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Abstract
Empirical research has recently paid considerable attention to the role of environmental factors in explaining regional variations in entrepreneurial activity. However, cognitive models have not usually included these factors in their analyses. Therefore, the main objective of this study is to identify some of the environmental cognitive elements that may explain regional differences in start-up intentions. Thus, an entrepreneurial intention model is developed, theoretically based on the planned behaviour approach, institutional economic theory and social capital theory. The empirical analysis is carried out using structural equation techniques over a sample of 549 final year university students from two Spanish regions (Catalonia and Andalusia). Results confirm that valuation of entrepreneurship in each region helps explain regional differences in entrepreneurial intentions. As expected, social valuation of the entrepreneur was higher in the more developed region (Catalonia), positively affecting perceived subjective norms and behavioural control. In Andalusia, the influence of perceived valuation of the entrepreneur in the closer environment was more important, affecting attitude towards the behaviour and subjective norms. These results explain some of the differences in the pool of potential entrepreneurs in each region. They also justify the need by public-policy decision-makers to promote more positive entrepreneurial values in relatively backward regions.
Acknowledgements
A previous version of this article was presented at the 2007 Babson Conference (Madrid, Spain). We are most grateful to several participants for their comments and suggestions, which have contributed to the improvement of this study. In particular, we highly appreciate comments from Norris F. Krueger. We are also grateful to comments and suggestions by two anonymous reviewers, which have decisively contributed to improve this final version of the manuscript. Of course, any errors that may remain are the sole responsibility of the authors. This research has been partly financed from the following sources: Maribel Guerrero has received financial support from Autonomous University of Tamaulipas (Mexico); David Urbano has received financial resources from SEJ2007-60995 (Spanish Ministry of Education and Science) and 2005SGR00858 (Catalan Government's Department for Universities, Research and Information Society).