Descriptive statistics and robustness checks
Descriptive statistics are reported for each year respectively in Tables
2,
3 and
4.
Table 2
Descriptive statistics and correlations for year 2006
China | 1 | OPP | 0.338 | 0.473 | 1 | | | | | | | 1.27 |
2 | FF | 0.240 | 0.427 | 0.175 | 1 | | | | | | 1.06 |
3 | HC | 0.351 | 0.477 | 0.337 | 0.146 | 1 | | | | | 1.31 |
4 | OHC | 0.472 | 0.499 | 0.402 | 0.190 | 0.432 | 1 | | | | 1.40 |
5 | Gender | 0.489 | 0.499 | − 0.066 | − 0.006 | − 0.162 | − 0.112 | 1 | | | 1.04 |
6 | Age | 37.213 | 12.175 | − 0.191 | − 0.009 | − 0.176 | − 0.213 | 0.031 | 1 | | 1.13 |
7 | Education | 0.272 | 0.445 | 0.124 | 0.035 | 0.077 | 0.126 | − 0.118 | − 0.256 | 1 | 1.09 |
Italy | 1 | OPP | 0.219 | 0.414 | 1 | | | | | | | 1.13 |
2 | FF | 0.233 | 0.423 | 0.201 | 1 | | | | | | 1.11 |
3 | HC | 0.283 | 0.450 | 0.273 | 0.228 | 1 | | | | | 1.31 |
4 | OHC | 0.219 | 0.414 | 0.238 | 0.218 | 0.431 | 1 | | | | 1.31 |
5 | Gender | 0.526 | 0.499 | − 0.027 | 0.055 | − 0.111 | − 0.119 | 1 | | | 1.03 |
6 | Age | 47.275 | 14.950 | − 0.014 | − 0.090 | − 0.118 | − 0.177 | 0.029 | 1 | | 1.04 |
7 | Education | 0.188 | 0.391 | 0.062 | − 0.015 | 0.032 | 0.053 | − 0.057 | − 0.029 | 1 | 1.01 |
US | 1 | OPP | 0.192 | 0.394 | 1 | | | | | | | 1.37 |
2 | FF | 0.125 | 0.331 | 0.171 | 1 | | | | | | 1.05 |
3 | HC | 0.352 | 0.477 | 0.446 | 0.143 | 1 | | | | | 1.41 |
4 | OHC | 0.216 | 0.411 | 0.417 | 0.154 | 0.441 | 1 | | | | 1.37 |
5 | Gender | 0.507 | 0.500 | − 0.138 | 0.003 | − 0.172 | − 0.088 | 1 | | | 1.05 |
6 | Age | 50.701 | 16.870 | − 0.115 | − 0.084 | − 0.097 | − 0.167 | 0.108 | 1 | | 1.04 |
7 | Education | 0.643 | 0.479 | 0.102 | 0.039 | 0.115 | 0.079 | − 0.028 | − 0.009 | 1 | 1.02 |
Table 3
Descriptive statistics and correlations for year 2012
China | 1 | OPP | 0.274 | 0.446 | 1 | | | | | | | 1.10 |
2 | FF | 0.354 | 0.478 | − 0.004 | 1 | | | | | | 1.01 |
3 | HC | 0.357 | 0.479 | 0.247 | − 0.026 | 1 | | | | | 1.11 |
4 | OHC | 0.508 | 0.499 | 0.209 | 0.023 | 0.224 | 1 | | | | 1.09 |
5 | Gender | 0.517 | 0.499 | − 0.052 | 0.027 | − 0.076 | − 0.036 | 1 | | | 1.01 |
6 | Age | 38.384 | 12.457 | − 0.067 | 0.076 | − 0.048 | − 0.078 | − 0.016 | 1 | | 1.14 |
7 | Education | 0.258 | 0.438 | 0.070 | − 0.097 | 0.026 | 0.035 | 0.001 | − 0.343 | 1 | 1.14 |
Italy | 1 | OPP | 0.170 | 0.376 | 1 | | | | | | | 1.03 |
2 | FF | 0.564 | 0.496 | − 0.003 | 1 | | | | | | 1.01 |
3 | HC | 0.290 | 0.454 | 0.117 | 0.004 | 1 | | | | | 1.07 |
4 | OHC | 0.200 | 0.400 | 0.139 | 0.029 | 0.193 | 1 | | | | 1.07 |
5 | Gender | 0.526 | 0.499 | − 0.073 | 0.049 | − 0.104 | − 0.089 | 1 | | | 1.03 |
6 | Age | 42.841 | 12.237 | − 0.058 | − 0.066 | − 0.093 | − 0.098 | 0.042 | 1 | | 1.02 |
7 | Education | 0.165 | 0.371 | 0.038 | − 0.025 | 0.078 | 0.054 | 0.073 | − 0.001 | 1 | 1.02 |
US | 1 | OPP | 0.353 | 0.478 | 1 | | | | | | | 1.03 |
2 | FF | 0.347 | 0.476 | − 0.088 | 1 | | | | | | 1.03 |
3 | HC | 0.538 | 0.498 | 0.083 | − 0.106 | 1 | | | | | 1.12 |
4 | OHC | 0.263 | 0.440 | 0.131 | − 0.012 | 0.226 | 1 | | | | 1.09 |
5 | Gender | 0.525 | 0.499 | − 0.050 | 0.044 | − 0.189 | − 0.078 | 1 | | | 1.04 |
6 | Age | 49.743 | 17.632 | − 0.013 | − 0.091 | 0.005 | − 0.118 | 0.064 | 1 | | 1.03 |
7 | Education | 0.577 | 0.494 | 0.083 | 0.014 | 0.145 | 0.101 | − 0.009 | 0.041 | 1 | 1.04 |
Table 4
Descriptive statistics and correlations for year 2016
China | 1 | OPP | 0.317 | 0.465 | 1 | | | | | | | 1.23 |
2 | FF | 0.406 | 0.491 | 0.095 | 1 | | | | | | 1.01 |
3 | HC | 0.269 | 0.443 | 0.323 | 0.042 | 1 | | | | | 1.19 |
4 | OHC | 0.505 | 0.500 | 0.359 | 0.088 | 0.321 | 1 | | | | 1.22 |
5 | Gender | 0.489 | 0.499 | 0.003 | 0.029 | − 0.091 | − 0.026 | 1 | | | 1.01 |
6 | Age | 42.492 | 14.833 | − 0.060 | 0.011 | − 0.023 | − 0.082 | 0.012 | 1 | | 1.17 |
7 | Education | 0.324 | 0.468 | 0.113 | − 0.001 | 0.073 | 0.073 | − 0.032 | − 0.373 | 1 | 1.18 |
Italy | 1 | OPP | 0.251 | 0.433 | 1 | | | | | | | 1.07 |
2 | FF | 0.539 | 0.498 | − 0.029 | 1 | | | | | | 1.01 |
3 | HC | 0.307 | 0.461 | 0.131 | − 0.013 | 1 | | | | | 1.07 |
4 | OHC | 0.284 | 0.451 | 0.207 | 0.071 | 0.205 | 1 | | | | 1.10 |
5 | Gender | 0.506 | 0.500 | 0.073 | 0.043 | − 0.158 | − 0.118 | 1 | | | 1.02 |
6 | Age | 43.670 | 12.484 | − 0.063 | − 0.105 | − 0.026 | − 0.049 | 0.012 | 1 | | 1.02 |
7 | Education | 0.152 | 0.359 | 0.094 | − 0.027 | 0.043 | 0.065 | 0.105 | 0.054 | 1 | 1.03 |
US | 1 | OPP | 0.505 | 0.500 | 1 | | | | | | | 1.07 |
2 | FF | 0.327 | 0.469 | − 0.019 | 1 | | | | | | 1.03 |
3 | HC | 0.547 | 0.498 | 0.114 | − 0.138 | 1 | | | | | 1.14 |
4 | OHC | 0.289 | 0.453 | 0.183 | − 0.021 | 0.227 | 1 | | | | 1.10 |
5 | Gender | 0.501 | 0.500 | − 0.075 | 0.049 | − 0.164 | − 0.072 | 1 | | | 1.04 |
6 | Age | 45.673 | 15.979 | − 0.117 | − 0.089 | 0.079 | − 0.112 | 0.042 | 1 | | 1.05 |
7 | Education | 0.734 | 0.442 | 0.123 | 0.062 | 0.141 | 0.107 | 0.043 | − 0.018 | 1 | 1.05 |
As we expected, there are differences in entrepreneurial activity among China, Italy, and the US. In 2006, the percentages of participants who plan to create a new venture in the next three years is highest in China with about 36% and lower in both Italy with about 12% and in the US with about 11%. In China about 11% of the participants manage and own a business. This percentage is 1.1% in Italy and 29% for the US.
Table
2 presents the descriptive statistics for year 2006. As for the independent variables, the table shows that OPP among the participants were about 34% in China; about 22% in Italy; and about 19% in the US. FF among the participants was about in China 24%; 23% in Italy and 12% in the US. HC among the participants were about 35% in China; 28% in Italy; and 35% in the US. OHC among the participants were in China about 47%; about 22% in Italy; and about 21% in the US. The control variables shown in the table reveal that the samples consisted of about half men and women. The average age among the participants was in China about 37 years; in Italy 47 years; and in the US 51 years. In terms of education, among the participants in China about 27% had a post-secondary education. This was in Italy about 19% and in the US about 64%.
The average VIF is 1.19 for China; 1.13 for Italy; and 1.19 for the US for the variance inflation factors in Table
2. All the correlations presented in Table
2 are lower than 0.7.
Comparing responses from 2006 with those from 2012 reveals that the participants, who plan to create a new venture in the next three years is higher in 2012 than in 2006: in China, about 22%; in Italy, about 11%; and in the US, about 13%. Further, the participants, who manage and own a business, were lower in 2006: In China with about 7.7%; in Italy, about 2.1%; and in the US, about 3.7%.
Table
3 presents the descriptive statistics for year 2012. Among the participants OPP is about 27% in China; 17% in Italy; and about 35% in the US. FF among the participants is about 35% in China; 56% in Italy; and 35% in the US. HC among the participants is about 35% in China; 29% in Italy; and 54% in the US. OHC among the participants is almost 51% in China; about 20% in Italy; and about 26% in the US. In 2012, the samples include slightly more women than men (on average about 52%). The average ages in the samples were about 38 years in China; 43 years in Italy; and 50 years on the US. The participants who had post-secondary achievements were, in China, about 26%; in Italy, almost 17%; and in the US, about 58%.
The average VIF in Table
3 are, for China, 1.09; for Italy, 1.04; and for the US, 1.05; and the highest VIF is well below 10. All the correlations are less than 0.7 in magnitude.
Comparing the number of participants who plan to create a new venture in the next three years in 2012 and 2016 reveal similar values: about 25% in China; about 11% in Italy; and about 15% in the US. The participants who own and manage a business are: about 5% in China; about 1.8% in Italy; and about 3.5% in the US.
Table
4 shows the descriptive statistics for year 2016. OPP among the participants were about 32% in China; 25% in Italy; and over 50% in the US. FF in the participants was approximate 40% in China; about 54% in Italy; and about 33% in the US. HC among the participants was about 27% in China; 31% in Italy; and 55% in the US. OHC was over 50% in China; about 28% in Italy; and 29% in the US. The distribution of individuals in terms of gender is equally divided in the three countries. The age of participants was slightly over 42 years in China; a little more than 43 years in Italy; and over 45 years in the US. Participants with higher than secondary-level education was, in China, about 32%; in Italy, a little over 15%; and in the US, about 73%.
The results presented in Table
4 mean that the average VIF is 1.14 for China; 1.05 for Italy; and 1.07 for the US. No correlation in Table
4 exceeds the magnitude of 0.7. As the results presented in Tables
2,
3, and
4 pertaining to robustness reveal that the models across country and across time are robust as all average VIFs are less than 6, the highest VIF is less than 10, and the magnitude of any of the correlations is less than 0.7.
Logistic regression results
In order to test the robustness of our findings, control variables and robust standard errors (in parentheses) are included in our models as shown in the tables.
Table
5 shows the logistic regression results related to 2006 with expectations (LNV) as dependent variable in model 1 and perseverance (MV) as dependent variable in model 2. As for
Intuition, we found statistically significant evidence that OPP has full positive effects on our dependent variables for China and the US, while FF has only partial effects for China and Italy. For China, OPP has a positive impact on both LNV (model 1a, coefficient = 0.627, significant at 1%) and MV (model 2a, coefficient = 0.577, significant at 1%). Instead, FF has a positive impact only on LNV (model 1a, coefficient = 0.324, significant at 1%) and it has no statistically significant effects on MV. These results support H1, H2 and H5 but not H6. For Italy, for both OPP and FF has a positive significant effect on LNV only (model 1b, coefficients = 0.521 and 0.653, respectively, both significant at 5%). No statistically significant effects on MV are found. The evidence supports H1 and H2 but not H5 and H6. For the US, OPP has a positive effect on both LNV (model 1c, coefficient = 1.262, significant at 1%) and MV (model 2c, coefficient = 0.606, significant at 5%); whereas FF has no statistically significant effects on either dependent variable. This supports H1 and H5 but not H2 and H6.
Table 5
Results of logistic regressions – Year 2006
Independent variables |
Intuition |
OPP | 0.627 | *** | 0.577 | *** | 0.521 | *** | 0.387 | | 1.262 | *** | 0.606 | ** |
(0.114) | | (0.153) | | (0.178) | | (0.481) | | (0.148) | | (0.244) | |
FF | 0.324 | *** | 0.132 | | 0.653 | *** | − 0.425 | | 0.153 | | − 0.254 | |
(0.122) | | (0.158) | | (0.166) | | (0.491) | | (0.169) | | (0.307) | |
Rationality |
HC | 1.008 | *** | 1.354 | *** | 1.132 | *** | 2.421 | *** | 1.623 | *** | 2.199 | *** |
(0.112) | | (0.165) | | (0.179) | | (0.698) | | (0.173) | | (0.415) | |
OHC | 1.188 | *** | 0.641 | *** | 1.148 | *** | 0.635 | | 0.793 | *** | 1.277 | *** |
(0.114) | | (0.177) | | (0.176) | | (0.529) | | (0.149) | | (0.266) | |
Control variables |
Gender | − 0.009 | | − 0.081 | | − 0.012 | | 0.219 | | − 0.373 | *** | − 0.249 | |
(0.104) | | (0.141) | | (0.159) | | (0.482) | | (0.137) | | (0.238) | |
Age | − 0.050 | *** | − 0.022 | *** | − 0.051 | *** | − 0.056 | *** | − 0.023 | *** | − 0.016 | ** |
(0.004) | | (0.006) | | (0.006) | | (0.016) | | (0.004) | | (0.007) | |
Education | 0.117 | | − 0.320 | ** | − 0.187 | | 1.022 | ** | − 0.139 | | 0.485 | * |
(0.115) | | (0.161) | | (0.205) | | (0.462) | | (0.146) | | (0.273) | |
Constant | − 0.182 | | − 2.629 | *** | − 1.075 | *** | − 4.336 | *** | − 2.392 | *** | − 5.287 | *** |
(0.191) | | (0.306) | | (0.279) | | (0.858) | | (0.255) | | (0.587) | |
Model diagnostics | | | | | | | | | | | | |
No. observations | 2399 | | 2399 | | 1999 | | 1999 | | 3012 | | 3012 | |
Maximum VIF | 1.40 | | 1.40 | | 1.31 | | 1.31 | | 1.41 | | 1.41 | |
Mean VIF | 1.19 | | 1.19 | | 1.13 | | 1.13 | | 1.19 | | 1.19 | |
Wald χ sq | 553.58 | | 217.32 | | 284.48 | | 67.85 | | 459.33 | | 115.58 | |
(Pseudo) R2 | 0.241 | | 0.144 | | 0.232 | | 0.213 | | 0.276 | | 0.233 | |
These findings highlight that OPP has a positive effect in the three countries, but the strongest impact is for the US. On the other hand, FF has a positive impact only on LNV for China and Italy. This effect is strongest for Italy.
As for Rationality, a full positive significant effect on both our dependent variables is disclosed for China and the US, while this impact is partial for Italy. For China, HC has a positive effect on both LNV (model 1a, coefficient = 1.008, significant at 1%) and MV (model 2a, coefficient = 1.354, significant at 1%); and OHC has a positive impact on both LNV (model 1a, coefficient = 1.118, significant at 1%) and MV (model 2a, coefficient = 0.641, significant at 1%). These results render support for H3, H4, H7, and H8. For Italy, HC has a positive significant effect on both LNV (model 1b, coefficient = 1.132, significant at 1%) and MV (model 2b, coefficient = 2.421, significant at 1%); while OHC has a positive significant impact on LNV only (model 1b, coefficient = 1.148, significant at 1%). Contrary to expectations, OHC does not have a statistically significant effect on MV. This supports H3, H4 and H7, while H8 is not supported. For the US, HC has a positive significant effect on LNV (model 1c, coefficient = 1.623, significant at 1%) and on MV (model 2c, coefficient = 2.199, significant at 1%). OHC has a significant positive effect on LNV (model 1c, coefficient = 0.793, significant at 1%) and on MV (model 2c, coefficient = 1.277, significant at 1%). These results support H3, H4, H7 and H8.
The results also indicate that HC has positive impacts on both MV and LNV in all the three countries while the impact is stronger on MV in Italy and the US. They also show that OHC has a weaker effect on LNV in the US and stronger effects in China and Italy. They also show that OHC has a stronger impact on MV in the US compared to Italy and China (while in these countries OHC values are similar, although it has no significant effect for Italy).
Table
6 shows the logistic regression results for 2012. As for
Intuition, we found statistically significant evidence that OPP has full positive effects on our dependent variables for China and the US, while FF has only partial effects for the US. For China, OPP has a positive impact on both LNV (model 1d, coefficient = 0.577, significant at 1%) and MV (model 2d, coefficient = 0.328, significant at 5%). FF has no statistically significant effects on either LMV or MV. This supports H1 and H5 but not H2 and H6. For Italy, OPP has a positive significant impact on LNV only (model 1e, coefficient = 0.717, significant at 1%), but not on MV. FF has no significant impact on either LMV or MV. This supports H1 but do not support H2, H5, or H6. For the US, OPP has a positive impact on both LNV (model 1f, coefficient = 0.640, significant at 1%) and MV (model 2f, coefficient = 0.365, significant at 5%). FF has a negative statistically significant impact only on LNV (model 1f, coefficient = − 0.258, significant at 1%). The expectations suggested a positive effect, however this result is in line with previous studies (see among others Mitchell & Shepherd,
2011). The scholars, in fact, argue that fear of failure does not only act as an inhibitory factor (thus confirming our hypothesis); but it can also act as a motivating factor, driving entrepreneurs to be proactive (this is related to the negative statistically significance derived from elaborations). This supports H1 and H5 but not H2 or H6. The results also show that OPP has a stronger impact on LNV for Italy while it has a stronger effect on MV for both the US and China. Further, they show that FF has a significant negative effect for the US only.
Table 6
Results of logistic regressions – Year 2012
Independent variables | |
Intuition |
OPP | 0.577 | *** | 0.328 | ** | 0.717 | *** | 0.121 | | 0.640 | *** | 0.365 | ** |
(0.092) | | (0.132) | | (0.178) | | (0.379) | | (0.087) | | (0.154) | |
FF | − 0.102 | | 0.007 | | 0.017 | | − 0.097 | | − 0.258 | *** | − 0.101 | |
(0.089) | | (0.135) | | (0.155) | | (0.329) | | (0.096) | | (0.167) | |
Rationality |
HC | 0.615 | *** | 0.794 | *** | 1.758 | *** | 1.793 | *** | 1.270 | *** | 1.473 | *** |
(0.089) | | (0.134) | | (0.162) | | (0.375) | | (0.105) | | (0.234) | |
OHC | 0.470 | *** | 0.751 | *** | 0.319 | * | 1.396 | *** | 0.616 | *** | 1.671 | *** |
(0.089) | | (0.145) | | (0.182) | | (0.338) | | (0.089) | | (0.170) | |
Control variables |
Gender | − 0.319 | *** | − 0.302 | ** | − 0.291 | * | − 0.063 | | − 0.188 | ** | − 0.071 | |
(0.084) | | (0.129) | | (0.157) | | (0.339) | | (0.088) | | (0.152) | |
Age | − 0.034 | *** | − 0.026 | *** | − 0.047 | *** | − 0.002 | | − 0.031 | *** | − 0.012 | ** |
(0.003) | | (0.005) | | (0.007) | | (0.012) | | (0.003) | | (0.004) | |
Education | 0.451 | *** | − 0.450 | *** | 0.472 | ** | − 0.613 | | − 0.019 | | 0.344 | ** |
(0.092) | | (0.162) | | (0.189) | | (0.489) | | (0.090) | | (0.167) | |
Constant | − 0.622 | *** | − 2.198 | *** | − 1.165 | *** | − 5.086 | *** | − 1.642 | *** | − 4.919 | *** |
(0.167) | | (0.269) | | (0.317) | | (0.613) | | (0.162) | | (0.315) | |
Model diagnostics |
No. observations | 3684 | | 3684 | | 2000 | | 2000 | | 5499 | | 5499 | |
Maximum VIF | 1.14 | | 1.14 | | 1.07 | | 1.07 | | 1.12 | | 1.12 | |
Mean VIF | 1.09 | | 1.09 | | 1.04 | | 1.04 | | 1.05 | | 1.05 | |
Wald χ sq | 350.19 | | 149.95 | | 235.22 | | 57.70 | | 481.12 | | 235.78 | |
(Pseudo) R2 | 0.098 | | 0.072 | | 0.185 | | 0.148 | | 0.130 | | 0.159 | |
We find statistically significant evidence that Rationality has a positive impact on both our dependent variables in the three contexts explored. For China, HC has a positive effect on both LNV (model 1d, coefficient = 0.615, significant at 1%) and MV (model 2d, coefficient = 0.794, significant at 1%); and OHC also has a positive impact on both LNV (model 1d, coefficient = 0.470, significant at 1%) and MV (model 2d, coefficient = 0.751, significant at 1%). This supports H3, H4, H7, and H8. For Italy, HC has significant positive effect on both LNV (model 1e, coefficient = 1.758, significant at 1%) and MV (model 2e, coefficient = 1.793, significant at 1%). OHC also has a positive significant effect on both LNV (model 1e, coefficient = 0.319, significant at 10%) and MV (model 2e, coefficient = 1.396, significant at 1%). These results provide support for H3, H4, H7, and H8. For the US, HC has a positive significant effect of HC on both LNV (model 2f, coefficient = 1.270, significant at 1%) and MV (model 1f, coefficient = 1.473, significant at 1%). OHC has a significant positive effect on both LNV (model 2f, coefficient = 0.616, significant at 1%) and MV (model 1f, coefficient = 1.671, significant at 1%). These results lend support for H3, H4, H7, and H8. The results also show that HC has a stronger effect on both MV and on LNV for Italy. HC has significant effects on both LMV and MV in the US with higher values than in China. The results further show that OHC has a stronger impact on LNV and on MV in the US.
Table
7 shows the logistic regression results for 2016. As for
Intuition, we found statistically significant evidence that OPP has full positive effects on LNV in the three countries, while found that FF has significant negative effects on MV in the three countries explored (while we expected a positive impact). For China, OPP has a positive impact on both LNV (model 1 g, coefficient = 0.411, significant at 1%) and MV (model 2 g, coefficient = 0.493, significant at 1%). And, FF has a significant negative effect on MV only (model 2 g, coefficient = − 0.451, significant at 1%). These results provide support for H1 and H5 but not H2 and H6. For Italy, OPP has a positive impact on LNV only (model 1 h, coefficient = 0.367, significant at 5%) but has no statistically significant effects on MV. FF has a significant negative impact on MV only (model 2 g, coefficient = − 0.850, significant at 5%). This supports H1 but not H2, H5 or H6. For the US, OPP has a positive impact on LNV only (model 1i, coefficient = 0.636, significant at 1%). FF has a negative statistically significant impact on MV only (model 2i, coefficient = − 0.651, significant at 5%). This lends support for H1 but not H2, H5, or H6. The results also show that OPP has a strong and significant impact on MV only for China, while it has significant effects on LNV in all three countries with the strongest impact for the US. FF has a significant negative effect in all three countries, particularly for Italy.
Table 7
Results of logistic regressions – Year 2016
Intuition | | | | | | | | | | | | |
OPP | 0.411 | *** | 0.493 | *** | 0.367 | ** | − 0.096 | | 0.636 | *** | 0.158 | |
(0.088) | | (0.163) | | (0.169) | | (0.352) | | (0.117) | | (0.231) | |
FF | 0.005 | | − 0.451 | *** | − 0.153 | | − 0.850 | ** | − 0.043 | | − 0.651 | ** |
(0.081) | | (0.159) | | (0.156) | | (0.369) | | (0.119) | | (0.259) | |
Rationality | | | | | | | | | | | | |
HC | 0.527 | *** | 1.309 | *** | 1.721 | *** | 1.327 | *** | 1.055 | *** | 1.256 | *** |
(0.091) | | (0.162) | | (0.161) | | (0.381) | | (0.128) | | (0.313) | |
OHC | 0.874 | *** | 1.056 | *** | 0.507 | *** | 1.572 | *** | 0.601 | *** | 1.827 | *** |
(0.089) | | (0.213) | | (0.163) | | (0.415) | | (0.115) | | (0.257) | |
Gender | − 0.279 | *** | − 0.139 | | − 0.529 | *** | − 0.071 | | 0.057 | | − 0.465 | ** |
(0.079) | | (0.152) | | (0.165) | | (0.387) | | (0.110) | | (0.224) | |
Age | − 0.037 | *** | − 0.023 | *** | − 0.056 | *** | 0.003 | | − 0.024 | *** | − 0.026 | *** |
(0.003) | | (0.005) | | (0.006) | | (0.013) | | (0.004) | | (0.007) | |
Education | 0.361 | *** | 0.171 | | 0.107 | | 0.815 | ** | 0.109 | | − 0.104 | |
(0.086) | | (0.161) | | (0.216) | | (0.396) | | (0.131) | | (0.252) | |
Constant | − 0.455 | *** | − 3.375 | *** | − 0.626 | ** | − 5.306 | *** | − 2.085 | *** | − 3.727 | *** |
(0.155) | | (0.312) | | (0.307) | | (0.679) | | (0.232) | | (0.419) | |
No. observations | 3974 | | 3974 | | 2045 | | 2045 | | 3000 | | 3000 | |
Maximum VIF | 1.23 | | 1.23 | | 1.10 | | 1.10 | | 1.14 | | 1.14 | |
Mean VIF | 1.14 | | 1.14 | | 1.05 | | 1.05 | | 1.07 | | 1.07 | |
Wald χ sq | 513.78 | | 209.63 | | 231.90 | | 62.61 | | 217.26 | | 134.71 | |
(Pseudo) R2 | 0.124 | | 0.139 | | 0.189 | | 0.148 | | 0.097 | | 0.177 | |
We find statistically significant evidence that Rationality has a positive impact on both our dependent variables in the three contexts explored. For China, HC has a significant positive effect on both LNV (model 1 g, coefficient = 0.527, significant at 1%) and MV (model 2 g, coefficient = 1.309, significant at 1%). OHC has a positive significant impact on both LNV (model 1 g, coefficient = 0.874, significant at 1%) and MV (model 2 g, coefficient = 1.056, significant at 1%). This supports H3, H4, H7 and H8. For Italy, HC has a significant positive effect on both LNV (model 1 h, coefficient = 1.721, significant at 1%) and MV (model 2 h, coefficient = 1.327, significant at 1%). OHC has a positive significant effect on both LNV (model 1 h, coefficient = 0.507, significant at 1%) and MV (model 2 h, coefficient = 1.572, significant at 1%). This supports H3, H4, H7 and H8. For the US, HC has a positive significant effects on both LNV (model 1i, coefficient = 1.055, significant at 1%) and MV (model 2i, coefficient = 1.256, significant at 1%). OHC has a significant positive effect on both LNV (model 2i, coefficient = 0.601, significant at 1%) and MV (model 1i, coefficient = 1.827, significant at 1%). This supports H3, H4, H7 and H8. The results also show that HC has a stronger effect on LNV for Italy while it has a similar effect on MV in all three countries. They also show that OHC has a strongest impact on LNV for China and the strongest impact on MV for the US.
With the large number of hypotheses that are supported or not supported, and with hypotheses would have been supported if the relationship was in the opposite direction, it is necessary to gain an overview. Such an overview is provided in Table
8.
Table 8
Overview of findings for China, Italy, and USA in years 2006, 2012, and 2016
H1 | YES | YES | YES | YES | YES | YES | YES | YES | YES |
H2 | YES | NS | NS | YES | NS | NS | NS | RH | NS |
H3 | YES | YES | YES | YES | YES | YES | YES | YES | YES |
H4 | YES | YES | YES | YES | YES | YES | YES | YES | YES |
H5 | YES | YES | YES | NS | NS | NS | YES | YES | NS |
H6 | NS | NS | RH | NS | NS | RH | NS | NS | RH |
H7 | YES | YES | YES | YES | YES | YES | YES | YES | YES |
H8 | YES | YES | YES | NS | YES | YES | YES | YES | YES |
Table
8 reveals that H1 is supported for all three countries in each of the three years. H2 is supported in year 2006 for China and Italy but not the US; whereas it is not supported in any of the other two years. It is noteworthy to observe that if H2 was worded in a negative direction or direction-neutral, it would have been supported in the US in 2012. Both H3 and H4 are supported across all three countries in all years. H5 is supported across time in China; whereas it is not supported at any time in Italy. H5 is supported in the US in 2006 and 2012 but not in 2016. H6 is not supported in any country at any time. However, if worded in a negative direction, such a negatively worded H6 would be supported in all three countries in 2016. H7 is supported in all three countries across all three years. H8 is supported in China and the US but not in Italy in 2006 and is supported in all three countries in 2012 and 2016.