Preview

Vysshee Obrazovanie v Rossii = Higher Education in Russia

Advanced search

Entrepreneurial Intentions of Students: Moderating Effect of Personal Characteristics

https://doi.org/10.31992/0869-3617-2025-34-5-119-140

Abstract

Based on a survey of 391 respondents from two universities in Moscow, the entrepreneurial intentions of students were analyzed. The aim of the work: to assess the moderating effect of personality characteristics (risk aversion and innovativeness) on the relationship between entrepreneurial intentions and their factors. The research method used is regression analysis with the interaction effects of the personality characteristics of the individual and the variables of perceived control and fears related to starting a business. It is shown that perceived control, personal attitudes and family environment are positively related to entrepreneurial intentions of students, while fears are negatively related. Subjective norms are not related to entrepreneurial intentions of students. ‘Entrepreneurial’ characteristics of students, namely risk aversion and innovativeness, weaken both the negative relationship between fears related to starting a business and entrepreneurial intentions and the positive relationship between perceived control and entrepreneurial intentions. The findings can be used in the formation of state policy in the field of entrepreneurial education, as well as directly in the creation of educational programs for students studying in areas where attention is paid to the development of entrepreneurial skills. 

About the Authors

A. G. Mirzoyan
Lomonosov Moscow State University
Russian Federation

Ashot G. Mirzoyan – Senior Lecturer of the Department of Innovation Economics, Faculty of Economics

1 Leninskie Gory, bld. 46, 119991 Moscow



E. A. Siniakova
Erasmus University Rotterdam
Netherlands

Ekaterina A. Siniakova – Master’s Student at Erasmus School of Economics

50 Burgemeester Oudlaan, 3062 PA Rotterdam



L. A. Mikhailova
Lomonosov Moscow State University
Russian Federation

Lyudmila A. Mikhailova – Cand. Sci. (Economics), Associate Professor of the Department of Innovation Economics, Faculty of Economics

1 Leninskie Gory, bld. 46, 119991 Moscow



I. S. Suslova
Lomonosov Moscow State University
Russian Federation

Irina P. Suslova – Lecturer of the Department of Innovation Economics, Faculty of Economics

1 Leninskie Gory, bld. 46, 119991 Moscow



References

1. Conner, M., Armitage, C.J. (1998). Extending the Theory of Planned Behavior: A Review and Avenues for Further Research. Journal of Applied Social Psychology. Vol. 28, no. 15, doi: 10.1111/j.1559-1816.1998.tb01685.x

2. Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes. Vol. 50, no. 2, pp. 179-211, doi: 10.1016/0749-5978(91).90020-T

3. Ajzen, I. (2020). The Theory of Planned Behavior: Frequently Asked Questions. Human Behavior and Emerging Technologies. Vol. 2, no. 4, doi: 10.1002/hbe2.195

4. Arafat, M.Y., Saleem, I., Dwivedi, A.K., Khan, A. (2020). Determinants of Agricultural Entrepreneurship: A GEM Data Based Study. International Entrepreneurship and Management Journal. Vol. 16, no. 1, pp. 345-370, doi: 10.1007/s11365-018-0536-1

5. Falck, O., Heblich, S., Luedemann, E. (2012). Identity and Entrepreneurship: Do School Peers Shape Entrepreneurial Intentions? Small Business Economics. Vol. 39, no. 1, pp. 39-59, doi: 10.1007/S11187-010-9292-5/TABLES/9

6. Iizuka, E.S., de Moraes, G.H.S.M., de Souza, M.G. (2024). College Environment and Entrepreneurial Intention in High School. Revista de Gestao. Vol. 31, no. 1, pp. 101-114, doi: 10.1108/REGE-10-2021-0189/FULL/PDF

7. Georgescu, M.A., Herman, E. (2020). The Impact of the Family Background on Students’ Entrepreneurial Intentions: An Empirical Analysis. Sustainability. Vol. 12, no. 11, pp. 47-75, doi: 10.3390/SU12114775

8. Reissova, A., Šimsova, J., Sonntag, R., Kučerova, K. (2020). The Influence of Personal Characteristics on Entrepreneurial Intentions: International Comparison. Entrepreneurial Business and Economics Review. Vol. 8, no. 4, pp. 29-46, doi: 10.15678/EBER.2020.080402

9. Wu, L., Jiang, S., Wang, X., Yu, L., Wang, Y., Pan, H. (2022). Entrepreneurship Education and Entrepreneurial Intentions of College Students: The Mediating Role of Entrepreneurial Self-Efficacy and the Moderating Role of Entrepreneurial Competition Experience. Frontiers in Psychology. Vol. 12, pp. 727-826, doi: 10.3389/FPSYG.2021.727826/BIBTEX

10. Prabhu, V.P., McGuire, S.J., Drost, E.A., Kwong, K.K. (2012). Proactive Personality and Entrepreneurial Intent: Is Entrepreneurial Self-Efficacy a Mediator or Moderator? International Journal of Entrepreneurial Behaviour and Research. Vol. 18, no. 5, pp. 559-586, doi: 10.1108/13552551211253937/FULL/PDF

11. Entrialgo, M., Iglesias, V. (2020). Entrepreneurial Intentions among University Students: The Moderating Role of Creativity. European Management Review. Vol. 17, no. 2, pp. 529-542, doi: 10.1111/emre.12386

12. Lortie, J., Castogiovanni, G. (2015). The Theory of Planned Behavior In Entrepreneurship Research: What We Know and Future Directions. International Entrepreneurship and Management Journal. Vol. 11, no. 4, doi: 10.1007/s11365-015-0358-3

13. Ramos-Rodríguez, A.R., Medina-Garrido, J.A., Lorenzo-Gómez, J.D., Ruiz-Navarro, J. (2010). What You Know or Who You Know? The Role of Intellectual and Social Capital in Opportunity Recognition. International Small Business Journal. Vol. 28, no. 6, pp. 566-582, doi: 10.1177/0266242610369753

14. Montalvo, C. (2006). What Triggers Change and Innovation? Technovation. Vol. 26, no. 3, pp. 312-323, doi: 10.1016/j.technovation.2004.09.003

15. Vissa, B. (2011). A Matching Theory of Entrepreneurs’ Tie Formation Intentions and Initiation of Economic Exchange. Academy of Management Journal. Vol. 54, no. 1, pp. 137-158, doi: 10.5465/amj.2011.59215084

16. Shane, S., Venkataraman, S. (2000). The Promise of Entrepreneurship as a Field of Research. Academy of Management Review. Vol. 25, no. 1, pp. 217-226, doi: 10.5465/AMR.2000.2791611

17. Chye Koh, H. (1996). Testing Hypotheses of Entrepreneurial Characteristics: A Study of Hong Kong MBA Students. Journal of Managerial Psychology. Vol. 11, no. 3, doi: 10.1108/02683949610113566

18. Zhang, P., Wang, D.D., Owen, C.L. (2015). A Study of Entrepreneurial Intention of University Students. Entrepreneurship Research Journal. Vol. 5, pp. 61-82, doi: 10.1515/ERJ-2014-0004

19. Karimi, S., Biemans, H.J.A., Lans, T., Chizari, M., Mulder, M., Mahdei, K.N. (2013). Understanding Role Models and Gender Influences on Entrepreneurial Intentions Among College Students. Procedia - Social and Behavioral Sciences. Vol. 93, pp. 204-214, doi: 10.1016/j.sbspro.2013.09.179

20. Tsordia, C., Papadimitriou, D. (2015). The Role of Theory of Planned Behavior on Entrepreneurial Intention of Greek Business Students. International Journal of Synergy and Research. Vol. 4, no. 1, article no. 23, doi: 10.17951/IJSR.2015.4.1.23

21. Ajzen, I. (2001). Nature and Operation of Attitudes. Annual Review of Psychology. Vol. 52, pp. 27-58, doi: 10.1146/annurev.psych.52.1.27

22. Liñán, F., Chen, Y.W. (2009). Development and Cross-Cultural Application of a Specific Instrument to Measure Entrepreneurial Intentions. Entrepreneurship: Theory and Practice. Vol. 33, no. 3, doi: 10.1111/j.1540-6520.2009.00318.x

23. Dinc, M.S., Budic, S. (2016). The Impact of Personal Attitude, Subjective Norm, and Perceived Behavioural Control on Entrepreneurial Intentions of Women. Eurasian Journal of Business and Economics. Vol. 9, no. 17, pp. 23-35, doi: 10.17015/ejbe.2016.017.02

24. Iglesias-Sanchez, P.P., Jambrino-Maldonado, C., Velasco, A.P., Kokash, H. (2016). Impact of Entrepreneurship Programmes on University Students. Education and Training. Vol. 58, pp. 209-28, doi: 10.1108/ET-01-2015-0004

25. Moussa, N. Ben, Kerkeni, S. (2021). The Role of Family Environment in Developing the Entrepreneurial Intention of Young Tunisian Students. Entrepreneurial Business and Economics Review. Vol. 9, no. 1, pp. 31-45, doi: 10.15678/EBER.2021.090102

26. Busenitz, L.W., Barney, J.B. (1997). Differences Between Entrepreneurs and Managers in Large Organizations: Biases and Heuristics in Strategic Decision-Making. Journal of Business Venturing. Vol. 12, no. 1, pp. 9-30, doi: 10.1016/S0883-9026(96).00003-1

27. Baron, R.A., Ensley, M.D. (2006). Opportunity Recognition as the Detection of Meaningful Patterns: Evidence from Comparisons of Novice and Experienced Entrepreneurs. Management Science. Vol. 52, no. 9, doi: 10.1287/mnsc.1060.0538

28. Cho, Y.H., Lee, J.-H. (2018). Entrepreneurial Orientation, Entrepreneurial Education and Performance. Asia Pacific Journal of Innovation and Entrepreneurship. Vol. 12, no. 2, doi: 10.1108/apjie-05-2018-0028

29. Ibidunni, A.S., Mozie, D., Ayeni, W.A.A.A. (2020). Entrepreneurial Characteristics Amongst University Students: Insights for Understanding Entrepreneurial Intentions Amongst Youths in a Developing Economy. Education and Training. Vol. 1, pp. 71-84, doi: 10.1108/et-09-2019-0204

30. Arijanto, R. (2023). The Role of Self Efficacy, Risk Tolerance and Entrepreneurial Education on Entrepreneurial Intention of University Students During Digital Transformation Era. International Journal of Social and Management Studies. Vol. 4, pp. 8-14, doi: 10.5555/IJOSMAS.V4I3.308

31. Cromie, S. (2000). Assessing Entrepreneurial Inclinations: Some Approaches and Empirical Evidence. European Journal of Work and Organizational Psychology. Vol. 9, no. 1, pp. 7-30, doi: 10.1080/135943200398030

32. Shahzad, M.F., Khan, K.I., Saleem, S., Rashid, T. (2021). What Factors Affect the Entrepreneurial Intention to Start-Ups? The Role of Entrepreneurial Skills, Propensity to Take Risks, and Innovativeness in Open Business Models. Journal of Open Innovation: Technology, Market, and Complexity. Vol. 7, no. 3, article no. 173, doi: 10.3390/JOITMC7030173

33. Wathanakom, N., Khlaisang, J., Songkram, N. (2020). The Study of the Causal Relationship Between Innovativeness and Entrepreneurial Intention among Undergraduate Students. Journal of Innovation and Entrepreneurship. Vol. 9, no. 1, article no. 15, doi: 10.1186/s13731-020-00125-5

34. Townsend, D.M., Busenitz, L.W., Arthurs, J.D. (2010). To Start or Not to Start: Outcome and Ability Expectations in the Decision to Start a New Venture. Journal of Business Venturing. Vol. 25, no. 2, pp. 192-202, doi: 10.1016/J.JBUSVENT.2008.05.003

35. Testa, S., Frascheri, S. (2015). Learning by Failing: What We Can Learn from Un-Successful Entrepreneurship Education. The International Journal of Management Education. Vol. 13, no. 1, pp. 11-22, doi: 10.1016/J.IJME.2014.11.001

36. Duong, C.D., Vu, N.X. (2024). Entrepreneurial Education and Intention: Fear of Failure, Self-Efficacy and Gender. Journal of Small Business and Enterprise Development. Vol. 31, pp. 629-654, doi: 10.1108/JSBED-02-2023-0057/FULL/PDF

37. Holienka, M., Suchankova, D., Psenak, P. (2022). Who Feels No Fear? Exploring the Drivers of Entrepreneurial Fear of Failure among Non-Entrepreneurs in Slovakia. Central European Business Review. Vol. 11, pp. 41-60, doi: 10.18267/J.CEBR.287

38. Ibrahim, N.A., Mas’ud, A. (2016). Moderating Role of Entrepreneurial Orientation on the Relationship Between Entrepreneurial Skills, Environmental Factors and Entrepreneurial Intention: A PLS Approach. Management Science Letters. Pp. 225-236, doi: 10.5267/J.MSL.2016.1.005

39. Ajzen, I. (2006). Constructing a TpB Questionnaire: Conceptual and Methodological Considerations. URL: https://www.researchgate.net/publication/235913732 (accessed: 19.01.2025).

40. Anwar, I., Saleem, I. (2019). Exploring Entrepreneurial Characteristics among University Students: An Evidence from India. Asia Pacific Journal of Innovation and Entrepreneurship. Vol. 13, no. 3, pp. 282-295, doi: 10.1108/APJIE-07-2018-0044

41. Koe, W.-L. (2016). The Relationship between Individual Entrepreneurial Orientation (IEO) and Entrepreneurial Intention. Journal of Global Entrepreneurship Research. Vol. 6, no. 1, pp. 1-11, doi: 10.1186/S40497-016-0057-8

42. Bell, R. (2019). Predicting Entrepreneurial Intention Across the University. Education and Training. Vol. 61, no. 7-8, pp. 815-831, doi: 10.1108/ET-05-2018-0117/FULL/PDF

43. Ng, L., Jenkins, A.S. (2018). Motivated but Not Starting: How Fear of Failure Impacts Entrepreneurial Intentions. Small Enterprise Research. Vol. 25, no. 2, pp. 152-167, doi: 10.1080/13215906.2018.1480412

44. Hyytinen, A., Ilmakunnas, P., Toivanen, O. (2013). The Return-To-Entrepreneurship Puzzle. Labour Economics. Vol. 20, pp. 57-67, doi: 10.1016/j.labeco.2012.11.002

45. Sarasvathy, S.D. (2001). Causation and Effectuation: Toward a Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency. Academy of Management Review. Vol. 26, no. 2, pp. 243-263, doi: 10.5465/AMR.2001.4378020

46. Nientied, P. (2015). Polis University as Lean Startup Innovation. International Business Research. Vol. 8, no. 5, article no. 15, doi: 10.5539/ibr.v8n5p19

47. Mingaleva, Z., Deputatova, L., Akatov, N., Starkov, Y., Mitrofanova, E. (2019). Application of HADI-Cycle for Providing Sustainability of Processes of Knowledge and Innovation. Entrepreneurship and Sustainability Issues. Vol. 7, no. 2, pp. 1628-1640, doi: 10.9770/jesi.2019.7.2(58)

48. Reis, E. (2011). The Lean Startup. New York: Crown Business. eISBN: 978-0-307-88791-7. Available at: https://www.academia.edu/31776910/The_Lean_Startup#loswp-work-container (accessed: 20.02.2025).

49. Finisterra do Paço, A., Ferreira, J., Raposo, M. (2016). Development of Entrepreneurship Education Programmes for HEI Students: The Lean Start-Up Approach. Journal of Entrepreneurship Education. Vol. 19, no. 2. Available at: https://www.researchgate.net/publication/311259799_Development_of_entrepreneurship_education_programmes_for_HEI_students_The_lean_start-up_approach (accessed 20.02.2025).


Review

Views: 11


Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.


ISSN 0869-3617 (Print)
ISSN 2072-0459 (Online)