THE IMPACT OF PSYCHOLOGICAL CAPITAL ON ENTREPRENEURIAL INTENTION

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Tran Thi Hoang Dung THE IMPACT OF PSYCHOLOGICAL CAPITAL ON ENTREPRENEURIAL INTENTION MASTER OF BUSINESS (Honours) Ho Chi Minh City – Year 2014 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Tran Thi Hoang Dung THE IMPACT OF PSYCHOLOGICAL CAPITAL ON ENTREPRENEURIAL INTENTION ID: 22120008 MASTER OF BUSINESS (Honours) SUPERVISOR: Dr NGUYEN THI MAI TRANG Ho Chi Minh City – Year 2014 ACKNOWLEDGEMENT I would like to express my great gratitude to my supervisor, Dr Nguyen Thi Mai Trang for her kindness, her professional guidance and encouragement as well as her valuable comments and helpful advice through my thesis I am sincerely thankful to Professor Nguyen Dong Phong, Professor Nguyen Dinh Tho, Dr Tran Ha Minh Quan, Dr Nguyen Phong Nguye and Dr Tran Phuong Thao as proposal examination committee Their valuable comments and constructive suggestions contributed significantly for me to complete this thesis with best results My special gratitude is extended to all instructors and staffs of School International Scholl of Business – University of Economics Ho Chi Minh City which give us the right to make the research for the thesis course so that we can have a chance to apply their theories to practice business Finally, the deepest and most sincere gratitude go to my beloved family, my closest friends for the boundless support, abundant love and encouragement throughout my period of study Therefore, I dedicate this work as a gift to them all ABSTRACT This research explores factors related to psychological capital affecting on entrepreneurial intention of undergraduate students through a survey of some 400 economics students in three universities: University of Economics Ho Chi Minh City, University of Economics and Law, International University – Vietnam National University Ho Chi Minh City In additions, the study also provides the impact of proactive coping factor on the relationship between determinants of psychological capital and entrepreneurial intention The collected data was analyzed and evaluated by structural equation modeling (SEM) method through Analysis of Moment Structures (AMOS software) at the sample size of 327 This study finds out three independent variables (Self – efficacy, Hope and Resilience) have significant impact on dependent variable: Entrepreneurial intention Optimism is not positive related to entrepreneurial intention Additionally, moderating variable does not have control the relationship between independent variables (Self – efficacy, Optimism, Hope and Resilience) and dependent variable (Entrepreneurial intention) It means that although one people have proactive coping high or low, it is not vital This study contributes for development organizations as well as businessman Students can indentify factors effecting on self – employed intention Therefore, students can take part in more extracurricular activities, subjects and skills to help them to achieve the dream of becoming business owners Generally, the present study suggests important guideline for government, universities and students as well as evaluating the strength of measurement scale, the sampling method as well as the fitness between the research model and data At the end, results in the valuable directions for further researches in future and some limitations of this research Key words: psychological capital, proactive coping, entrepreneurial intention TABLE OF CONTENTS ACKNOWLEDGEMENT ABSTRACT TABLE OF CONTENTS LIST OF FIGURES LIST OF TABLES CHAPTER 1: INTRODUCTION 1.1 Research Background 1.2 Research Objectives 1.3 Research Scope 1.4 Research Significant 1.5 Research Structure CHAPTER 2: LITERATURE REVIEW 10 2.1 Entrepreneurship 10 2.2 Entrepreneurial Intention 11 2.3 Psychological Capital 13 2.3.1 Self – efficacy 14 2.3.2 Optimism 16 2.3.3 Hope 17 2.3.4 Resiliency 18 2.4 Proactive coping 19 2.5 The research model and hypotheses 20 CHAPTER 3: RESEARCH METHODOLOGY 23 3.1 Research process 23 3.2 Measurement scale 25 3.3 Questionnaire design 27 3.3.1 Preliminary qualitative research 28 3.3.2 Quantitative research 31 3.4 Data collection method 31 3.5 Sampling design 31 3.6 Data analysis method 31 CHAPTER 4: DATA ANALYSIS 34 4.1 Descriptive statistic 34 4.2 Reliability analysis 35 4.3 Exploratory Factor Analysis 38 4.4 Evaluate the measurement by CFA 40 4.5 SEM Testing and Hypothesis Testing 45 4.5.1 SEM Testing 45 4.5.2 Hypotheses Testing 47 4.6 Bootstrap Method 48 4.7 Results of Multiple Group Analysis 48 CHAPTER 5: CONCLUSION, IMPLICATIONS, LIMITATIONS 5.1 Conclusion 53 5.2 Managerial implementations 52 5.2.1 Self – efficacy 54 5.2.2 Hope 57 5.2.3 Resiliency 59 5.3 Limitations 60 REFERENCES 62 APPENDICES 68 LIST OF TABLES Table 3.1 Measurement scale 26 Table 3.2 Guidelines for in-depth interview respondents’ information 29 Table 4.1 Sample characteristics 35 Table 4.2 Reliability Test Results 37 Table 4.3 KMO and Bartlett's Test 38 Table 4.4 Rotated Component Matrix 39 Table 4.5 Standardized Regression Weights 42 Table 4.6 Measure Correlations 44 Table 4.7 Regression Weights 47 Table 4.8 The results for Bootstrap estimation 48 Table 4.9 The SEM results of variant and partial invariant model 49 Table 4.10 The difference between fitness indices of variant model and partial invariant model in term of proactive coping 50 Table 4.11 Summary of hypotheses testing result 52 LIST OF FIGURES Figure 1.1: The number of new enterprises was registered period 1991-1999 and from 20002013 Figure 1.2: Business Registration Status Figure 2.1: Research Model 21 Figure 3.1: Research procedure 24 Figure 4.1: CFA for Entrepreneurial intention 41 Figure 4.2: Structural 46 CHAPTER 1: INTRODUCTION 1.1 Research background In today’s world, the development of new businesses plays an important role in stimulating the economy for every nation Furthermore, there has been a significant increase in the new generation of young businessmen Accordingly, entrepreneurship has become crucial to every country because the development of new companies will not only help reduce unemployment rate, but enhance the economic prosperity as well A great number of successful young companies are a major contribution for a country’s total GDP and economic growth; therefore, students should be encouraged and trained to become successful entrepreneurs in the near future Thus, universities need to add policies in education programs to inspire students in pursuing these goals For instance, nowadays, the Global Business Challenge of Charted Institute of Management Accountants (CIMA) was formed in accordance with the current economic changes The CIMA Global Business Challenge is an international business competition for undergraduates around the world, designed to bring out the best in young business leaders of tomorrow The CIMA Global Business Challenge has grown year after year; from participating regions in 2009 to 24 in 2014 This program brings many advantages for young students and provides them with guidance and opportunities to become self-employed In Vietnam, it seems that universities and educational intitutions tend to organize activities regarding entrepreneurial objectives for students Thus, in order to encourage the economic benefits of a national associated with the formation of new companies, governments should encourage more students to consider self-employed as well as to become entrepreneurs (Thanh Thúy, 2014) However, Vietnam has transited from planned economies to market economies That may become a leverage to help enterprises achieve high performance, especially the private ones Thus, it is necessary for supporting the development of those firms in the recent trend With the aim of upgrading the firms’ capabilities as well as increasing brand equity for each organization, entrepreneurial intentions have recently become one of the important factors Many organizations in Vietnam are cooperating with universities to support students in providing creative ideas in business through contests such as: Dynamic, SIFE, CFA, IRC, Startup Wheel etc Furthermore, Vietnam also has organizations which support students harboring the dream of becoming entrepreneur For instance, Business Start Up Support Center (BSSC) was established in 2000 with wonderful mission and vision Accordingly, the mission is proposed that BSSC will help young people catch their business’s dreams In addition, the vision is guided that BSSC becomes the crossroads to transfer all the experiences, knowledge and useful resources from individuals and organizations within and outside the nation, in order to create a sustainable platform for the young entrepreneurs in Vietnam 1.2 Research problem A significant growth of unemployment rate in Vietnam has been observed in recent years For example, in quarter IV (2013), there were 900,000 unemployed people, 72,000 of whom were graduated students (Hồng Hạnh, 2013); hence, this might become a serious problem that people have to concern for the development of economies In a different manner, the increase of unemployed people year by year can lead to an adverse trend In this situation, these graduates can choose to be self-employed Thus, students can set up businesses by themselves that can help unemployment rate reduce partially However, not all people can become entrepreneurs because they must have the passion and me et necessary and sufficient conditions Therefore, each student and university needs to understand deeply about the factors that affect entrepreneurial intentions, so that universities can design suitable policies as well as guidelines for thier students However, the proportion of students choosing to be self-employed immediately after graduating is small (Hồng Hạnh, 2013) In that research, it is also identified that many young people encounter with the following barriers to become self-employed such as poor confidence, limited knowledge, etc It deals with the lack of primary factors Those students can be potential entrepreneurs but they are not aware of the career options that are given to them As becoming the entrepreneur can be one of the options; their intention of becoming selfemployed had prompted researchers to investigate particularly on the influence of entrepreneurial characteristics and entrepreneurial intention among undergraduates towards entrepreneurial activities Krueger N, Reilly M, Carsrud A (2000) Competing models of entrepreneurial intentions Journal of Business Venturing 15: 411–532 Lazarus, R S (1993) Coping theory and research: Past, present, and future Psychosomatic Medicine, 55, 234–247 Leech, N C., Barrett, K C., & Morgan, G A (2005) Spss for intermediate statistics: Use and interpretation (2nd ed.) 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Vietnam National University Ho Chi Minh City  Others:………………………………………………… You are the student in:  Year  Year  Year  Year 4 Your major in university:  Business Administration  Marketing  Human Resources  Finance  Accounting  Others: …… Language is used in program:  English  Vietnamese In your family, parents or relatives who have their own firm or not?  Yes  No Approximately 12 months ago, you got any job (outside the classroom):  Part time  Seasonal work  Do nothing Thank you for your co-operation in completing this questionnaire! 70 Appendix B: Questionnaire (Vietnamese Version) Kính chào Anh/Chị, tên Trần Thị Hoàng Dung, học viên cao học Trường Đại học Kinh Tế TP Hồ Chí Minh Tôi nghiên cứu Ý THỨC KHỞI NGHIỆP Rất mong Anh/ Chị dành khoảng 3-5 phút để trả lời Phiếu khảo sát Mặc dù câu trả lời Anh/ Chị quan trọng nghiên cứu tôi, nhiên việc tham gia khảo sát hoàn toàn không bắt buộc Tôi cam kết đảm bảo thông tin Anh/chị cung cấp giữ bí mật sử dụng cho nghiên cứu Tác giả sẵn lòng hồi đáp Anh/Chị qua email: tt_hoangdung@yahoo.com điện thoại 0987.232.662 trình thực khảo sát có nhu cầu tham khảo kết khảo sát NỘI DUNG KHẢO SÁT (Lưu ý thuật ngữ “doanh nhân” hiểu người làm chủ công ty, doanh nghiệp đó) III Phần A Hoàn toàn không đồng ý Câu hỏi Trong học tập, cảm thấy tự tin việc phân tích vấn đề để tìm giải pháp Tôi cảm thấy tự tin trình bày vấn đề chuyên môn với bạn bè Tôi cảm thấy tự tin trình bày vấn đề chuyên môn với thầy cô Tôi cảm thấy tự tin giao tiếp với tất người Khi gặp vấn đề khó khăn học tập, kỳ vọng điều tốt Tôi kỳ vọng chuyện diễn theo kế hoạch Nhìn chung, kỳ vọng điều tốt xảy đến với 71 Hoàn toàn  đồng ý 7 7 7 7 10 11 Hiện tại, hứng thú việc theo đuổi mục tiêu học tập Tôi nghĩ có nhiều cách giải cho khó khăn không lường hết học tập Tôi nghĩ nhiều cách để đạt mục tiêu học tập Tôi nhanh chóng vượt qua vươn lên khó khăn học tập 7 7 12 Tôi nhiệt tình giúp đỡ bạn bè học tập 13 Tôi không giận lâu bạn bè 14 Tôi thích trở thành doanh nhân 7 7 15 16 17 Tôi định làm chủ công ty tương lai Tôi nỗ lực để điều hành công ty tương lai Là doanh nhân, mang lại cho nhiều thuận lợi bất lợi Completely  Not true at all true 18 Tôi người có trách nhiệm 19 Tôi lập thời khóa biểu chi tiết cho thứ 7 7 20 21 22 Sau đạt mục tiêu, đặt mục tiêu khác thử thách Tôi nỗ lực để vượt qua thử thách Tôi thường nghĩ ước mơ cố gắng đạt chúng 72 23 24 25 26 27 28 29 Mặc dù có nhiều khó khăn, thường thành công đạt muốn Tôi cố gắng tìm điều cần thiết để giúp thành công Không ngăn cản tìm cách giải gặp trở ngại Khi ứng tuyển vị trí, nghĩ vị trí dành cho Tôi chuyển trở ngại thành trải nghiệm tích cực Nếu nói làm điều làm Khi gặp vấn đề khó khăn, thường chủ động giải 7 7 7 IV Phần B Phần liên quan đến thông tin cá nhân Xin Anh/ Chị cho biết số thông tin sau để phục vụ cho việc phân loại nhóm khảo sát Giới tính:  Nam  Nữ Bạn học trường nào:  Đại học Kinh tế TP HCM  Đại học Quốc tế - Đại học Quốc Gia TP HCM  Đại học Kinh tế - Luật – Đại học Quốc Gia TP HCM  Khác:………………………………………………… Bạn sinh viên năm:  Năm  Năm  Năm  Năm 4 Chuyên ngành học bạn:  Quản trị kinh doanh  Marketing  Nhân  Tài  Kế toán  Khác: … Ngôn ngữ sử dụng chương trình học: 73  Tiếng Anh  Tiếng Việt Trong gia đình bạn, cha mẹ người thân có doanh nghiệp riêng hay không?  Có  Không Khoảng 12 tháng qua, bạn có tham gia công việc (ngoài việc học lớp):  Bán thời gian  Không làm thêm  Thời vụ -CẢM ƠN ANH/CHỊ ĐÃ THAM GIA KHẢO SÁT - 74 APPENDIX C: Total variance explained in Exploratory Factor Analysis Initial Eigenvalues Component Total 10 11 12 13 14 15 16 17 6.586 1.707 1.493 1.259 829 735 598 538 491 464 445 396 360 325 297 256 222 % of Variance Cumulative % 38.739 10.043 8.782 7.407 4.876 4.326 3.515 3.164 2.888 2.732 2.620 2.327 2.117 1.912 1.747 1.503 1.303 38.739 48.781 57.563 64.970 69.845 74.171 77.686 80.850 83.738 86.470 89.090 91.417 93.534 95.447 97.194 98.697 100.000 Extraction Sums of Squared Loadings Total % of Variance 6.586 1.707 1.493 1.259 829 38.739 10.043 8.782 7.407 4.876 75 Rotation Sums of Squared Loadings Cumulative % Total 38.739 48.781 57.563 64.970 69.845 2.975 2.871 2.316 2.123 1.589 % of Variance Cumulative % 17.499 16.886 13.624 12.490 9.346 17.499 34.386 48.010 60.499 69.845 APPENDIX D: The result for multi-group analysis of variance model and partial invariance model Table D1: Variance Model – Regressions Weights: (Low PRO – Default Model) Estimate S.E C.R P ENTRE  SEFL -.429 430 -.997 319 ENTRE  OP -.082 190 -.434 664 ENTRE  HOPE 1.033 677 1.525 127 ENTRE  RE 134 232 580 562 SELF4  SEFL 1.000 SELF3  SEFL 1.252 196 6.390 *** SELF2  SEFL 884 164 5.380 *** SELF1  SEFL 797 153 5.221 *** OP3  OP 1.000 OP2  OP 1.193 218 5.462 *** OP1  OP 757 163 4.634 *** RE3  RE 1.000 RE2  RE 1.831 957 1.914 056 RE1  RE 257 200 1.281 200 HOPE3  HOPE 1.000 HOPE2  HOPE 1.435 330 4.350 *** HOPE1  HOPE 929 309 3.011 003 ENTER4  ENTRE 1.000 ENTRE3  ENTRE 1.323 313 4.232 *** ENTRE2  ENTRE 1.623 339 4.792 *** ENTRE1  ENTRE 1.284 297 4.320 *** 76 Label Table D2: Variance Model – Regressions Weights: (High PRO – Default Model) Estimate S.E C.R P ENTRE  SEFL 219 087 2.509 012 ENTRE  OP 063 082 776 438 ENTRE  HOPE 200 133 1.506 132 ENTRE  RE 347 184 1.881 060 SELF4  SEFL 1.000 SELF3  SEFL 1.154 111 10.415 *** SELF2  SEFL 1.171 105 11.160 *** SELF1  SEFL 1.000 098 10.229 *** OP3  OP 1.000 OP2  OP 940 106 8.874 *** OP1  OP 1.073 119 9.015 *** RE3  RE 1.000 RE2  RE 1.573 318 4.946 *** RE1  RE 1.272 262 4.859 *** HOPE3  HOPE 1.000 HOPE2  HOPE 1.081 105 10.261 *** HOPE1  HOPE 1.042 117 8.919 *** ENTER4  ENTRE 1.000 ENTRE3  ENTRE 1.341 124 10.774 *** ENTRE2  ENTRE 1.406 127 11.086 *** ENTRE1  ENTRE 1.301 123 10.603 *** 77 Label Table D3: Invariance Model – Regressions Weights: (Low PRO – Default Model) Estimate S.E C.R P Label ENTRE  SEFL 186 081 2.302 021 Beta1 ENTRE  OP 058 072 810 418 Beta2 ENTRE  HOPE 234 120 1.954 051 Beta3 ENTRE  RE 315 144 2.181 029 Beta4 SELF4  SEFL 1.000 SELF3  SEFL 1.278 202 6.332 *** SELF2  SEFL 901 169 5.346 *** SELF1  SEFL 809 157 5.164 *** OP3  OP 1.000 OP2  OP 1.181 216 5.470 *** OP1  OP 755 163 4.643 *** RE3  RE 1.000 RE2  RE 1.597 692 2.310 021 RE1  RE 268 209 1.283 199 HOPE3  HOPE 1.000 HOPE2  HOPE 1.463 343 4.266 *** HOPE1  HOPE 938 313 2.993 003 ENTER4  ENTRE 1.000 ENTRE3  ENTRE 1.261 262 4.819 *** ENTRE2  ENTRE 1.535 268 5.733 *** 78 Estimate ENTRE1  ENTRE 1.216 S.E .248 C.R P 4.913 *** Label Table D4: Invariance Model – Regressions Weights: (High PRO – Default Model) Estimate S.E C.R P Label ENTRE  SEFL 186 081 2.302 021 Beta1 ENTRE  OP 058 072 810 418 Beta2 ENTRE  HOPE 234 120 1.954 051 Beta3 ENTRE  RE 315 144 2.181 029 Beta4 SELF4  SEFL 1.000 SELF3  SEFL 1.149 110 10.466 *** SELF2  SEFL 1.166 104 11.216 *** SELF1  SEFL 996 097 10.273 *** OP3  OP 1.000 OP2  OP 940 106 8.877 *** OP1  OP 1.073 119 9.018 *** RE3  RE 1.000 RE2  RE 1.553 306 5.073 *** RE1  RE 1.258 252 4.988 *** HOPE3  HOPE 1.000 HOPE2  HOPE 1.079 105 10.283 *** HOPE1  HOPE 1.042 117 8.932 *** ENTER4  ENTRE 1.000 ENTRE3  ENTRE 1.357 126 10.782 *** ENTRE2  ENTRE 1.423 128 11.100 *** ENTRE1  ENTRE 1.316 124 10.611 *** 79 ... or success 2.2 Entrepreneurial Intention The theory of planned behavior is an extension of the theory of reasoned action (Ajzen and Fishbein, 1980) The theory of reasoned action, which has its... perceptions of motives and perception of barriers These authors looked at various factors of impacting on entrepreneurial intention Furthermore, higher education also impacts on entrepreneurial intention. .. impact of psychological capital on entrepreneurial intention based on present theoretical foundations It also points out the moderating effect of relationships between each component of psychological