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Exploring intentions towards human, social, and financial capital investments in a turbulent economic environment

Lookup NU author(s): Dr Eftychia Palamida, Dr Despoina Xanthopoulou, Professor Savvas PapagiannidisORCiD



This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License (CC BY-NC 4.0).


This paper applies the Theory of Planned Behaviour in order to understand intentions to create new ventures or participate in existing ones, by investing human, social and financial capital in a turbulent economic environment, such as the one in Greece. We hypothesise that subjective norms relate to investment intentions and that individual attitudes and perceived behavioural control over the investment mediate this relationship. We also propose that norms, attitudes and control interact in explaining investment intentions in such a way that intentions are stronger when positive norms and attitudes coexist with high levels of control. Hypotheses are tested by means of a cross-sectional quantitative study that was conducted in Greece (N =203). Bootstrap analyses support our mediation hypotheses by showing that norms relate positively to investment intention via their associations with positive attitudes and high control. In addition, regression analyses show that norms, attitudes and control interact in explaining intentions. However, contrary to expectations, results show that positive attitudes towards investment boost investment intentions, in conditions where norms are positive but control is low.

Publication metadata

Author(s): Palamida E, Xanthopoulou D, Papagiannidis S, Stamati T

Publication type: Article

Publication status: Published

Journal: International Journal of Entrepreneurship and Innovation

Year: 2017

Volume: 18

Issue: 2

Pages: 79–90

Print publication date: 01/05/2017

Online publication date: 23/09/2016

Acceptance date: 17/06/2016

Date deposited: 20/09/2016

ISSN (print): 1465-7503

ISSN (electronic): 2043-6882

Publisher: Sage Publications Ltd


DOI: 10.1177/1465750316669908


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