Linking post-materialism to individual perception of business opportunities: The role of entrepreneurial self-efficacy

The influence of national culture on entrepreneurship has been extensively studied in the existing literature. Nevertheless, the mechanisms through which cultural values are interpreted and translated into specific entrepreneurial outcomes at the individual level remain incompletely understood. This study examines the link between country-level post-materialism and individual perception of entrepreneurial opportunities, wherein entrepreneurial self-efficacy is viewed as an important mediator of this relationship. The research is based on post-materialism theory and the concept of entrepreneurial self-efficacy. The multilevel mixed-effects linear regression and the mediation testing techniques were employed to examine the study hypotheses. The research hypotheses are tested using the Global Entrepreneurship Monitor 2019 (GEM) and the World Value Survey (WVS) 1981–2019 databases. The GEM database was used to derive the individual-level data on opportunities perception and entrepreneurial self-efficacy as well as on demographic control variables, while the WVS databases were employed to evaluate the country-level post-materialism index. The findings suggest that individuals in post-materialist society are less likely to perceive business opportunities. At the same time, for the first time in literature this study revealed that individual entrepreneurial selfefficacy appears to mitigate this negative relationship. This study identifies a mechanism that links the institutional level, where national culture expressed through post-materialism is situated, with the individual level, where entrepreneurship takes place. The obtained results can be used by policymakers and educators to promote entrepreneurial development depending on the level of post-materialistic maturity of the given society.