Loan, Nguyen Thi; Libo-on, Rowena Monzon; Linh, T uong Tuan; Nam, Nguyen
Khanh
A icle
Does social media os e s uden s’ en ep eneu ial
in en ions?
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Loan, Nguyen Thi; Libo-on, Rowena Monzon; Linh, T uong Tuan; Nam, Nguyen
Khanh (2024) : Does social media os e s uden s’ en ep eneu ial in en ions?, Cogen Business &
Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-15,
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Does social media os e s uden s’
en ep eneu ial in en ions?
Nguyen Thi Loan, Rowena Monzon Libo-on, T uong Tuan Linh & Nguyen
Khanh Nam
To ci e his a icle: Nguyen Thi Loan, Rowena Monzon Libo-on, T uong Tuan Linh & Nguyen
Khanh Nam (2024) Does social media os e s uden s’ en ep eneu ial in en ions?, Cogen
Business & Managemen , 11:1, 2298191, DOI: 10.1080/23311975.2023.2298191
To link o his a icle: h ps://doi.o g/10.1080/23311975.2023.2298191
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Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2298191
Does social media os e s uden s’ en ep eneu ial in en ions?
nguyen hi Loana, Rowena Monzon Libo-onb, uong uan Linhc and nguyen Khanh namd
aFacul y o economic and Business adminis a ion, Hong Duc uni e si y, hanh Hóa, Vie nam; bschool o g adua e s udies,
Cen al Philippine uni e si y, iloilo Ci y, Philippines; cFacul y o Business and economics, Phenikaa uni e si y, Hanoi, Vie nam;
dFacul y o economic Managemen , na ional academy o Public adminis a ion, Hanoi, Vie nam
ABSTRACT
his s udy examined he impac o social media usage on s uden s’ en ep eneu ial
in en ions, making a no el con ibu ion by ex ending he heo y o Planned Beha io
( PB). Speci ically, wo addi ional a iables we e in oduced in o he PB amewo k:
social media and pe cei ed isk. employing he gene alized S uc u al equa ion
Modeling (gSeM) me hod, in e iew da a we e analysed om 362 s uden s in wo
Vie namese p o inces, hai nguyen and hanh Hoa. Resul s e ealed ha a i udes,
subjec i e no ms, and pe cei ed beha io al con ol all posi i ely in luenced s uden s’
en ep eneu ial in en ions. Second, pe cei ed isk ac ed as a limi ing ac o on s uden s’
en ep eneu ial in en ions. hi d, social media exe ed a posi i e in luence on s uden s’
en ep eneu ial in en ions h ough bo h di ec and indi ec channels. no ably, he
ela ionship be ween social media and pe cei ed beha io al con ol was in luenced by
s uden s’ le els o expe ience. Speci ically, expe ience enhanced his ela ionship mos
signi ican ly among s uden s wi h mode a e expe ience, ollowed by hose wi h high
expe ience. In con as , s uden s’ low expe ience did no signi ican ly a ec he
ela ionship be ween social media and pe cep ion.
1. In oduc ion
Vie nam exhibi s a obus en ep eneu ial spi i , wi h a keen in e es in s a -up business (amway, 2020).
Speci ically, he epo e ealed ha 89% o Vie namese esponden s exp essed con idence in de eloping
a business idea, while 88% we e willing o ake he isks associa ed wi h a s a -up. addi ionally, 91%
we e eady o dedica e hei ime o idea de elopmen , pe cen ages ha exceeded he wo ld a e age
by 34–41%. he 2020 epo by amway u he emphasized ha as many as 97% o Vie namese espon-
den s aspi ed o de elop en ep eneu ial ideas. hese s a is ics clea ly indica e ha en ep eneu ship is
a signi ican ocal poin and a p e ailing end in Vie nam’s economic de elopmen p ocess.
In ecen yea s, he Vie namese go e nmen has in oduced se e al measu es o p omo e en ep e-
neu ship, especially among s uden s. In 2017, he P ime Minis e endo sed he ‘Suppo ing s uden s o
s a businesses un il 2025’ p ojec , wi h he objec i e o nu u ing an en ep eneu ial spi i , equipping
s uden s wi h en ep eneu ial knowledge and skills, and c ea ing a suppo i e en i onmen o hei
en ep eneu ial pu sui s du ing hei academic jou ney. Cu en ly, app oxima ely 25% o educa ional ins i-
u ions, o aling abou 45, ha e es ablished suppo cen e s o s uden s a -ups, wi h mo e han en o
hem dedica ed o incuba ing s uden en u es. hese ini ia i es unde sco e he p oac i e ole o he
Vie namese Minis y o educa ion and aining in os e ing s uden en ep eneu ship.
he encou agemen and suppo om he go e nmen ha e igni ed he en ep eneu ial spi i among
a signi ican numbe o s uden s. Howe e , among hose who emba ked on en ep eneu ial endea o s,
a s agge ing 90% o s uden s expe ienced ailu e (Lan, 2021). his s a is ic has aised conce ns among
policymake s and esea che s. While os e ing a posi i e mindse and a i ude owa ds en ep eneu ship
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup.
CONTACT nguyen Khanh nam [email p o ec ed] Business adminis a ion, na ional academy o Public adminis a ion, Hanoi,
Vie nam
supplemen al da a o his a icle is a ailable online a h ps://doi.o g/10.1080/23311975.2023.2298191.
h ps://doi.o g/10.1080/23311975.2023.2298191
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 5 ap il 2023
Re ised 5 Decembe 2023
accep ed 6 Decembe
2023
KEYWORDS
en ep eneu ial in en ions;
social media; s uden s
REVIEWING EDITOR
Pablo Ruiz, Uni e sidad
de Cas illa-La Mancha,
Spain
SUBJECTS
economic Psychology;
economics; Business,
Managemen and
accoun ing
2n. HILOan e aL.
is highly commendable, i his posi i e mindse and a i ude a e shaped by misleading in o ma ion on
social media (SM), i can be highly de imen al.
In Vie nam, he bu geoning end o business s a -ups has led o he eme gence o inspi ing alk
shows and semina s on a ious SM pla o ms. he p ima y goal o hese p og ams is o acili a e he
exchange o expe iences be ween es ablished en ep eneu s and aspi ing s uden s. Howe e , he onse
o he COVID-19 pandemic has placed cons ain s on in-pe son wo kshops and li e alk shows, making
hem imp ac ical. as a esul , p oduce s ha e le e aged he po en ial o SM o o ganize online alk
shows, semina s, and p o ide digi al esou ces ela ed o en ep eneu ship.
Howe e , amids he posi i e de elopmen s in SM, he e has been a p oli e a ion o ‘illuso y en ep e-
neu s’ dissemina ing ‘sel -help’ o ‘ge ich quick’ na a i es wi h o e ly op imis ic in o ma ion abou
en ep eneu ship. hese ideos pain an o e ly osy pic u e o en ep eneu ship, wi h he aim o a ac -
ing people o in es o s a hei own businesses (Quang, 2018). his si ua ion poses a isk, especially
o indi iduals, such as s uden s, who lack expe ience and knowledge. hey may be suscep ible o o e -
es ima ing hei own abili ies, a phenomenon commonly e e ed o as he ‘illusion o con ol’ (Laguía
gonzález e al., 2018).
SM, a global phenomenon, has a ac ed signi ican a en ion in s udies ela ed o s uden s’ en ep e-
neu ial aspi a ions. Fo ins ance, Do e al. (2020) demons a ed ha he use o SM ca alyzes en ep e-
neu ial in en ions (eI) among college s uden s in aiwan. Simila ly, Pé ez Fe nández e al. (2021) sugges ed
ha online social capi al enhances indi iduals’ ela ionships and deepens hei unde s anding o en e-
p eneu ship. Fu he mo e (abdel a ah e al., 2022) ha le e aging SM acili a es he connec ion be ween
sel -pe cei ed c ea i i y and e-eI. In a s udy by Ba e a-Ve dugo and Villa oel-Villa oel (2022) on SM
usage equency, a posi i e co ela ion was iden i ied wi h mo e a o able en ep eneu ial a i udes and
pe cep ions among s uden s. I ’s wo h no ing ha he magni ude o his impac a ies depending on
s uden s’ age and gende .
While nume ous s udies ha e explo ed he impac o SM on business in en ions, his s udy ocused
on s uden s’ eI, aking in o accoun pe cei ed beha io al con ol (PBC) and pe cei ed isk (PR). no ably,
i add essed a ques ion ha p e ious esea ch has no ackled: whe he he use o SM p omo es a pos-
i i e pe cep ion o en ep eneu ship in he con ex o un e i ied con en sha ed on SM and he limi ed
knowledge and expe ience o s uden s. Fu he mo e, by ca ego izing s uden s in o di e en g oups
based on hei expe iences, we can analyze he speci ic e ec s o SM on s uden s’ eI in each pa icula
si ua ion.
he main objec i e o his s udy is o examine he impac o SM usage on s uden s’ eI. I is guided
by he ollowing speci ic objec i es:
• o assess bo h he di ec and indi ec impac s o SM on s uden s’ eI, wi h pe cep ion ac ing as a
media ing ac o .
• o examine he in luence o expe ience on he ela ionship be ween SM and pe cep ion- ela ed
ac o s.
he emainde o he pape is s uc u ed as ollows. Sec ion 2 in oduces he heo e ical amewo k
and hypo heses. Sec ion 3 ou lines he me hodology, including da a collec ion and es ima ion me hods.
Sec ion 4 discusses he empi ical esul s, while Sec ion 5 del es in o he p ima y indings. Finally, Sec ion
6 concludes he pape , summa izing esul s, acknowledging limi a ions, and sugges ing u u e esea ch
di ec ions.
2.Theo e ical amewo k and hypo hesis de elopmen
2.1. Theo e ical amewo k
he concep o eI was i s in oduced in he 1960s, and since hen, esea che s ha e expanded he
analy ical model in a ious di ec ions. Ini ially, esea che s ocused on pe sonali y ai s ha d i e an
indi idual’s in en ion o s a a business (Lu e al., 2021). Howe e , using pe sonali y ai s alone is insu -
icien o explain eI (ga ne , 1985; Lu e al., 2021). Hence, since he 1980s, cogni i e ac o s ha e been
COgen BUSIneSS & ManageMen 3
included o unde s and he causes o eI. o da e, wo commonly used heo ies in esea ch on eI a e he
heo y o Planned Beha io ( PB) by ajzen (1991) and he en ep eneu ial e en Model (eeM) by Shape o
and Sokol (1982).
acco ding o PB, eI is in luenced by h ee key ac o s: a i udes (a ), subjec i e no ms (Sn), and
pe cei ed beha io al con ol (PBC). a is an indi idual’s e alua ion o he beha io and is exp essed
h ough a le el o posi i e o nega i e assessmen o he subjec ’s in en ion o s a a business (almeida
e al., 2021). Sn e e s o people’s opinions abou he beha io al subjec ’s eI (Su e al., 2021). PBC is he
beha io al subjec ’s pe cep ion o he easibili y o he eI (Laguía & Mo iano, 2019). On he o he hand,
he eeM sugges s ha eI is shaped by wo main elemen s: pe cei ed desi abili y and pe cei ed easibili y
(Shape o & Sokol, 1982). Pe cei ed desi abili y e lec s an indi idual’s aspi a ion le el o s a a business,
while pe cei ed easibili y ep esen s he indi idual’s pe cep ion o he possibili y o s a ing a business.
PB and eeM sha e a common ocus on he beha io al subjec ’s pe cep ion o hei eI. Bo h PB’s PBC
and eeM’s pe cei ed easibili y desc ibe he le el o easibili y, while eeM’s pe cei ed desi abili y is akin
o PB’s a and Sn, as hey all encompass he desi e and p e e ence o he in en ion (K uege &
B azeal, 2017; Lu e al., 2021). While eeM is speci ic o s a up esea ch (es andia e al., 2019), PB
emains a p e e ed choice o many esea che s, such as Schlaegel and Koenig (2014) and Lu e al.
(2021). O he s udies ha e sugges ed ha indi iduals need o be awa e o isks (Dao e al., 2021) and
conside pe sonal cha ac e is ics such as age, gende , educa ion, and expe ience (asma e al., 2019;
Boubke e al., 2021; Hieu e al., 2021) o seek suppo (Liu e al., 2022) in addi ion o assessing hei
pe cei ed abili y o pe o m a pa icula ac i i y. Fu he mo e, gi en he p e alence o in e ac i e SM
ne wo ks like Facebook, Ins ag am, and wi e , he impac o SM also needs o be aken in o accoun .
he e o e, his s udy no only applies PB bu also analyzes he in luence o demog aphic cha ac e is ics,
isk pe cep ion, and SM on s uden s’ eI.
2.2. Hypo hesis de elopmen
2.2.1. The heo y o planned beha io
eI is in luenced by h ee key ac o s: a , Sn, and PBC. a e e s o an indi idual’s e alua ion o he
desi abili y o s a ing a business (ajzen, 1991). In his s udy, he esea che s employed eI o ep esen
he in en ion o ini ia e a business. acco ding o agu (2021), an indi idual’s beha io is in luenced by
hei a i ude owa d i . Speci ically, indi iduals wi h a posi i e a i ude owa ds en ep eneu ship a e
mo e likely o de elop in en ions ha e en ually ansla e in o ac ual en ep eneu ial beha io
(Za emohzzabieh e al., 2019). his concep is suppo ed by he esea ch o Rueda Ba ios e al. (2021)
who also endo se he idea ha a posi i e a i ude o awa eness o en ep eneu ship can acili a e he
o ma ion o eI. he e o e, he ollowing hypo hesis was p oposed:
H1: a posi i ely a ec s eI.
Sn is a ac o ha desc ibes he pe cep ion o ex e nal p essu es on eI. hese ex e nal p essu es can
o igina e om a ious sou ces, including amily membe s, iends, eache s, and o he social connec ions.
acco ding o ajzen (1991), when beha io al subjec s ecei e g ea e suppo om hei social ne wo k,
hey a e mo e likely o de elop eI. Suppo om close ela ionships can boos indi iduals’ con idence and
en ep eneu ial spi i (Ca alcan e e al., 2021). S udies conduc ed by Rueda Ba ios e al. (2021) ha e
shown ha posi i e e alua ion and suppo om amily and iends can enhance s uden s’ eI in Colombia.
Based on he abo e a gumen s, he ollowing hypo hesis was p oposed:
H2: Sn posi i ely a ec s eI.
PBC e e s o he ex en o which an indi idual pe cei es con ol o e hei beha io and ela es
o he pe cei ed eI (Laguía & Mo iano, 2019). his ac o signi ies an indi idual’s pe cep ion o he
possibili y o becoming an en ep eneu and success ully managing a business. acco ding o V ache a
e al. (2019), a highe pe cep ion o he possibili y o success by he beha io al subjec leads o a
g ea e likelihood o o ming eI. Resea ch by Lu e al. (2021) has demons a ed ha PBC has a pos-
i i e in luence on he eI o s uden s in China. his posi i e e ec is u he suppo ed by he s udies
4n. HILOan e aL.
o López-Delgado e al. (2019) and Mei e al. (2015). he e o e, he ollowing hypo hesis was
p oposed:
H3: PBC posi i ely a ec s s uden s’ eI
2.2.2.Pe cei ed isks and in en ion o s a a business
Risk e e s o he le el o likelihood o expe iencing losses when engaging in an ac ion o a se o ac i -
i ies ( ognazzo e al., 2017). acco ding o Laguía gonzález e al. (2018), isk is commonly associa ed wi h
newly es ablished businesses. he eu opean Commission (2011) epo s ha app oxima ely 50% o busi-
nesses in eu ope close wi hin he i s 5 yea s. Simila ly, in Vie nam, up o 90% o s a up businesses ail
( huy, 2018). hese ailu es can lead o socie al s igma iza ion o en ep eneu s (Laguía gonzález e al.,
2018) and inancial challenges, such as bank loans and bank up cy. F om a psychological pe spec i e, i
indi iduals pe cei e he isks and consequences associa ed wi h en ep eneu ship as high, hey a e likely
o expe ience ea and unce ain y ( ognazzo e al., 2017). he e o e, indi iduals wi h a high pe cep ion
o isk may hesi a e o e en e ain om pu suing eI (Laguía gonzález e al., 2018; Ma ínez-Cañas e al.,
2023). Con e sely, indi iduals wi h a posi i e a i ude owa ds isk o a lowe pe cep ion o isk a e mo e
likely o de elop business in en ions, as highligh ed by Zhang e al. (2015) and ognazzo e al. (2017).
H4: PR nega i ely a ec s eI.
2.2.3.Social media and en ep eneu ial in en ions
SM is conside ed a use ul ool o connec ing indi iduals, ga he ing addi ional in o ma ion, and acqui ing
knowledge (nisa e al., 2022). acco ding o ellison e al. (2011) and homas e al. (2020), SM se es as
pla o ms ha enable indi iduals o expand hei ne wo k by es ablishing new connec ions and main-
aining exis ing ela ionships. U ilizing SM in en ep eneu ship can help s uden s connec wi h a ious
pa ne s and expe ienced business en i ies. Fo ming ex e nal ela ionships can boos an en ep eneu ’s
con idence in hei abili ies (Sahoo & Panda, 2019), which, in u n, can os e eI. Based on he abo e
a gumen s, he ollowing hypo hesis was p oposed:
H5: SM posi i ely impac s eI.
In addi ion o os e ing ela ionships, SM also se es as a sou ce o in o ma ion and knowledge
(Johannisson, 1990; Ka imi e al., 2016). nowadays, a wide a ie y o in o ma ion is sha ed on SM h ough
di e se o ma s such as ex (e.g. quo es), ideos, audio, and mo e (nisa e al., 2022). Success s o ies and
en ep eneu ial lessons a e ex ensi ely sha ed ac oss SM in a ious o ma s like sho s o ies, pos ca ds,
and sho ideos (e.g. on ik ok). accessing hese esou ces can in luence indi iduals’ pe cep ions and eI
(Camelo-O daz e al., 2016; Liñán & San os, 2007). exposu e o posi i e in o ma ion sou ces and he expe-
ien ial lessons o success ul en ep eneu s can enhance indi iduals’ awa eness and con idence in hei
po en ial o success and business model managemen (Haywa d e al., 2010). U ilizing SM allows s u-
den s easy access o posi i e en ep eneu ial in o ma ion o Ba e a-Ve dugo and Villa oel-Villa oel
(2022), which, in u n, s imula es hei PBC. Based on he abo e a gumen s, we p opose he ollowing
hypo hesis:
H6: SM posi i ely impac s PBC.
he use o SM can in luence s uden s’ isk pe cep ion. On one hand, employing SM can heigh en
s uden s’ PR ega ding en ep eneu ship. acco ding o Zhao e al. (2022), nega i e emo ions end o
a ac mo e a en ion om use s on SM. In o he wo ds, in he case o s uden en ep eneu ial ailu es,
hei in o ma ion can sp ead ac oss social pla o ms, d awing he a en ion o o he s. his may lead o
nega i e in e ac ions, po en ially causing emo ional dis ess. On he o he hand, posi i e in o ma ion on
SM can o e shadow s uden s’ pe cep ion o en ep eneu ial isks ( ognazzo e al., 2017) and enhance
hei en ep eneu ial mo i a ion (adekiya & Ib ahim, 2016). Based on he abo e a gumen s, he ollowing
hypo hesis was p oposed:
H7: SM posi i ely in luences PR.
COgen BUSIneSS & ManageMen 5
Despi e he bene i s o inspi a ional success s o ies, i is c ucial o acknowledge ha hey can some-
imes o e shadow he po en ial isks and challenges associa ed wi h s a ing a business (Fo lani &
Mullins, 2000; ognazzo e al., 2017). Bowe (2008) p oposed an ‘in o ma ion-p ocessing’ app oach, which
en ails he con e sion, analysis, s o age, and e ie al o in o ma ion. In he con ex o ini ia ing a busi-
ness, indi iduals o en ecei e in o ma ion abou iends and amily membe s engaged in en ep eneu -
ship, which hey subsequen ly analyze and e alua e o shape hei pe cep ions (Hsu e al., 2019).
acco ding o Laguía gonzález e al. (2018), indi iduals wi h expe ience and knowledge in business
s a -ups a e mo e likely o make accu a e judgmen s and ha e mo e p ecise pe cep ions, educing he
likelihood o succumbing o he ‘illusion o con ol.’ Consequen ly, hose wi h ex ensi e knowledge and
expe ience in en ep eneu ship and business end o possess enhanced abili ies o in o ma ion classi i-
ca ion and e alua ion. hese quali ies enable hem o o m a mo e accu a e pe cep ion o hei mana-
ge ial and ope a ional capabili ies, as well as he associa ed isks hey migh encoun e . his sugges s
ha highe le els o expe ience will magni y he impac o SM on isk pe cep ion and he likelihood o
success. In ligh o he abo e a gumen s, he ollowing hypo heses we e p oposed:
H8: he highe he expe ience (eP), he highe he in luence o SM on PBC.
H9: he highe he eP, he highe he in luence o SM on PR.
3.Me hodology
3.1. Da a collec ion
his s udy in ol ed a sample o 493 s uden s om wo p o inces in Vie nam: hai nguyen and hanh
Hoa. hai nguyen p o ince was selec ed o i s signi icance as a egional cen e in he no he n
moun ainous egion, si ua ed 80 km no h o Hanoi, he capi al ci y. his egion boas s a subs an ial
popula ion o e hnic mino i y s uden s, and hai nguyen Uni e si y anks among he la ges and
mos mul idisciplina y uni e si ies in Vie nam. In con as , Hong Duc Uni e si y in hanh Hoa p o -
ince was selec ed. I is loca ed app oxima ely 150 km sou h o Hanoi, o i s smalle scale and i s
posi ion in he no he n pa o he Cen al Coas egion. Su eying s uden s in hese wo di e se
loca ions allowed he ga he ing o a ied and ealis ic da a. o de e mine he minimum equi ed
sample size, Slo in’s sample size calcula ion me hod was u ilized, esul ing in a minimum equi emen
o 384 pa icipan s.
F om he p o ided lis o s uden s, a andom selec ion p ocess was used o ge 600 s uden s o pa -
icipa e in he in e iews. P io o conduc ing he in e iews, s eps we e aken o ensu e ha he ques-
ions we e app op ia e o he s uden s. his was achie ed by sending su ey ques ionnai es o he
espec i e schools and consul ing wi h eache s and s uden s o con i m he sui abili y o he inqui ies.
he su ey was ini ia ed in Oc obe 2022, and a o al o 600 ques ionnai es we e dis ibu ed, wi h 300
alloca ed o each p o ince.
o es ablish con ac wi h he s uden s, ques ionnai es we e sen o he eache s o collec he equi ed
in o ma ion. Despi e he appeal o he eache s o help, some s uden s ei he declined o pa icipa e o
p o ided inaccu a e in o ma ion. o add ess his challenge, applied he a en ion checks me hodology
was used, as ou lined by Vedadi e al. (2021), o exclude pa icipan s who did no ully engage wi h
he su ey.
a e collec ing he su ey ques ionnai es, 10 pa icipan s quali ied o in-dep h in e iews. In o al,
493 alid ques ionnai es we e ob ained, accoun ing o 82.17% o he o al esponses. I ’s impo an o
no e ha 107 ques ionnai es we e excluded: 54 ou o he 107 ailed he a en ion checks, while 53 ou
o he 107 did no p o ide adequa e in o ma ion o comple e esponses.
3.2. Measu emen
he in e iew ques ionnai e was di ided in o wo main pa s. he i s pa included ques ions abou
demog aphic cha ac e is ics, such as gende , educa ional le el, e hnici y, and eP. he second pa con-
sis ed o ques ions ela ed o eI, a , Sn, PBC, PR, and SM. Wi h he excep ion o s uden s’ eI, he
6n. HILOan e aL.
emaining a iables in he second pa we e measu ed using a 5-poin Like scale (1 = s ongly disag ee;
5 = s ongly ag ee). he measu emen ins umen s a e p esen ed in able 1.
3. Me hod o es ima ion
S uc u al equa ion Modeling (SeM) se es as a aluable ool o assessing he ac o s in luencing s u-
den s’ eI. he s eng h o his modeling app oach lies in i s ema kable lexibili y o simul aneously es
a mul i ude o hypo heses ela ed o complex cause-e ec ela ionships (Ka ebi e al., 2022). Howe e ,
SeM necessi a es con inuous esponses, whe eas ou dependen a iable (eI) is bina y, aking he alue
o 1 i he s uden has en ep eneu ial in en ions and 0 o he wise. he applica ion o SeM in his con ex
may in oduce signi ican biases (Hieu e al., 2021). he e o e, in line wi h Doanh e al. (2022), we ha e
chosen o employ gene alized S uc u al equa ion Modeling (gSeM). gSeM ep esen s an ad anced i e -
a ion o SeM, capable o accommoda ing a ious da a ypes, including bina y da a.
Mo eo e , gSeM o e s he lexibili y o accommoda e models o he o m yX
ii i
= +
βε
, and i excels
in handling a a ie y o model ypes, including logi , p obi , mul inomial logi , and o he s, h ough he
combina ion o di e en amilies and links (Van e al., 2022). he p ima y heo e ical equa ion o gSeM
can be exp essed as ollows:
gEy X
ii
()
{}
=
β
(1)
yF
i
∼
(2)
whe e:
yi
ep esen s endogenous a iable(s); X
i
signi ies he explana o y a iable (s);
β
s ands o he
coe icien o X;
g(.)
is e e ed o as he link, and
F
is deno ed as he amily.
Table 1. Measu emen ins umen s.
Va iables Ques ionnai es adop om
a Being an en ep eneu implies mo e ad an ages han disad an ages o me. Hieu e al. (2021),
sampene e al. (2022)Being an en ep eneu would gi e me g ea sa is ac ion.
i is desi able o me o become an en ep eneu .
i is a ac i e o me o become an en ep eneu .
i am in a o o en ep eneu ship and household c ea ion.
sn My closes amily membe s hink ha i should pu sue a ca ee as an en ep eneu . Hieu e al. (2021),
sampene e al. (2022)My closes iends hink ha i should pu sue a ca ee as an en ep eneu .
People who a e impo an o me hink ha i should pu sue a ca ee as an en ep eneu .
o wha ex en do you ca e abou wha you closes amily hinks as you decide on whe he o no o
pu sue a ca ee as sel -employed?
o wha ex en do you ca e abou wha you closes iends hink as you decide on whe he o no o
pu sue a ca ee as sel -employed?
o wha ex en do you ca e abou wha people impo an o you hink as you decide on whe he o
no o pu sue a ca ee as sel -employed?
PBC i i wan ed o, i could easily become an en ep eneu . Hieu e al. (2021),
sampene e al. (2022)i is en i ely up o me whe he o no i become an en ep eneu .
as an en ep eneu , i would ha e su icien con ol o e my business.
he e a e e y ew ci cums ances ou side my con ol ha may p e en me om becoming an en ep eneu .
eP i ha e wo ked in my pa en s’ business. Bigno i and Le Roux
(2020)i ha e sold goods and se ices.
i ha e a emp ed o s a a business.
i ha e helped someone o s a a business.
i ha e wo ked in a pa - ime job such as wai e ing.
PR i ecognize ha en ep eneu ship b ings inancial isks. Ve heul e al. (2015),
a ighe i e al. (2016)i ecognize ha en ep eneu ship poses isks o men al well-being and heal h.
i ecognize ha en ep eneu ship in ol es a ious isks beyond inancial and men al aspec s.
i acknowledge he di icul y o a new company o access cus ome s and po en ial pa ne s.
sM i egula ly use social media pla o ms (e.g. Facebook, Zalo, ins ag am, wi e , e c.). Based on
Ba e a-Ve dugo and
Villa oel-Villa oel
(2022)
i pa icipa e in a ious business and en ep eneu ship g oups on social media.
i equen ly ollow p og ams ela ed o en ep eneu ship.
i o en ollow success ul en ep eneu s and businesspeople.
i ha e connec ed wi h many business and en ep eneu ial indi iduals h ough social media.
COgen BUSIneSS & ManageMen 7
In his s udy, he endogenous a iable(s) we e cha ac e ized by wo dis inc da a ypes. eI is a
bina y a iable, while PBC and PR a e con inuous a iables. Consequen ly, in he in es iga ion o he
in luence o a , Sn, PBC, PR, eP, and gende on eI, he Be noulli amily was applied in conjunc ion
wi h he logi link unc ion. as ou lined in equa ions (1) and (2), he u iliza ion o he Be noulli amily
in andem wi h he in e se logi link unc ion o he dependen a iable eI can be exp essed as
ollows:
log log log
EIp EI p EI p
()
= +−
()
−
()
11
(3)
E EI g Gend ATT SN PCB PR EP SM
e
()
= + + + +++
( )
=+
−1
1 2 3 4 5 67
1
11
β β β β βββ
β
e
GGende ATT SN PCB PR EP SM+ ++ + ++
( )
β ββ ββ β
2 3 4 56 7
(4)
In his con ex , gende is coded as 1 o males and 0 o emales, a pe ains o a i udes, Sn co -
esponds o he subjec i e no ms, PBC signi ies pe cei ed beha io al con ol, PR deno es pe cei ed isks,
and eP e lec s he s uden ’s en ep eneu ial expe ience.
Subsequen ly, he gaussian amily was applied in conjunc ion wi h he iden i y unc ion o assess he
impac o SM on cogni i e a iables (PBC and PR). Based on equa ions (1) and (2), he gaussian amily
and he iden i y unc ion can be exp essed as ollows:
log , log log
dy… y … y …
£ ££
()
=− + +−
()
′−
()
{}
−
1
2
21
π
(5)
E PBC SM SM EP
()
=+×
()
γγ
12 (6)
E PR SM SM EP
()
=+×
()
γγ
34 (7)
In hese equa ions,
y
ep esen s he esponse a iable;
d
co esponds o he dimension o he
obse ed esponse ec o
y
;
…
is he mean o he esponse; and Σ signi ies he a iance ma ix o i s
unexplained e o s.
gSeM is p o icien in handling s uc u al models encompassing a ious da a ypes. Howe e , a limi a-
ion o gSeM is i s inabili y o p o ide goodness-o - i s a is ics. o add ess his sho coming, he akaike
In o ma ion C i e ion (aIC), he Bayesian In o ma ion C i e ion (BIC), and single- a iable signi icance, such
as s anda d e o s, we e u ilized o e alua e he model’s e icacy.
4. Empi ical esul s
4.1. Psychome ic p ope ies
P io o pe o ming gSeM es ima ion, explo a o y Fac o analysis (eFa) was used o e alua e he ac o
s uc u e and Con i ma o y Fac o analysis (CFa) o de ine and examine he ela ionships wi hin he mea-
su emen model. he esul s in able 2 indica ed ha he loading ac o exceeded 0.7, and he s uc u e
was in alignmen wi h he heo e ical amewo k, which sugges s he adequacy o he ac o s uc u e
and o e s p elimina y con i ma ion o he measu emen quali y.
he esul s o he CFa a e p o ided in able 3. In line wi h he app oach by Hieu e al. (2021),
he model’s i was assessed by examining ac o loadings, eliabili y, alidi y, and he o e all mea-
su emen model i . as illus a ed in able 3, he s anda dized ac o loadings su pass 0.7. he al-
ues o composi e eliabili y (CR) exceed 0.907, and hose o a e age a iance ex ac ed (aVe) a e
g ea e han 0.671. Fu he mo e, he goodness-o - i s a is ics indica e ha CFI s ands a 0.988, LI
a 0.987, and RMSea is less han 0.05. hese indings con i m ha ou da a is well-sui ed o
he model.
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