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The study responds to the calls for multilevel approaches in entrepreneurship research and seeks to answer whether the relationships between personal values and entrepreneurship remain stable across different economic conditions, using the unemployment rate as a moderator. It pays attention to the solo self-employed and women, as these groups are particularly vulnerable when crises occur.

We use Schwartz's theory of human values, which has been understudied in entrepreneurship and follow a correlational research design with micro and macro variables. Multilevel logistic regression is applied to the data from the large sample of 151,032 individuals participating in six waves of the European Social Survey. Solo self-employed are distinguished from those employing others, and analyses are run separately for men and women to understand gender differences.

The findings show that self-direction and achievement are positively, and benevolence and security negatively related to entrepreneurship. The high unemployment rate lowers the positive relationships with self-direction and achievement and mitigates the negative relationship with security, but only for the solo self-employed and not for employers. Results mostly hold for both genders.

The study suggests that security-related values should not be omitted from entrepreneurship research focused on entrepreneurs' values. It also emphasizes the need to distinguish between various subgroups of entrepreneurs and their motivation, which is important for efficient active labor market policies.

The study utilizes multilevel analyses that account for individual- and country-level influences on entrepreneurial activity. It contributes to understanding how economic context influences value salience and supports the applicability of Schwartz's theory of human values in entrepreneurship.