Home⇛Psychology and Education: A Multidisciplinary Journal⇛vol. 18 no. 6 (2024)

Perceived Access to Finance and Entrepreneurial Self-Efficacy as Antecedents of Entrepreneurial Intention Among Millennial Employees

Kleven Jake Villamor | Ronnah Marie Panizales | Reen Edward Patino | Angeliy Franco | Kyla Cassandra Gatchalian

Discipline: Education

 

Abstract:

The study primarily aims to determine the relationship between entrepreneurial intention, perceived access to finance, and entrepreneurial self-efficacy among millennial employees in Cotabato Province, Philippines. This study is grounded on the Theory of Planned Behavior by Icek Ajzen (1991), which suggests that behavioral intentions can be accurately predicted with the three conceptually independent determinants of intention. A quantitative descriptive correlational research method was utilized to describe the level of variables and to determine the relationship between them. Adapted survey questionnaires were given to 100 conveniently selected respondents in selected areas in the province. Area sampling coupled with convenience sampling was the technique used. Findings revealed a high level of entrepreneurial intention, perceived access to finance, and entrepreneurial self-efficacy among millennial employees in Cotabato Province. The result shows a significant relationship between perceived access to finance and entrepreneurial intention (p<.05). It has also been determined that entrepreneurial self-efficacy has a significant relationship with entrepreneurial intention (p<.05). Additionally, based on the regression analysis, only entrepreneurial self-efficacy influences entrepreneurial intention. This finding suggests that individuals who believe in their abilities to succeed in an entrepreneurial venture are more likely to have the intention to pursue a career in entrepreneurship. It highlights the importance of fostering and developing entrepreneurial self-efficacy in individuals, as it can drive their desire to start and succeed in their businesses. This research will contribute to a better understanding of the current situation on the extent of the entrepreneurial intention of millennials in North Cotabato, Philippines.



References:

  1. Abdullahi, A. S., Lele, M. M., & Otori, A. Y. (2018). Moderating Role of Perceive Access to Finance in the Relationship between Entrepreneurial Orientation and Entrepreneurial Intention Among Youth Corp Members in North-East, Nigeria. World Journal of Entrepreneurial Development Studies.
  2. Ajzen, I. (1991). The theory of planned behavior. Organizational behavior and human decision processes. https://doi.org/10.1016/0749-5978(91)90020-T
  3. Alamineh, H. (2020). Students’ Entrepreneurial Intentions and Determinants in Technical Vocational Education and Training (TVET) Colleges: Lessons from Gurage Zone, Ethiopia. http://journal.sapub.org/mm. https://doi.org/10.5923/j.mm.20201003.01
  4. Al-Harrasi, A., Al-Zadjali, E., & Al-Salti, Z. (2014). Factors Impacting Entrepreneurial Intention: A Literature Review. International Journal of Economics and Management Engineering.
  5. Alshibly, H. (2018). Re: How to determine sample size in quantitative research? https://www.researchgate.net/post/How_to_determine_sample_size_in_quantitative_research/5a4b2f553d7f4b89d837da40/citation/download.
  6. Asimakopoulos, G., Hernández, V., & Peña Miguel, J. (2019). Entrepreneurial intention of engineering students: The role of social norms and entrepreneurial self-efficacy. Sustainability. https://doi:10.3390/su11164314
  7. Bautista, E. (2021). Breaking Barriers To Scale: Developing Alternative Policies to Promote Small-Medium Enterprise Growth in the Philippines. LinkedIn.
  8. Bosma, N., & Levie, J. (2010). Global Entrepreneurship Monitor 2009 Global Report. Global Entrepreneurship Research Association.
  9. Bullough, A., Renko, M., & Myatt, T. (2014). Danger Zone Entrepreneurs: The Importance of Resilience and Self–Efficacy for Entrepreneurial Intentions. Entrepreneurship Theory and Practice. https://doi.org/10.1111/etap.12006
  10. Chien-Chi, C., Sun, B., Yang, H., Zheng, M. & Li, B. (2020). Emotional Competence, Entrepreneurial Self-Efficacy, and
  11. Entrepreneurial Intention: A Study Based on China College Students’ Social Entrepreneurship Project. Frontiers in Psychology. https://doi.org/ 10.3389/fpsyg.2020.547627
  12. Demirgüç-Kunt, A., Klapper, L., & Singer, D. (2013). Financial inclusion and legal discrimination against women: Evidence from developing countries. World Bank Policy Research Working Paper.
  13. Elnadi, M. & Gheith, M. H. (2021). Entrepreneurial ecosystem, entrepreneurial self-efficacy, and entrepreneurial intention in higher education: Evidence from Saudi Arabia. The International Journal of Management Education. https://doi.org/10.1016/j.ijme.2021.100458
  14. Engelschiøn, A. S. (2014). Does increased access to finance enhance entrepreneurial activity among students? How perceived access to finance affects entrepreneurial intentions. Universiteteti Stavanger.
  15. Fowowe, B. (2017). Access to finance and firm performance: Evidence from African countries. Review of Development Finance.https://doi.org/10.1016/j.rdf.2017.01.006.
  16. Garaika, G. & Margahana, H. (2019). Self efficacy, self personality and self confidence on entrepreneurial intention: study on young enterprises. Journal of Entrepreneurship Education.
  17. Ghahari, S. (2018). Re: What is the minimum required number of sample for quantitative analyses? https://tinyurl.com/5byd5zbd.
  18. Harvie, C., Narjoko, D. & Oum, S. (2013). Small and Medium Enterprises’ Access to Finance: Evidence from Selected Asian Economies. ERIA Discussion Paper Series.
  19. Hasnu, S. A. (2016). Issues and constraints perceived by young entrepreneurs of Pakistan. World Journal of Entrepreneurship,
  20. Management and Sustainable Development. http://dx.doi.org/10.1108/WJEMSD-03-2015-0015
  21. Hong, L. M., Hassan Sha’ari, M. A. A., Zulkiffli, W. F. W., Che Aziz, R. & Ismail, M. (2020). Determinant Factors That Influence Entrepreneurial Intention Among Students In Malaysia. Jurnal Manajemen Dan Kewirausahaan. DOI: 10.9744/jmk.22.1.80–86
  22. Hossain, M. U., Asheq, A. A. & Arifuzzaman, S. M. (2019). Entrepreneurial intention of Bangladeshi students: impact of individual and contextual factors. LLC “Consulting Publishing Company “Business Perspectives” http://dx.doi.org/10.21511/ppm.17(4).2019.40
  23. Hsu, D. K., Burmeister-Lamp, K., Simmons, S. A., Foo, M. D., Hong, M. C., & Pipes, J. D. (2019). “I know I can, but I don’t fit”:Perceived fit, self-efficacy, and entrepreneurial intention. Journal of Business Venturing.https://doi.org/10.1016/j.jbusvent.2018.08.004
  24. International Monetary Fund. (2022). Financial Sector Assessment Program: Technical Note On Risk Assessment Of Banks, Non-Financial Corporates, And Macrofinancial Linkages. IMF Country Report. https://www.imf.org/en/Publications/CR/Issues/2022/06/02/Philippines-Financial-Sector-Assessment-Program-Technical-Note-on-Risk-Assessment-of-Banks-518569
  25. Judge, T. A., Klinger, R. L., & Simon, L. S. (2013). Time is on my side: Time, general mental ability, human capital, and extrinsic career success. Journal of Applied Psychology. https://doi.org/10.1037/a0034294
  26. Kabir, S., Adam, S. B., & Tangaza A. I. (2021). Relationship Between Entrepreneurial Orientation And Entrepreneurial Intention In
  27. Sokoto State University: Moderating Role Of Access To Finance. Fuoye Journal of Accounting and Management.
  28. Kanchana, R. S., Divya, J. V., & Beegom, A. A. (2013). Challenges faced by new entrepreneurs. International Journal of Current Research and Academic Review.
  29. Kautonen, T., Gelderen, M., & Fink, M. (2015). Robustness of the theory of planned behavior in predicting entrepreneurial intentions and actions. Entrepreneurship Theory and Practice.
  30. Klapper, L., Amit, R., & Guillén, M. F. (2010). Entrepreneurship and firm formation across countries. In International differences in entrepreneurship. University of Chicago Press.
  31. La Porta, R. & Shleifer, A. (2014). Informality and Development. Journal of Economic Perspectives. http://dx.doi.org/10.1257/jep.28.3.109
  32. Liñán, F., & Fayolle, A. (2015). A systematic literature review on entrepreneurial intentions: citation, thematic analyses, and research agenda. International Entrepreneurship and Management Journal.
  33. Liu, X., Lin, C., Zhao, G. & Zhao, D. (2019). Research on the Effects of Entrepreneurial Education and Entrepreneurial Self-Efficacy on College Students’ Entrepreneurial Intention. Frontiers in Psychology. https://doi:10.3389/fpsyg.2019.00869
  34. Lopes, J.M., Gomes, S., Santos T., Oliveira, M. & Oliveira, J (2021). Entrepreneurial Intention before and during COVID-19—A Case Study on Portuguese University Students. Education Sciences. https://doi.org/10.3390/educsci11060273
  35. Luc, P. T. (2018). The Relationship between Perceived Access to Finance and Social Entrepreneurship Intentions among University Students in Vietnam. The Journal of Asian Finance, Economics and Business. https://doi.org/10.13106/jafeb.2018.vol5.no1.63
  36. Lyons, S. T., & Kuron, L. K. (2014). Generational differences in the workplace: A review of the evidence and directions for future research. Journal of Organizational Behavior. https://doi.org/10.1002/job.1913
  37. Murugesan, R., & Jayavelu, R. (2017). The Influence of Big Five Personality Traits and Self-efficacy on Entrepreneurial Intention: The Role of Gender. Journal of Entrepreneurship and Innovation in Emerging Economies. https://doi.org/10.1177/2393957516684569
  38. Nassaji, H. (2015). Qualitative and descriptive research: Data type versus data analysis. Language teaching research.https://doi.org/10.1177/1362168815572747
  39. Nengomasha, M. C., Neneh, B. & Dzomonda, O. (2022). The Impact Of Entrepreneurial Self-Efficacy On The Relationship Between Perceived Access to Finance and Entrepreneurial Intention. North-West University.
  40. Obschonka, M., Silbereisen, R. K., & Schmitt-Rodermund, E. (2017). Explaining entrepreneurial behavior across cultures: A meta-analysis of the theory of planned behavior. Journal of Business Venturing
  41. Pallister, B. (2023). What is Correlational Research Design? Innovolo Group. https://innovolo-group.com/market-research-terminology/market-research-glossary-c/what-is-correlational-research-design/
  42. Phong, N. D., Thao, N. T. P. & Nguyen, N. P. (2020). Entrepreneurial intent of business students: Empirical evidence from a transitional economy. Cogent Business & Management. https://doi.org/10.1080/23311975.2020.1747962
  43. Qiao, X. P., & Huang, J.-H (2019). Effect of college students’ entrepreneurial self-efficacy on entrepreneurial intention: Career adaptability as a mediating variable. International Journal of Educational Methodology. https://doi.org/10.12973/ijem.5.3.305
  44. Rachmawan, A., Lizar, A. A., & Mangundjaya, W. L. H. (2015). THE ROLE OF PARENT’S INFLUENCE AND SELF-EFFICACY ON ENTREPRENEURIAL INTENTION. The Journal of Developing Areas. http://www.jstor.org/stable/24737330
  45. Rodrigues, R. G., Marques, I. C. P., & Geraldes, S. (2019). Understanding Entrepreneurial Intentions Around The World: An Empirical Approach. Cadernos de Gestao e Empreendedorismo. https://doi.org/10.32888/cge.v8i1.39903
  46. Roos, P. & Botha, M. (2022). The entrepreneurial intention-action gap and contextual factors: Towards a conceptual model’, South
  47. African Journal of Economic and Management Sciences. https://doi.org/10.4102/sajems.v25i1.4232
  48. Rosique-Blasco, M., Madrid-Guijarro, A. & García-Pérez-de-Lema, D. (2018). The effects of personal abilities and self-efficacy on entrepreneurial intentions. Int Entrep Manag J. https://doi.org/10.1007/s11365-017-0469-0
  49. Rusu, V. D., & Roman, A. (2020). Assessing the Role of Access to Finance for Young Potential Entrepreneurs: The Case of Romania. KNE Publishing. https://doi.org/10.18502/kss.v4i1.5996
  50. Santoso, S. & Sutedjo Dharma Oetomo, B. (2018). Influence of motivation and self-efficacy on entrepreneurial intention to run a business. In: Expert journal of marketing. Expert Journal of Marketing.
  51. Saoula, O., Shamim, A., Ahmad, M. J. & Abid, M. F. (2022). Do entrepreneurial self-efficacy, entrepreneurial motivation, and family support enhance entrepreneurial intention? The mediating role of entrepreneurial education. Emerald Publishing Limited. DOI 10.1108/APJIE-06-2022-0055
  52. Saraih, U. N., Aris, A. Z. Z., Mutalib, S. A., Ahmad, T. S. T., Abdullah, S., & Amlus, M. H. (2018). The influence of self-efficacy on entrepreneurial intention among engineering students. In MATEC Web of Conferences. EDP Sciences. https://doi.org/10.1051/matecconf/201815005051
  53. Smith, J. A., & Osborn, M. (2015). Understanding educational participation and attainment among youth: An analysis of the High School Longitudinal Study of 2009. Research in Social Stratification and Mobility. https://doi.org/10.1016/j.rssm.2015.07.002
  54. Svotwa, T. D., Jaiyeoba, O., Roberts-Lombard, M., & Makanyeza, C. (2022). Perceived Access to Finance, Entrepreneurial Self-Efficacy, Attitude Toward Entrepreneurship, Entrepreneurial Ability, and Entrepreneurial Intentions: A Botswana Youth Perspective. SAGE Open. https://doi.org/10.1177/21582440221096437
  55. United Nations. (2014). Impact of access to financial services, including highlighting remittances on development: Economic empowerment of women and youth. United Nations Conference on Trade and Development.
  56. Urban, B., & Ratsimanetrimanana, F. (2019). Access to finance and entrepreneurial intention An empirical study of Madagascan rural areas. Emerald Insight.
  57. Vlassas, I., Kallandranis, C. & Anastasiou, D. (2023). Innovative Activity and Access to Finance of SMEs: Views and Agenda.Theoretical Economics Letters. https://doi:10.4236/tel.2023.131004.
  58. Woldie, A., Laurence M. B. & Thomas, B. (2018). Challenges of finance accessibility by SMEs in the democratic republic of Congo: is gender a constraint? Investment Management and Financial Innovations. http://dx.doi.org/10.21511/imfi.15(2).2018.04
  59. World Bank Group. (2018). Improving Access To Finance For SMEs. Doing Business.org. https://www.doingbusiness.org/content/dam/doingBusiness/media/SpecialReports/improving-access-to-finance-for-SMEs.pdf
  60. Youssef, S., Ramadan, M., Baydoun, H., Zakhem, N. B., Tahan, S., Diab, M. B., Daouk, A., Yassine, D. (2023). Entrepreneurial Intentions in Crisis: Shaping Through the Triad of Influence - Government, Education, and Environment. Journal Of Law And Sustainable Development. https://doi.org/10.55908/sdgs.v11i6.890

Tools


Copyright © 2025  KITE Digital Educational Solutions |  Exclusively distributed by CE-Logic