This article argues that cultural and personal values are relevant in the formation of entrepreneurial intentions, and that the interplay between both value-levels deserves attention. Individualist values such as achievement, pleasure, self-direction, and an exciting and stimulating life are related to entrepreneurial intention and activity, both at the cultural and personal level. From a sample of 2069 adults with a university degree, the results support a double effect of culture on entrepreneurial intention: the personal values effect (a more individualist culture leads to more members exhibiting higher entrepreneurial intentions) and the outliers' effect (those who are more individualist than the average in their culture will exhibit a higher entrepreneurial intention). Within the two individualist dimensions considered (i.e. self-enhancement and openness to change), the relationship of self-enhancement to entrepreneurial intention is stronger than that of openness to change. The implications of these results are discussed and some avenues for future research are proposed.

Purpose -The need for more flexible, dynamic and innovative firms is widely recognised nowadays. Entrepreneurial capital may contribute to a more entrepreneurial labour force with work values aligned to those needs, thus becoming one of the firm's strategic resources. But entrepreneurial capital is not evenly distributed between countries and regions. The purpose of this paper is to measure the importance of a region's cultural values in determining its level of entrepreneurial capital, and considers how this may affect the characteristics of the workforce. Design/methodology/approach -Schwartz's (2004) approach to measuring cultural values will be followed. Entrepreneurial intentions will be used as a proxy for entrepreneurship capital, following Ajzen's (1991) theory of planned behaviour. A representative sample of 2,974 adults with higher education was used in the empirical analysis. Findings -Results show that the region's culture indirectly influences the entrepreneurial capital of its members. People in some regions are more pro-entrepreneurial, showing higher start-up intentions, due to their cultural characteristics. Research limitations/implications -Results help explain why a larger share of the workforce in some regions presents work values facilitating flexibility, creativity and innovation. Similarly, they explain some of the difficulties faced when transferring human-resource practices that have been successful in one branch, to new branches in regions with lower entrepreneurial capital. Originality/value -The paper is novel in that it contributes to explaining why the majority of firms in some regions enjoy a more flexible and innovative labour force than those in less entrepreneurial regions.

PurposeThis systematic literature review (SLR) analyses the existing contributions, jointly studying personal values (PVs) and intentions in entrepreneurship. Despite the long tradition that these two constructs enjoy in social psychology, they have only recently been considered together in entrepreneurship research.Design/methodology/approachTo conduct this SLR, three widely used databases were searched (Scopus, ABI-INFORM and Web of Science). A total of 451 initial hits were successively narrowed down to a final list of 22 journal articles matching the inclusion criteria. This field of research is very recent since the selected papers have all been published since 2011, half of which have appeared since 2017.FindingsThe predominant approach in these papers was the consideration of PVs as antecedents in the formation of entrepreneurial intentions (EIs). In particular, basic human values (BHV) theory for PVs and the theory of planned behaviour (TPB) for intentions are the prevalent frameworks. The influence of PVs differs notably depending on the motivational antecedent of intention being considered and also on the specific (general vs social) EI analysed.Originality/valueThis SLR is, to the best of the authors’ knowledge, the first review that addresses this fast-growing area of research. It provides a comprehensive mapping of the contributions to date as well as an integrative conceptual framework to synthetise accumulated knowledge. It also identifies subsisting knowledge gaps and a number of future research opportunities.

PurposeThe Covid-19 pandemic has affected the world in an unprecedented manner. The economic recession in 2020 is expected to be the most serious since the Second World War. This study aims to analyse the likely consequences of the Covid-19 pandemic crisis on entrepreneurship and new venture activity.Design/methodology/approachThe paper focuses first on the major shocks caused by the pandemic that may affect entrepreneurial activity. To do so, the authors briefly review the literature about the previous financial crisis and its effects on entrepreneurship. Then, the manuscript means to disentangle how these shocks will impinge on the different stages and motives within the entrepreneurial process.FindingsThis analysis reveals that the consequences of the pandemic for entrepreneurship will be generally damaging, but they may not be so tremendously negative as originally thought. We could initially expect a broad downturn in entrepreneurial activity. Soon after that, however, necessity entrepreneurship is likely to boom. At the same time, but to a lesser extent, high-potential entrepreneurial activity could also be fostered, provided the recovery is quick and there is sufficient support from the environment and institutions.Originality/valueThis is probably one of the first academic reflections on the likely effects of the Covid-19 pandemic on entrepreneurship. It specifically addresses the role of institutions and how they may differently affect necessity and opportunity entrepreneurship. It also suggests interesting related research areas and some basic recommendations on how to help entrepreneurs overcome it.

This article analyses the specific role of collectivistic personal values as an antecedent of entrepreneurial intention. While previous studies have focused on individualistic values, the influence of collectivistic values has remained largely ignored. We study this influence on a sample of 413 university students from the United Kingdom and Spain. The results are consistent in both countries, suggesting that an emphasis on collectivistic personal values triggers an indirect, negative effect on entrepreneurial intentions through both personal attitude and perceived behavioural control. However, it also induces an indirect positive effect through subjective norms. The study indicates that not only individualistic values but the complete personal-value structure is influential in explaining the formation of entrepreneurial intentions.