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Taking mental models seriously: institutions, entrepreneurship, and the mediating role of socio-cognitive traits
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Taking mental models seriously: institutions, entrepreneurship, and the mediating role of socio-cognitive traits
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Journal Article
Taking mental models seriously: institutions, entrepreneurship, and the mediating role of socio-cognitive traits
2023
Overview
While scholars agree that institutions are critical for enabling and constraining entrepreneurial action, the mechanisms by which institutions shape individual entrepreneurs’ actions remain underdeveloped. Whereas a prior work focuses on the direct and moderating effects of institutions on entrepreneurial action, we propose that institutions also indirectly influence entrepreneurial action through their influence on the mental models of actors. To that end, we theorize an underexplored role of institutions: shaping three socio-cognitive traits (SCT)—opportunity recognition, entrepreneurial self-efficacy, and fear of failure—that influence entrepreneurial action. Using GEM data from 735,244 individuals in 86 countries, we test and find evidence that SCTs mediate the relationship between institutions and opportunity entrepreneurship. The social legitimacy of entrepreneurship exerts a weaker direct effect on opportunity entrepreneurship but a stronger indirect effect through the SCT channels relative to pro-market institutions. Our study thus provides more nuanced findings concerning the ways formal and informal institutions, as well as the direct and indirect effects of institutions, enable and constrain entrepreneurial action.Plain English SummaryPro-market institutions and favorable societal attitudes do not only create beneficial market conditions for entrepreneurship; they also potentially shape the cognitive characteristics conducive to entrepreneurial action. In a sample of 735,244 individuals in 86 countries from 2002 to 2015, we find that formal and informal institutions increase the socio-cognitive traits that, in turn, increase the propensity for opportunity-motivated entrepreneurship. This reveals that the effects of institutions on individual engagement with entrepreneurship are both direct and indirect, suggesting the importance of policy and culture in shaping the cognitive foundations of the entrepreneurial process.
Publisher
Springer Nature B.V
Subject
