Home Patterns of Forming Entrepreneurial Intention: Evidence in Vietnam
Article
Licensed
Unlicensed Requires Authentication

Patterns of Forming Entrepreneurial Intention: Evidence in Vietnam

  • Nguyen Huu Khoi ORCID logo , Ho Huy Tuu EMAIL logo , Svein Ottar Olsen and Angelina Nhat-Hanh Le ORCID logo
Published/Copyright: March 26, 2021

Abstract

The purpose of this study is to explore the direct and interaction effects of entrepreneurial events (feasibility and desirability) and perceived risk (opportunity and threat) on entrepreneurial intention in a transitional economy – Vietnam. The testing results show that perceived desirability and perceived feasibility have direct and interactive effects on entrepreneur intention. Risk as both threat and as opportunity has direct and moderating effects on entrepreneurial intention.


Corresponding author: Dr. Ho Huy Tuu, Associate Professor, Nha Trang University, Nha Trang, Vietnam, E-mail:

Funding source: This research is funded by the University of Economics Ho Chi Minh City, Vietnam

  1. Research funding: This research is funded by University of Economics Ho Chi Minh City, Vietnam.

References

Ajzen, I. 1991. “The Theory of Planned Behavior.” Organizational Behavior and Human Decision Processes 50 (2): 179–211. https://doi.org/10.1016/0749-5978(91)90020-t.Search in Google Scholar

Ajzen, I. 2002. “Perceived Behavioral Control, Self‐Efficacy, Locus of Control, and the Theory of Planned Behavior.” Journal of Applied Social Psychology 32 (4): 665–83. https://doi.org/10.1111/j.1559-1816.2002.tb00236.x.Search in Google Scholar

Australian Trade and Investment, Commission. 2019. Vietnam’s Innovation Ecosystem 2019. Australia: Austrade. https://www.austrade.gov.au/ArticleDocuments/10359/Vietnam’s Innovation Ecosystem 2019 - A Guide for Australian Business - final.pdf.aspx (accessed February 16, 2021).Search in Google Scholar

Autio, E., R. H. Keeley, M. Klofsten, G. G. C. Parker, and M. Hay. 2001. “Entrepreneurial Intent Among Students in Scandinavia and in the USA.” Enterprise and Innovation Management Studies 2 (2): 145–60. https://doi.org/10.1080/14632440110094632.Search in Google Scholar

Barbosa, S. D., J. Kickul, and M. Liao-Troth. 2007b. Development and Validation of a Multidimensional Scale of Entrepreneurial Risk Perception. Academy of Management Proceedings. Briarcliff Manor, NY, USA: Academy of Management.10.5465/ambpp.2007.26508257Search in Google Scholar

Barbosa, S. D., J. Kickul, and B. R. Smith. 2008. “The Road Less Intended: Integrating Entrepreneurial Cognition and Risk in Entrepreneurship Education.” Journal of Enterprising Culture 16 (4): 411–39. https://doi.org/10.1142/s0218495808000181.Search in Google Scholar

Barbosa, S. D., M. W. Gerhardt, and J. R. Kickul. 2007a. “The Role of Cognitive Style and Risk Preference on Entrepreneurial Self-Efficacy and Entrepreneurial Intentions.” Journal of Leadership & Organizational Studies 13 (4): 86–104. https://doi.org/10.1177/10717919070130041001.Search in Google Scholar

Bird, B. 2015. “Entrepreneurial Intentions Research: A Review and Outlook.” International Review of Entrepreneurship 13 (3): 143–68.Search in Google Scholar

Block, J., P. Sandner, and F. Spiegel. 2015. “How Do Risk Attitudes Differ within the Group of Entrepreneurs? The Role of Motivation and Procedural Utility.” Journal of Small Business Management 53 (1): 183–206. https://doi.org/10.1111/jsbm.12060.Search in Google Scholar

Brandstätter, H. 2011. “Personality Aspects of Entrepreneurship: A Look at Five Meta-Analyses.” Personality and Individual Differences 51 (3): 222–30. https://doi.org/10.1016/j.paid.2010.07.007.Search in Google Scholar

Brockner, J., E. T. Higgins, and M. B. Low. 2004. “Regulatory Focus Theory and the Entrepreneurial Process.” Journal of Business Venturing 19 (2): 203–20. https://doi.org/10.1016/s0883-9026(03)00007-7.Search in Google Scholar

Bruton, G. D., D. Ahlstrom, and K. Obloj. 2008. “Entrepreneurship in Emerging Economies: Where are We Today and where should the Research Go in the Future.” Entrepreneurship: Theory and Practice 32 (1): 1–14.10.1111/j.1540-6520.2007.00213.xSearch in Google Scholar

Casidy, R., and W. Wymer. 2016. “A Risk Worth Taking: Perceived Risk as Moderator of Satisfaction, Loyalty, and Willingness-to-Pay Premium Price.” Journal of Retailing and Consumer Services 32: 189–97. https://doi.org/10.1016/j.jretconser.2016.06.014.Search in Google Scholar

Chiu, C. M., E. T. Wang, Y. H. Fang, and H. Y. Huang. 2014. “Understanding Customers’ Repeat Purchase Intentions in B2C E‐Commerce: The Roles of Utilitarian Value, Hedonic Value and Perceived Risk.” Information Systems Journal 24 (1): 85–114. https://doi.org/10.1111/j.1365-2575.2012.00407.x.Search in Google Scholar

Devonish, D., P. Alleyne, W. Charles-Soverall, A. Y. Marshall, and P. Pounder. 2010. “Explaining Entrepreneurial Intentions in the Caribbean.” International Journal of Entrepreneurial Behavior & Research 16 (2): 149–71. https://doi.org/10.1108/13552551011027020.Search in Google Scholar

Dickson, P. R., and J. J. Giglierano. 1986. “Missing the Boat and Sinking the Boat: A Conceptual Model of Entrepreneurial Risk.” Journal of Marketing 50 (3): 58–70. https://doi.org/10.1177/002224298605000305.Search in Google Scholar

Douglas, E. J., and D. A. Shepherd. 2000. “Entrepreneurship as a Utility Maximizing Response.” Journal of Business Venturing 15 (3): 231–51. https://doi.org/10.1016/s0883-9026(98)00008-1.Search in Google Scholar

Engle, R. L., N. Dimitriadi, J. V. Gavidia, C. Schlaegel, S. Delanoe, I. Alvarado, X. He, S. Buame, and B. Wolff. 2010. “Entrepreneurial Intent: A Twelve-Country Evaluation of Ajzen’s Model of Planned Behavior.” International Journal of Entrepreneurial Behavior & Research 16 (1): 35–57. https://doi.org/10.1108/13552551011020063.Search in Google Scholar

Esfandiar, K., M. Sharifi-Tehrani, S. Pratt, and L. Altinay. 2017. “Understanding Entrepreneurial Intentions: A Developed Integrated Structural Model Approach.” Journal of Business Research 94: 172–82.10.1016/j.jbusres.2017.10.045Search in Google Scholar

Fayolle, A., S. D. Barbosa, and J. Kickul. 2008. “Une nouvelle approche du risque en création d’entreprise.” Revue Française de Gestion 34 (185): 141–59. https://doi.org/10.3166/rfg.185.141-159.Search in Google Scholar

Feather, N. T. 1988. “Values, Valences, and Course Enrollment: Testing the Role of Personal Values within an Expectancy-Valence Framework.” Journal of Educational Psychology 80 (3): 381–91. https://doi.org/10.1037/0022-0663.80.3.381.Search in Google Scholar

Festinger, L. 1962. “Cognitive Dissonance.” Scientific American 207 (4): 93–106. https://doi.org/10.1038/scientificamerican1062-93.Search in Google Scholar

Fitzsimmons, J. R., and E. J. Douglas. 2011. “Interaction between Feasibility and Desirability in the Formation of Entrepreneurial Intentions.” Journal of Business Venturing 26 (4): 431–40. https://doi.org/10.1016/j.jbusvent.2010.01.001.Search in Google Scholar

Forlani, D., and J. W. Mullins. 2000. “Perceived Risks and Choices in Entrepreneurs’ New Venture Decisions.” Journal of Business Venturing 15 (4): 305–22. https://doi.org/10.1016/s0883-9026(98)00017-2.Search in Google Scholar

Fornell, C., and D. F. Larcker. 1981. “Evaluating Structural Equation Models with Unobservable Variables and Measurement Error.” Journal of Marketing Research 18 (1): 39–50. https://doi.org/10.1177/002224378101800104.Search in Google Scholar

Fourati, H., and H. Affes. 2014. “Risk as a Threat, Risk as a Missing Opportunity, the Owner Finance and Entrepreneurship.” Entrepreneurship Research Journal 4 (4): 351–65. https://doi.org/10.1515/erj-2013-0069.Search in Google Scholar

General Statistics Office of Vietnam. 2019. Population Census Results. http://tongdieutradanso.vn/cong-bo-ket-qua-tong-dieu-tra-dan-so-2019.html (accessed August 07, 2019).Search in Google Scholar

Global Entrepreneurial Monitor. 2019. GEM Vietnam Report 2017/18. https://www.gemconsortium.org/report/gem-vietnam-20172018-report-executive-summary (accessed February 16, 2021).Search in Google Scholar

Gollwitzer, P. M. 1996. “The Volitional Benefits of Planning.” In The Psychology of Action: Linking Cognition and Motivation to Behavior, edited by P. M. Gollwitzer, and J. A. Bargh, 287–312. New York: Guilford Press.Search in Google Scholar

Guerrero, M., J. Rialp, and D. Urbano. 2008. “The Impact of Desirability and Feasibility on Entrepreneurial Intentions: A Structural Equation Model.” International Entrepreneurship and Management Journal 4 (1): 35–50. https://doi.org/10.1007/s11365-006-0032-x.Search in Google Scholar

Heinrichs, K. 2016. “Dealing with Critical Incidents in the Postformation Phase: Design and Evaluation of an Entrepreneurship Education Course.” Vocations and Learning 9 (3): 257–73. https://doi.org/10.1007/s12186-016-9151-x.Search in Google Scholar

Higgins, E. T. 1998. “Promotion and Prevention: Regulatory Focus as a Motivational Principle.” Advances in Experimental Social Psychology 30: 1–46. https://doi.org/10.1016/s0065-2601(08)60381-0.Search in Google Scholar

Jones, S., and R. Masters. 2016. “Entrepreneurship in Emerging and Developing Markets: The Case of Vietnam.” Effective Executive 19 (3): 25–31.Search in Google Scholar

Kassean, H., J. Vanevenhoven, E. Liguori, and D. E. Winkel. 2015. “Entrepreneurship Education: A Need for Reflection, Real-World Experience and Action.” International Journal of Entrepreneurial Behavior & Research 21 (5): 690–708. https://doi.org/10.1108/ijebr-07-2014-0123.Search in Google Scholar

Kenny, D. A., and C. M. Judd. 1984. “Estimating the Nonlinear and Interactive Effects of Latent Variables.” Psychological Bulletin 96 (1): 201–10. https://doi.org/10.1037/0033-2909.96.1.201.Search in Google Scholar

Khuong, M. N., and N. H. An. 2016. “The Factors Affecting Entrepreneurial Intention of the Students of Vietnam National University—A Mediation Analysis of Perception toward Entrepreneurship.” Journal of Economics, Business and Management 4 (2): 104–11. https://doi.org/10.18178/joebm.2016.4.4.414.Search in Google Scholar

Koellinger, P. 2008. “Why are Some Entrepreneurs More Innovative Than Others?” Small Business Economics 31 (1): 21–37. https://doi.org/10.1007/s11187-008-9107-0.Search in Google Scholar

Koellinger, P., M. Minniti, and C. Schade. 2007. ““I Think I Can, I Think I Can”: Overconfidence and Entrepreneurial Behavior.” Journal of Economic Psychology 28 (4): 502–27. https://doi.org/10.1016/j.joep.2006.11.002.Search in Google Scholar

Kolvereid, L. 1996. “Prediction of Employment Status Choice Intentions.” Entrepreneurship: Theory and Practice 21 (1): 47–58. https://doi.org/10.1177/104225879602100104.Search in Google Scholar

Krueger, N. 1993. “The Impact of Prior Entrepreneurial Exposure on Perceptions of New Venture Feasibility and Desirability.” Entrepreneurship: Theory and Practice 18 (1): 5–22. https://doi.org/10.1177/104225879301800101.Search in Google Scholar

Krueger, N. 2009. “Entrepreneurial Intentions are Dead: Long Live Entrepreneurial Intentions.”In Understanding the Entrepreneurial Mind, edited by A. Carsrud, and M. Brännback, 51–72. New York, NY: Springer.10.1007/978-1-4419-0443-0_4Search in Google Scholar

Krueger, N. F., and D. V. Brazeal. 1994. “Entrepreneurial Potential and Potential Entrepreneurs.” Entrepreneurship: Theory and Practice 18 (3): 91–104. https://doi.org/10.1177/104225879401800307.Search in Google Scholar

Krueger, N. F., M. D. Reilly, and A. L. Carsrud. 2000. “Competing Models of Entrepreneurial Intentions.” Journal of Business Venturing 15 (5): 411–32. https://doi.org/10.1016/s0883-9026(98)00033-0.Search in Google Scholar

Li, W. 2007. “Ethnic Entrepreneurship: Studying Chinese and Indian Students in the United States.” Journal of Developmental Entrepreneurship 12 (04): 449–66. https://doi.org/10.1142/s1084946707000769.Search in Google Scholar

Liñán, F., and Y. W. Chen. 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.Search in Google Scholar

Liñán, F., and A. Fayolle. 2015. “A Systematic Literature Review on Entrepreneurial Intentions: Citation, Thematic Analyses, and Research Agenda.” International Entrepreneurship and Management Journal 11 (4): 907–33. https://doi.org/10.1007/s11365-015-0356-5.Search in Google Scholar

Liñán, F., J. C. Rodríguez-Cohard, and J. M. Rueda-Cantuche. 2011. “Factors Affecting Entrepreneurial Intention Levels: A Role for Education.” International Entrepreneurship and Management Journal 7 (2): 195–218. https://doi.org/10.1007/s11365-010-0154-z.Search in Google Scholar

Lüthje, C., and N. Franke. 2003. “The ‘Making’of an Entrepreneur: Testing a Model of Entrepreneurial Intent Among Engineering Students at MIT.” R & D Management 33 (2): 135–47. https://doi.org/10.1111/1467-9310.00288.Search in Google Scholar

Macko, A., and T. Tyszka. 2009. “Entrepreneurship and Risk Taking.” Applied Psychology 58 (3): 469–87. https://doi.org/10.1111/j.1464-0597.2009.00402.x.Search in Google Scholar

Manev, I. M., and T. S. Manolova. 2010. “Entrepreneurship in Transitional Economies: Review and Integration of Two Decades of Research.” Journal of Developmental Entrepreneurship 15 (01): 69–99. https://doi.org/10.1142/s1084946710001427.Search in Google Scholar

Martínez, G. K. R., Á. Herrero Crespo, and A. Fernández-Laviada. 2017. “Influence of Perceived Risk on Entrepreneurial Desirability and Feasibility: Multidimensional Approach for Nascent Entrepreneurs.” Journal of Risk Research 20 (2): 218–36.10.1080/13669877.2015.1042506Search in Google Scholar

McDonald, S., D. Higgins, B. C. Gan, S. S. Fraser, A. Oke, and A. R. Anderson. 2015. “A Review of Research Methods in Entrepreneurship 1985–2013.” International Journal of Entrepreneurial Behavior & Research 21 (3): 291–315. https://doi.org/10.1108/ijebr-02-2014-0021.Search in Google Scholar

McMullen, J. S., and D. A. Shepherd. 2006. “Entrepreneurial Action and the Role of Uncertainty in the Theory of the Entrepreneur.” Academy of Management Review 31 (1): 132–52. https://doi.org/10.5465/amr.2006.19379628.Search in Google Scholar

Mullins, J. W., and D. Forlani. 2005. “Missing the Boat or Sinking the Boat: A Study of New Venture Decision Making.” Journal of Business Venturing 20 (1): 47–69. https://doi.org/10.1016/j.jbusvent.2003.08.001.Search in Google Scholar

Nabi, G., and F. Liñán. 2013. “Considering Business Start-Up in Recession Time: The Role of Risk Perception and Economic Context in Shaping the Entrepreneurial Intent.” International Journal of Entrepreneurial Behavior & Research 19 (6): 633–55. https://doi.org/10.1108/ijebr-10-2012-0107.Search in Google Scholar

Nguyen, C. H., and C. J. Nordman. 2017. “Household Entrepreneurship and Social Networks: Panel Data Evidence from Vietnam.” The Journal of Development Studies 54 (4): 1–25. https://doi.org/10.1080/00220388.2017.1303668.Search in Google Scholar

Nguyen, Q. A., and G. S. Mort. 2016. “Economic Reform and Entrepreneurship in Vietnam: A Policy Perspective.” In Economic Development and Entrepreneurship in Transition Economies, edited by J. Ateljević, and J. Trivić, 109–27. Cham: Springer.10.1007/978-3-319-28856-7_7Search in Google Scholar

Palich, L. E., and D. R. Bagby. 1995. “Using Cognitive Theory to Explain Entrepreneurial Risk-Taking: Challenging Conventional Wisdom.” Journal of Business Venturing 10 (6): 425–38. https://doi.org/10.1016/0883-9026(95)00082-j.Search in Google Scholar

Perugini, M., and M. Conner. 2000. “Predicting and Understanding Behavioral Volitions: The Interplay Between Goals and Behaviors.” European Journal of Social Psychology 30 (5): 705–31. https://doi.org/10.1002/1099-0992(200009/10)30:5<705::aid-ejsp18>3.0.co;2-#.10.1002/1099-0992(200009/10)30:5<705::AID-EJSP18>3.0.CO;2-#Search in Google Scholar

Perugini, M., and R. P. Bagozzi. 2001. “The Role of Desires and Anticipated Emotions in Goal‐Directed Behaviours: Broadening and Deepening the Theory of Planned Behaviour.” British Journal of Social Psychology 40 (1): 79–98. https://doi.org/10.1348/014466601164704.Search in Google Scholar

Ragin, C. C. 2014. The Comparative Method: Moving Beyond Qualitative and Quantitative Strategies. Oakland, California: University of California Press.10.1525/9780520957350Search in Google Scholar

Schlaegel, C., and M. Koenig. 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.Search in Google Scholar

Segal, G., D. Borgia, and J. Schoenfeld. 2005. “The Motivation to Become an Entrepreneur.” International Journal of Entrepreneurial Behavior & Research 11 (1): 42–57. https://doi.org/10.1108/13552550510580834.Search in Google Scholar

Shah, J., and E. T. Higgins. 1997. “Expectancy × Value Effects: Regulatory Focus as Determinant of Magnitude and Direction.” Journal of Personality and Social Psychology 73 (3): 447–58. https://doi.org/10.1037/0022-3514.73.3.447.Search in Google Scholar

Shapero, A., and L. Sokol. 1982. “The Social Dimensions of Entrepreneurship.” In Encyclopedia of Entrepreneurship, 72–90. Englewood Cliffs: Prentice-Hall.Search in Google Scholar

Shepherd, D. A., and D. R. DeTienne. 2005. “Prior Knowledge, Potential Financial Reward, and Opportunity Identification.” Entrepreneurship: Theory and Practice 29 (1): 91–112. https://doi.org/10.1111/j.1540-6520.2005.00071.x.Search in Google Scholar

Shook, C. L., and C. Bratianu. 2008. “Entrepreneurial Intent in a Transitional Economy: An Application of the Theory of Planned Behavior to Romanian Students.” International Entrepreneurship and Management Journal 6 (3): 231–47. https://doi.org/10.1007/s11365-008-0091-2.Search in Google Scholar

Simon, M., S. M. Houghton, and K. Aquino. 2000. “Cognitive Biases, Risk Perception, and Venture Formation: How Individuals Decide to Start Companies.” Journal of Business Venturing 15 (2): 113–34. https://doi.org/10.1016/s0883-9026(98)00003-2.Search in Google Scholar

Sohns, F., and J. R. Diez. 2017. “Explaining Micro Entrepreneurship in Rural Vietnam—A Multilevel Analysis.” Small Business Economics 50 (1): 1–19. https://doi.org/10.1007/s11187-017-9886-2.Search in Google Scholar

Solesvik, M. Z., H. Matlay, P. Westhead, L. Kolvereid, and H. Matlay. 2012. “Student Intentions to Become Self‐Employed: The Ukrainian Context.” Journal of Small Business and Enterprise Development 19 (3): 441–60. https://doi.org/10.1108/14626001211250153.Search in Google Scholar

Steel, P., and C. J. König. 2006. “Integrating Theories of Motivation.” Academy of Management Review 31 (4): 889–913. https://doi.org/10.5465/amr.2006.22527462.Search in Google Scholar

Stewart, W. H. J., and P. L. Roth. 2001. “Risk Propensity Differences Between Entrepreneurs and Managers: A Meta-Analytic Review.” Journal of Applied Psychology 86 (1): 145–53. https://doi.org/10.1037/0021-9010.86.1.145.Search in Google Scholar

van Gelderen, M., M. Brand, M. van Praag, W. Bodewes, E. Poutsma, and A. van Gils. 2008. “Explaining Entrepreneurial Intentions by Means of the Theory of Planned Behaviour.” Career Development International 13 (6): 538–59. https://doi.org/10.1108/13620430810901688.Search in Google Scholar

Venkataraman, S. 2002. “Ten Principles of Entrepreneurial Creation.” Batten Briefings 1 (1): 1–5.Search in Google Scholar

Vroom, V. H. 1964. Work and Motivation. NY: John Wiley & Sons.Search in Google Scholar

Vuong, Q. H. 2016. “Impacts of Geographical Locations and Sociocultural Traits on the Vietnamese Entrepreneurship.” SpringerPlus 5 (1): 1189. https://doi.org/10.1186/s40064-016-2850-9.Search in Google Scholar

Wang, W., W. Lu, and J. K. Millington. 2011. “Determinants of Entrepreneurial Intention Among College Students in China and USA.” Journal of Global Entrepreneurship Research 1 (1): 35–44.Search in Google Scholar

Woodside, A. G. 2013. “Moving Beyond Multiple Regression Analysis to Algorithms: Calling for Adoption of a Paradigm Shift from Symmetric to Asymmetric Thinking in Data Analysis and Crafting Theory.” Journal of Business Research 66 (4): 463–72. https://doi.org/10.1016/j.jbusres.2012.12.021.Search in Google Scholar

Yoo, E. 2017. Now in Vietnam: A Culture of Entrepreneurship, a Landscape of Opportunity. China: TechNode. https://technode.com/2017/04/21/now-vietnam-third-stop-idg-ventures-following-us-china/ (accessed June 30, 2018).Search in Google Scholar

Zhang, Y., G. Duysters, and M. Cloodt. 2014. “The Role of Entrepreneurship Education as a Predictor of University Students’ Entrepreneurial Intention.” International Entrepreneurship and Management Journal 10 (3): 623–41. https://doi.org/10.1007/s11365-012-0246-z.Search in Google Scholar

Zhao, H., S. E. Seibert, and G. E. Hills. 2005. “The Mediating Role of Self-Efficacy in the Development of Entrepreneurial Intentions.” Journal of Applied Psychology 90 (6): 1265–72. https://doi.org/10.1037/0021-9010.90.6.1265.Search in Google Scholar

Received: 2018-07-26
Accepted: 2021-03-14
Published Online: 2021-03-26

© 2021 Walter de Gruyter GmbH, Berlin/Boston

Downloaded on 30.9.2025 from https://www.degruyterbrill.com/document/doi/10.1515/erj-2018-0184/html
Scroll to top button