge, and A.A.J. Hend iks. 1998. How o sco e ques ionnai es. Pe sonali y
and Indi idual Di e ences, 25: 897–909.
Hu d, M. D. 1999. Ancho ing and acquiescence bias in measu ing asse s in household su eys. Jou nal o
Risk and Unce ain y 19(1), 111-136.
Jack, S.L. and A.R. Ande son. 2002. The e ec s o embeddedness on he en ep eneu ial p ocess. Jou nal
o Business Ven u ing 17(5): 467-487.
Kennedy, J., J. D ennan, P. Ren ow, and B. Wa son. 2003. Si ua ional Fac o s and En ep eneu ial
In en ions. Pape p esen ed a he 16 h Annual Con e ence o he Small En e p ise Associa ion o
Aus alia and New Zealand.
Kickul, J., and J.A. Zape . 2000. Un ying he kno : Do pe sonal and o ganiza ional de e minan s
in luence en ep eneu ial in en ions?, Jou nal o Small Business and En ep eneu ship 15 (3): 57-
77.
Kim, P.H., H.E. Ald ich, L.A. Keis e . 2006. Access (no ) denied: he impac o inancial, human, and
cul u al capi al on en ep eneu ial en y in he Uni ed S a es. Small Business Economics 27:5–22
Kol e eid, L. 1996. P edic ion o employmen s a us choice in en ions. En ep eneu ship Theo y and
P ac ice 21(1): 47-57.
Kol e eid, L., and E. Isaksen. (2006). New business s a -up and subsequen en y in o sel -employmen ,
Jou nal o Business Ven u ing 21(6): 866-885.
K uege , N. F. 2000. The cogni i e in as uc u e o oppo uni y eme gence. En ep eneu ship Theo y
and P ac ice 24(3): 5-23.
K uege , N. F. 2007. Wha lies benea h? The expe ien ial essence o en ep eneu ial hinking.
En ep eneu ship Theo y and P ac ice 31(1): 123-138.
K uege , N. F., and D. V. B azeal. 1994. En ep eneu ial po en ial and po en ial en ep eneu s.
En ep eneu ship Theo y and P ac ice 19(3): 91-104.
K uege , N. F., M. D. Reilly, and A. L. Ca s ud. 2000. Compe ing models o en ep eneu ial in en ions.
Jou nal o Business Ven u ing 15(5-6): 411-432.
Ku a ko, D. and R.D. Ma hews. 2004. No e o Ins uc o s Communi yWeb: An In e ne Fi m's Figh o
Su i e. En ep eneu ship Theo y and P ac ice 28(3): 291–293.
Liñán, F. 2004. In en ion-based models o en ep eneu ship educa ion. Piccola Imp esa / Small Business
3: 11-35.
Liñán, F., and F. J. San os. 2007. Does social capi al a ec en ep eneu ial in en ions? In e na ional
Ad ances in Economic Resea ch 13(4): 443-453.
Liñán, F., and Y.-W. Chen. 2009. De elopmen and c oss-cul u al applica ion o a speci ic ins umen o
measu e en ep eneu ial in en ions. En ep eneu ship Theo y and P ac ice 33(3): 593-617.
Li wack, J. M. 1993. Issues in he c ea ion o iscal legali y in he economies o he o me USSR.
Eas e n Economic Jou nal 19(3): 335-345.
Lu hje, C., and N. F anke. 2003. The making o an en ep eneu : es ing a model o en ep eneu ial in en
among enginee ing s uden s a MIT. R & D Managemen 33(2): 135-147.
Ma hews, C. H., and S. B. Mose . 1996. A longi udinal in es iga ion o he impac o amily backg ound
and gende on in e es in small i m owne ship. Jou nal o Small Business Managemen 34(2): 29-
43.
Mazza ol, T., T. Vole y, N. Doss, and V. Thein. 1999. Fac o s in luencing small business s a -ups. A
compa ison wi h p e ious esea ch. In e na ional Jou nal o En ep eneu ial Beha iou &
Resea ch 5(2): 48-63.
Mi chell, R. K., B. Smi h, K. W. Seaw igh , and E. A. Mo se. 2000. C oss cul u al cogni ion and en u e
c ea ion decision. Academy o Managemen Re iew 43(5): 974-993.
- 20 -
Mi chell, R. K., L. Buseni z, T. Lan , P. P. Mcdougall, E. A. Mo se, and J. B. Smi h. 2002. Towa d a
heo y o en ep eneu ial cogni ion: Re hinking he people side o en ep eneu ship esea ch.
En ep eneu ship Theo y and P ac ice 27(2): 93-104.
Mi chell, R. K., L. W. Buseni z, B. Bi d, C. M. Gaglio, J. S. McMullen, E. A. Mo se. 2007. The cen al
ques ion in en ep eneu ial cogni ion esea ch 2007. En ep eneu ship Theo y and P ac ice 31(1):
1-27.
Muelle , S. and A. Tomas. 2001. Cul u e and En ep eneu ial Po en ial. A nine coun y s udy o locus o
con ol and inno a i eness . Jou nal Business Ven u ing 16(1): 51-75.
Naphie , J. and S. Ghoshal. 1998. Social Capi al, In ellec ual Capi al and he O ganisa ional Ad an age.
Academy o Managemen Re iew 22(2): 242-266.
Nee, V. 1992. O ganiza ional Dynamics o Ma ke T ansi ion: Hyb id Fo ms, P ope y Righ s and Mixed
Economy in China. Adminis a i e Science Qua e ly 37(1): 1-27.
Nee, V., and F. W. Young. 1991. Peasan En ep eneu s in China’s Second Economy: An Ins i u ional
Analysis. Economic De elopmen and Cul u al Change 39(2): 293-310.
No h, D. C. 1990. Ins i u ions, ins i u ional change and economic pe o mance. Camb idge: Camb idge
Uni e si y P ess.
No h, D. C. 2005. Unde s anding he p ocess o economic change. P ince on: P ince on Uni e si y P ess.
Nunnally, J.C. 1978. Psychome ic Theo y. 2nd edi ion. N.Y: Mc.G aw Hill.
Peng, M., and S. V. Shekshnia. 2001. How en ep eneu s c ea e weal h in ansi ion economies. Academy
o Managemen Execu i e 15(1): 95-110.
Pe e man, N. E., and J. Kennedy. 2003. En e p ise educa ion: In luencing s uden s' pe cep ions o
en ep eneu ship. En ep eneu ship-Theo y and P ac ice 28(2): 129-144.
Ray, J. J. 1979. Is he acquiescen esponse s yle no so my hical a e all? Some esul s om a success ul
balanced F scale. Jou nal o Pe sonali y Assessmen 43: 638–643.
Ray, J. J. 1983. Re i ing he p oblem o acquiescen esponse bias. Jou nal o Social Psychology 121:
81–96.
Reynolds, P. D. 2005. Unde s anding Business C ea ion: Se endipi y and Scope in Two Decades o
Business C ea ion S udies. Small Business Economics 24: 359-364.
Robinson, P. B., D. V. S impson, J. Hue ne , and H. K. Hun . 1991. An a i ude app oach o he p edic ion
o en ep eneu ship. En ep eneu ship Theo y and P ac ice 15(4): 13-31.
Roldán, J. L., and A. Leal. 2003. A alida ion es o an adap a ion o he DeLone and McLean’s model in
he Spanish EIS ield. In J. J. Cano (Ed.), C i ical e lec ions on in o ma ion sys ems. A sys ema ic
app oach (pp. 66-84). He shey, PA: Idea G oup Publishing.
Ro e oss, B. and L. Kol e eid. 2005. Aspi ing, nascen and ledgling en ep eneu s: an in es iga ion o
he business s a -up p ocess. En ep eneu ship & Regional De elopmen 17(2): 109-127.
Sche e , R. F., J. D. B odzinsky, and F. A. Wiebe. 1991. Examining he ela ionship be ween pe sonali y
and en ep eneu ial ca ee p e e ence. En ep eneu ship and Regional De elopmen 3: 195-206.
Shape o, A., and L. Sokol. 1982. Social dimensions o en ep eneu ship. In C. A. Ken , D. L. Sex on and
K. H. Vespe (Eds.), Encyclopedia o en ep eneu ship (pp. 72-90). Englewood Cli s (NJ):
P en ice Hall.
Shook, C., D. Ke chen, G. Hul , K.M. Kacma , 2004. An assessmen o he use o s uc u al equa ion
models in s a egic managemen esea ch. S a egic Managemen Jou nal 25:397-404.
Simon, M., S.M. Hough on, and K. Aquino. 1999. Cogni i e biases, isk pe cep ion, and en u e
o ma ion: how indi iduals decide o s a companies. Jou nal o Business Ven u ing 15:113–134.
Spilling, O., R. 1991. En ep eneu ship in a Cul u e Pe spec i e. En ep eneu ship and Regional
De elopmen 3:33-48.
S ein, K. 2002. Indi idual pe cep ion o business con ex s: The case o small-scale en ep eneu s in
Tanzania. Jou nal o De elopmen al En ep eneu ship 7(3): 283-305.
Takyiasiedu, S. 1993. Some Sociocul u al Fac o s Re a ding En ep eneu ial Ac i i y in Sub-Saha an
A ica. Jou nal o Business Ven u ing 8(2): 91-98.
- 21 -
Thomas, A. S., and S. L. Mulle . 2000. A case o compa a i e en ep eneu ship: assessing he ele ance
o cul u e. Jou nal o In e na ional Business S udies 31(2): 287-301.
Thompson, E. R. 2009. Indi idual En ep eneu ial In en : Cons uc Cla i ica ion and De elopmen o an
In e na ionally Reliable Me ic. En ep eneu ship Theo y and P ac ice 33(3): 669-694.
Tkache , A., and L. Kol e eid. 1999. Sel -employmen in en ions among Russian s uden s.
En ep eneu ship and Regional De elopmen 11(3): 101-114.
Upho , N. 2000. Unde s anding social capi al: lea ning om he analysis and expe ience o pa icipa ion.
In P. Dasgup a and I. Se ageldin (Eds.), Social capi al, a mul i ace ed pe spec i e (pp. 215-249).
Washing on: The Wo ld Bank.
U bano, D. 2006. New business c ea ion in Ca alonia : suppo measu es and a i udes owa ds
en ep eneu ship. Ba celona: Gene ali a de Ca alunya.
Vaillan , Y. and E. La uen e. 2007. Do di e en ins i u ional amewo ks condi ion he in luence o local
ea o ailu e and en ep eneu ial examples o e en ep eneu ial ac i i y? En ep eneu ship &
Regional De elopmen 19(4): 313-337.
Veciana, J. M. 1999. C eación de emp esa como p og ama de in es igación cien í ica. Re is a Eu opea
de Di ección y Economía de la Emp esa 8(3): 11-36.
Veciana, J. M., M. Apon e, and D. U bano, 2005. Uni e si y s uden s' a i udes owa ds en ep eneu ship:
a wo coun ies compa ison. In e na ional En ep eneu ship and Managemen Jou nal 1(2): 165-
182.
Wals ad, W. B., and M. L. Kou ilsky. 1998. En ep eneu ial a i udes and knowledge o black you h.
En ep eneu ship Theo y and P ac ice 23(2): 5-18.
Wes head, P. 1995. Expo ing and non-expo ing small i ms in G ea B i ain. A ma ched pai s
compa ison. In e na ional Jou nal o En ep eneu ial Beha iou and Resea ch 1(2): 6-30.
Woolcock, M. and D. Na ayan. 2000. Social Capi al: Implica ions o De elopmen Theo y, Resea ch,
and Policy. Wo ld Bank Resea ch Obse e 15(2): 225-249.
Zah a, S. A., D. F. Jennings, and D. F. Ku a ko. 1999. The an eceden s and consequences o i m-le el
en ep eneu ship: The s a e o he ield. En ep eneu ship Theo y and P ac ice 24(2): 45-63.
Zah a, S.A. and J. Wiklund. 2002. Top managemen eam cha ac e is ics and en ep eneu ial esou ce
ecombina ions among new en u es. Mimeo. Jonkoping In e na ional Business School, Jonkoping,
Sweden. Re ie ed om h p://www.sbae .uca.edu/ esea ch/icsb/2000/pd /101.PDF on June, 11 h
2008.
Zhao, H., G. E. Hills, and S. E. Siebe , 2005. The media ing ole o sel -e icacy in he de elopmen o
en ep eneu ial in en ions. Jou nal o Applied Psychology 90(6): 1265-1272.

- 22 -
Appendix 1. Ques ionnai e i ems (o iginal in Spanish)
A. Indica e you le el o ag eemen wi h he ollowing s a emen s abou he En ep eneu ial Ac i i y om 1 ( o al
disag eemen ) o 7 ( o al ag eemen ).
1
2
3
4
5
6
7
A01.- S a ing a i m and keeping i iable would be easy o me
A02.- A ca ee as an en ep eneu is o ally una ac i e o me
A03.- My iends would app o e o my decision o s a a business
A04.- I am eady o do any hing o be an en ep eneu
A05.- I belie e I would be comple ely unable o s a a business
A06.- I will make e e y e o o s a and un my own business
A07.- I am able o con ol he c ea ion p ocess o a new business
A08.- My immedia e amily would app o e o my decision o s a a business
A09.- I ha e se ious doub s abou e e s a ing my own business
A10.- I I had he oppo uni y and esou ces, I would lo e o s a a business
A11.- My colleagues would app o e o my decision o s a a business
A12.- Amongs a ious op ions, I would a he be any hing bu an en ep eneu
A13.- I am de e mined o c ea e a business en u e in he u u e
A14.- I I ied o s a a business, I would ha e a high chance o being success ul
A15.- Being an en ep eneu would gi e me g ea sa is ac ion
A16.- I would be e y di icul o me o de elop a business idea
A17.- My p o essional goal is o be an en ep eneu
A18.- Being an en ep eneu implies mo e ad an ages han disad an ages o me
A19.- I ha e a e y low in en ion o e e s a ing a business
A20.- I know all abou he p ac ical de ails needed o s a a business
C. Indica e you le el o ag eemen wi h he ollowing sen ences abou he alues socie y pu on en ep eneu ship om 1 ( o al
disag eemen ) o 7 ( o al ag eemen ).
1
2
3
4
5
6
7
C1.- My immedia e amily alues en ep eneu ial ac i i y abo e o he ac i i ies
and ca ee s
C2.- The cul u e in my coun y is highly a ou able owa ds en ep eneu ial
ac i i y
C3.- The en ep eneu ’s ole in he economy is gene ally unde alued in my
coun y
C4.- My iends alue en ep eneu ial ac i i y abo e o he ac i i ies and ca ee s
C5.- Mos people in my coun y conside i unaccep able o be an en ep eneu
C6.- In my coun y, en ep eneu ial ac i i y is conside ed o be wo hwhile,
despi e he isks
C7.- My colleagues alue en ep eneu ial ac i i y abo e o he ac i i ies and
ca ee s
C8.- I is commonly hough in my coun y ha en ep eneu s ake ad an age o
o he s
- 23 -
Table 1: Main egional cha ac e is ics
Indica o
Regional Con ex
Spain
Ca alonia
Andalucía
Geog aphical
Localiza ion
No heas
Sou h
Socio-demog aphical
Popula ion ( o al numbe )
44.708.964
7.134.697
15.96% *
7.975.672
17.84% *
Male
22.100.466
3.543.706
3.958.565
Female
22.608.498
3.590.991
4.017.107
Economically Ac i e Popula ion
37.733.900
6.023.000
15.96%*
6.576.000
17.43%*
Economical
GDP Pe capi a (Eu os)
22.150
26.124
4 h*
17.250
17 h*
GDP G ow h a e (2000-2006)
3.90
3.80
Lowe *
3.90
Highe *
To al Employmen
20.724.900
3.691.900
17.81%*
3.016.200
14.55%*
Educa ion
Uni e si ies
73
12
17.43%*
10
13.69%*
S uden s
1.433.016
182.258
12.72%*
230.621
16.09% *
En ep eneu ial
En e p ises (numbe )
3.174.393
578.340
18.22%*
486.674
15.33% *
New En e p ises (numbe )
415.275
77.656
18.70%*
60.215
14.50%*
Regional Suppo s p o ided by
Go e nmen
Gene ali a o Ca alonia
Jun a o Andalusia
* Regional Con ex p esence s. Spanish Da a
Sou ce: Las da a published in 2006 by he INE (Spanish Na ional S a is ics Ins i u e)
- 24 -
Table 2: Main de ails o su eyed uni e si ies
Desc ip ion
Au onomous Uni e si y o Ba celona
(UAB)
Uni e si y o Se ille (USE)
Gene al In o ma ion
Focus
Humani ies, Social Sciences, Heal h Sciences, Expe imen al Sciences and
Enginee ing.
Age
39 yea s
502 yea s
Na u e
Public Uni e si y
Public Uni e si y
Uni e si y size
31660 unde g adua e
59892 unde g adua e
En ep eneu ial Side
Educa ional p og ams
Ex acu icula s a -up cou se and
Doc o al p og am in business c ea ion
Ex acu icula s a -up cou se
Spin-o s
18 echnological and bio echnological
13 echnological
Spillo e s om 90s
14653 esea ch pape s
8444 esea ch pape s
Technical De ails
C i e ia
Uni e si y s uden s en olled in Business Adminis a ion and Economics (in he
wo inal yea s).
Da e o ield wo k
Oc obe and No embe , 2006.
Popula ion
3811 uni e si y s uden s (2338 UAB s uden s and 1473 USE s uden s)
Sample Size
549 uni e si y s uden s (300 UAB and 249 USE)
Sample E o
± 3.87 %
Con idence Le el
95% (Z=1.96, p=q=0.5)
- 25 -
Table 3: Fac o analysis en ep eneu ial in en ion (Ro a ed Fac o ma ix)
I ems
Fac o
Communali ies
1
2
3
4
Ini ial
Ex ac ion
a01
.601
.330
.395
a2Re
.517
.195
.269
a03
.854
.568
.666
a04
.539
.332
.366
a06
.603
.508
.545
a07
.484
.427
.441
a08
.607
.415
.446
a11
.897
.635
.810
a12Re
.618
.353
.480
a13
.689
.611
.680
a14
.642
.455
.554
a15
.424
.514
.541
.633
a16Re
.572
.247
.386
a17
.541
.530
.537
a18
.327
.367
.387
a20
.501
.241
.279
C onbach alpha
.809 (4 i ems)
.818
.727
.722 (4 i ems)
No e: Ex ac ion me hod: p incipal axis ac o iza ion.
Ro a ion me hod: Oblimin No maliza ion wi h Kaise .
Ro a ion con e ged a e 12 i e a ions. Loadings below 0.30 no shown.
- 32 -
Figu e 3: Resul s o he Ca alonian sub-sample
En ep .
in en ion
Social
Valua ion
Close
Valua ion
PBeha .
Con ol
A i ude o
beha iou
Role
Model
Gende
Age
Immig an
Labou
expe .
Sel -empl.
expe .
0.216
R2=0.013
Subjec i e
No ms
R2=0.047
R2=0.191
R2=0.047
R2=0.177
R2=0.526
0.102
0.122
0.112
0.273
0.213
0.217
0.314
0.297
0.315
0.504
No e: Only signi ican (p<0.05) pa h coe icien s a e shown.

- 33 -
Figu e 4: Resul s o he Andalusian sub-sample
En ep .
in en ion
Social
Valua ion
Close
Valua ion
PBeha .
Con ol
A i ude o
beha iou
Role
Model
Gende
Age
Immig an
Labou
expe .
Sel -empl.
expe .
0.198
R2=0.018
Subjec i e
No ms
R2=0.055
R2=0.262
R2=0.063
R2=0.257
R2=0.563
0.222
0.125
0.211
0.128
0.133
0.314
0.174
0.201
0.159
0.190
0.283
0.290
0.278
0.476
0.148
No e: Only signi ican (p<0.05) pa h coe icien s a e shown.