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

Abstract

This article 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 hypothesize that subjective norms relate to investment intentions (IIs) 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 IIs 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 IIs 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 IIs, in conditions where norms are positive but control is low.