INDIVIDUALISM AND POWER DISTANCE AS KEY CULTURAL DIMENSIONS FOR ENTREPRENEURAL ACTIVITY

The paper deals with national culture influence on economic performance. Main aim is to analyze the impact of national culture on entrepreneurial activity on the macroeconomic level. The study explores Geert Hofstede's cultural dimensions that allow assessing influence of main values and mentality special features on behavioral patterns. The authors analyze an interaction between individualism and power distance and a level of entrepreneurial activity in various countries by means of a multivariate correlation analysis. The authors use Total Early - stage Entrepreneurial Activity for entrepreneurial activity assessment. The authors conclude that individualism and power distance influence entrepreneurial activity. According to the research an association between individualism, power distance and entrepreneurial activity is inverse, but it is not correct logically. The association can be direct, if individualism and power distance change as time goes. The next step of our analysis will be a research of factors, influencing individualism and power distance and their transformation.