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Economic Research-Ekonomska Istraživanja
ISSN: (Print) (Online) Journal homepage: https://www.tandfonline.com/loi/rero20
Attitudes towards work, organizational values,
and students’ sociodemographic characteristics as
predictors of entrepreneurial orientation
Mirjana Franceško, Jasmina Nedeljković & Vladimir Njegomir
To cite this article: Mirjana Franceško, Jasmina Nedeljković & Vladimir Njegomir (2021):
Attitudes towards work, organizational values, and students’ sociodemographic characteristics
as predictors of entrepreneurial orientation, Economic Research-Ekonomska Istraživanja, DOI:
10.1080/1331677X.2021.1935288
To link to this article: https://doi.org/10.1080/1331677X.2021.1935288
© 2021 The Author(s). Published by Informa
UK Limited, trading as Taylor & Francis
Group.
Published online: 18 Jun 2021.
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Attitudes towards work, organizational values, and
students’sociodemographic characteristics as predictors
of entrepreneurial orientation
Mirjana France
sko, Jasmina Nedeljkovi
c and Vladimir Njegomir
Department of Business Psychology, Faculty of Law and Business Studies Dr Lazar Vrkatic, Novi Sad,
Republic of Serbia
ABSTRACT
The aim of this research was to examine predictive factors of
entrepreneurial orientation of students in transitional, social, and
economic contexts. Attitudes towards work, value orientations,
gender, and the entrepreneurial experience of the father and the
mother of the respondents were examined as predictor variables.
The sample comprised 220 students from both genders with an
average age of 21.57years. The results indicate that, in all three
measured components, young men have a more pronounced
entrepreneurial orientation compared to young women. Attitudes
towards work and organizational values were shown to correlate
significantly with entrepreneurial orientation. Experiencing work
as an opportunity for personal fulfilment (b¼0.420, sig <0.001),
autocratic value orientations (b¼0.269, sig <0.05), and the entre-
preneurship of the father were distinguished as significant predic-
tors of entrepreneurial orientation on the total sample (b¼0.211,
sig <0.001), as well as on the subsample of young women
(b¼0.283, sig <0.05). The results of this research indicate the
complexity of relationships between the examined factors and
entrepreneurial orientation, the conversance of which provides
the basis for conceptualizing the entrepreneurial socialization of
young people in a particular social and economic context.
ARTICLE HISTORY
Received 27 June 2020
Accepted 22 May 2021
KEYWORDS
entrepreneurial orientation;
attitudes towards work;
organizational values;
entrepreneurial socialization;
students
JEL CODES
L26
1. Introduction
The history of the development of entrepreneurship in Serbia has been relatively brief
and lacked continuity, both before the Second World War and in the period of
socialism that followed. Notable progress in the advancement of entrepreneurship
became visible only during the transitional period of the 1990s, after the breakup of
the Socialist Federal Republic of Yugoslavia, though such progress was achieved
CONTACT Jasmina Nedeljkovi
cjasmina.nedeljkovic@gmail.com
This paper was created as part of a project entitled Interpersonal Skills and Digital Media as Predictors of Career
Adaptability (number 142-451-2265/2019-02) which is supported by the Provincial Secretariat for Higher Education
and Scientific Research of the AP of Vojvodina, the Republic of Serbia.
ß2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/
licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is
properly cited.
ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA
https://doi.org/10.1080/1331677X.2021.1935288
almost exclusively in the grey or black zone. Only around 2000 were entrepreneurship
and the entrepreneurial spirit seen to begin developing to any significant degree.
According to data acquired from the APR (Eng. Agency for Business Registers)
(2019), the number of entrepreneurs in Serbia is 264,741, while the number of busi-
ness entities is 150,537, and, according to the Republic Bureau of Statistics
(Republi
cki zavod za statistiku, 2018), the participation of micro, small, and medium-
sized enterprises is 99.5% of the total number of enterprises. This ratio is similar to
the EU level, though the respective impact of such business entities on the Gross
Domestic Product is noticeably different. According to data from the Union of
Employers of Serbia (Unija poslodavaca Srbije, 2013), most men and women had ven-
tured into private business to secure their livelihoods, or out of a matter of necessity,
with the goal of realizing their business ideas as secondary. For the context of this
research, a tentative conclusion can be drawn that, despite the advancement in entre-
preneurship development in the Republic of Serbia, entrepreneurship as an economic
form has not been a dominant characteristic of social development. This means that
the development of the entrepreneurial spirit in Serbia has had a brief, sporadic his-
tory, but that a certain degree of expansion has been noticeable over the last
ten years.
Despite the expansion of entrepreneurship in Serbia, research on this phenomenon
is rare and that which has been conducted has examined entrepreneurship almost
exclusively from the economic aspect. Such studies have primarily been focused on
the macroeconomic conditions for the development of entrepreneurship and the
microeconomic aspects of entrepreneurship.
To fully understand and enable relevant predictions for entrepreneurship, it is
necessary to go beyond the narrow perspective of pure economic indicators and place
the focus on individuals who implement entrepreneurial activities as well. While the
last ten years has seen increasing research into entrepreneurship from the point of
view of an individual, the research has been almost exclusively restricted to only the
domain of psychology.
Entrepreneurship is a complex, economic-sociological-psychological phenomenon.
This means that it is necessary to develop an interdisciplinary approach in studying
it. For now, this approach represents a research gap which has motivated the authors
of this paper to design and conduct research in this context. An interdisciplinary
approach imposes the need to conceptualize concepts which combine economic and
psychological aspects. In this sense, the concepts of entrepreneurial orientation and
entrepreneurial socialization have been developed. Furthermore, the interpretation of
the obtained results has been realized through the prism of the economic conditions
in which the research was conducted while at the same time considering the psycho-
logical mechanisms of the socialization process in which the respondents have
grown up.
The essential research question is whether certain characteristics of individuals are
significant predictors of entrepreneurial orientation. The aim of this paper is to find
solutions, of theoretical and methodological nature, which could help provide
answers, or the pathways to such answers, to this question.
2 M. FRANCEŠKO ET AL.
Systematic non-experimental research was conducted. This research also possesses
the character of exploratory research as it represents novelty in terms of selecting and
monitoring the predictive significance of organizational values and attitudes towards
work in relation to entrepreneurial intentions. The research was conducted on a sam-
ple of 220 students. Data were collected through online questionnaires and tests
which examined potential economic and psychological predictors of entrepreneurial
orientation. The collected data were analysed by descriptive statistics techniques, a t-
test, correlations, and the application of multiple linear regression analysis (MLRA).
Prior to the MLRA application, crude scores were transformed to a Z scale while
dichotomous variables were analysed as dummy variables.
The remainder of this article is organized as follows: the second section considers
entrepreneurial intentions as a complex economic-sociological-psychological construct
through a review of the relevant literature; the data and empirical methodology
employed in the analysis are presented in the third section; the empirical results are
presented in the fourth section; conclusions and discussion are presented in the
fifth section.
2. Entrepreneurial intentions as a complex economic-sociological-
psychological construct
In the economic approach to entrepreneurship research, the emphasis is on risk and
uncertainty as epicentres of the Theory of Economic Systems. Profit represents the
reward for risk-taking —the French classical school (Cantalion, 1931, Say, 1880). The
Austrian and Austrian neoclassical school (Knight, 1921, Kirzner, 1990, Hayek, 1990)
regards entrepreneurship through the identification of key economic activities, which
represent decision-making based on resource allocation and identifying opportunities
in conditions of uncertainty. The Schumpeter school (Schumpeter, 1934,1963, Kilby,
1971, Shionoya, 1997) associates entrepreneurship with innovation, i.e., "creating new
products or companies." A modern and comprehensive interpretation of entrepre-
neurship, which was the basis for this research, was asserted by the European
Commission in the Green Paper (“Green Paper,”2003). According to this definition,
entrepreneurship represents an individual creative capacity, either independent or
within an organization, to identify and realize opportunities with the aim of produc-
ing new value or economic success.
Psychological research in the field of entrepreneurship is still scarce. There is a cer-
tain shift from the atheoretical to the theoretical and scientific approach, which
reduces, to a certain extent, the chaotic nature and insufficient methodological basis
of the conducted research (Rauch & Frese, 2000). Several basic directions of research-
ing (cognitive) psychology in the field of entrepreneurship were distinguished by
Kruger,(2003), who claimed the basic directions of studying the issue derive from the
standpoints of perception, intentions, belief structures, deeper cognitive structures,
and learning. The studying of entrepreneurial intentions was distinguished as the
most developed area.
In regarding entrepreneurship as an economic, psychological, and social phenom-
enon, it is important that the social context be included in the research as well.
ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA 3
Entrepreneurship development is certainly influenced by social factors ranging from
those in the immediate social environment of an individual (family, school, peers …)
to the broader social context, such as social systems and the nurturing, or lack
thereof, of entrepreneurship as an economic category.
Entrepreneurship is an interdisciplinary phenomenon (Oganisjana & Matlay,
2012). By analysing contributions of the Theory of Economic Decision-Making, the
Social Systems Theory, psychoanalytic research, and behavioural studies on the devel-
opment of entrepreneurship, the authors Stevenson et al. (1989), as well as Ripsas
(1998) developed an interdisciplinary approach. In this approach, the emphasis is put
not only on the economic effects but also on the manner in which ideas are realized
(Njegomir, 2015), as well as on the psychological potentials necessary for the realiza-
tion of entrepreneurship (France
sko, 2016; France
sko & Manasijevi
c, 2017).
In researching entrepreneurial intentions, the greatest priority has been put on
explaining the construct itself and examining the factors of its development (Ajzen,
1991; Bird, 1988; Jakopec et al., 2013; Jeger et al., 2014;Li
~
n
an et al., 2008; Shapero &
Sokol, 1982;Su
sanj et al., 2015). The authors, implicitly or explicitly, have advocated
the importance of studying predictive factors of entrepreneurial intentions, with sci-
entific knowledge as the basis for the development of entrepreneurial socialization of
young people - through formal education and informal social influences.
Entrepreneurial intentions are specifically elaborated upon in the following models:
the Theory of Planned Behaviour (Ajzen, 1991), the Entrepreneurial Event (Shapero
& Sokol, 1982), and the Entrepreneurial Potential Model (Krueger & Brazeal, 1994).
Each of these models places emphasis on specific segments which the authors con-
sider as contributory in their constructive value and in their enhancing the predict-
ability of future entrepreneurial behaviour.
The theoretical framework of this research is individual segments of the Theory of
Planned Behaviour (Ajzen, 1991). This same theory has served as the foundation for
other research on entrepreneurial intentions in the territory of the former Yugoslavia
(Jakopec et al., 2013;2013; Pejic Bach et al., 2018; Tomovska Misoska et al., 2016).
In addition, the theoretical framework of this study includes certain aspects of
entrepreneurial socialization. Starting from the standpoint that entrepreneurship is
determined by different economic, psychological, and social conditions, three sets of
conditions could be singled out; namely, personal characteristics (which include soci-
odemographic characteristics), economic environment, and sociopsychological varia-
bles, such as values and attitudes (Cuervo, 2005; Muhanna, 2007).
Entrepreneurial intentions are described as products of a conscious state of mind,
one which affects and directs personal attention, events, and behaviour toward
planned entrepreneurial behaviour (Bird, 1988). It is believed that intentions can be
strong indicators of the tendency towards self-employment (Fishbein & Ajzen, 1975).
Intentions are primarily related to the cognitive aspects of motivation which direct an
individual’s career development. The components most commonly referenced in this
construct are: entrepreneurial intentions, entrepreneurial self-efficacy, and the desir-
ability of entrepreneurship. Contemporarily, the most commonly used instrument to
measure this construct is an appropriate form of the Entrepreneurial Intention
Questionnaire (EIQ) (Li~
n
an et al., 2008;Li
~
n
an & Chen, 2006). Entrepreneurial
4 M. FRANCEŠKO ET AL.
intentions are primarily related to the motivation of a person based on the anticipa-
tion of his or her future business role as an entrepreneur. This construct is suitable
for surveying young people and predicting their future careers within entrepreneurship.
Thus, a growing number of papers have examined this issue (Alam et al., 2019;Jakopec
et al., 2013;Li&Wu,2019; Pejic Bach et al., 2018; Singh & Onahring, 2019;Su
sanj
et al., 2015; Tomovska Misoska et al., 2016; Usman & Yennita, 2019; Valliere, 2019).
Several authors have focused research on personal characteristics which may be
related to entrepreneurial intentions. Research to date has shown that personality
traits are poor predictors of entrepreneurial intentions (Aldrich & Wiedenmayer,
1993), while several sociopsychological factors have emerged as significant correlates
and/or predictors. The presence of the entrepreneur model in the immediate family
has been demonstrated to be a good predictor of entrepreneurial intentions in young
people (Ahmed et al., 2010; Aldrich & Cliff, 2003; Altinay et al., 2012; Carr &
Sequeira, 2007; Kre
cer Miljkovi
c, 2012; Matthews & Moser, 1996; Scherer et al., 1989;
Tong et al., 2011; Zellweger et al., 2011). These links in the literature are most often
explained by a student feeling empowered in the process of considering establishing
his or her own business (Krueger et al., 2000; Sørensen, 2007) However, other authors
(Nicolaou & Shane, 2009) attribute this correlation to genetic influence.
The broader social context has been examined through the perception of the desir-
ability of engaging in entrepreneurship in a particular social and cultural milieu
(Bojanovi
c et al., 1995; Iakovleva et al., 2011; Jakopec et al., 2013;Li
~
n
an et al., 2011;
Pejic Bach et al., 2018; Tomovska Misoska et al., 2016), as well as through the prism
of personal and social values (Bojanovi
c et al., 1995; Noseleit, 2008).
Several sociodemographic characteristics have also been examined as potential cor-
relates of entrepreneurial intentions. In certain research, students’interest in entre-
preneurship has been explained by factors such as gender, family entrepreneurial
experience in the family, and educational level (Wang & Wong, 2004).
Entrepreneurship has also been recognized as having masculine orientation (Brush,
1992; Gupta et al., 2005). Given the differences between traditional male and female
roles in the family, analysis of which parent is more likely to influence the emergence
of entrepreneurial intentions could also be seen as relevant. Kirkwood’s study
(Kirkwood, 2009) showed that the father’s example is of more significance to
young people.
In addition to the concept of entrepreneurial intention, the term entrepreneurial
orientation has been used in the literature as well (Wales, 2016). This term has most
often been used to denote behavioural strategies characteristic of entrepreneurship,
common characteristics, and the way in which entrepreneurs make decisions.
Relatively speaking, it is more present in the economic approach to the study of
entrepreneurship. Per the precise purposes of this research, the authors decided to
use the term entrepreneurial orientation. The use of this term is intended to imply an
effort on the part of the authors to consider whether and to what extent young peo-
ple think about themselves and their professional role in the context of entrepreneur-
ship, which signifies a more general, approximate, and potentially-oriented view,
rather than the relatively firm definition implied by the concept of intention. In
employing the term orientation, the authors also sought to unify the psychological
ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA 5
dimensions of intention, self-efficacy, and the desirability of entrepreneurship, with-
out delving deeper into the nature of their relationships. Furthermore, the notion of
orientation more explicitly expresses the authors’standpoint and endeavour to exam-
ine the attitudes of young people towards entrepreneurship through a “rough”view
of their own position regarding this professional role. In other words, entrepreneur-
ship was regarded as a potential value.
Entrepreneurship is often equated with creativity and innovation. Certainly, these
elements are present in the activities of entrepreneurship, but in the authors’opinion,
they are not fundamentally determinant. If the opposite were asserted, innovation
and creativity would have a broader, substantively different, and implicit meaning in
this context. The identification of entrepreneurship on which this paper is based is
grounded in the preparedness of a person to take on the role of a founder and a
bearer of an independent business while engaging in an activity which he or she
deems to be new and, thus, competitive in the market.
Selecting potential predictors of entrepreneurial intentions presented a particularly
challenge in this study. The basis for this process was the standpoint that entrepre-
neurship is an interdisciplinary phenomenon and, thus, predictors of entrepreneurial
orientation could be attitudes and values, as they are relatively general and permanent
sociopsychological constructs. They integrate economic, social, and psychological fac-
tors, since attitudes and values are the results of the process of socialization and psy-
chological dispositions of an individual.
Values are a distinctive manifestation of personality, its identification, its attitudes
towards itself, and of what constitutes one’s meaning of life. These basic sociopsycho-
logical dispositions are both general and complex and they indicate what a person
deems desirable and, hence, influences his or her life choices. In an effort to under-
stand their predictive importance for entrepreneurial orientation, it is necessary to
limit the degree of generality and to focus on those values which are substantially
related to the business sphere and the professional role.
Drawing upon the premises and results of the research of several authors (Ali &
Panatik, 2013; Bisman, 2004; Bojanovi
c et al., 1995; Elizur, 1984; Elizur et al., 1991;
France
sko, Manasijevi
c, & Kosanovi
c, 2014b; Ginzberg, Ginzburg, Axelrad, Herma,
1951; Roe & Ester, 1999;
Sverko et al., 2007; Ucanok, 2009), attitudes towards work
and organizational values, as value-satiated and substantively related to the profes-
sional sphere of life, have been distinguished as potential predictors of entrepreneurial
orientation. The essential standpoint behind this is that one’s general attitude towards
work is a distinctive value which represents a type of prism through which particular
aspects of doing business are evaluated as well. The second category of predictors
denotes organizational values, wherein they are treated as personal preferences for
particular aspects of doing business.
Multiple authors have emphasized that attitude towards work represents a distinct
category in the value system (Ali & Panatik, 2013; Roe & Ester, 1999;
Sverko et al.,
2007; Ucanok, 2009). Work is an activity on which the business sphere of life and
self-sustainability of every organization are based. Attitude towards work is one of
the crucial and relatively permanent motivators for starting and running one’s own
company. The research of numerous authors (Elizur, 1984; Elizur et al., 1991;
6 M. FRANCEŠKO ET AL.
Ginzberg et al., 1951; Ucanok, 2009), led to the development of a concept of attitude
towards work which goes beyond the simple categorization into positive and negative
attitudes. (France
sko, Manasijevi
c, & Markov, 2013; France
sko et al., 2014;
2014a, 2014b).
Organizational values, as the second distinguished category of predictors of entre-
preneurial intentions, are psychological dispositions which indicate preferences of par-
ticular states and outcomes within the organizational context and the sphere of
professional work. Based on the work of authors elaborating upon the concept of
organizational values at the theoretical and empirical levels (Schwartz, 1999,2009;
Schwartz et al., 2001; Schwartz et al., 2012; Super &
Sverko, 1996;Dawis,1996; Roe &
Ester, 1999;Hartung,2006;
Sverko et al., 2007), a taxonomy was created and an instru-
ment for their measurement was constructed (France
sko, Manasijevi
c, & Kosanovi
c,
2014). This instrument was applied in this research. Gender and the presence of entre-
preneurial engagement by the father and/or the mother were also examined as individ-
ual differences in the domain of sociodemographic characteristics which were expected
to have predictive value for entrepreneurial orientation.
3. Method
The essential question behind the research was whether certain characteristics of indi-
viduals are significant predictors of entrepreneurial orientation.
To answer this question, a systematic non-experimental study was conducted.
The following variables were employed as subjects of measurement: attitudes
towards work, organizational values, gender, engaging in entrepreneurship by the
father and/or the mother, and the entrepreneurial orientation of the respondents.
Attitudes towards work were measured by a four-point RAD2014 scale devised by
the authors France
sko, Manasijevi
c, and Kosanovi
c which contains 25 items. The reli-
ability of the scale and its latent structure were checked for the purposes of this
paper. Almost identical parameters as in previous studies dedicated to the verification
of this instrument (France
sko, Manasijevi
c, & Kosanovi
c, 2014) were obtained, which
confirmed the justification of its application. The scale contains three factors which
explained 42% of the variance. This means that the measurement covered a signifi-
cant domain of individual differences in respondents’attitudes towards work. The
first factor indicates experiencing work as an instrument for the realization of a per-
son’s needs (item example –“a random individual secures his or her status in society
through work”); the second factor indicates experiencing work as an (unpleasant)
obligation (no pleasure in working), and the third factor indicates experiencing work
as an opportunity for personal fulfilment (“I would work even if I were financially
secure”). Mean and low values of correlation coefficients between factors indicated
that the scale has a unique object of measurement, but also that it is justified to treat
each of them separately, as a potential predictor of entrepreneurial orientation.
Reliability parameters were documented as follows: the scale as a whole a¼0.89; the
scale of the first factor a¼0.86; the scale of the second factor a¼0.63; the scale of
the third factor a¼0.81.
ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA 7
A five-point scale (0 –not significant at all; 4 –very significant), OVR2014 devised
by the authors France
sko, Manasijevi
c, Suvajd
zi
c & Kosanovi
c, was used to measure
organizational values. The scale consists of 55 different aspects of doing business. For
the purposes of this paper, the reliability of the scale and its latent structure were
checked. Almost identical parameters as in previous studies were obtained
(France
sko, Manasijevi
c, & Kosanovi
c, 2014). Four factors explaining 63.78% of total
domain variability were distinguished using the second-order hierarchical factor ana-
lysis. These factors indicate the following four categories of organizational values:
intrinsic and social (examples of items: the tendency towards success, personal auton-
omy, quality of interpersonal relationships); non-egalitarianism in the framework of
market business (orientation towards quality, competition, material stimulation); the
developmentally stimulating role of the team (influence, teamwork), and autocratic
orientation (punishment, control, power). The correlation coefficients between these
factors were shown to be statistically significant, but possessing low values; this
implies that the scale has both a unique subject of measurement as well as that it is
justified to distinguish four sets of organizational values and consider them separately
as potential predictors of entrepreneurial orientation. Reliability parameters were
documented as follows: the scale as a whole a¼0.94; the scale of the first factor
a¼0.91; the scale of the second factor a¼0.76; the scale of the third factor a¼0.82;
the scale of the fourth factor a¼0.82.
Entrepreneurial orientation was measured by the EIQ scale, which comprises 17
items (Li~
n
an et al). This scale is a five-point scale, where 1 means “…”… 5 means
“…,”covering a range of reactions from least to greatest agreement with the respect-
ive item statements. It comprises the three following dimensions: entrepreneurial self-
efficacy (item example: “Starting a business and running it would not be difficult for
me”); entrepreneurial intention (“My professional aim is to become an
entrepreneur”), and desirability of entrepreneurship (“Entrepreneurship has more
advantages than disadvantages for me”). Reliability parameters of the scale obtained
in our sample were as follows: the scale as a whole a¼0.93, the scale of the first fac-
tor a¼0.81, the scale of the second factor a¼0.92, and the scale of the third factor
a¼0.88. In analysing the degree of expression of entrepreneurial orientation, the dis-
tinguished factors were observed individually for a greater degree of information. In
the analysis of the predictors, all three components (factors) were observed through a
unique score of entrepreneurial orientation. The argument for the presented meth-
odological solution derives from the results of internal consistency, or very high posi-
tive correlations between the dimensions (Table 1), indicating that the scale has a
unique subject of measurement.
Drawing upon the results of previous studies and the exploratory character of this
research, the following hypotheses were established:
Table 1. Correlation (r) between entrepreneurial self-efficacy, desirability, and intentions.
Desirability Intention
Self-efficacy r ,560 ,588
Desirability r ,769
Source: authors’calculations.
8 M. FRANCEŠKO ET AL.
H1: Different ways of experiencing work have different predictive significance for
entrepreneurial orientation.
H2: Several values which are seen as important predictors of entrepreneurial orientation
will be distinguished in the latent domain of organizational values.
H3: Gender and entrepreneurial activity of the father and the mother are important
predictors of entrepreneurial orientation.
The research was conducted on a suitable sample; 220 students from various facul-
ties in Novi Sad were surveyed. The average age of the respondents was 21.57 years
(standard deviation (sd) ¼1.949), the mode was 21. The sample comprised 47
(21.4%) male and 173 (78.6%) female respondents. 51 students (23.2%) had a father
who was an entrepreneur, while 27 students had a mother who was an entrepreneur
(12.3% of the respondents). Data were collected online, from students at the
University of Novi Sad.
The following statistical techniques were used: descriptive statistics techniques, a t-
test, correlations (r), and the application of multiple linear regression analysis. Prior
to the MLRA application, crude scores were transformed to a Z scale while dichotom-
ous variables were analysed as dummy variables.
4. Results
The presentation of the results is given in two parts. First, the results of the expres-
sion and structure of attitudes towards work, organizational values, and entrepreneur-
ial orientation are presented on the sample as a whole and on the subsamples of
young men and young women. The results of the analysis of relationships (correla-
tions and predictive parameters) of the fundamental subjects of measurement are pre-
sented in the second part.
4.1. Expression (degree) and structure of attitudes towards work,
organizational values, and entrepreneurial orientation in young men and
young women
The preliminary analysis referred to the determination of the arithmetic mean and
the standard deviation for all three components of entrepreneurial orientation, par-
ticularly for the subsample of male and female respondents (Table 2).
Table 2. Means and Standard deviation of Entrepreneurial orientation of males and females.
Gender Entrepreneurial orientation Self-efficacy Desirability Intention
Male Mean 3.56 3.36 3.95 3.43
SD .969 .961 .970 1.296
N47 474747
Female Mean 3.22 3.33 3.59 2.82
SD .833 .785 .994 1.095
N 173 173 173 173
Total Mean 3.30 3.33 3.67 2.95
SD .873 .824 .998 1.166
N 220 220 220 220
t
(218)
2.3610.223 2.2473.282
t-test is significant at the 0.05 level; t-test is significant at the 0.01 level.
Source: authors’calculations.
ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA 9
The results indicate that the surveyed students possessed a positive orientation
towards entrepreneurship. Statistically more significant positive attitudes towards
entrepreneurship, desirability, and intention were observed in young men. Certain
differences were observed in the structure of entrepreneurial orientation observed on
the basis of the scores of mean values for particular dimensions. While desirability
was most pronounced in young men, followed by intention and then self-efficacy in
entrepreneurship, in young women, the highest degree of desirability was followed by
self-efficacy, while entrepreneurial intention was present to the least degree. The larg-
est degree of difference between the two subsamples was recorded in the dimension
of entrepreneurial intention. Furthermore, in both subsamples of respondents, the
highest degree of heterogeneity was found on this dimension.
On the dimension of attitudes towards work, statistically significant differences
between the two subsamples were found for the work as obligation dimension, which
was indicated as more characteristic of young women than of young men (Table 3).
Although the respondents were students, i.e., the vast majority of them had no
work experience, the high values of the arithmetic means indicates that they had built
a mostly positive attitude towards certain aspects of doing business, which were
labelled with the term organizational values (Table 4).
Certain differences were found between young men and young women. However,
they were not statistically significant, but rather registered at the level of slight ten-
dencies. A tendency was determined in management style based on punishment, con-
trol, hierarchy, tradition, ordering, as well as in a more positive attitude towards
power and status (comprised under a factor called autocratic orientation) being more
pronounced in the male subsample of respondents. However, in terms of these values
being “masculine,”there were no statistically significant findings in this regard
between young women and young men. Furthermore, young men were demonstrated
as inclined to value, to a slightly greater degree, aspects of business such as orienta-
tion towards quality, competition, and material stimulation (non-egalitarianism in the
market business) more than young women, though these differences were not statis-
tically significant. This small degree in differences implies that young women and
young men are becoming more homogenised in terms of certain aspects of organiza-
tional values and ways of defining value benchmarks when building their professional
roles, at least in the case of future intellectuals. It is the authors’opinion that this
Table 3. Means and Standard deviation of Attitudes towards work.
Gender Instrument Obligation Fulfilment
Male Mean 3.88 3.78 3.57
SD .830 .601 1.019
N474747
Female Mean 4.00 3.99 3.81
SD .590 .434 .791
N 173 173 173
Total Mean 3.98 3.95 3.76
SD .649 .481 .848
N 220 220 220
t
(218)
1.187 2.778 1.759
t-test is significant at the 0.05 level; t-test is significant at the 0.01 level.
Source: authors’calculations.
10 M. FRANCEŠKO ET AL.
tendency towards equalisation is due to both the respondents’high level of education
and the increasing emancipation of women.
4.2. Analyses of relationships between fundamental subjects of measurement
Correlations (r) between the examined variables are shown in Table 5.
The results indicate the existence of statistically significant, low, and positive corre-
lations between entrepreneurial orientations in the total sample of students in
regard to:
dimensions of attitudes towards work dimension as both an Instrument and as a
measure of personal Fulfilment –students with higher scores in these dimensions
demonstrated higher scores in Entrepreneurial Orientation as well;
organizational values of Intrinsic and social organizational value, Non-egalitarian-
ism in the frameworks of market business, and Autocratic orientation –students
with higher scores in these dimensions exhibited higher scores in Entrepreneurial
Orientation as well;
social variables relating to the non-egalitarianism father and the mother being
entrepreneurs –students whose parents, whether the father or the mother, were
entrepreneurs showed higher scores in Entrepreneurial Orientation as well;
young men having higher entrepreneurial orientation than young women.
Table 5 shows certain differences in the significance of the correlations between
the examined variables on the subsample of young men and young women. In the
subsample of young men, positive correlations of entrepreneurial orientation were
found only in regard to experiencing work as an Instrument and to personal
Fulfilment. In the subsample of young women, the display of positive correlations
strongly parallels the results obtained in the total sample (something which could be
explained by the great majority of those sampled being women 78.6%), except in
the example of the significance of the association between mothers’entrepreneurship
and the entrepreneurial orientation of the female respondents, which did not register
at the level of statistical significance. These results suggest the need for further analy-
ses of the two subsamples, especially with a more balance sample set across genders.
Table 4. Means and Standard deviation of Organizational values (OV).
Gender IntrOV Non-eg. OV TeamOV AutOV
Male Mean 3.39 3.19 3.19 2.73
SD .374 .603 .753 .745
N47 47 4747
Female Mean 3.44 3.03 3.18 2.61
SD .371 .481 .558 .609
N 173 173 173 173
Total Mean 3.43 3.06 3.18 2.64
SD .371 .513 .603 .640
N 220 220 220 220
t
(218)
0.883 1.954 0.063 1.077
Meaning: IntrOV ¼intrinsic and social organizational values; Non-eg.OV ¼non-egalitarianism organizational values;
TeamOV ¼team organizational values; AutOV ¼autocratic orientation as organizational value.
Source: authors’calculations.
ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA 11
The parameters of the multiple linear regression analysis are shown in Table 6.
The obtained model was shown to be statistically significant and explained 24.7%
of the variance in the criterion variable Entrepreneurial Orientation (Table 6).
Table 7 shows the partial contributions of the predictors.
Work as Fulfilment, Autocratic orientation, Father as an entrepreneur, and male
gender were distinguished as statistically significant predictors. The relationships were
positive in the sense that a higher degree of the expressiveness of the predictor varia-
bles predicted a higher degree of entrepreneurial orientation as a criterion variable.
The obtained results are consistent with the correlations shown in Table 5, which
indicates that there is no interaction effect between the predictors in predicting the
criterion variable.
The next step in the data processing was the application of regression analysis on
the samples of young women (Tables 8 and 9) and young men (Tables 10 and 11).
The regression model on the female sample was shown to be statistically significant
and explained 25.2% of the variance in Entrepreneurial Orientation. In the female
subsample, as well as on the total sample of students, work as Fulfilment and Father
as an entrepreneur were distinguished as significant predictors.
The regression model in the male sample was not statistically significant. Only the
attitude towards work as Fulfilment was distinguished as a significant predictor. This
factor was distinguished as an individual predictor despite the whole model not quali-
fying as statistically significant. This implies that in young men, conditionally, a
higher degree of entrepreneurial orientation can be predicted with a certain degree of
probability only on the basis of a higher degree of experiencing work as per-
sonal fulfilment.
5. Conclusions and discussion
Based on the results obtained from this research, a number of conclusions can be
drawn. The students exhibited a relatively high degree of entrepreneurial orientation,
which implies that entrepreneurship is becoming a more established value among
Table 5. Correlation (r) between entrepreneurial orientation, attitudes towards work, organiza-
tional values, parents as entrepreneurs, and gender.
entrepreneurial_orientation
Pearson’s r Total sample Male sample Female sample
Instrument r .180 .291.156
Obligation r .078 .178 .082
Fulfilment r .216 .328.205
IntrOV r .130 .190 .126
Non-eg.OV r .255 .245 .237
TeamOV r .045 .132 .009
AutOV r .226 .272 .197
FatherAsEntr. r .219 -.067 .322
MotherAsEntr. r .150.163 .118
Gender r -.158––
correlation is significant at the 0.05 level; correlation is significant at the 0.01 level.
Meaning: IntrOV ¼intrinsic and social organizational values; Non-eg.OV ¼non-egalitarianism organizational values;
TeamOV ¼team organizational values; AutOV ¼autocratic orientation as organizational value.
Source: authors’calculations.
12 M. FRANCEŠKO ET AL.
young people. Young men and young women appear to differ in the degree of
expression and structure of their attitudes towards entrepreneurship, which is, to a
certain extent, seemingly more pronounced in young men. These results are consist-
ent with several previous studies (Brush, 1992; Gupta et al., 2005; Sahinidis et al.,
2012; Wang & Wong, 2004). It is assumed that the different positions of the respect-
ive genders in their relationship to entrepreneurship (in young men: desirability,
Table 6. Model evaluation parameters on the total sample of predictor variables.
Model R R Square Adjusted R Square F sig
1 .497 .247 .192 4.487 .000
Source: authors’calculations.
Table 7. Regressions coefficients on the total sample of predictor variables.
bt sig
1 (Constant) 4.041 .000
Instrument -.084 -.725 .470
Obligation -.199 1.974 .050
Fulfilment .420 3.686 .000
IntrOV .012 .091 .927
Non-eg.OV .023 .178 .859
TeamOV -.026 -.252 .802
AutOV .269 2.415 .017
FatherAsEntr. .211 2.484 .014
MotherAsEntr. -.013 -.157 .875
gender -.186 2.313 .022
Meaning: IntrOV ¼intrinsic and social organizational values; Non-eg.OV ¼non-egalitarianism organizational values;
TeamOV ¼team organizational values; AutOV ¼autocratic orientation as organizational value.
Source: authors’calculations.
Table 8. Model evaluation parameters on the female sample.
Model R R Square Adjusted R Square F sig
1 .502 .252 .187 3.856 .000
Source: authors’calculations.
Table 9. Regressions coefficients on the female sample.
bt sig
1 (Constant) 2.741 .007
Instrument -.083 -.702 .484
Obligation -.170 1.557 .123
Fulfilment .309 2.596 .011
IntrOV .053 .336 .737
Non-eg.OV .049 .340 .735
TeammOV -.007 -.055 .956
AutOV .220 1.701 .092
FatherAsEntr. .283 3.006 .003
MotherAsEntr. -.023 -.249 .804
Meaning: IntrOV ¼intrinsic and social organizational values; Non-eg.OV ¼non-egalitarianism organizational values;
TeamOV ¼team organizational values; AutOV ¼autocratic orientation as organizational value.
Source: authors’calculations.
Table 10. Model evaluation parameters on the male sample.
Model R R Square Adjusted R Square F sig
1 .542 .294 .040 1.156 .364
Source: authors’calculations.
ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA 13
intent, self-efficacy, and in young women: desirability, self-efficacy, and intent) may
be indicative of different approaches to assessing desirability and deciding to become
an entrepreneur, as well as to achieving success in doing business.
Attitudes towards work and organizational values as effects of early socialization,
i.e., more precisely, some of their dimensions, were shown to be significant correlates
of entrepreneurial orientation. However, not all significant correlates demonstrated a
predictive value. On the subsample of young women, experiencing work as an oppor-
tunity for personal fulfilment, autocratic value orientations, and engaging in entrepre-
neurship by the respondents’fathers were distinguished as significant predictors. The
results indicating that different predictors were identified in the male and the female
subsample of respondents once again confirms that the two subsamples differ in
terms of entrepreneurial orientation.
With some degree of certainty, it can be concluded that experiencing work as an
opportunity for personal fulfilment is one of the relevant predictors of entrepreneurial
orientation, for it stood out as significant both in the subsample of young men and
in the subsample of young women, notwithstanding the significance of the over-
all models.
Entrepreneurship of the father as a direct factor in early socialization was shown
to be a significant predictor of entrepreneurial orientation for young women, but not
for young men. While in the subsample of young men entrepreneurship of the father
was not shown to be a significant predictor of entrepreneurial orientation, the
authors’do consider the difference in the sign bas indicative. While this ratio is
positive in young women, it is negative in young men, from which it can be con-
cluded that entrepreneurial socialization in the primary family is a significant factor
for the development of entrepreneurial orientation. In considering this process and
its outcomes, however, gender differences must not be neglected. These results are
consistent with numerous previous studies (Ahmed et al., 2010; Aldrich & Cliff, 2003;
Altinay et al., 2012;2012; Carr & Sequeira, 2007; Kre
cer Miljkovi
c, 2012; Matthews &
Moser, 1996; Scherer et al., 1989; Tong et al., 2011; Zellweger et al., 2011).
The obtained results confirmed all three initial research hypotheses. However, the
percentage of the explained variance of the criterion variables still leaves ample
opportunity for additional explanations and further research into new psychological-
socio-economic predictors of entrepreneurial orientation.
Table 11. Regressions coefficients on the male sample.
bt sig
1 (Constant) 2.413 .023
Instrument -.145 -.380 .707
Obligation -.369 1.502 .146
Fulfilment .745 2.171 .040
IntrOV -.009 -.027 .979
Non-eg.OV .013 .039 .970
TeamOV -.230 -.887 .384
AutOV .302 1.011 .322
FatherAsEntr. -.186 -.620 .541
MotherAsEntr. .216 .726 .475
Meaning: IntrOV ¼intrinsic and social organizational values; Non-eg.OV ¼non-egalitarianism organizational values;
TeamOV ¼team organizational values; AutOV ¼autocratic orientation as organizational value.
Source: authors’calculations.
14 M. FRANCEŠKO ET AL.
The obtained results on gender differences in entrepreneurial orientation, observed
from the standpoint of the degree of presence and the structure itself as well as its
correlates and predictors, in the opinion of the authors, indicate the strong effect of
cultural contents in socialization in directing male and female gender roles. This indi-
cated context, particularly in the context of entrepreneurship, but not limited to this
sphere, highlights the need for further research on male/female differences in the
mechanisms and dynamics of socialization, as well as in the increasing emancipation
of women in society. Such research should focus on evaluating and explaining these
differences so as to gain further insight into these complex, impactful phenomena.
The argumentation for the above assumptions in the explanation of the findings in
the results obtained in this study are their capacity to demonstrate, to a certain
extent, the degree of expression of the organizational values in young men and young
women, which are implied in the orientation towards competition, the significance of
material stimulation, influence, status, and techniques of the autocratic style of leader-
ship, often referred to as "masculine."
Having in mind that the emancipation of women, inter alia, means taking on
"masculine" patterns of behaviour, the presence of the engagement of the father in
entrepreneurship as a significant predictor of entrepreneurial orientation in young
women can be understood within the context of the model of internalizing the pro-
fessional role of the father. This, however, raises the question of why the results
obtained on the subsample of young men were not in line with this mechanism of
the socialization process, with even opposite negative tendencies were identified.
While acknowledging the methodological limitations of the inequality along gender
lines in the number of subsample sizes, also it is the authors’assumption that there
are inherent contrasting perspectives by gender on the father’s entrepreneurial activ-
ity. While young women seem to perceive this business activity of their fathers pri-
marily as a model and a benchmark in the process of their own emancipation, young
men would seem to base their assessment additionally by taking into account the
relative productivity of the invested entrepreneurial engagement of their fathers and
the profits made. If this mechanism of vicarious conditioning were linked to entre-
preneurship in Serbia today as primarily still a function of subsistence rather than a
clear, voluntary choice towards visible enrichment and improving one’s standard of
living, then the negative relationships in the subsample of young men as future
bearers of family relations would be understandable. It clearly appears that young
male students anticipate their future professional and family roles as different from
the models of their fathers. If the aspect of traditional culture in which sons are
expected to pursue their father’s business were taken into consideration, as well as
the fact that young men are educated, inter alia, for their own affirmation, this could
also help explain the negative sign b.
Based on the results obtained from this research, it can be concluded that socioe-
conomic factors incorporated into the process of entrepreneurial socialization, in add-
ition to personality traits, are significant factors in the development of
entrepreneurial orientation. In other words, entrepreneurial socialization comprises
sources, contents, mechanisms, and effects of early socialization which are manifested
in the development of gender roles, in attitudes towards work, in the importance of
ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA 15
the presence of subjects’parents having experience in running their own businesses,
and, partially, in organizational values.
The results of this research may have significant applications in the process of
developing strategies for entrepreneurship. The authors’research and findings have
revealed that the attitude towards entrepreneurship in children begins to develop in
early socialization. The entrepreneurial model of the father is especially important in
this process. Through instilling particular attitudes towards work and organizational
values, parents and other agents of socialization may develop the initial potential for
entrepreneurship in children. The ultimate condition for all these socialization proc-
esses is the fostering and development of an entrepreneurial-friendly environment in
society. When designing and implementing educational programs dedicated to entre-
preneurship, it is important to acknowledge the established differences between young
men and young women. In attempting to aim educational programs and society as a
whole to motivate young people to engage in entrepreneurship, it is suggested that
the content of this motivational basis would have a greater effect if entrepreneurship
and its importance were presented to young men and women in relevant, appropri-
ately different ways.
As with any research, and especially research which has an exploratory character,
this research has certain limitations as well. This research has in its own way con-
firmed that understanding the psychological basis of entrepreneurship cannot be fully
and sufficiently scientifically realized without economic and sociological analysis and
vice versa. However, in the interdisciplinary approach, which the authors have striven
to apply, the question of the extent to which psychological or economic factors
impact the development of entrepreneurial orientation remains open. The explained
percentage of variability in the prediction of entrepreneurial orientation offers fertile
grounds for further researching and isolating other psychological and economic-
sociological factors as subjects of examination. Particular limitations of this research
lie in the size and the structure of the sample. It is certain that a larger sample of
respondents, with a more elaborate and balanced structure, would give additional
weight to the obtained results. Based on the above, the presented conclusions could
be regarded as a framework and springboard for further research into entrepreneur-
ship and other related fields.
Disclosure statement
No potential conflict of interest was reported by the authors.
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