Abstract
A considerable amount of literature deals with the influence of institutions on entrepreneurship. But for all that, little is known about the interplay between institutions and personal determinants of entrepreneurship. In this paper, the empirical evidence that older people in transition economies have low engagement in entrepreneurial activity is the starting point for analyzing how institutions moderate the relationship between individual characteristics and entrepreneurial choice. The results show that the socioeconomic heritage of being exposed to socialism deters entrepreneurship, an effect that is more pronounced for (high)-impact entrepreneurship. Detailed analyses reveal that the effect is driven by devaluation of socialist work experience and the influence of socialism on mindset.
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