Female entrepreneurs’ cognitive attributes and venture growth in Japan: the moderating role of perceived social legitimacy

Purpose: By drawing upon social cognitive and legitimacy perspectives, this study aims to explore the role of perceived social legitimacy as an informal institutional force that moderates the effects of female entrepreneurs’ self-efficacy and entrepreneurial tenacity on venture growth. Design/methodology/approach: This study uses a data set of 308 Japanese female entrepreneurs, who are a subject of limited extant scholarly attention, to test the hypothesised relationships empirically. Findings: Consistent with the unified framework, the study was able to identify that the acquisition of social legitimacy required by female entrepreneurs serves as a crucial safety net under which entrepreneurial self-efficacy and tenacity can significantly affect venture growth. Research limitations/implications: The study highlights that high levels of entrepreneurial traits alone are not necessarily sufficient to guarantee women’s venture growth. In doing so, this study stimulates the development of theory on the complementary role of the social legitimacy of entrepreneurship in fueling and mobilising the female entrepreneurs’ cognitive resources as the key to venture growth in the Japanese context. Practical implications: Policymakers should be dedicated to implementing more gender-specific policies designed to continually cultivate women’s cognitive attributes in tandem with the promotion of social awareness to embrace entrepreneurship as a promising career option. Originality/value: The originality of this study lies in stimulating a debate on the underlying heterogeneity of female entrepreneurs in the performance outcomes of two entrepreneurial cognitive attributes. By integrating the concept of perceived social legitimacy, the study can respond to Miao et al. (2017), who sought further examination of untested boundary conditions in the cognitive characteristics-venture growth equation.