Entrepreneurial intention models as applied to Latin America

The aim of this research is to determine whether entrepreneurial intention models explain the entrepreneurial behaviour of individuals regarding venture creation in Latin America, as well as to test if the three factors usually taken into consideration in these models (attitudes, perceived social value, and perceived self‐efficacy, as defined by Ajzen) really determine entrepreneurial intentions in this part of the world.

By using panel data from Global Entrepreneurship Monitor Global Report for the years 2008, 2009 and 2010, referring to Latin America, the paper employs two linear regression models to examine determinants of entrepreneurial intentions in Latin America and the role of the entrepreneurial intentions in the entrepreneurial initiative.

According to the results obtained, it can be stated that, also for the case of Latin America, entrepreneurial intentions are once more confirmed as a previous step of entrepreneurial behaviour with regard to venture creation. However, even though the three variables taken into consideration are significant as determinants of entrepreneurial intentions, evidence suggests a negative relationship between the perception of social value about entrepreneurship and the entrepreneurial intention, which contradicts the previous literature review. A further investigation regarding this result is planned for the near future.

The originality of this research arises from bringing together in a model three of the main elements in the research field of entrepreneurship – entrepreneurial intention models, global entrepreneurship monitor and Latin America (one of the most important places where the entrepreneurship phenomenon takes place).