Does social media foster students’ entrepreneurial intentions?

Loan, Nguyen Thi; Libo-on, Rowena Monzon; Linh, Truong Tuan; Nam, Nguyen Khanh Article Does social media foster students’ entrepreneurial intentions? Cogent Business & Management Provided in Cooperation with: Taylor & Francis Group Suggested Citation: Loan, Nguyen Thi; Libo-on, Rowena Monzon; Linh, Truong Tuan; Nam, Nguyen Khanh (2024) : Does social media foster students’ entrepreneurial intentions?, Cogent Business & Management, ISSN 2331-1975, Taylor & Francis, Abingdon, Vol. 11, Iss. 1, pp. 1-15, https://doi.org/10.1080/23311975.2023.2298191 This Version is available at: https://hdl.handle.net/10419/325966 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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Nguyen Thi Loan, Rowena Monzon Libo-on, Truong Tuan Linh & Nguyen Khanh Nam To cite this article: Nguyen Thi Loan, Rowena Monzon Libo-on, Truong Tuan Linh & Nguyen Khanh Nam (2024) Does social media foster students’ entrepreneurial intentions?, Cogent Business & Management, 11:1, 2298191, DOI: 10.1080/23311975.2023.2298191 To link to this article: https://doi.org/10.1080/23311975.2023.2298191 © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. Published online: 31 Jan 2024. Submit your article to this journal Article views: 3996 View related articles View Crossmark data Citing articles: 3 View citing articles Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=oabm20 ManageMent | ReSeaRCH aRtICLe Cogent Business & ManageMent 2024, VoL. 11, no. 1, 2298191 Does social media foster students’ entrepreneurial intentions? nguyen thi Loana, Rowena Monzon Libo-onb, truong tuan Linhc and nguyen Khanh namd aFaculty of economic and Business administration, Hong Duc university, thanh Hóa, Vietnam; bschool of graduate studies, Central Philippine university, iloilo City, Philippines; cFaculty of Business and economics, Phenikaa university, Hanoi, Vietnam; dFaculty of economic Management, national academy of Public administration, Hanoi, Vietnam ABSTRACT this study examined the impact of social media usage on students’ entrepreneurial intentions, making a novel contribution by extending the theory of Planned Behavior (tPB). Specifically, two additional variables were introduced into the tPB framework: social media and perceived risk. employing the generalized Structural equation Modeling (gSeM) method, interview data were analysed from 362 students in two Vietnamese provinces, thai nguyen and thanh Hoa. Results revealed that attitudes, subjective norms, and perceived behavioral control all positively influenced students’ entrepreneurial intentions. Second, perceived risk acted as a limiting factor on students’ entrepreneurial intentions. third, social media exerted a positive influence on students’ entrepreneurial intentions through both direct and indirect channels. notably, the relationship between social media and perceived behavioral control was influenced by students’ levels of experience. Specifically, experience enhanced this relationship most significantly among students with moderate experience, followed by those with high experience. In contrast, students’ low experience did not significantly affect the relationship between social media and perception. 1. Introduction Vietnam exhibits a robust entrepreneurial spirit, with a keen interest in start-up business (amway, 2020). Specifically, the report revealed that 89% of Vietnamese respondents expressed confidence in developing a business idea, while 88% were willing to take the risks associated with a start-up. additionally, 91% were ready to dedicate their time to idea development, percentages that exceeded the world average by 34–41%. the 2020 report by amway further emphasized that as many as 97% of Vietnamese respondents aspired to develop entrepreneurial ideas. these statistics clearly indicate that entrepreneurship is a significant focal point and a prevailing trend in Vietnam’s economic development process. In recent years, the Vietnamese government has introduced several measures to promote entrepreneurship, especially among students. In 2017, the Prime Minister endorsed the ‘Supporting students to start businesses until 2025’ project, with the objective of nurturing an entrepreneurial spirit, equipping students with entrepreneurial knowledge and skills, and creating a supportive environment for their entrepreneurial pursuits during their academic journey. Currently, approximately 25% of educational institutions, totaling about 45, have established support centers for student start-ups, with more than ten of them dedicated to incubating student ventures. these initiatives underscore the proactive role of the Vietnamese Ministry of education and training in fostering student entrepreneurship. the encouragement and support from the government have ignited the entrepreneurial spirit among a significant number of students. However, among those who embarked on entrepreneurial endeavors, a staggering 90% of students experienced failure (Lan, 2021). this statistic has raised concerns among policymakers and researchers. While fostering a positive mindset and attitude towards entrepreneurship © 2024 the author(s). Published by informa uK Limited, trading as taylor & Francis group. CONTACT nguyen Khanh nam [email protected] Business administration, national academy of Public administration, Hanoi, Vietnam supplemental data for this article is available online at https://doi.org/10.1080/23311975.2023.2298191. https://doi.org/10.1080/23311975.2023.2298191 this is an open access article distributed under the terms of the Creative Commons attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. the terms on which this article has been published allow the posting of the accepted Manuscript in a repository by the author(s) or with their consent. ARTICLE HISTORY Received 5 april 2023 Revised 5 December 2023 accepted 6 December 2023 KEYWORDS entrepreneurial intentions; social media; students REVIEWING EDITOR Pablo Ruiz, Universidad de Castilla-La Mancha, Spain SUBJECTS economic Psychology; economics; Business, Management and accounting 2n. tHILOan etaL. is highly commendable, if this positive mindset and attitude are shaped by misleading information on social media (SM), it can be highly detrimental. In Vietnam, the burgeoning trend of business start-ups has led to the emergence of inspiring talk shows and seminars on various SM platforms. the primary goal of these programs is to facilitate the exchange of experiences between established entrepreneurs and aspiring students. However, the onset of the COVID-19 pandemic has placed constraints on in-person workshops and live talk shows, making them impractical. as a result, producers have leveraged the potential of SM to organize online talk shows, seminars, and provide digital resources related to entrepreneurship. However, amidst the positive developments in SM, there has been a proliferation of ‘illusory entrepreneurs’ disseminating ‘self-help’ or ‘get rich quick’ narratives with overly optimistic information about entrepreneurship. these videos paint an overly rosy picture of entrepreneurship, with the aim of attracting people to invest or start their own businesses (Quang, 2018). this situation poses a risk, especially for individuals, such as students, who lack experience and knowledge. they may be susceptible to overestimating their own abilities, a phenomenon commonly referred to as the ‘illusion of control’ (Laguía gonzález et al., 2018). SM, a global phenomenon, has attracted significant attention in studies related to students’ entrepreneurial aspirations. For instance, Do et al. (2020) demonstrated that the use of SM catalyzes entrepreneurial intentions (eI) among college students in taiwan. Similarly, Pérez Fernández etal. (2021) suggested that online social capital enhances individuals’ relationships and deepens their understanding of entrepreneurship. Furthermore (abdelfattah etal., 2022) that leveraging SM facilitates the connection between self-perceived creativity and e-eI. In a study by Barrera-Verdugo and Villarroel-Villarroel (2022) on SM usage frequency, a positive correlation was identified with more favorable entrepreneurial attitudes and perceptions among students. It’s worth noting that the magnitude of this impact varies depending on students’ age and gender. While numerous studies have explored the impact of SM on business intentions, this study focused on students’ eI, taking into account perceived behavioral control (PBC) and perceived risk (PR). notably, it addressed a question that previous research has not tackled: whether the use of SM promotes a positive perception of entrepreneurship in the context of unverified content shared on SM and the limited knowledge and experience of students. Furthermore, by categorizing students into different groups based on their experiences, we can analyze the specific effects of SM on students’ eI in each particular situation. the main objective of this study is to examine the impact of SM usage on students’ eI. It is guided by the following specific objectives: • to assess both the direct and indirect impacts of SM on students’ eI, with perception acting as a mediating factor. • to examine the influence of experience on the relationship between SM and perception-related factors. the remainder of the paper is structured as follows. Section 2 introduces the theoretical framework and hypotheses. Section 3 outlines the methodology, including data collection and estimation methods. Section 4 discusses the empirical results, while Section 5 delves into the primary findings. Finally, Section 6 concludes the paper, summarizing results, acknowledging limitations, and suggesting future research directions. 2.Theoretical framework and hypothesis development 2.1. Theoretical framework the concept of eI was first introduced in the 1960s, and since then, researchers have expanded the analytical model in various directions. Initially, researchers focused on personality traits that drive an individual’s intention to start a business (Lu etal., 2021). However, using personality traits alone is insufficient to explain eI (gartner, 1985; Lu et al., 2021). Hence, since the 1980s, cognitive factors have been COgent BUSIneSS & ManageMent 3 included to understand the causes of eI. to date, two commonly used theories in research on eI are the theory of Planned Behavior (tPB) by ajzen (1991) and the entrepreneurial event Model (eeM) by Shapero and Sokol (1982). according to tPB, eI is influenced by three key factors: attitudes (att), subjective norms (Sn), and perceived behavioral control (PBC). att is an individual’s evaluation of the behavior and is expressed through a level of positive or negative assessment of the subject’s intention to start a business (almeida et al., 2021). Sn refers to people’s opinions about the behavioral subject’s eI (Su et al., 2021). PBC is the behavioral subject’s perception of the feasibility of the eI (Laguía & Moriano, 2019). On the other hand, the eeM suggests that eI is shaped by two main elements: perceived desirability and perceived feasibility (Shapero & Sokol, 1982). Perceived desirability reflects an individual’s aspiration level to start a business, while perceived feasibility represents the individual’s perception of the possibility of starting a business. tPB and eeM share a common focus on the behavioral subject’s perception of their eI. Both tPB’s PBC and eeM’s perceived feasibility describe the level of feasibility, while eeM’s perceived desirability is akin to tPB’s att and Sn, as they all encompass the desire and preference for the intention (Krueger & Brazeal, 2017; Lu et al., 2021). While eeM is specific to startup research (esfandiar et al., 2019), tPB remains a preferred choice for many researchers, such as Schlaegel and Koenig (2014) and Lu et al. (2021). Other studies have suggested that individuals need to be aware of risks (Dao et al., 2021) and consider personal characteristics such as age, gender, education, and experience (asma et al., 2019; Boubker et al., 2021; Hieu et al., 2021) or seek support (Liu et al., 2022) in addition to assessing their perceived ability to perform a particular activity. Furthermore, given the prevalence of interactive SM networks like Facebook, Instagram, and twitter, the impact of SM also needs to be taken into account. therefore, this study not only applies tPB but also analyzes the influence of demographic characteristics, risk perception, and SM on students’ eI. 2.2. Hypothesis development 2.2.1. The theory of planned behavior eI is influenced by three key factors: att, Sn, and PBC. att refers to an individual’s evaluation of the desirability of starting a business (ajzen, 1991). In this study, the researchers employed eI to represent the intention to initiate a business. according to agu (2021), an individual’s behavior is influenced by their attitude toward it. Specifically, individuals with a positive attitude towards entrepreneurship are more likely to develop intentions that eventually translate into actual entrepreneurial behavior (Zaremohzzabieh et al., 2019). this concept is supported by the research of Rueda Barrios et al. (2021) who also endorse the idea that a positive attitude or awareness of entrepreneurship can facilitate the formation of eI. therefore, the following hypothesis was proposed: H1: att positively affects eI. Sn is a factor that describes the perception of external pressures on eI. these external pressures can originate from various sources, including family members, friends, teachers, and other social connections. according to ajzen (1991), when behavioral subjects receive greater support from their social network, they are more likely to develop eI. Support from close relationships can boost individuals’ confidence and entrepreneurial spirit (Cavalcante et al., 2021). Studies conducted by Rueda Barrios et al. (2021) have shown that positive evaluation and support from family and friends can enhance students’ eI in Colombia. Based on the above arguments, the following hypothesis was proposed: H2: Sn positively affects eI. PBC refers to the extent to which an individual perceives control over their behavior and relates to the perceived eI (Laguía & Moriano, 2019). this factor signifies an individual’s perception of the possibility of becoming an entrepreneur and successfully managing a business. according to Vracheva et al. (2019), a higher perception of the possibility of success by the behavioral subject leads to a greater likelihood of forming eI. Research by Lu et al. (2021) has demonstrated that PBC has a positive influence on the eI of students in China. this positive effect is further supported by the studies 4n. tHILOan etaL. of López-Delgado et al. (2019) and Mei et al. (2015). therefore, the following hypothesis was proposed: H3: PBC positively affects students’ eI 2.2.2.Perceived risks and intention to start a business Risk refers to the level or likelihood of experiencing losses when engaging in an action or a set of activities (tognazzo etal., 2017). according to Laguía gonzález etal. (2018), risk is commonly associated with newly established businesses. the european Commission (2011) reports that approximately 50% of businesses in europe close within the first 5 years. Similarly, in Vietnam, up to 90% of startup businesses fail (thuy, 2018). these failures can lead to societal stigmatization of entrepreneurs (Laguía gonzález et al., 2018) and financial challenges, such as bank loans and bankruptcy. From a psychological perspective, if individuals perceive the risks and consequences associated with entrepreneurship as high, they are likely to experience fear and uncertainty (tognazzo et al., 2017). therefore, individuals with a high perception of risk may hesitate or even refrain from pursuing eI (Laguía gonzález et al., 2018; Martínez-Cañas et al., 2023). Conversely, individuals with a positive attitude towards risk or a lower perception of risk are more likely to develop business intentions, as highlighted by Zhang et al. (2015) and tognazzo et al. (2017). H4: PR negatively affects eI. 2.2.3.Social media and entrepreneurial intentions SM is considered a useful tool for connecting individuals, gathering additional information, and acquiring knowledge (nisar et al., 2022). according to ellison et al. (2011) and thomas et al. (2020), SM serves as platforms that enable individuals to expand their network by establishing new connections and maintaining existing relationships. Utilizing SM in entrepreneurship can help students connect with various partners and experienced business entities. Forming external relationships can boost an entrepreneur’s confidence in their abilities (Sahoo & Panda, 2019), which, in turn, can foster eI. Based on the above arguments, the following hypothesis was proposed: H5: SM positively impacts eI. In addition to fostering relationships, SM also serves as a source of information and knowledge (Johannisson, 1990; Karimi etal., 2016). nowadays, a wide variety of information is shared on SM through diverse formats such as text (e.g. quotes), videos, audio, and more (nisar etal., 2022). Success stories and entrepreneurial lessons are extensively shared across SM in various formats like short stories, postcards, and short videos (e.g. on tiktok). accessing these resources can influence individuals’ perceptions and eI (Camelo-Ordaz etal., 2016; Liñán & Santos, 2007). exposure to positive information sources and the experiential lessons of successful entrepreneurs can enhance individuals’ awareness and confidence in their potential for success and business model management (Hayward et al., 2010). Utilizing SM allows students easy access to positive entrepreneurial information of Barrera-Verdugo and Villarroel-Villarroel (2022), which, in turn, stimulates their PBC. Based on the above arguments, we propose the following hypothesis: H6: SM positively impacts PBC. the use of SM can influence students’ risk perception. On one hand, employing SM can heighten students’ PR regarding entrepreneurship. according to Zhao et al. (2022), negative emotions tend to attract more attention from users on SM. In other words, in the case of student entrepreneurial failures, their information can spread across social platforms, drawing the attention of others. this may lead to negative interactions, potentially causing emotional distress. On the other hand, positive information on SM can overshadow students’ perception of entrepreneurial risks (tognazzo et al., 2017) and enhance their entrepreneurial motivation (adekiya & Ibrahim, 2016). Based on the above arguments, the following hypothesis was proposed: H7: SM positively influences PR. COgent BUSIneSS & ManageMent 5 Despite the benefits of inspirational success stories, it is crucial to acknowledge that they can sometimes overshadow the potential risks and challenges associated with starting a business (Forlani & Mullins, 2000; tognazzo et al., 2017). Bower (2008) proposed an ‘information-processing’ approach, which entails the conversion, analysis, storage, and retrieval of information. In the context of initiating a business, individuals often receive information about friends and family members engaged in entrepreneurship, which they subsequently analyze and evaluate to shape their perceptions (Hsu et al., 2019). according to Laguía gonzález et al. (2018), individuals with experience and knowledge in business start-ups are more likely to make accurate judgments and have more precise perceptions, reducing the likelihood of succumbing to the ‘illusion of control.’ Consequently, those with extensive knowledge and experience in entrepreneurship and business tend to possess enhanced abilities for information classification and evaluation. these qualities enable them to form a more accurate perception of their managerial and operational capabilities, as well as the associated risks they might encounter. this suggests that higher levels of experience will magnify the impact of SM on risk perception and the likelihood of success. In light of the above arguments, the following hypotheses were proposed: H8: the higher the experience (eP), the higher the influence of SM on PBC. H9: the higher the eP, the higher the influence of SM on PR. 3.Methodology 3.1. Data collection this study involved a sample of 493 students from two provinces in Vietnam: thai nguyen and thanh Hoa. thai nguyen province was selected for its significance as a regional center in the northern mountainous region, situated 80 km north of Hanoi, the capital city. this region boasts a substantial population of ethnic minority students, and thai nguyen University ranks among the largest and most multidisciplinary universities in Vietnam. In contrast, Hong Duc University in thanh Hoa province was selected. It is located approximately 150 km south of Hanoi, for its smaller scale and its position in the northern part of the Central Coast region. Surveying students in these two diverse locations allowed the gathering of varied and realistic data. to determine the minimum required sample size, Slovin’s sample size calculation method was utilized, resulting in a minimum requirement of 384 participants. From the provided list of students, a random selection process was used to get 600 students to participate in the interviews. Prior to conducting the interviews, steps were taken to ensure that the questions were appropriate for the students. this was achieved by sending survey questionnaires to the respective schools and consulting with teachers and students to confirm the suitability of the inquiries. the survey was initiated in October 2022, and a total of 600 questionnaires were distributed, with 300 allocated to each province. to establish contact with the students, questionnaires were sent to the teachers to collect the required information. Despite the appeal to the teachers for help, some students either declined to participate or provided inaccurate information. to address this challenge, applied the attention checks methodology was used, as outlined by Vedadi et al. (2021), to exclude participants who did not fully engage with the survey. after collecting the survey questionnaires, 10 participants qualified for in-depth interviews. In total, 493 valid questionnaires were obtained, accounting for 82.17% of the total responses. It’s important to note that 107 questionnaires were excluded: 54 out of the 107 failed the attention checks, while 53 out of the 107 did not provide adequate information or complete responses. 3.2. Measurement the interview questionnaire was divided into two main parts. the first part included questions about demographic characteristics, such as gender, educational level, ethnicity, and eP. the second part consisted of questions related to eI, att, Sn, PBC, PR, and SM. With the exception of students’ eI, the 6n. tHILOan etaL. remaining variables in the second part were measured using a 5-point Likert scale (1 = strongly disagree; 5 = strongly agree). the measurement instruments are presented in table 1. 3. Method of estimation Structural equation Modeling (SeM) serves as a valuable tool for assessing the factors influencing students’ eI. the strength of this modeling approach lies in its remarkable flexibility to simultaneously test a multitude of hypotheses related to complex cause-effect relationships (Katebi et al., 2022). However, SeM necessitates continuous responses, whereas our dependent variable (eI) is binary, taking the value of 1 if the student has entrepreneurial intentions and 0 otherwise. the application of SeM in this context may introduce significant biases (Hieu et al., 2021). therefore, in line with Doanh et al. (2022), we have chosen to employ generalized Structural equation Modeling (gSeM). gSeM represents an advanced iteration of SeM, capable of accommodating various data types, including binary data. Moreover, gSeM offers the flexibility to accommodate models of the form yX ii i = + βε , and it excels in handling a variety of model types, including logit, probit, multinomial logit, and others, through the combination of different families and links (Van et al., 2022). the primary theoretical equation of gSeM can be expressed as follows: gEy X ii () {} = β (1) yF i ∼ (2) where: yi represents endogenous variable(s); X i signifies the explanatory variable (s); β stands for the coefficient of X; g(.) is referred to as the link, and F is denoted as the family. Table 1. Measurement instruments. Variables Questionnaires adopt from att Being an entrepreneur implies more advantages than disadvantages to me. Hieu et al. (2021), sampene et al. (2022)Being an entrepreneur would give me great satisfaction. it is desirable for me to become an entrepreneur. it is attractive for me to become an entrepreneur. i am in favor of entrepreneurship and household creation. sn My closest family members think that i should pursue a career as an entrepreneur. Hieu et al. (2021), sampene et al. (2022)My closest friends think that i should pursue a career as an entrepreneur. People who are important to me think that i should pursue a career as an entrepreneur. to what extent do you care about what your closest family thinks as you decide on whether or not to pursue a career as self-employed? to what extent do you care about what your closest friends think as you decide on whether or not to pursue a career as self-employed? to what extent do you care about what people important to you think as you decide on whether or not to pursue a career as self-employed? PBC if i wanted to, i could easily become an entrepreneur. Hieu et al. (2021), sampene et al. (2022)it is entirely up to me whether or not i become an entrepreneur. as an entrepreneur, i would have sufficient control over my business. there are very few circumstances outside my control that may prevent me from becoming an entrepreneur. eP i have worked in my parents’ business. Bignotti and Le Roux (2020)i have sold goods and services. i have attempted to start a business. i have helped someone to start a business. i have worked in a part-time job such as waitering. PR i recognize that entrepreneurship brings financial risks. Verheul et al. (2015), arrighetti et al. (2016)i recognize that entrepreneurship poses risks to mental well-being and health. i recognize that entrepreneurship involves various risks beyond financial and mental aspects. i acknowledge the difficulty for a new company to access customers and potential partners. sM i regularly use social media platforms (e.g. Facebook, Zalo, instagram, twitter, etc.). Based on Barrera-Verdugo and Villarroel-Villarroel (2022) i participate in various business and entrepreneurship groups on social media. i frequently follow programs related to entrepreneurship. i often follow successful entrepreneurs and businesspeople. i have connected with many business and entrepreneurial individuals through social media. COgent BUSIneSS & ManageMent 7 In this study, the endogenous variable(s) were characterized by two distinct data types. eI is a binary variable, while PBC and PR are continuous variables. Consequently, in the investigation of the influence of att, Sn, PBC, PR, eP, and gender on eI, the Bernoulli family was applied in conjunction with the logit link function. as outlined in equations (1) and (2), the utilization of the Bernoulli family in tandem with the inverse logit link function for the dependent variable eI can be expressed as follows: log log log f EIp EI p EI p () = +− () − () 11 (3) E EI g Gend r ATT SN PCB PR EP SM e () = + + + +++ ( ) =+ −1 1 2 3 4 5 67 1 11 β β β β βββ β e GGender ATT SN PCB PR EP SM+ ++ + ++ ( ) β ββ ββ β 2 3 4 56 7 (4) In this context, gender is coded as 1 for males and 0 for females, att pertains to attitudes, Sn corresponds to the subjective norms, PBC signifies perceived behavioral control, PR denotes perceived risks, and eP reflects the student’s entrepreneurial experience. Subsequently, the gaussian family was applied in conjunction with the identity function to assess the impact of SM on cognitive variables (PBC and PR). Based on equations (1) and (2), the gaussian family and the identity function can be expressed as follows: log , log log fdy… y … y … £ ££ () =− + +− () ′− () {} − 1 2 21 π (5) E PBC SM SM EP () =+× () γγ 12 (6) E PR SM SM EP () =+× () γγ 34 (7) In these equations, y represents the response variable; d corresponds to the dimension of the observed response vector y ; … is the mean of the response; and Σ signifies the variance matrix of its unexplained errors. gSeM is proficient in handling structural models encompassing various data types. However, a limitation of gSeM is its inability to provide goodness-of-fit statistics. to address this shortcoming, the akaike Information Criterion (aIC), the Bayesian Information Criterion (BIC), and single-variable significance, such as standard errors, were utilized to evaluate the model’s efficacy. 4. Empirical results 4.1. Psychometric properties Prior to performing gSeM estimation, exploratory Factor analysis (eFa) was used to evaluate the factor structure and Confirmatory Factor analysis (CFa) to define and examine the relationships within the measurement model. the results in table 2 indicated that the loading factor exceeded 0.7, and the structure was in alignment with the theoretical framework, which suggests the adequacy of the factor structure and offers preliminary confirmation of the measurement quality. the results of the CFa are provided in table 3. In line with the approach by Hieu et al. (2021), the model’s fit was assessed by examining factor loadings, reliability, validity, and the overall measurement model fit. as illustrated in table 3, the standardized factor loadings surpass 0.7. the values for composite reliability (CR) exceed 0.907, and those for average variance extracted (aVe) are greater than 0.671. Furthermore, the goodness-of-fit statistics indicate that CFI stands at 0.988, tLI at 0.987, and RMSea is less than 0.05. these findings confirm that our data is well-suited for the model. 14 n. tHILOan etaL. european Commission. (2011). Second chance for entrepreneurs: Prevention of bankruptcy, simplification of bankruptcy procedures and support for a fresh start. http://ec.europa.eu/DocsRoom/documents/10451 Forlani, D., & Mullins, J. W. (2000). Perceived risks and choices in entrepreneurs’ new venture decisions. Journal of Business Venturing, 15(4), 305–322. https://doi.org/10.1016/s0883-9026(98)00017-2 gartner, W. B. 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