Do Chinese Family Values Inhibit Entrepreneurship?—An Analytical Perspective Based on Hofstede’s Cultural Dimension

Abstract

Using the data of the China Family Tracking Survey (CFPS) of Peking University, this paper systematically studies the influence of Chinese family cultural values on Chinese entrepreneurship. Based on Hofstede’s national culture theory and from five dimensions of collectivism, power distance, masculinity, long-term orientation and uncertainty avoidance, this paper further constructs a comprehensive index of family cultural values. Through endogeneity test, it is found that the comprehensive family cultural values significantly improve the number of entrepreneurs, but not the quality of entrepreneurs. Among them, collectivism, masculinity and long-term orientation promote entrepreneurship, while power distance and uncertainty avoidance significantly inhibit it. Meanwhile, the entrepreneurial spirit of male group, rural group and low-education group is more significantly influenced by traditional family cultural values. Further research shows that with the improvement of regional marketization level, digital level and institutional environment represented by inclusive finance, the negative impact of power distance and uncertainty avoidance on entrepreneurship can be effectively reduced, but the positive impact of long-term orientation on entrepreneurship can also be reduced. The results of this paper show that in the process of cultivating entrepreneurship, we should not ignore the positive role of traditional culture, retain and carry forward the part of traditional culture that is conducive to entrepreneurship, gradually reduce the part of traditional culture that is not conducive to the development of entrepreneurship through the continuous improvement of the system environment, and improve the precision of the policy. We will further promote mass entrepreneurship and innovation.