Entrepreneurial Intentions During COVID-19: Case Study in Spanish and Colombian University Students

Francisco Javier Maza-Avila, Macarena Pérez-Suárez, & Isadora Sánchez-Torné Entrepreneurial Intentions During COVID-19: Case Study in Spanish and Colomhian University Students Abstract: Toe aim was to ascertain the entrepreneurial intention (EI) during COVID- 19 pandemic, based on a comparative analysis of the attitudes (AE), behaviours (PBC), and entrepreneurial skills (EC) of economics and business students. For this purpose, a structured questionnaire was applied to a representative sample of students from two public universities in two dissimilar economies, following the methodological framework proposed by Liñán and Chen (2009), a 95 % confidence level and a 4.66 % margin of error. Two significant differences in the causal effect were found between PBC and university, which were El Social Valuation (SV) and university EC during COVID-19. Five significant analogies were observed demonstrating a causal effect between AE and university El; Social Norm (SN) and university PBC; SN and university AE; SV and university PBC and, between EC and university El during COVID-19. As well as, there is no causal effect between SN and university El and between SV and university El during COVID-19. These divergences and analogies proved that there are variations between the models of university El in Colombia and Spain during COVID-19, despite the fact that the pandemic situation <loes not condition university El. Keywords: entrepreneurial intention, students, higher education, COVID-19, Colombia, Spain. l. Introduction Toe academic literature provides evidence of uneven territorial entrepreneurship, as there are varying levels of entrepreneurial activity across countries. Toe reasons for this may be attributed to the size of the economies (Lee & Peterson, 2000; Liñán & Fernandez-Serrano, 2014), as well as the innovation, which leads to the establishment of new firms (Williams & McGuire, 201 O; Turró et al., 2014), or the role played by the culture of entrepreneurship (individual or group ). Toe latter reason, which is one of the most widespread, points out that the individual's culture influences their willingness to pursue an entrepreneurial path (McGrath & MacMillan, 1992; Mueller & Thomas, 2001; Liñán et al., 2013; Hayton et al., 2017). Specifically, regions where there is a predominantly positive attitude toward the creation of new businesses, where creative thinking 192 Francisco Javier Maza-Avila et al. is esteemed, and where entrepreneurship is dignified, are more likely to have a higher entrepreneurship rate than those where it is not the case (García Rodríguez et al., 2015; Hayton et al., 2017). Colombia, a country located in the Latin America and Caribbean region, has been classified as an upper-middle-income nation, whereas Spain is classified as a high-income state (World Bank Atlas Method, 2021). Colombia registers a Total Entrepreneurial Activity (TEA) rate of 31.1 %, maintaining relative stability over the past five years, although with a significant increase in subsistence entrepreneurship in the last year (GEM 2020-2021). Toe country has a low proportion of people who cite fear of failure as a barrier initiating a new business, a result below the percentage for Latin America and the Caribbean ( 45.5 % ) and Europe (46.4 %) (López et al., 2021). In fact, the GUESS-2018 Report ranked Colombia fifth among countries in terms of students' entrepreneurial intentions, highlighting a strong interest in launching a business (Ruiz-Navarro et al., 2018). Spain's interest in university entrepreneurship is well-stablished (Diánez González et al., 2021). Spain reports a TEA of 5.2 % and 72.3 % have started a business out of necessity due to the difliculty of finding employment (GEM 2020-2021). Only 5 % of young people manage to turn their entrepreneurial intentions into tangible business ventures (Observatorio del Emprendimiento de España, 2021). This indicates the existence of difliculties in entrepreneurship. Moreover, in the international context, and according to the GUESS report-2021, very few Spanish students express their intention to start their own business upon graduation, even below the average of the assessed countries. Toe period marked by COVID-19 has resulted in a decline in entrepreneurial intentions among university students (Sieger et al., 2021). In the specific case of the two countries under study, their economies exhibit varying levels of development. As observed, entrepreneurial activity is diversified between the two countries. Toe promotion of entrepreneurship is tangible, as both countries possess a specific regulatory framework facilitating the implementation of the public administration's territorial entrepreneurship instruments. Within this context, educational interventions aimed at fostering intra-entrepreneurship, establishment of new companies, adaptation to emerging technologies, and advancement in scientific domains, are implicit. Entrepreneurship is promoted as a means of sustainable reactivation (Oliver et al., 2016) and as a remedy for unemployment (Iwu et al., 2019). At the institutional level, the university plays a pivotal role in the environment, as educational interventions enhance knowledge and entrepreneurship (Liñán & Fayolle, 2015; Barba-Sánchez & Atienza-Sahuquillo, 2018). Likewise, an institutional environment that favours Entrepreneurial Intentions During COVID-19 193 entrepreneurship engenders a more positive assessment of entrepreneurial initiatives and fosters their social recognition (Jaén & Liñán, 2013). Since the beginning of COVID-19, the scientific production on the entrepreneurial phenomenon has identified a feminised topic, with a distinct emphasis on entrepreneurship as an opportunity in a time of uncertainty, such as the current one (García-Río et al., 2021). This serves as the backdrop for this article, which seeks to investigate university entrepreneurial intentions (El) during COVID-19. Consequently, student perceptions in two regions (Colombia and Spain) are analysed. Specifically, this research focuses on attitudes (AE), capabilities (CE), and behaviours (PBC) concerning entrepreneurship. This will allow the determination of new perceptions in a pandemic scenario. To achieve this objective, a cognitive approach, based on two elements, has been adopted. First, Ajzen's (1991) well-known Theory of Planned Behaviour (TPB) is used to explain entrepreneurial intentions as interpreted by Liñán and Chen (2009). Second, the role of micro-and macro-social environments in shaping perceptions and intentions is considered (Liñán et al., 2013; Santos et al., 2016). This research is organised into five sections. Toe first section encompasses this introduction, along with an overview of entrepreneurship during the COVID-19 era; the second segment presents a comprehensive review of the existing literature on proven university El. Subsequently, the methodology for analysing the collected data is expounded upon, followed by the exposition of various implications, leading up to the conclusions that address the ten hypotheses proposed. 2.1. Theoretical Model and Hypotheses The TPB model is applied, based on the model proposed by Liñán and Chen (2009), adapted by Caro-González et al. (2017), on the correlation between Perceived Behavioural Control (PBC), Attitude towards Entrepreneurship (AE), Social Norms (SN) and Social Valuation (SV) and Entrepreneurial Intention (El). As a novelty, the latent variable Entrepreneurial Capabilities (EC) is incorporated. The significance of each latent variable can be seen in Table 1, along with the respective authorship attribution. 194 Francisco Javier Maza-Avila et al. Table l. Latent variables used in the TPB model Latent Variable Description Principal authorship Social Perception of social and cultural values (Liñán & Fayolle, Valuation of that may encourage or discourage 2015). entrepreneurship entrepreneurship. lt is positively related to El, (SV) EC,and PBC. Social Norm (SN) Toe perception of the opinion that the (Ajzen, 1991; immediate environment would have of Contreras et al., entrepreneurial behaviour. lt is positively 2020). related to El, EC, and PBC. Attitude towards Toe individual factor that signifies the (Engle et al., 2010; entrepreneurship inclination to generate value through the Liñán et al., 2011; Fini (AE) manifestation of entrepreneurial conduct. lt et al., 2012). exhibits a positive correlation with El. Perceived Toe individual's perceived ability to create (Krueger et al., 2000; behavioural and manage a new enterprise. At various Ajzen, 2005; Jaén, control (PBC) times, the terms PBC and Self-Eflicacy are 2010). often used interchangeably. lt ranks as one of the most influential predictors of El, alongside SA. Entrepreneurial Toe key to understanding the entrepreneurial (Ajzen, 2005; lntention (El) process. A person develops a purpose for a Sarason et al., 2006; particular behaviour. This purpose remains Prodan & Drnovsek, a disposition when the opportunity arises at 2010; Carsrud & the right time, and the intent is transformed Briinnback, 2011; into action. El represents a construct Dimov, 2017). that connects the process of detecting an opportunity with its subsequent realisation. This variable stands out as one of the most reliable antecedents of entrepreneurial behaviour that ultimately culminates in the establishment of new enterprises. Entrepreneurship Toe transversal skills of people, including (Passaro et al., 2018; Capabilities (EC) decision-making, generating new ideas, Ramsgaard, 2018; providing solutions, having a critica! spirit, Sánchez-Torné & working in a team, and motivating the work Pérez-Suárez, 2019; team. They exhibit a positive correlation with Suárez-Ortega et al., El. 2020). Toe following graph shows the proposed relationship model, which will be solved using structural equation modelling (Figure 1). Entrepreneurial Intentions During COVID-19 195 Figure l. Proposed model and assumptions For the model defined for each country, nine hypotheses (Hl to H9) have been proposed, according to the relationships established between their constructs, in order to identify the key factors of current university EL In turn and based on the review of the literature on differences in university El between countries, an additional hypothesis (HlO) has been formulated: H1: 'Ihere is a causal effect between the PBC variables and university El during COVlD-19. H2: 'Ihere is a causal effect between the variables AE and university El during COVlD-19. H3: 'Ihere is a causal effect between the SN variables and university El during COVlD-19. H4: 'Ihere is a causal effect between SV variables and university El during COVlD-19. H5: 'Ihere is a causal effect between the SN variables and the university PBC during COVID-19. H6: 'Ihere is a causal effect between the variables SN and university EC duringCOVlD-19. H7 'Ihere is a causal effect between SV variables and university PBC during COVlD-19. H8: 'Ihere is a causal effect between the variables SV and university EC during COVlD-19. H9: 'Ihere is a causal effect between the variables EC and university El during COVlD-19. HlO: 'Ihere are differences between the Colombian and Spanish models aj university El during COVID-19. 2.2. Description of the Research Population, Sample and Research Sampling An inferential and multivariate approach has been utilised to respond to ten hypotheses. In the case of Spain, the population under study is made up of the students enrolled in the Bachelor's Degree in Economics, and the Double Degree 196 Francisco Javier Maza-Avila et al. in Law and Economics during the academic year 2020-2021 encompassing a total of 885 individuals. In the case of Colombia, the population includes 2,731 students enrolled in the Bachelor's Degrees in Business Administration, Industrial Administration, Economics, and Public Accounting for the year 2021. Toe questionnaire implemented for this article was constructed in accordance with the framework proposed by Liñán and Chen (2009), as verified by Liñán et al. (2011); Sánchez-Torné and Pérez-Suárez (2019) and García-Río et al. (2020). Previous studies have supported the valuation of university-based El in economics (Cui et al., 2019; Egerová et al., 2017; García-Río et al., 2020; Sánchez-Torné et al., 2021). Toe El of the student population has become a focus of attention, chiefly owing to its considerable entrepreneurial potential (Harrison & List, 2004; Küttim et al., 2014; Aparicio et al., 2019). Furthermore, the findings of this research will contribute to a better understanding of the entrepreneurial intentions of millennials, whose conduct markedly diverges from that of preceding entrepreneurial generations (Liu et al., 2019). In addition, the comparison between students in Spain and Colombia allows us to identify which elements have a greater influence on university El in countries with different levels of economic development (Küttim et al., 2014; Okn,glicka et al., 2017). Toe impetus for this lies in research that considers the socio-economic context of entrepreneurship and, in this sense, comparative works from different countries and regions are recommended (Santos et al., 2016). Table 2 details the population, sample, and type of research sampling. Table 2. Technical sheet of the research Specifications University of Seville (Spain) University of Cartagena (Colombia) Study population 885 students enrolled in degree 2,731 students in on-site degree programs at the Faculty of programmes in the area of Economics and Business Economic Sciences: Business Studies: Economics and Double Administration, Industr ial Degree in Economics and Law. Administration, Economics and Public Accounting. Temporary scope 2020-2021 academic year. 2020-2021 academic year. Territorial scope Seville, Spain. Cartagena de Indias, Colombia. Sample design Stratified random sampling with Stratified random sampling proportional allocation, according with proportional allocation, to the study programme. according to the study programme. Entrepreneurial Intentions During COVID-19 197 Table 2. Continued Specifications University of Seville (Spain) University of Cartagena (Colombia) Sample size 297 students. 360 students. Level of 95 % Z = 1.96 p = q = 0.5. 95 % Z = 1.96 p = q = 0.5. confidence Margin of error 4.66% 4.66% Information Questionnaire sent via email Questionnaire sent via email gathering (Google Forms). (Google Forms). Toe proposed model of university El valuation for Colombia and Spain was solved under the Partial Least Squares (PLS) method for Structural Equation Modelling (SEM), considered a multivariate statistical technique (Chin, 1998) which falls under the category of second-level multivariate statistical technique (Hair et al., 2016). Toe main advantages of using a PLS-SEM model are its effectiveness under predictive and non-confirmatory situations (F. Hair Jr et al., 2014) and its ability to work with smaller sample sizes (Henseler et al., 2015). Moreover, due to its non-parametric nature, it <loes not require ensuring data normality (Chin & Newsted, 1999). Toe software used was SmartPLS developed by Ringle et al. (2005). Toe PLS-SEM models consist of two components: the structural model, illustrating the interdependencies between exogenous variables, and endogenous dependent variables and the measurement model, displaying the relationships between latent variables and observed variables(Martínez & Fierro, 2018). 3. Results Toe results indicate that 55.25 % of the surveyed students are female, with a mean age of 22.17 years and a standard deviation of 4.06 years. It is noteworthy that there are significant differences in the age of students in both countries (t test for independent samples, sig. 5 %). In particular, the average age of students in Spain is higher than in Colombia (23.2 years vs. 21.33 years). Concerning the students' desire to have their own business or company, it should be noted that, when compared to Spaniards, a higher percentage of Colombian students have started a business (44.44 % vs. 12.46 %) or have a family member who has done so (49.17 % vs. 37.04 %). Toe latter underscores the influential role of the family environment in shaping El. This trend is also reflected in the percentage of students who express a desire to have their own 198 Francisco Javier Maza-Avila et al. business or company (98.33 % vs. 69.02 %) or have ever considered setting up a company (95.28 % vs. 68.35 %). It is also noteworthy that Colombian students indicate that they have an idea to start a business (72.50 % vs. 60.61 %) and that they would like to receive EE (97.50 % vs. 77.78 %), despite both groups acknowledging the need for specific entrepreneurial skills. 3.1. Analysis of the Measurement Model Toe individual reliability of each observed variable ( OV) was assessed by estimating the loadings C\) or simple correlations with their respective latent variables (LV). Indicators with A :2: 0.707 were accepted. Table 5 shows that most of the standardised loadings meet this criterion, except for a few items: Social Evaluation (SA3, Gl, and G2), Social Norm (SA6, G2), Personal Attitude to Entrepreneurship (SA7, Gl, and G2); two items of Perceived Behavioural Control (SA15 and SA16, G2) and three of the Entrepreneurial Capabilities construct (SA25, SA26 and SA28, G2). It has also been verified that the OV had a stronger correlation with their own OV than with the rest, complying with Fornell & Larcker's statement (1981). Meanwhile, to evaluate the reliability of the measurement instrument, the Composite Reliability (Pe) index was calculated, which shows high levels of interna! consistency reliability between latent variables when the results are higher than 0.6 (Wong, 2013). Toe calculation of the latter indicator yielded results ranging between 0.88 and 0.94 for the Colombia model and between 0.80 and 0.95 for the Spain model, indicating good levels of reliability. Toe Average Variance Extracted -AVE- has also been calculated, which allows us to determine the validity of the construct as an indicator between its observable variables and other related latent variables. Toe results indicate values above 0.69 for the Colombian model and 0.57 for the Spanish model. Both values surpass the minimum recommended threshold of0.5 (Hair et al., 2016) (Table 3). Entrepreneurial Intentions During COVID-19 199 Table 3. Factor loadings C\), reliability coefficients (Pe) and AVE VL vo Item COLOMBIA SPAIN (Gl) (G2) ;\ AVE Pe ;\ AVE Pe sv SAl How is the entrepreneur's activity 0,89 0,84 valued among your family members? - SA2 How is the entrepreneur's activity 0,90 0,80 0,89 0,79 0,67 0,80 valued among your closest friends? f--- SA3 How is the entrepreneur's activity - - valued among your classmates? SN SA4 If you decided to start a business, how would your family value that 0.86 0.91 fact? - SA5 If you decided to set up a business, 0.72 0.89 0.85 0.92 how would your closest friends rate 0.89 0.93 it? f--- SA6 If you decided to set up a business, 0.79 how would your classmates rate it? - AE AE7 Being an entrepreneur has more - - advantages than disadvantages. - SA8 Being an entrepreneur is attractive 0.83 0.87 to me. f--- SA9 If I had the opportunity and the means, I would like to start my own 0.88 0.76 0.93 0.91 0.83 0.95 company. - SAlO Becoming an entrepreneur would be something that would leave me very 0.91 0.93 satisfied. f--- SAll Out of several options, I would prefer 0.87 0.93 to be an entrepreneur. ( Continueá) 206 Francisco Javier Maza-Avila et al. students from the University of Cartagena, as well as other universities in Cartagena de Indias or across Colombia, is essential to facilitate comparative analyses. A similar approach should be adopted in Spain during the 2021-2022 academic year. Finally, although care was taken to select a proportional sample of men and women, it would be possible to assess the influence of gender on university entrepreneurship intentions (Ruiz de la Rosa et al., 2014; Caro González et al., 2017; Sánchez-Torné et al., 2021). It's worth acknowledging that El still has theoretical gaps that require the promotion of research to corroborate relationships in practica! contexts that have not yet been validated. Therefore, the validation of El measurement processes and scales is required in order to promote longitudinal studies, as well as the evaluation of educational strategies and programmes aimed at promoting entrepreneurial behaviour (Valencia Arias et al., 2016). Toe need to link El with teaching and research is also highlighted, as there is still a lack of studies that measure the real impact of university EE and intra-entrepreneurship of companies that hire graduates who have received entrepreneurial training (Cerver Romero et al., 2020). Finally, researchers should consider the role of new information and communication technologies in El, especially today in the widespread telematic university education, which provides another interesting line of research. Undoubtedly, continuity means continuing to compile new empirical approaches to El, researching new topics, but also continuing to propose meeting places and editorial supports for exchange. is not just about constructing knowledge but also about social construction, where individuals, not just ideas, converge (Servantie et al., 2016). 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The World Bank Atlas method -Detailed methodology. https:/ / datahelpdesk. worldbank.org/knowledgebase/ articles/ 3 78 832-the world-bank-atlas-method-detailed-methodology Cartagena de Indias (Colombia), 3 de noviembre de 2023 Señores ICON Congress Saludos cordiales. En calidad de docente de Lenguas Extrajeras (inglés-francés) de la Universidad de Pamplona (Colombia), egresada del Programa de Traducción del Centro Colombo Americano (Colombia) y Magister en Didáctica del Inglés de la Universidad de Caldas (Colombia), es un placer para mí certificar las mejoras lingüísticas en la traducción del artículo científico titulado “Entrepreneurial intentions during Covid-19. Case study in Spanish and Colombian university students” que he tenido el honor de revisar y corregir. Dicho artículo ha experimentado un proceso significativo y meticuloso de revisión, en el cual se han realizado mejoras sustanciales en términos de precisión y claridad lingüística. Finalmente, Se han realizado correcciones en la gramática, la estructura de las oraciones, la coherencia y la cohesión del texto, lo que ha contribuido a una presentación más efectiva y comprensible de los conceptos científicos abordados en el artículo. Agradezco la oportunidad de participar en este proceso y de contribuir a la mejora de la comunicación científica en un contexto internacional. Atentamente, Karen Julio Cárdenas C.C. 60268233 de Cartagena Magíster en Didáctica del Inglés, Universidad de Caldas Licenciada en Lenguas Extranjeras (Inglés-Francés), Universidad de Pamplona