ABSTRACT
This paper compares an emerging market (Egypt) with a developed
market (U.S.A.) in terms of their impact on entrepreneurial
characteristics and behavior. The differences are discussed along the
dimensions of transition to free market, money and its cultural
meanings, locus of control, and attitude towards risk. A number of
hypotheses are tested using a sample of MBA students from Egypt (n =
214) and the USA (n = 112). The result with its implication is
discussed.
INTRODUCTION
This paper compares a less development country (LDC) on a
transition stage to free market (Egypt) with a development country (DC)
(U.S.A.) in terms of their impact on entrepreneurial characteristic and
behavior. In order to stimulate economic growth and employment,
entrepreneurial traits and activities are often encouraged by countries
in terms of creating appropriate environment and market conditions which
may enhance the rate of entrepreneurship (see for example, Farid, 2007,
for more discussion on this issue). Research support the notion that
national entrepreneurial characteristics and entrepreneurial
opportunities are stimulated by multiplicity of cultural and
environmental factors (e.g., Hayton et al, 2002). The American-Egyptian
entrepreneurial differences are discussed in this paper along the
dimensions of transition to free Market, attitude towards money, locus
of control and attitude towards risk. The next sections discuss these
themes. Hypotheses, to be tested later, are introduced throughout the
discussion.
TRANSITION TO FREE MARKET
Factor of Market Liberation
To understand dynamic environmental changes which are occurring
especially in transition economies, studies use leading theories of
Institutional Development Theory (IT) and Resource- Based Theory (RBT)
(Wright et al, 2005). From the IT perspective (North, 1990), successful
transformation to free market requires positive changes in political,
economic, social, and governmental institutions. Traditional IT
international research suggests that these entities play major role in
developing new business in emerging economies (e.g., Hoskisson et al,
2001). For example, successful transition requires greater government
openness and accountability and changes in power relations and cultural
conditions to enable individuals to see and use market, economic, and
financial opportunities. The emerging economy in Egypt is engaging
government, communities, bureaucrats, and market and is supported by a
number of international (e.g., World Bank) and intergovernmental and
international NGOs as agencies for change. Still, the market is lacking
strong market institutions, access to technological inputs, and property
right, among others (e.g., Fattah & Butterfield, 2006).
The RBT perspective (Barney et al, 2001) is concerned with how
environmental tangible and intangible resources and capabilities,
including human capital and organizational knowledge and learning,
provide for hospitable environmental conditions that stimulate
entrepreneurial characteristics and behavior. Elyachar (2006) notes that
micro-enterprise lending and other projects intended to promote small
business in Egypt have not been effective.
In addition, transition to free market should provide for more
transparency, including greater disclosure, or that government,
institutions, and market resources become visible and explicit so that
individuals can see through and get access to resources and
opportunities. While there is a general trend of increasing demands for
transparency in most Western countries, mechanisms for ensuring
government transparency and accountability have yet to become
established in the Arab region (Sakr, 2003). Nelson (2000) and Elyachar
(2002) note that international NGOs are exerting influence on the World
Bank to emphasize transparency issues of micro-credit lending, human
rights, gender, and corruption. The lack of free market institutional
environment in Egypt has resulted in lack of reporting and transparency
of corporate economic and social performance (e.g., The Arab World
Online Transparency Index 2007: http://www.ameinfo.com).
The above discussed issues are believed to be important to
entrepreneurship. Greater transparency stimulates entrepreneurship and
the creation of new business because it reduces uncertainty and enhances
risk taking and empowerment.
Factor of Islam
While Egypt is a secular society, the emerging Egyptian market
represents a response to simultaneous pressures from forces of market
liberation and of Islam (Farid, 2007). The ideologies of free market and
Islam seem to complement each other on some aspects while to be in
conflict with each other on some other aspects. For example, researchers
who apply the World Values Survey (WVC) to Islamic countries (e.g.,
Tessler, 2002) find that Islamic beliefs are not incompatible with the
concept of free market. This literature shows that free market and
democracy has not taken place in many Muslim countries due to resistance
of economic and political change by bureaucrats and those who are in
power and that there is vested interest in the existing political,
economic and social systems. For example, Elyachar (2005) notes that
State of Emergency laws have been used in Egypt and Syria for decades.
On the other hand, Vogel & Hayes (1998) note that Islamic law
"Share'a" challenges Western commercial laws in two key
respects: "... first, it challenges the presumption that modern
commercial mores are per se more efficient or otherwise superior; and
second, it challenges the secular separation of commerce from
consideration of religion and piety" (p.19). While it is beyond the
scope of the current paper, it is also important to know how
Islamic-oriented financial organizations (e.g., banks and investment
firms) can preserve and thrive even when environmental factors are
challenging. It is interesting to know that there are several Islamic
financial products that have been introduced to cater to Muslims.
Example of American market instruments include the Dow Jones Islamic
Index and HSBC Bank USA and Devon Bank's financing programs that
are geared towards Muslims (Thomas, 2006)
The above discussion of the market and resource conditions seems to
indicate that entrepreneurs' traits and behavior may be less
encouraged and practiced in the Egyptian society than in the American
society. Therefore, it is expected that Egyptians will show less
entrepreneurial traits than Americans.
[H.sub.1]: It is expected that the Egyptian MBA students (less
environmental conditions that encourage entrepreneurial activities) will
assign lower scores to entrepreneurial traits than the American MBA
students (more environmental conditions that encourage entrepreneurial
activities).
MONEY AND ITS CULTURAL MEANINGS
Attitude towards money should be relevant to understand different
individual entrepreneurs' perspectives towards issues like roles of
money in providing autonomy and freedom of choices and its symbolic
meaning of achievement. Research on money values has proposed many
facets of individuals' attitudes towards money. Money is both good
as a symbol/terminal value and as a means/instrumental value in that
individuals associate money with power and status, feelings of
happiness, wealth and respect from others, and achievement and success
within the society (Farid, 2007). Money is morally good because it
brings opportunity and autonomy and conversely, money is also thought to
be the roots of all evil (Tang, 1995) and is related negatively to
subjective well-being (quality of life or satisfaction) (Sirgy, 1998).
Differences in the value of money have been explained by differences in
values and culture and personal motivation (Srivastave et al, 2001).
The focus of this research will be on the money's value facets
that are incorporated in the Measurement of Money Importance Scale (MIS)
(Mitchell et al, 1998) and Money Ethic Scale (MES) (Tang, 1995) as they
are used to collect data in the current research. The following
discussion will incorporate factors that are believed to influence
attitudes toward money.
Egyptians are expected to value money, but money is not seen by
them as having a value by itself. Yasin et al (1989) studied the
differences between American and Middle-East culture with regard to
motivation and conclude that while the former tends to be achievement
and power oriented, the later tends to be affiliation oriented. People
from Egypt and Arab cultures are encouraged to maintain a high level of
cooperation and cohesion with the work group rather than compete against
each other in a work setting (Farah & Al-Salem, 1980). Collectivism
is stressed more in Egypt than individualism. Therefore,
[H.sub.2]: It is expected that Egyptian MBA students will assign
lower scores to those entrepreneurship-related dimensions of money value
(in money value measurements) (such as money is achievement,
opportunity, autonomy) than American MBA students.
Diener and Oishi (2002) argue that we should understand the value
people in different cultures place on materialism (material life is
considered to be highly salient relative to other life domain: Sirgy,
1998) since this is likely to affect the role of money. While everyday
ethics are common in the broad culture, in which altruism and
selflessness are fundamental elements, self maximizing is expected to be
predominant in high materialistic societies. The U.S. is a modern
consumer society, and as such it has witnessed a greater emphasis on
material possession with a view to enhancing one's social status
(Furnham and Argyle, 1998).
The concepts of "greed is good" and "self
maximizing" as postulated by Adam Smith (1937) are discouraged in
Egypt. Individuals in Muslim societies seek satisfactory profits. Due to
culture differences, it is safe to assume that the American society is
more materialistic and more advanced consumption than the Egyptian
society. It is expected that Egyptians are less attached to material and
worldly possessions and accumulation than Americans. Therefore,
[H.sub.3]: It is expected that the Egyptian MBA students (low
materialistic) will assign lower scores to obsession with Money's
items (in money value measurements) (such as money is valued very highly
and day dreaming about being rich) than the American MBA students (high
materialistic).
In addition, Egyptian culture emphasizes equilibrium between work
and personal life and between spiritual and material aspects of life
(Elkhouly and Buda, 1997) and it is believed that entrepreneurs are
expected to maintain a balance between the desire for profit and the
obligation to serve the society (Ali & Wahabi, 1995). This
equilibrium also explains and is related to attitude towards
materialism. It is felt that Egyptians will express less involvement in
money issues such as time thinking about and knowledge of financial
affairs than Americans. Therefore,
[H.sub.4]: It is expected that the Egyptian MBA students will
assign lower scores to personal involvement in financial affairs items
(in money value measurements) (such as time spent with money issues)
than the American MBA students
LOCUS OF CONTROL
Egyptian culture promotes both internal and external locus of
control. A Muslim, for example, can change him/herself (internal) in
terms of intention, values, and behavior but the outcome (external) may
or may not be under his/her control. "Verily never will God change
the condition of a people until they change it themselves"
(Qur'an, 13: 11-13). However it is felt that due to the political
and economic environment, Egyptians are not expected to express feeling
of internal locus of control similar to American, in that Egyptians will
score lower in internal locus of control. Therefore,
[H.sub.5]: It is expected that the Egyptian MBA students will
assign lower scores to internal locus of control items (in money value
measurements) than American MBA students.
ATTITUDE TOWARDS RISK
While Islamic financial principles encourage investment rather than
leaving money idle, Vogel & Hayes, III, (1998) note that Muslim
investors and capital users, in general, are naturally prone to risk
aversion, preferring liquidity and valuing cash that comes to them
sooner than later (p.200).
Another issue is the Islamic view of managing risk. In Islam, money
is not treated as a commodity, as in the West, but as a bearer of risk,
and therefore subject to the same uncertainties as those borne by other
partners in the enterprise (Vogel & Hayes, 1998, p.2). Some
traditional Islamic scholars consider that transferring business risk by
means of buying insurance or by other means of risk management, such as
hedging and future options, are illegal Islamically because they violate
risk rules (e.g., Coulson, 1984).
The foregoing discussion could imply that we should expect more
conservative risk taking and risk attitude from individuals in an
Islamic society than what can be found in a typical capitalistic market.
No research is found in the literature that attempts to test this
assumption. Commercial risk is approved and even encouraged, but pure
speculation and obscure transactions, such as when parties lack
knowledge of aspects of a sale or that the object of a sale does not now
exist or is not under the control of a seller, are prohibited (Vogel
& Hayes, 1998). Overall, it is felt that Egyptians might be less
inclined to take high financial risk than Americans. Therefore
[H.sub.6]: It is expected that the Egyptian MBA students will
assign lower scores to financial risk's items (in money value
measurements) (such as win big or lose big, borrowing substantial sums
of money for investment purposes) than the American MBA students.
METHODS
A sample of MBA students from Egypt (n = 214) and USA (n = 112) has
completed questionnaire contains items related to locus of control,
entrepreneurs' characteristics, and money value facets. The study
undertakes a review process to ensure the validity and reliability of
applying the measurements to the Middle East culture. This procedure
includes the use of a panel of expert judges and pilot studies and a
procedure of translation and back to translation. The following are the
measurements.
Locus of Control (Rotter, 1966) (ILC)
This is a 10-item questionnaire that asked respondents to judge
themselves on items (5-point scale) refer to personal belief that one
has influence over outcomes through ability, effort or skills (internal
locus of control) or that external forces control outcomes through other
people, chance or luck (external locus of control). Entrepreneurial
characteristics (Marx & Frost, 1991) (ENTR) This is a 13-item
questionnaire that attempts to measure the extent to which (5-point
scale) respondents believe they have specific (entrepreneurial)
characteristics such as high self-confidence, creativity, high
initiative, independency, profit orientation and optimism
Measurement of Money Importance Scale (Mitchell et al, 1998) (MIS).
This is a seven- category (26 items) questionnaire concerns various
beliefs (5-point scale) about (1) Value Important of Money (VIM) (money
is valued and day dream about being rich), (2) Personal Involvement with
Money (PIM) (aware of income and expense and setting financial goals),
(3) Time Spent Thinking about Financial Affairs (TIF) (planning to make
more money and being involved in investment opportunities), (4)
Knowledge of Financial Affairs (KFA) (aware of financial terms, stock
market, banking, and tax implication) (5) Comfort in Taking Financial
Risks (CFR) (comfortable with risk, win big or lose big, and borrowing
substantial sums of money for investment purpose), (6) Skill at Handling
Money (SHM) (having strategies to save and invest money rather than
spend it), and (7) Money as a Source of Power and Status (MPS) (use
money to influence others and tell people about personal financial
success)
Money Ethic Scale (Tang, 1995) (MES)
This is a six-category (12 items) questionnaire examines (5-point
scale) the meaning of money along the dimensions of (1) Money is Good
(MG) (money is important and valued very high), (2) Money is Evil (ME)
(money is evil and the root of all evil), (3) Money is Achievement (MA)
(money helps express competence and represents achievement), (4) Money
is Respect (MR) (money is symbol of success and makes people respect
you), and (5) Money is Budget (MP) (budgeting money and use it very
carefully), and (6) Money is freedom (MF) (money gives you autonomy and
to be what you want).
RESULTS & ANALYSES
Table 1 shows the demographic characteristics of respondents. About
65% of the Egyptian respondents are married (in comparison to 40% of
American) and 70% have 1-2 children (only about 12% of American
respondents). The average age is about 29 years for the Egyptians and 28
years for the Americans. The range and distribution of age is higher in
the Egyptian sample (21-43, s.d. 5.34) than in the American sample
(22-36, s.d. 4.34). About 68% (67.6%) of the Egyptians are male in
comparison to about 62% (62.2%) of the Americans. The majority of the
American and Egyptian respondents report that they are currently
employed.
Results of t-test comparison between the two samples are presented
in Table 2. As shown in Table 2, there are significant difference in the
areas of locus of control, "Value Important of Money",
"Personal Involvement with Money", "Money as a Source of
Power and Status", "Money is Good", "Money is
Evil", "Money is Achievement", "Money is
Respect", and "Money is Freedom". Americans score
significantly higher than Egyptians in all of these money values except
in "Money is Evil". Egyptians score significantly higher in
money is evil. Also, the Americans score slightly higher, but not
significant, in the areas of entrepreneurship characteristics,
"Time Spent Thinking about Financial Affairs", "Knowledge
of Financial Affairs", "Comfort in Taking Financial
Risks", "Skill at Handling Money", and "Money is
Budget".
The result supports hypothesis H 2 (Egyptians score lower will on
entrepreneurship-related dimensions of money value such as money is
achievement "MA" and opportunity and autonomy "MF"),
hypothesis H 3 (Egyptians score lower on obsession with money items
"VIM" and "MG" and money brings respect
"MR"), and hypothesis H 5 (Egyptians score lower on internal
locus of control)
Hypothesis H 4 is partially supported. While Egyptians score
significantly lower than Americans in the area of personal involvement
with money "PIM" (setting financial goals), there are no
significant differences in the areas of time spent thinking about
financial affairs "TTF" and skill at handling money
"KFA".
Hypothesis H 1 is not supported. While Americans score higher than
Egyptians on entrepreneurial traits "ENTR", the difference is
not significant. Also, hypothesis H 6 is not supported. There is no
significant difference on the dimension of comfort in taking financial
risk "CFR".
DISCUSSION AND CONCLUSION
This study attempts to integrate aspects of transition to a free
market, cultural values and entrepreneurship by driving and testing a
number of hypotheses. The study adopted two measures of money values to
maximize money value facets. Although some of these facets appear
similar in these measurements, they actually cover different aspects of
money (Lim and Teo, 1997, p.372).
The results show that Americans value money and are motivating to
acquire it more than Egyptians do. The study incorporates both of
instrumental (money as a means to something else such as it brings
freedom and opportunity) and terminal (money as an end such as it
symbolizes achievement) values. Egyptians might have comparable
valuation of money, but as a result of other needs such as cultural need
for affiliation.
One interesting finding is that there is no significant difference
on entrepreneurial traits as exhibited by American and Egyptian MBA
respondents. The Marx & Frost's (1991) scale includes personal
characteristics' items like high self confidence, energy, and
initiative, independence, and resourcefulness. Another interesting
finding is that both samples almost score similarly in attitude towards
risk. The three items in this category of Mitchell et al's (1998)
scale are (1) I enjoy somewhat risky activities, (2) I would prefer to
win big or lose big than to be conservative, and (3) I am comfortable
borrowing substantial sums of money for investment purpose. These
results may lead to a speculation that both societies similarly produce
potential entrepreneurs and that the difference may be in
entrepreneurship process in terms of environmental opportunities and
entrepreneurial behavior in innovation or venture creation. According to
the entrepreneurship model, individual characteristics may lead
entrepreneurial behavior if environmental conditions permit (Busenitz et
al, 2003; Kuratko et al, 1990).
Another interesting finding is that Egyptians score higher on the
dimension of money is evil (ME) and lower on the dimension of money is
source of power and status "MPS") than the American.
International managers and organizations who are trying to improve
competitiveness and efficiency should be aware of how most people from
specific culture value money and of cultural differences with regard to
the importance and the role of money.
Limitations of this study should also be acknowledged. One
limitation is that MBA students are used to measure entrepreneurial
characteristics. Another limitation is that the Egyptian society is
moving through many transitions and increasing pressure for economic
reform may result into more conversion of values between that society
and Western counterpart.
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Table 1: Descriptive Statistics
Egyptians (n = 214) Americans (n = 112)
Married 64.9% 40.1%
Children (1-2) 70.0% 12.2%
Age: Range 21-43 22-36
Mean 29.04 28.10
S.D. 5.34 4.34
Table 2: t-test Comparison between Egyptians (1) and Americans (2)
Measure Mean S.D. t-Value Mean Difference
ILC 1 34.22 3.91 5.42 2.58 **
2 36.8 3.38
ENTR 1 64.95 4.74 1.04 .67
2 65.62 5.07
VIM 1 12.91 3.32 1.97 .85 *
2 13.77 3.04
PIM 1 13.32 3.60 2.45 1.15 *
2 14.47 3.15
TTF 1 14.34 3.17 1.72 .70
2 15.04 2.95
KFA 1 18.29 5.28 1.74 1.23
2 19.52 5.23
CFR 1 7.42 2.71 .73 .26
2 7.68 2.70
SHM 1 18.45 2.75 1.50 .53
2 18.97 2.32
MPS 1 7.13 3.27 2.77 1.24 **
2 8.36 3.34
MG 1 6.43 1.78 4.94 1.14 **
2 7.57 1.57
ME 1 4.88 2.00 1.89 .52 *
2 4.35 2.10
MA 1 5.21 1.91 2.11 .56 *
2 5.78 2.02
MR 1 5.73 1.96 2.36 .61 *
2 6.34 1.85
MB 1 6.83 1.75 1.24 .31
2 7.14 1.96
MF 1 6.91 1.70 2.19 .50 *
2 7.40 1.67
** Significant at the 0.01 level
* Significant at the 0.05 level
Index Key:
ILC: Rotter, 1966's Locus of control-ten items
ENTR: Marx & Frost's (1991) Entrepreneurial characteristics-13 items
Mitchell et al's (1999) Money Importance (seven categories):
VIM: Value important of money-4 items;
PIM: Personal involvement with money-4 items;
TTF: Time spent thinking about financial affairs-4 items;
KFA: Knowledge of financial affairs-6 items;
CFR: Comfort in taking financial risks-3 items;
SHM: Skill at handling money-5 items;
MPS: Money as source of power and status-4 items.
Tang's (1995) Money Ethics (six factors):
MR: Money is respect-2 items;
MA: Money is achievement-2 items;
MG: Money is good-2 items;
MF: Money is freedom and power-2 items;
MB: Money is budgeting-2 items;
ME: Money is evil-2 items.