Developing an integrated model of factors influencing entrepreneurial intention: A case study of the University of Finance - Marketing
Date Published:
02/12/2025
Online Published:
25/11/2025
Section:
Business Administration, Marketing, Commerce, and Tourism
Main Article Content
Abstract
In Vietnam’s current push for innovation and entrepreneurship, university students are seen as a vital force for building the next generation of entrepreneurs, but their entrepreneurial intentions still face many barriers and lack real motivation. This study examines the factors that shape students’ entrepreneurial intentions and provides practical implications for education and policy. Data were collected from 400 business administration students at the University of Finance and Marketing (UFM) using convenience sampling, with 36 measurement items analyzed through PLS-SEM. The results show that Perceived Desirability (PD) is the strongest predictor of entrepreneurial intention and also moderates the link between Perceived Behavioral Control (PBC) and entrepreneurial intention (EI). Entrepreneurship Education (EE) indirectly influences EI through ATE and PBC, while Subjective Norms (SN) and Perceived Feasibility (PF) are not significant. These findings suggest that universities should focus on designing more experiential, motivation-based entrepreneurship programs, while policymakers should adjust support initiatives to emphasize the personal appeal and long-term motivation of entrepreneurship.
Keywords
Entrepreneurial Intention; Theory of Planned Behavior; Shapero’s Entrepreneurial Event; Theory of Trying; Business Students
Article Details
Field of Economic (JEL Codes)
M10 - General - M11 - Production Management - M13 - New Firms • Startups - Business Administration
References
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Johnson, C., AlRasheed, R., Gray, C., Triplett, N., Mbwayo, A., Weinhold, A., Whetten, K., & Dorsey, S. (2024). Uncovering determinants of perceived feasibility of TF-CBT through coincidence analysis. Implementation Research and Practice, 5. https://doi.org/10.1177/26334895231220277
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Liñán, F., & Chen, Y.-W. (2009). Development and cross-cultural application of a specific instrument to measure entrepreneurial intentions. Entrepreneurship Theory and Practice, 33(3), 593–617. https://doi.org/10.1111/j.1540-6520.2009.00318.x
Mahendra, A. M., Djatmika, E. T., & Hermawan, A. (2017). The effect of entrepreneurship education on entrepreneurial intention mediated by motivation and attitude among management students, State University of Malang, Indonesia. International Education Studies, 10(9), 61–69. https://doi.org/10.5539/ies.v10n9p61
Maydiantoro, A., Jaya, T. M. B. S., Basri, M., & Yulianti, D., Sinaga, R. M., & ARIF, S. (2021). The influence of entrepreneurial attitudes, subjective norms, and self-efficacy on entrepreneurial intentions. International Journal of Information and Decision Sciences, 24(4S), 1–12. http://repository.lppm.unila.ac.id/id/eprint/38101
Mustofa, A., & Setiawan, A. (2022). Perceived behavioral control builds students' entrepreneurial intentions. Al-Ishlah: Jurnal Pendidikan, 14(3), 3241-3248. https://doi.org/10.35445/alishlah.v14i3.1511
Packham, G., Jones, P., Miller, C., Pickernell, D., & Thomas, B. (2010). Attitudes towards entrepreneurship education: A comparative analysis. Education + Training, 52(8-9), 568–586. https://doi.org/10.1108/00400911011088926
Phuong, N. T. M., Quoc, T. H., Cup, L. V., & Lien, L. T. K. (2020). The students’ attitudes and entrepreneurial intention: Evidence from Vietnam universities. Management Science Letters, 11, 783–794. https://doi.org/10.5267/j.msl.2020.10.028
Nguyen Quoc Cuong & Nguyen Minh Tu Anh (2022). Các yếu tố ảnh hưởng đến ý định khởi nghiệp của sinh viên ngành kỹ thuật tại Trường Đại học Công nghiệp Thành phố Hồ Chí Minh [Factors Influencing Engineering Students’ Entrepreneurial Intention at Ho Chi Minh City University of Industry]. Tạp chí Khoa học và Công nghệ – IUH, 58(4). https://doi.org/10.46242/jstiuh.v58i04.4495
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Otcengco Jr., A. M., & Akiate, Y. W. D. (2021). Entrepreneurial intentions on perceived behavioral control and personal attitude: Moderated by structural support. Asia Pacific Journal of Innovation and Entrepreneurship, 15(1), 14-25. https://doi.org/10.1108/APJIE-08-2020-0124
Peng, Z., Lu, G., & Kang, H. (2012). Entrepreneurial intentions and its influencing factors: A survey of the university students in Xi’an China. Creative Education, 3(8B), 95–100. https://doi.org/10.4236/ce.2012.38B021
Piperopoulos, P., & Dimov, D. (2015). Burst bubbles or build steam? Entrepreneurship education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small Business Management, 53(4), 970–985. https://doi.org/10.1111/jsbm.12116
Peterman, N. E., & Kennedy, J. (2003). Enterprise education: Influencing students’ perceptions of entrepreneurship. Entrepreneurship Theory and Practice, 28(2), 129–144. https://doi.org/10.1046/j.1540-6520.2003.00035.x
Ranga, V., Jain, S., & Venkateswarlu, P. (2019). Exploration of entrepreneurial intentions of management students using Shapero’s model. Theoretical Economics Letters, 9(4), 959–972. https://doi.org/10.4236/tel.2019.94062
Romero-Galisteo, R.-P., González-Sánchez, M., Gálvez-Ruiz, P., Palomo-Carrión, R., Casuso-Holgado, M. J., & Piñero-Pinto, E. (2022). Entrepreneurial intention, expectations of success and self-efficacy in undergraduate students of health sciences. BMC Medical Education, 22. https://doi.org/10.1186/s12909-022-03731-x
Schlaegel, C., & Koenig, M. (2014). Determinants of entrepreneurial intent: A meta-analytic test and integration of competing models. Entrepreneurship Theory and Practice, 38(2), 291–332. https://doi.org/10.1111/etap.12087
Shabbir, M. S. (2025). Entrepreneurial mindset: Skills, attitudes, and intentions in information technology. Journal of the International Council for Small Business. 5(2), 1–21. https://doi.org/10.1080/26437015.2025.2457611
Shapero, A., & Sokol, L. (1982). The social dimensions of entrepreneurship. In C. A. Kent, D. L. Sexton, & K. H. Vesper (Eds.), Encyclopedia of entrepreneurship (pp. 72–90). Prentice-Hall.
Suanpong, K., Yeing-aramkul, Y., Yoochayantee, K., & Tripopsakul, S. (2025). Cognitive and motivational drivers of entrepreneurial intention in an emerging economy: Implications for open innovation dynamics. Journal of Open Innovation: Technology, Market, and Complexity, 11(2). https://doi.org/10.1016/j.joitmc.2025.100568
Tabachnick, B. G., & Fidell, L. S. (1996). Using Multivariate Statistics (3rd ed.). HarperCollins.
Valencia-Arias, A., Agudelo Ceballos, E. J., Palacios-Moya, L., & Londoño-Celis, W., Ipaguirre Sanchez, K., Rodríguez-Correa, P. A., & Martínez Rojas, E. (2025). Factors influencing the sustainable entrepreneurial intention of university students from an emerging economy in Latin America: Evidence from the theory of extended planned behavior. Discover Sustainability, 6. https://doi.org/10.1007/s43621-025-01289-4
Vamvaka, V., Stoforos, C., Palaskas, T., & Botsaris, C. (2020). Attitude toward entrepreneurship, perceived behavioral control, and entrepreneurial intention: Dimensionality, structural relationships, and gender differences. Journal of Innovation and Entrepreneurship, 9. https://doi.org/10.1186/s13731-020-0112-0
Vo Hien, & Le Hoang Van Trang. (2021). Nghiên cứu các yếu tố ảnh hưởng đến ý định khởi nghiệp của sinh viên Trường Đại học Tiền Giang [A Study on Factors Influencing Entrepreneurial Intention among Students at Tien Giang University]. Tạp chí Khoa học Đại học Mở TP.HCM – Kinh tế và Quản trị Kinh doanh, 16(2), 170–192. https://doi.org/10.46223/HCMCOUJS.econ.vi.16.2.578.2021
Zhang, J., Jiang, N., Turner, J. J., & Pahlevan-Sharif, S. (2022). The impact of scarcity on consumers' impulse buying based on the S-O-R theory. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.792419
Zollo, L., Laudano, M. C., Ciappei, C., & Zampi, V. (2017). Factors affecting universities’ ability to foster students’ entrepreneurial behaviour: An empirical investigation. Journal of Management Development, 36(2), 268–285. https://doi.org/10.1108/JMD-06-2016-0093
Bo Khoa hoc va Cong nghe (2022). Đề án hỗ trợ hệ sinh thái khởi nghiệp đổi mới sáng tạo quốc gia đến năm 2025 (Đề án 844) [The National Program for Supporting the Startup Ecosystem in Vietnam through 2025 (Program 844)]. http://dean844.most.gov.vn/
Adu, I. N., Boakye, K. O., Suleman, A.-R., & Bingab, B. B. B. (2020). Exploring the factors that mediate the relationship between entrepreneurial education and entrepreneurial intentions among undergraduate students in Ghana. Asia Pacific Journal of Innovation and Entrepreneurship, 14(2), 215–228. https://doi.org/10.1108/APJIE-07-2019-0052
Aga, M. K. (2023). The mediating role of perceived behavioral control in the relationship between entrepreneurship education and entrepreneurial intentions of university students in Ethiopia. Journal of Innovation and Entrepreneurship, 12. https://doi.org/10.1186/s13731-023-00297-w
Bagozzi, R. P. (1992). The self-regulation of attitudes, intentions, and behavior. Social Psychology Quarterly, 55(2), 178–204. https://doi.org/10.2307/2786945
Batz Liñeiro, A., Romero Ochoa, J. A., & Montes de la Barrera , J. (2024). Exploring entrepreneurial intentions and motivations: A comparative analysis of opportunity-driven and necessity-driven entrepreneurs. Journal of Innovation and Entrepreneurship, 13. https://doi.org/10.1186/s13731-024-00366-8
Bentler, P. M., & Bonett, D. G. (1980). Significance tests and goodness of fit in the analysis of covariance structures. Psychological Bulletin, 88(3), 588–606. https://doi.org/10.1037/0033-2909.88.3.588
Bird, B. (1988). Implementing entrepreneurial ideas: The case for intention. Academy of Management Review, 13(3), 442–453. https://doi.org/10.5465/amr.1988.4306970
Dao T. K., Bui, A. T., Doan, T. T. T., Dao, N. T., Le, H. H., & Le, T. T. H. (2021). Impact of academic majors on entrepreneurial intentions of Vietnamese students: An extension of the theory of planned behavior. Heliyon, 7(3). https://doi.org/10.1016/j.heliyon.2021.e06381
Dinis, A., do Paço, A., Ferreira, J., Raposo, M., & Gouveia Rodrigues, R. (2013). Psychological characteristics and entrepreneurial intentions among secondary students. Education + Training, 55(8/9), 763–780. https://doi.org/10.1108/ET-06-2013-0085
Elbaz, A. M., Sayed, B. S. Y., Amjed, S., Salem, I. E., & Shamas, G. (2025). Entrepreneurship education, mindset and entrepreneurial intentions: The moderating effects of creativity and role models. The International Journal of Management Education, 23(1). https://doi.org/10.1016/j.ijme.2025.101240
Fayolle, A., & Gailly, B. (2015). The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small Business Management, 53(1), 75–93. https://doi.org/10.1111/jsbm.12065
Ferdousi, F., Rahman, M. Z., & Qamruzzaman, M. (2025). The role of business education in shaping entrepreneurial intentions: Examining psychological and contextual determinants among university students in Bangladesh. Frontiers in Education, 10. https://doi.org/10.3389/feduc.2025.1536604
Fitzsimmons, J. R., & Douglas, E. J. (2011). Interaction between feasibility and desirability in the formation of entrepreneurial intentions. Journal of Business Venturing, 26(4), 431–440. https://doi.org/10.1016/j.jbusvent.2010.01.001
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). SAGE Publications.
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43, 115–135. https://doi.org/10.1007/s11747-014-0403-8
Hu, L. T., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural Equation Modeling: A Multidisciplinary Journal, 6(1), 1–55. https://doi.org/10.1080/10705519909540118
Idrees, F., Hassan, H., Syed, T., Ahmad, S. N., & Khan, M. M. (2022). Perceived behavioral control mediates the relationship between personal characteristics and psycho-sociological factors, and entrepreneurial intentions. Research Journal for Societal Issues, 4(1), 217–232.
Johnson, C., AlRasheed, R., Gray, C., Triplett, N., Mbwayo, A., Weinhold, A., Whetten, K., & Dorsey, S. (2024). Uncovering determinants of perceived feasibility of TF-CBT through coincidence analysis. Implementation Research and Practice, 5. https://doi.org/10.1177/26334895231220277
Krueger, N. F., Jr., Reilly, M. D., & Carsrud, A. L. (2000). Competing models of entrepreneurial intentions. Journal of Business Venturing, 15(5–6), 411–432. https://doi.org/10.1016/S0883-9026(98)00033-0
Liñán, F., & Chen, Y.-W. (2009). Development and cross-cultural application of a specific instrument to measure entrepreneurial intentions. Entrepreneurship Theory and Practice, 33(3), 593–617. https://doi.org/10.1111/j.1540-6520.2009.00318.x
Mahendra, A. M., Djatmika, E. T., & Hermawan, A. (2017). The effect of entrepreneurship education on entrepreneurial intention mediated by motivation and attitude among management students, State University of Malang, Indonesia. International Education Studies, 10(9), 61–69. https://doi.org/10.5539/ies.v10n9p61
Maydiantoro, A., Jaya, T. M. B. S., Basri, M., & Yulianti, D., Sinaga, R. M., & ARIF, S. (2021). The influence of entrepreneurial attitudes, subjective norms, and self-efficacy on entrepreneurial intentions. International Journal of Information and Decision Sciences, 24(4S), 1–12. http://repository.lppm.unila.ac.id/id/eprint/38101
Mustofa, A., & Setiawan, A. (2022). Perceived behavioral control builds students' entrepreneurial intentions. Al-Ishlah: Jurnal Pendidikan, 14(3), 3241-3248. https://doi.org/10.35445/alishlah.v14i3.1511
Packham, G., Jones, P., Miller, C., Pickernell, D., & Thomas, B. (2010). Attitudes towards entrepreneurship education: A comparative analysis. Education + Training, 52(8-9), 568–586. https://doi.org/10.1108/00400911011088926
Phuong, N. T. M., Quoc, T. H., Cup, L. V., & Lien, L. T. K. (2020). The students’ attitudes and entrepreneurial intention: Evidence from Vietnam universities. Management Science Letters, 11, 783–794. https://doi.org/10.5267/j.msl.2020.10.028
Nguyen Quoc Cuong & Nguyen Minh Tu Anh (2022). Các yếu tố ảnh hưởng đến ý định khởi nghiệp của sinh viên ngành kỹ thuật tại Trường Đại học Công nghiệp Thành phố Hồ Chí Minh [Factors Influencing Engineering Students’ Entrepreneurial Intention at Ho Chi Minh City University of Industry]. Tạp chí Khoa học và Công nghệ – IUH, 58(4). https://doi.org/10.46242/jstiuh.v58i04.4495
Nguyen Van Dinh, Le Thi Mai Huong, & Cao Thi Sen. (2021). Các nhân tố ảnh hưởng đến ý định khởi nghiệp của sinh viên Trường Đại học Nam Cần Thơ [Factors Influencing Students’ Entrepreneurial Intention at Nam Can Tho University]. Tạp chí Khoa học Đại học Mở TP.HCM – Kinh tế và Quản trị Kinh doanh, 17(2), 52–68. https://doi.org/10.46223/HCMCOUJS.econ.vi.17.2.1301.2022
Otcengco Jr., A. M., & Akiate, Y. W. D. (2021). Entrepreneurial intentions on perceived behavioral control and personal attitude: Moderated by structural support. Asia Pacific Journal of Innovation and Entrepreneurship, 15(1), 14-25. https://doi.org/10.1108/APJIE-08-2020-0124
Peng, Z., Lu, G., & Kang, H. (2012). Entrepreneurial intentions and its influencing factors: A survey of the university students in Xi’an China. Creative Education, 3(8B), 95–100. https://doi.org/10.4236/ce.2012.38B021
Piperopoulos, P., & Dimov, D. (2015). Burst bubbles or build steam? Entrepreneurship education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small Business Management, 53(4), 970–985. https://doi.org/10.1111/jsbm.12116
Peterman, N. E., & Kennedy, J. (2003). Enterprise education: Influencing students’ perceptions of entrepreneurship. Entrepreneurship Theory and Practice, 28(2), 129–144. https://doi.org/10.1046/j.1540-6520.2003.00035.x
Ranga, V., Jain, S., & Venkateswarlu, P. (2019). Exploration of entrepreneurial intentions of management students using Shapero’s model. Theoretical Economics Letters, 9(4), 959–972. https://doi.org/10.4236/tel.2019.94062
Romero-Galisteo, R.-P., González-Sánchez, M., Gálvez-Ruiz, P., Palomo-Carrión, R., Casuso-Holgado, M. J., & Piñero-Pinto, E. (2022). Entrepreneurial intention, expectations of success and self-efficacy in undergraduate students of health sciences. BMC Medical Education, 22. https://doi.org/10.1186/s12909-022-03731-x
Schlaegel, C., & Koenig, M. (2014). Determinants of entrepreneurial intent: A meta-analytic test and integration of competing models. Entrepreneurship Theory and Practice, 38(2), 291–332. https://doi.org/10.1111/etap.12087
Shabbir, M. S. (2025). Entrepreneurial mindset: Skills, attitudes, and intentions in information technology. Journal of the International Council for Small Business. 5(2), 1–21. https://doi.org/10.1080/26437015.2025.2457611
Shapero, A., & Sokol, L. (1982). The social dimensions of entrepreneurship. In C. A. Kent, D. L. Sexton, & K. H. Vesper (Eds.), Encyclopedia of entrepreneurship (pp. 72–90). Prentice-Hall.
Suanpong, K., Yeing-aramkul, Y., Yoochayantee, K., & Tripopsakul, S. (2025). Cognitive and motivational drivers of entrepreneurial intention in an emerging economy: Implications for open innovation dynamics. Journal of Open Innovation: Technology, Market, and Complexity, 11(2). https://doi.org/10.1016/j.joitmc.2025.100568
Tabachnick, B. G., & Fidell, L. S. (1996). Using Multivariate Statistics (3rd ed.). HarperCollins.
Valencia-Arias, A., Agudelo Ceballos, E. J., Palacios-Moya, L., & Londoño-Celis, W., Ipaguirre Sanchez, K., Rodríguez-Correa, P. A., & Martínez Rojas, E. (2025). Factors influencing the sustainable entrepreneurial intention of university students from an emerging economy in Latin America: Evidence from the theory of extended planned behavior. Discover Sustainability, 6. https://doi.org/10.1007/s43621-025-01289-4
Vamvaka, V., Stoforos, C., Palaskas, T., & Botsaris, C. (2020). Attitude toward entrepreneurship, perceived behavioral control, and entrepreneurial intention: Dimensionality, structural relationships, and gender differences. Journal of Innovation and Entrepreneurship, 9. https://doi.org/10.1186/s13731-020-0112-0
Vo Hien, & Le Hoang Van Trang. (2021). Nghiên cứu các yếu tố ảnh hưởng đến ý định khởi nghiệp của sinh viên Trường Đại học Tiền Giang [A Study on Factors Influencing Entrepreneurial Intention among Students at Tien Giang University]. Tạp chí Khoa học Đại học Mở TP.HCM – Kinh tế và Quản trị Kinh doanh, 16(2), 170–192. https://doi.org/10.46223/HCMCOUJS.econ.vi.16.2.578.2021
Zhang, J., Jiang, N., Turner, J. J., & Pahlevan-Sharif, S. (2022). The impact of scarcity on consumers' impulse buying based on the S-O-R theory. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.792419
Zollo, L., Laudano, M. C., Ciappei, C., & Zampi, V. (2017). Factors affecting universities’ ability to foster students’ entrepreneurial behaviour: An empirical investigation. Journal of Management Development, 36(2), 268–285. https://doi.org/10.1108/JMD-06-2016-0093
Bo Khoa hoc va Cong nghe (2022). Đề án hỗ trợ hệ sinh thái khởi nghiệp đổi mới sáng tạo quốc gia đến năm 2025 (Đề án 844) [The National Program for Supporting the Startup Ecosystem in Vietnam through 2025 (Program 844)]. http://dean844.most.gov.vn/
How to Cite
Pham , T. K., & Tran, V. T. (2025). Developing an integrated model of factors influencing entrepreneurial intention: A case study of the University of Finance - Marketing. Journal of Finance - Marketing Research, 3(4), 109-125. https://doi.org/10.52932/jfmr.v3i4en.1003