Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064
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A serial mediation model of the relation between cultural values,
entrepreneurial self-eﬃcacy, intentions and behaviors: Does entrepreneurial
education matter? A multi-group analysis
Trung Thanh Le, Xuan Hau Doan
, Cong Doanh Duong
National Economics University, Hanoi, Viet Nam
Social Cognitive Career Theory
The objective of this study is to utilize the Social Cognitive Career Theory and a serial mediation model to reduce
the discrepancy between entrepreneurial intentions and actions. The study aims to explore the direct inﬂuences
of cultural values and expound on the serial mediation eﬀects of entrepreneurial self-eﬃcacy and en-
trepreneurial intention in connecting cultural values to entrepreneurial behaviors. Besides, the moderation role
of entrepreneurial education is also considered in this study. A sample of 1612 master students from nine
universities/institutions in three main regions of Vietnam and Structural Equation Modelling with Gaskin’s
(2019) plugin and 5000 bootstrapping sample was used to test formulated hypotheses. Also, a multi-group
analysis was approached to illustrate the diﬀerence between students who received entrepreneurial education
and those who did not receive entrepreneurial education. The research reveals that both entrepreneurial self-
eﬃcacy and entrepreneurial intention are strongly and positively related to entrepreneurial behaviors. Cultural
values signiﬁcantly aﬀected entrepreneurial self-eﬃcacy, entrepreneurial intentions, and entrepreneurial ac-
tions. In addition, entrepreneurial self-eﬃcacy and entrepreneurial intentions also serve as serial mediators in
the relation between cultural values and startup actions. Moreover, our study has demonstrated the signiﬁcant
moderation role of entrepreneurial education on these links. This study is expected to have signiﬁcant con-
tributions to entrepreneurship ﬁeld by closing the intention-action gap in entrepreneurship, broadening our
extant knowledge related to the serial indirect eﬀects of cultural values on entrepreneurial actions through
entrepreneurial self-eﬃcacy and entrepreneurial intentions, and demonstrating the moderating role en-
trepreneurial education. Additionally, this study provides the appropriate recommendations for policymakers,
educators, and students to inspire entrepreneurial activities.
In recent years, entrepreneurship has become an increasingly pop-
ular career choice (Barba-Sánchez et al., 2022; Ghosh, 2022; Luu, 2021;
Q.D. Nguyen and Ahmed, 2023; L.Q.T. Nguyen and Ahmed, 2023;
Nguyen, 2023; Vasilev, 2022). Numerous scholars contend that en-
trepreneurship is a progression consisting of several entrepreneurial
activities (Maheshwari and Kha, 2022) with entrepreneurial behaviors
(EB) at the core of this process (Duong, 2023; Meoli et al., 2020).
However, a major proportion of past research only endeavored in-
vestigating predictors of entrepreneurial intention (EI) (Barba-Sánchez
et al., 2022; Douglas et al., 2021; Elnadi and Gheith, 2021; Hoang et al.,
2020; Laouiti et al., 2022), while not all intentions always translate into
actual start-up actions (Duong, 2023). As a result, an intention-behavior
gap has emerged in the ﬁeld of entrepreneurship (Aloulou, 2018;
Duong, 2022). In simpler terms, we still have limited knowledge about
the factors and timelines that inﬂuence the transformation of EIs into
actual entrepreneurial actions (Cui and Bell, 2022). Therefore, Fayolle
and Liñán (2014) contend that there is a pressing requirement for
empirical and theoretical exploration of the connection between EIs
How cultural values (CV) inﬂuence entrepreneurship was ﬁrst
questioned by (Weber, 1930). After nearly a century, the Weberian
inquiry remains a contentious issue in the ﬁeld of entrepreneurial re-
search (Calza et al., 2020). The existing research on entrepreneurship
emphasizes the link between CV and this phenomenon (Stephan and
Received 28 April 2023; Received in revised form 16 May 2023; Accepted 20 May 2023
Available online 25 May 2023
2199-8531/© 2023 The Author(s). Published by Elsevier Ltd on behalf of Prof JinHyo Joseph Yun. This is an open access article under the CC BY-NC-ND license
Correspondence to: National Economics University, Room 1008, 10th ﬂoor, A1 Building, Hanoi 100000, Viet Nam.
E-mail address: firstname.lastname@example.org (X.H. Doan).
Pathak, 2016). These values diﬀer among various group of people, and
they play a crucial role in shaping individuals’ personality traits and
motivations towards entrepreneurship (Shiri et al., 2017). Therefore, it
is important to examine how cultural values inﬂuence EB and how
these insights can inform the development and enhancement of en-
trepreneurial ecosystems and policies. Additionally, although the cor-
relation between CV and entrepreneurship has been empirically tested
by several previous studies (Farrukh et al., 2019; Stephan and Pathak,
2016), the ﬁndings from these research are inconsistent with each
other, and even indicating contrasts (Calza et al., 2020). Recently,
academicians therefore called for more studies to examine the re-
lationship between CV and business venturing (Liu et al., 2021). Par-
ticularly, the cognitive mechanism in which CV inﬂuence EB is still
determined as a huge gap in the entrepreneurship area (Wood et al.,
2021). Calza et al. (2020) also argued that a more systematic and co-
herent approach was necessary to advance research on the relationship
between CV and entrepreneurship. In other words, there is an urgent
need for scholars to develop a consistent theoretical framework that can
guide future research and shed light on the culture-entrepreneurship
The role of entrepreneurial education (EE) is increasingly interested
in the entrepreneurship ﬁelds because it can equip students’ essential
knowledge and skills and inspire them to engage in entrepreneurial
activities (Nwosu et al., 2022). Many young individuals, including
students, ﬁnd themselves at a critical juncture in their career devel-
opment and may choose to pursue entrepreneurship as a viable career
option after completing their studies (Martins et al., 2022; Qudsia
Yousaf et al., 2022). This group represents a population of interest for
investigating the eﬀectiveness of entrepreneurship education programs
in equipping them with the necessary competencies to successfully start
and manage their own ventures (Cassol et al., 2022). By understanding
how these programs can better prepare young people for entrepreneur-
ship, we can provide them with the necessary tools to thrive in an in-
creasingly dynamic and competitive global market (Adeel et al., 2023).
Nevertheless, although there are an increasing number of studies which
examine the eﬀect of EE on EI (Duong et al., 2022; Nguyen and Nguyen,
2023), the diﬀerences in the eﬀects of diﬀerent factors on entrepreneurial
actions between individuals took part in EE and who do not participate in
any EEs received a scant attention (Maheshwari and Kha, 2022).
Vietnam’s remarkable economic progress can be traced back to its
progressive economic reforms, initiated with the implementation of the
“Đổi Mới” (Reform) policy since 1986, as well as the country’s ability to
take advantage of positive global economic trends (Phan and Archer,
2020). Over the course of just one generation, Vietnam has undergone a
signiﬁcant transformation from being one of the most impoverished
nations in the world to achieving middle-income status (Cong and Thu,
2020; Hung, 2023). This remarkable success is a testament to the ef-
fectiveness of Vietnam’s economic policies and its capacity to adapt to a
rapidly changing global economic landscape (Q.D. Nguyen and Ahmed,
2023; L.Q.T. Nguyen and Ahmed, 2023). Over time, there has been a
notable increase in the number of small and medium-sized enterprises
(SMEs), with only approximately 38,000 SMEs in the 2000 s compared
to more than 785,000 SMEs in 2022. These SMEs now make up 98% of
all enterprises (Nguyen, 2023). More importantly, Vietnam has wit-
nessed a surge in investments in its tech startup ecosystem between
2016 and 2019, with the total number of investments growing by eight
times and reaching an all-time high of US$861 million in 2019.
Moreover, the number of Fintech startups in the country has also in-
creased signiﬁcantly, from just 44 in 2017–123 in 2020. These devel-
opments signal that Vietnam has the potential to emerge as a key player
in the Southeast Asian startup landscape. With favorable economic
conditions and a supportive ecosystem, the country is well-positioned
to attract even more investments and foster the growth of innovative
startups in the years to come (Hoang et al., 2022). Besides, the Viet-
namese government has increasingly acknowledged the crucial role of
entrepreneurship in the country’s economic growth in recent years
(Duong et al., 2022; Nguyen and Nguyen, 2023), there has been a
concerted eﬀort to enhance individuals’ entrepreneurial activities,
through entrepreneurial education (Hoang et al., 2020; Maheshwari,
2022), and inspiring cultural values for entrepreneurship (Baughn
et al., 2006). As a result, Vietnam presents an ideal research context for
Social Cognitive Career Theory (SCCT) (Lent and Brown, 2013) has
been utilized in recent studies as a framework to comprehend the en-
trepreneurship phenomenon. This theory emphasizes the role of both
internal motivations and external factors, such as contextual supports
and barriers, in inﬂuencing individual actions (Duong, 2023). Thus, the
SCCT oﬀers a comprehensive theoretical framework that aids in com-
prehending the circumstances under which individuals choose to create
their own business venture (Nwosu et al., 2022). Choosing business
venture creation as a career path is a complicated and multi-faceted
process (St-Jean and Labelle, 2018) while emphasize that these com-
plex decisions are typically made through a two-stage process. In the
initial phase, a consideration is established, which comprises of deci-
sional goals and intentions. The subsequent stage includes the selection
and determination of a suitable option from various alternatives, re-
quiring decisional actions and behaviors (Duong, 2023). Therefore, the
SCCT can be utilized to examine how entrepreneurial career actions are
shaped by entrepreneurial self-eﬃcacy (ESE) and EI while being in-
ﬂuenced by CV (Calza et al., 2020). To develop the conceptual frame-
work, we integrated the Social Cognitive Career Theory (SCCT) (Lent
and Brown, 2013) with the entrepreneurship literature to develop a
model for assessing how CV inﬂuences ESE, entrepreneurial career in-
tentions (goals), and entrepreneurial career behaviors (actions), bridge
the EI-EB link, as well as illustrate the moderation role of EEs.
The current research is posited to provide some important insights
into the ﬁeld of entrepreneurship as well as enrich the existing en-
trepreneurial literature, with several expected contributions as follows.
Firstly, while almost all prior studies focused on exploring the ante-
cedents of individuals’ entrepreneurial attitudes (Nowiński et al., 2020)
and/or their EIs (Christensen et al., 2023; Lopes et al., 2023; Wach and
Bilan, 2023), our study adopted the light from the SCCT to bridge the
EI-EB link in the entrepreneurship literature. By closing this link, the
current study helps answering calls for further studies to addressing this
research gap (Duong, 2023; Fayolle and Liñán, 2014; Ripollés and
Blesa, 2023). Secondly, the current research is expected to signiﬁcantly
contribute to the entrepreneurial literature by testing the serial med-
iation role of ESE and EI on receiving and transferring the eﬀect of CV
on EB. Although the role of CV has been highlighted in a number of
prior entrepreneurship research (Calza et al., 2020; Guerrero et al.,
2020; Svotwa et al., 2022), a little attention has been paid to how CV
can inspire individuals’ ESE, EI, and their EB. Our study is thus expected
to provide valuable insights into entrepreneurial literature by in-
dicating the empirical evidence of the serial indirect eﬀect of CV on EB
via the integration of ESE and EI. Finally, even though increasing at-
tention has been recently paid to the role of EE on individuals’ EI and
EB (Cui and Bell, 2022; Lopes et al., 2023), no any studies tested the
diﬀerences on the eﬀects of antecedents on EB between individuals who
received EE and did not received EE, according to our best knowledge,
our study is therefore expected to add a new perspective in the en-
trepreneurial research when considering EE as a moderator.
The remainder of the current study is represented as follows. After
introduction, the literature review and hypothesis development related
to a serial mediation model of the eﬀects of CV on EB through ESE and
EI have been presented. In the next section, we focused on describing
the research sample, instruments used to develop questionnaire survey
and how to analyze the data. In the result section, after testing the
normality, reliability, and validity of adopted scales, structural equa-
tion modeling and multi-group analyses to test hypotheses. Then, the
ﬁndings of our study, the theoretical contributions, and practical im-
plications, limitations and recommendation for next studies have been
discussed and concluded in the last section.
T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064
2. Literature review and hypothesis development
In recent times, there has been a growing interest in using the SCCT
in entrepreneurship research to provide an explanation as to why and in
what circumstances individuals opt for entrepreneurship as an alter-
native career (Duong, 2023). However, almost all studies only focus on
investigating the antecedents of EI, but ignoring the link between EI
and start-up behaviour (Cui and Bell, 2022). We assumed that the SCCT
could be appropriate to show how the cultural and social context can
impact an individual’s intention and behavior in pursuing certain ca-
reers. Additionally, the SCCT seeks to explain how the transition from
intention to behavior is inﬂuenced by these contextual factor (Calza
et al., 2020). The SCCT is widely acknowledged as one of the most
inﬂuential and validated models for comprehending how individuals
form career interests and make career decisions. This theory outlines
the mechanism by which the social context interacts with internal
motivations to drive decision-making processes (Duong, 2023). There-
fore, the SCCT provides a comprehensive theoretical framework that
can be employed to assess the circumstances under which an en-
trepreneur decides to engage in entrepreneurial activities (Calza et al.,
2020). In essence, the career approach suggests that contextual factors,
such as culture, can explain how an individual’s ESE and EI are trans-
formed into EB. The eﬀect of social inﬂuences typically hinges on how
individuals perceive and respond, as personal interpretation plays a
signiﬁcant role in shaping one’s reaction to any opportunity or chal-
lenge encountered (Lent and Brown, 2019). Persons are abler to
transform their self-eﬃcacy and interests into actionable goals if they
perceive that the contextual environment is supportive of their aspira-
tions (Lent and Brown, 2013; Meoli et al., 2020). Conversely, in-
dividuals are less likely to pursue a career path if they believe that their
eﬀorts in that direction will be impeded by the social and cultural
context surrounding them (Duong, 2023). The SCCT emphasizes the
role of social and cultural context in shaping the process of trans-
forming an individual’s interests into an actual career choice. This is a
key diﬀerence from intention-based theories, which are often used in
Individuals who participate in the entrepreneurial process are pre-
pared to embrace risk and uncertainty to generate additional value for
themselves and society. This can be accomplished by pursuing an en-
trepreneurial career or by engaging in other innovative and creative
endeavors (Duong, 2023). Scholars are increasingly interested in the
psychological aspects of personal behavior, particularly with regards to
how behavior inﬂuences an individual’s cognitive processes. These
processes can be inﬂuenced by various environmental factors, including
CV (Gorgievski et al., 2018). CV could play the considerable role in
individuals’ entrepreneurial career choice actions (Calza et al., 2020;
Pathak and Muralidharan, 2021; Stephan and Pathak, 2016; Turró
et al., 2014). Thus, a career approach from the SCCT can help explore
underlying mechanisms of how CV can aﬀect the process of en-
trepreneurial career choice, from ESE and entrepreneurial career goals/
intentions into EBs as well as consider the link between EI and startup
2.1. Entrepreneurial self-eﬃcacy, entrepreneurial intention and behavior
Self-eﬃcacy is a psychological concept that refers to individuals'
beliefs in their ability to mobilize their motives, cognitive resources,
and behaviors to exercise control over events in their lives and achieve
speciﬁc goals. It reﬂects their conﬁdence in their abilities to accomplish
certain tasks (Bandura, 2011). Individuals tend to choose tasks and
activities based on their interests and expected outcomes, and their
ability to handle challenges and obstacles. They are more likelihood to
behave in a certain manner that they believe will help them overcome
these obstacles. According to the Social Cognitive Theory, ESE refers to
the extent to which individuals believe they possess the necessary skills
and capabilities to create and manage their own entrepreneurial
ventures (Camelo-Ordaz et al., 2020; Lanero et al., 2016; Nwosu et al.,
2022). As a result, individuals who have a strong belief in their capa-
cities to become successful entrepreneurs are more likely to have the
intention to engage in entrepreneurial activities (Alnemer, 2021;
Kushev et al., 2018; Uysal et al., 2022), and the subsequent start-up
behaviors (Hsu et al., 2019; Srimulyani and Hermanto, 2022). Several
prior research indicated that ESE could serve as the considerable pre-
dictor of EI (Maheshwari and Kha, 2022; Tantawy et al., 2021). How-
ever, a little is known about how ESE can contribute to an increase of
start-up behaviors (Hsu et al., 2019).
Chiengkul et al. (2023) argue that ESE encompasses a wide array of
beliefs related to motivation and ability to initiate and thrive in a new
social venture, and thus it can foster individuals’ intentions to become
entrepreneurs. ESE also pertains to individuals’ beliefs in their own
competence and abilities required for various aspects of entrepreneur-
ship, such as posing the essential skills, entrepreneurial opportunity
recognition, initiating a new venture, managing an enterprise, and
enhancing a ﬁrm’s performance (Madawala et al., 2023). ESE is highly
signiﬁcant in shaping individuals’ inclination towards entrepreneurship
as a career choice and inﬂuence their perception of a newly established
venture as a viable option (Maheshwari and Kha, 2022). This, in turn,
aﬀect their aspirations to become entrepreneurs and entrepreneurial
intentions (Christensen et al., 2023). Indeed, some studies showed that
when individuals possess higher levels of ESE, it indicates they are
better equipped and more capable of surmounting challenges when
establishing new companies and pursuing their goals (Ciptono et al.,
2022; Dheer and Castrogiovanni, 2023). According to the SCCT, self-
eﬃcacy is considered the central construct in the framework to predict
outcome expectations, career goals (intentions) and career actions
(behaviors) (Lent and Brown, 2013; Lent and Brown, 2019). Thus, ESE
could be a proximal precursor of start-up behaviors. In addition, ac-
cording to the theory of planned behavior (TPB) (Ajzen, 1991), ESE
reﬂect the degree of control an individual perceives in their behavior
(perceived behavioral control), which is directly related to both beha-
vioral intention and actual behavior (Newman et al., 2019). In other
words, when individuals have higher beliefs in their capacities to pro-
duce desired inﬂuences through engaging in entrepreneurial activities,
the more probably they act entrepreneurially (Srimulyani and
Hermanto, 2022). Hence, the following hypotheses are formulated:
H1. ESE is positively related to EB.
H2. ESE is positively associated with EI.
Previous studies have concentrated on explaining the predictors of
EI because it is regarded as the immediate antecedent to EBs (Calza
et al., 2020; Meoli et al., 2020). EI is deﬁned as the commitment to
creating a business venture, and its measurement is crucial in fore-
casting the likelihood of potential entrepreneurs to initiate and sustain
a new enterprise. Nonetheless, EI do not always become actual start-up
actions (Duong, 2023). Meoli et al. (2020) state that behavioral inten-
tion is a strong predictor of certain actions but may not be as accurate in
predicting complex behaviors, such as participating in physical ex-
ercise, voting, or donating money. In the context of entrepreneurship,
where behavior is often complex, focusing solely on intention rather
than actual behavior can lead to shortcomings in research (Shirokova
et al., 2016). To put it another way, having high EI does not necessarily
lead to actual EB, and if individuals do not take action towards starting
a business, their potential as entrepreneurs may not be fully realized
(Gieure et al., 2020). As a result, the relationship between behavioral
intentions and actual behaviors in the entrepreneurial setting may be
weaker than in many other context (Duong, 2023). Indeed, although
some studies, which adopted the TPB, argued a high intention-behavior
correlation ranging from 0.90 to 0.96 (Ajzen, 2020), meta-analyses
focused on entrepreneurship found that EI could only explain around
27–30% of the variation in EB (Kautonen et al., 2015). Recently, Meoli
et al. (2020) analyzed longitudinal survey data consisting of 20,754
T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064
responses and found that only 2% of graduates established a ﬁrm with
the ﬁrst year after graduating from university. This indicates that
roughly 70–80% of the variance in how EI translate into EB remains
unexplained. Therefore, it is important to further our comprehension of
the relationship between EIs and behaviors (Calza et al., 2020; Meoli
et al., 2020). It is possible that there is a strong connection between EIs
and behaviors among Vietnamese master’s students.
H3. EI is positively associated with EB.
2.2. The role of cultural values
The relationship between cultural and entrepreneurship has been
conceptually argued for decades (Stephan and Pathak, 2016; Urban and
Ratsimanetrimanana, 2015; Weber, 1948), where some scholars ad-
vocate entrepreneurs share the communal set of values related to cul-
ture (Mueller and Thomas, 2000; Turró et al., 2014), while others
support the argument that culture has the impact on entrepreneurship
(Calza et al., 2020; Goktan et al., 2017; Shiri et al., 2017). Culture has
been deﬁned as a “collective programming of the mind that distin-
guishes the members of one group or category of people from another”
(Hofstede, 2001) (p.9). Previous studies found that the aggregative
degree of entrepreneurship is uncertain and heavily aﬀected by CV and
norms (Baughn et al., 2006; Urban and Ratsimanetrimanana, 2015).
Remarkably, CV provides a display as to the extent to which the society
consider entrepreneurship as attractive and positive or not (Liñán et al.,
2013). CV that inspire entrepreneurial activities might encourage them
being more risk-taking and innovative (Turró et al., 2014). Stephan and
Pathak (2016) has deﬁned CV as the common ideals and long-term
objectives of being which could contribute to the development of cer-
tain personality characteristics and motivations. CV are also determined
to have the eﬀects on individuals’ desirability to achieve certain goals
and create inspirations among individuals towards initiatives (Calza
et al., 2020; Hofstede, 2001). Risk-taking and proactiveness, which are
determined by CV, can push individuals to engage in entrepreneurial
activities (Calza et al., 2020; Liñán et al., 2013) and they also drive
social groups’ assessment of individual initiatives (Meoli et al., 2020).
In the entrepreneurship literature, diﬀerences of CV in the variety of
diﬀerent societies and countries result in the various degrees of start-up
activities (Guerrero et al., 2020; Liñán et al., 2013; Nguyen and Pham,
2021; Pham et al., 2021; Svotwa et al., 2022; Vasilev, 2022).
Most of prior studies about the relationship between culture and
entrepreneurship has been adopted the Hofstede’ ﬁve-dimension model,
which includes individualism/collectivism, uncertainty avoidance,
power distance, masculinity/femininity, and long-term orientation
(Calza et al., 2020; Farrukh et al., 2019; Urban and
Ratsimanetrimanana, 2015). However, some scholars have suggested
that the degree to which a society facilitates entrepreneurial activities,
admires and respects entrepreneurs would be a better predictor of en-
trepreneurial activities than more general measures of Hofstede’ ﬁve-
dimensional cultures (Baughn et al., 2006; Spencer and Gómez, 2004).
In this study, we therefore adopted Liñán et al. (2013)’s view of CV,
which integrates social values with national norms to reﬂect cultural
codes of a society related to values, conduct, and practices. This mea-
sure also provides two-dimensional insight of CV, which consist of so-
cial and closer valuations (Liñán et al., 2013). The former (social va-
luation) reﬂects broader CV in a society that can inspire or hinder
interests, personal perception, abilities towards entrepreneurship while
the latter (closer valuation) reﬂect the eﬀects from closer environment
valuations of entrepreneurship, such as family members, friends, and
colleagues (Liñán et al., 2011).
Although prior studies considered the linkage between the CV and
entrepreneurship, ﬁndings from these studies are far from agreement
when these ﬁndings are mixed and inconsistent (Calza et al., 2020).
While some studies illustrate CV can increase signiﬁcantly en-
trepreneurial orientation (Shiri et al., 2017; Stephan and Pathak, 2016),
others claims that CV, such as individualism, are not signiﬁcantly re-
lated to entrepreneurial orientation (Ardichvili and Gasparishvili,
2003) or even negatively aﬀect entrepreneurial interests (Baughn et al.,
2006). In other words, the underlying mechanisms of how CV inﬂuence
entrepreneurship are not well-understood. In this study, it is therefore
hypothetical that CV positively aﬀects ESE, EI, and EB as follows. First,
the “aggregate trait” view indicates that if a society has more persons
with entrepreneurial traits, more people will establish and run their
own business, it suggests an aggregation of values. These traits can be
nurtured by cultural and social environments. In other words, CV can
encourage the entrepreneurial traits of potential entrepreneurs, thus,
their ESE, EI, and EB can be reinforced. Second, a more positive social
and closer valuations of entrepreneurship would encourage individuals
to consider entrepreneurship as a feasible career choice, thus inﬂuen-
cing their perceptions (Liñán et al., 2013; Liñán et al., 2011). The un-
derlying mechanism of CV pertaining to particular groups (e.g. family
members, friends, colleagues) and the society help individuals devel-
oping their entrepreneurial traits and capabilities, which contribute to
the generation of high ESE, intentions and behaviors. Finally, according
to Hofstede’s cultural dimensions framework, Vietnam is known to have
a high level of collectivism (Hofstede, 2011). This suggests that the
country may not provide a conducive environment for entrepreneurship
compared to individualistic society. The emphasis on collective goals,
group harmony, and loyalty to the community in collectivist cultures
may pose challenges for individuals seeking to pursue entrepreneurial
endeavors, which often require a high degree of individual initiative,
risk-taking, and independence (Al-Mamary and Alshallaqi, 2022). Yet,
Ho et al. (2021) argued that individualism increasingly pay the im-
portant role in society of modern Vietnam, which help inspire in-
dividuals’ ESE, EI, and EB. The following hypotheses are therefore
H4. CV are positively associated with ESE.
H5. CV are positively associated with EI.
H6. CV are positively associated with EB.
2.3. Entrepreneurial self-eﬃcacy and entrepreneurial intention mediators
Some studies reported an insigniﬁcant relationship between CV and
EI/EB (Ardichvili and Gasparishvili, 2003; Baughn et al., 2006). This
results can be because of the absence of one or more mediation vari-
ables between them (Farrukh et al., 2019). Also, academicians contend
that the relationship between two constructs can be better understood
through connecting to a mediator (Hair et al., 2020). EB is commonly
regarded as a fundamental result of the entrepreneurial journey
(Duong, 2023), where ESE and EI are considered at the early phases of
this journey. Both are thus determined as the key antecedents of EB (Cui
and Bell, 2022; Newman et al., 2019). In the line of the SCCT model,
self-eﬃcacy and goals (intentions) can turn the impacts of various
precursors of actions (behaviors) (Lent and Brown, 2019; Lent et al.,
2016; Lent et al., 2017; Lent et al., 2008; Lent et al., 2009), including
social and environment inﬂuences (Lent et al., 2017). Duong (2023)
also adopted the SCCT indicated that ESE had an indirect impact on
individuals’ EB via their EI. In other words, in the SCCT, self-eﬃcacy
and intentions can serve as mediators, which receive the eﬀects of
diﬀerent predictors, and then, turn these impacts on actions (Lent and
Brown, 2013). In this research, ESE and EI are introduced in the serial
mediation model to explain the eﬀects of CV on entrepreneurial actions.
In entrepreneurship research, indeed, previous research has de-
monstrated that ESE can mediate the eﬀects of diﬀerent factors on EI,
such as locus of control and need for achievement (Uysal et al., 2022),
fear and anxiety of covid-19 and opportunity recognition (Loan et al.,
2021), personal attitude, subjective norms, and perceived behavioral
control (Maheshwari and Kha, 2022), inspiring role models and en-
trepreneurial attitude (Nowiński and Haddoud, 2019) while EI are
T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064
determined as a mediator in the link between ESE, outcome expecta-
tions and entrepreneurial career choice (behaviors) (Lanero et al.,
2016). Moreover, Newman et al. (2019) stated that studies exploring
the outcomes of ESE often use the TPB and the SCCT to elucidate the
emergence of EI and EB, such as initiating and expanding a business
venture. In the line with the TPB, ESE refers to individuals’ perceived
behavioral control, which is a crucial antecedent in determining whe-
ther they intend to engage in a particular behavior (Hsu et al., 2019).
Consequently, this theory suggest that ESE encourage EB via heigh-
tening individuals’ EI (Newman et al., 2019). Additionally, Farrukh
et al. (2019) reported that CV can signiﬁcantly increase individuals’
self-conﬁdents towards becoming entrepreneurs, and then, in turn,
would increase startup intention. This suggests that ESE and EI can
serve as mediators between even though almost all previous studies
often consider the mediating role of ESE and EI separately (Maheshwari
and Kha, 2022). Consequently, it is hypothetical that the serially in-
direct impact of CV on EB is signiﬁcantly mediated by ESE and startup
H7. ESE signiﬁcantly mediates the eﬀects of CV on (a) EI and (b) EB.
H8. EI signiﬁcantly mediates the eﬀects of (a) CV and (b) ESE on EB.
H9. ESE and EI serially mediate the eﬀect of CV on EB.
2.4. Entrepreneurial education as a moderator
Higher education institutions, which serve as spaces where students
can explore and validate their interests in research and cultivate in-
novative and entrepreneurial idea, have a crucial role in foster en-
trepreneurial activities (Ramadani et al., 2022). Also, the underlying
premise of the human capital theory is that individuals with greater
knowledge are more adept at critical thinking, resulting in higher levels
of productivity and eﬃciency in their work (Hayek et al., 2016;
MacKenzie and Chiang, 2023). Prior studies adopted this theory to
understand the entrepreneurial phenomenon (Ramadani et al., 2022)
aﬃrming that individuals with superior cognitive abilities are better
equipped to observe and engage in new entrepreneurial endeavors with
greater eﬀectiveness and eﬃciency compared to those with lower
cognitive skills (Cassol et al., 2022; Nwosu et al., 2022). Human capital
plays a crucial role in process of starting and managing a novel ﬁrm,
with education and experiences being vital components of it (Yami
et al., 2021). Education is thus identiﬁed as an excellent avenue for
acquiring new skills and knowledge (Adeel et al., 2023). When in-
dividuals intend to initiate a new venture, EE plays a signiﬁcant role in
its functioning as well as in nurturing their entrepreneurial mindset
(Cui and Bell, 2022).
EE is considered an eﬀective strategy of countries to encourage
entrepreneurial and innovative activities (Cui and Bell, 2022; Iwu et al.,
2021). Scholars suggest that skills and behaviors referred to innovation,
taking risks, and venture creation can be learned through participating
in entrepreneurial courses (Elert et al., 2015; Elnadi and Gheith, 2021;
Farrukh et al., 2019; Ratten and Usmanij, 2021). A sense of in-
dependence, desirability to become entrepreneurs, and start-up self-
eﬃcacy can be nurtured through entrepreneurship courses while
equipped knowledge and skills can help students increase their ability
to recognize the entrepreneurial opportunities (Elnadi and Gheith,
2021). In other words, entrepreneurial actions can be developed when
students have high intentions to become entrepreneurs and ESE, which
can be nourished through taking part in entrepreneurial courses. Al-
though many previous studies examine the crucial role of EE on en-
trepreneurship, almost all previous only assess how EE directly increase
ESE and EI (Cui et al., 2021; Maheshwari and Kha, 2022), our under-
standing of the diﬀerence between students received EE and who did
not receive EE in the eﬀects of diﬀerent antecedents on EBs are scant
(Hassan et al., 2020). Particularly, previous studies either investigate
the direct and indirect impacts of EE on EIs (Hoang et al., 2020; Martins
et al., 2022; Nwosu et al., 2022) or consider how EE moderate the ef-
fects of antecedents on EI (Hassan et al., 2020) while a little know about
whether the eﬀects of CV on EB via ESE and EI are stronger among
students who participated in entrepreneurial courses, compared to
students who do not receive EE or not. Thus, the following hypothesis is
H10. There are signiﬁcant diﬀerences between participating in
entrepreneurial courses and non-participating in any entrepreneurial
courses in the serial relationships between CV, ESE, EI, and EB.
Figure 1 demonstrates the conceptual model.
The previous studies have mostly targeted undergraduate students
as their sample, as they are seen as a population with a high likelihood
of being interested in and engaging in entrepreneurial activities (Cui
and Bell, 2022; Maheshwari and Kha, 2022). Some academicians have
recently argued that while undergraduate students may have positive
attitudes towards entrepreneurship and may express a high intention to
Fig. 1. Conceptual framework.
become entrepreneurs, they may not necessarily follow through with
their intentions and instead may choose alternative career paths after
graduation (Duong, 2023). It is possible that the reason for this is that
undergraduate students often do not have real-world business and work
experience. This study chose a sample of master’s students with a
minimum of one year of work and business experience to investigate
the mediation eﬀects of ESE and startup intention in the relationship
between CV and EB. This is because master's students are expected to
have more practical knowledge and experience in the real business
world compared to undergraduate students. (Fig. 2).
Stratiﬁed random sampling through three steps has been used in this
study to recruit the dataset. At the ﬁrst step, three major regions of
Vietnam have been historically and geographically categorized, in-
cluding the Northern, Central and Southern Vietnam. The questionnaire
survey was administered to the three largest universities in each region,
based on the number of master's students. At the ﬁnal step, lecturers at
these universities have been contacted to ask for their support to
distribute the questionnaires to their master students. Respondents are
clearly informed that they can participate in the survey voluntarily.
Data recruitment was conducted from 20 February to 10 April 2022.
250 responses per university were targeted and thus the target sample
was 2250 responses. Finally, 1612 valid responses are completed, ac-
counting for 71.64% (response rate). Table 1 demonstrates the demo-
graphic proﬁle of master student sample.
3.2. Scales and survey
All items measured constructs in our study have been adopted from
previous studies. All these constructs have been adapted and validated
by a body of prior studies (Cui and Bell, 2022). To specify, the twelve-
item construct of CV was adopted from Baughn et al. (2006) and Liñán
et al. (2013). The ﬁve-item construct of ESE was adapted from Tsai
et al. (2016) and Liñán (2008) while the six-item construct of EI was
adopted from Liñán and Chen (2009). Finally, the seven-item construct
Fig. 2. Measurement model.
of EB was modiﬁed from Gieure et al. (2020). All items have been
scored from 1 (strongly disagree) to 7 (strongly agree), based on seven-
point Likert-type format. To manage the common method bias during
the process of adopting scales, developing questionnaires, and re-
cruiting the data, two stages have been applied. First, a back-translation
has been approached. To minimize common method bias, the re-
searchers in this study took two steps. First, they translated 30 ques-
tionnaire items from four constructs into Vietnamese with the help of
two independent experts, who produced a Vietnamese version that was
then back-translated into English to ensure accuracy. Second, they ar-
ranged the four constructs in a speciﬁc order to reduce the likelihood of
participants answering questions in a similar pattern.
3.3. Data analysis
To examine the serial indirect eﬀect of CV on EB via ESE and EI as
well as demonstrate the diﬀerences between two groups (en-
trepreneurially-educated students and non-entrepreneurially-educated
students) in these relationships, three stages have been conducted (Hair
et al., 2020; Hu and Bentler, 1999). Initially, the reliability and validity
of the scales were assessed through Cronbach’s alpha and conﬁrmatory
factor analysis (CFA). Second, structural equation modelling (SEM) was
carried out to estimate the direct and indirect coeﬃcients. At this stage,
the indirect and serial mediation eﬀects were tested using Gaskin’s
(2019) plugin with a sample of 5000 bootstrapped iterations, as re-
commended by Hayes and Matthes (2009). Finally, multi-group ana-
lysis (MGA) was employed to show the diﬀerences between students
who received EE and students who still did not receive any en-
trepreneurial courses in the eﬀects of CV on ESE, startup intentions, and
We chose to utilize AMOS 25.0 for covariance-based structural
equation modeling (CB-SEM) to test our hypotheses for the following
reasons. Firstly, CB-SEM allows us to examine all of our hypotheses
within a single model (Kibler et al., 2019). Secondly, the multivariate
nature of CBSEM and its sample size requirements aligned perfectly
with our available data (Dash and Paul, 2021). Thirdly, our hypothesis
development was well-supported by theory and constructed within a
respected conceptual framework (Astrachan et al., 2014). Finally, and
more importantly, CB-SEM with Gaskin’s (2019) plugin allows us per-
forming MGA analyses to show the diﬀerence between individuals, who
are entrepreneurially educated and who are not entrepreneurially
educated, which cannot proceed with PROCESS macro approach
Moreover, this research used Heterotrait-Monotrait (HTMT) ana-
lysis- a higher boundary criterion, proposed by Henseler et al. (2014)-
to assess the discriminant validity of variance-based estimators. While
we understand that HTMT was originally developed for variance-based
or partial least squares structural equation modeling (PLS-SEM), we
contend that HTMT can still be applicable in this study, which used CB-
SEM. This is because the assessment of the items measuring constructs
in terms of their variance or variability, like conducting a factor ana-
lysis, remains consistent regardless of whether CB-SEM or PLS-SEM is
employed to examine the structural model (Rossi and Rivetti, 2023).
Furthermore, HTMT has demonstrated superior performance in
achieving higher speciﬁcity and sensitivity rates, ranging from 97% to
99%. This outperforms other methods such as cross-loadings (0.00%)
and Fornell and Larcker’s criterion (20.82%) in assessing discriminant
validity (Hosen et al., 2021).
4.1. Normality test and conﬁrmatory factor analysis
Table 2 represented the normality, consistent reliability, and dis-
criminant validity of constructs. First, Cronbach’s alpha and con-
ﬁrmatory factor analysis (CFA) were simultaneously conducted. Results
resulted that Cronbach’s alpha of EB, EI, ESE, and CV accounted for
0.921, 0.950, 0.922, and 0.962, which were much higher than the
threshold value of 0.63 (Leontitsis and Pagge, 2007) while CFA result
reported a great ﬁt of the model: χ
(383) = 2343.262; χ
p < 0.001; GFI = 0.907; AGFI = 0.887; CFI = 0.957; TLI = 0.951;
NFI = 0.949, and RMSEA = 0.056 (Hair et al., 2020; Schuberth, 2020).
Additionally, the standardized regression weights of all items were
higher than the cut-oﬀ value of 0.5 (Burt, 1973) and the Skewness-
Kurtosis values of all items were within the expected values, aﬃrming
the normality of scales (Fornell and Larcker, 1991).
Table 3 displays the composite reliability, discriminant validity
index, correlation matrix, and Heterotrait-Monotrait (HTMT) analysis.
The ﬁndings indicated that the composite reliability (CR) and average
variance extracted (AVE) were greater than the cut-oﬀ values of 0.7 and
0.5, respectively (Hu and Bentler, 1999; Podsakoﬀ et al., 2003). Ad-
ditionally, the Heterotrait-Monotrait (HTMT) analysis was employed to
further establish the discriminant validity of the constructs. The HTMT
values ranged from 0.421 to 0.755, which were all below the threshold
of 0.9 (Hair et al., 2020). Therefore, the consistency reliability and
discriminant validity of all the constructs used in the study have been
4.2. Structural model
The results of the Structural Equation Modeling (SEM) indicated
that the model’s goodness-of-ﬁt was satisfactory. The model ﬁt indices
were as follows: χ
(382) = 2410.946; χ
/df= 6.311; p < 0.001; GFI
= 0.905; AGFI = 0.884; CFI = 0.956; TLI = 0.950; NFI = 0.948, and
RMSEA = 0.057 (Hair et al., 2020; Podsakoﬀ et al., 2003) (see Figure
3). Table 4 represented the results of coeﬃcient paths of SEM analysis.
Demographic proﬁle of respondents.
Variables Frequency %
Gender Male 864 53.6
Female 748 46.4
Age From 23–26 years old 351 21.8
From 27–30 years old 773 48.0
Over 30 years old 488 30.3
Educational ﬁelds Economics and business management 950 58.9
Engineering and others 662 41.1
Have you ever participated in entrepreneurship courses? Yes 875 54.3
No 737 45.7
Prior business experiences Yes 755 46.8
No 857 53.2
Family business background Yes 794 49.3
No 818 50.7
Note: N = 1612.
Descriptive characteristics, Cronbach’s Alpha, and factor loadings of items.
Code Variables Cronbach’s Alpha Mean SD Skewness Kurtosis Factor loading
EB Entrepreneurial behavior (Gieure et al., 2020) 0.921 4.2977 1.37766 -0.241 -0.720
EB1 I have experience in starting new project and/or business 0.913 3.8629 1.79742 0.059 -1.176 0.774
EB2 I already developed a business plan 0.903 4.2891 1.67044 -0.272 -0.889 0.875
EB3 I already started a new business 0.902 4.2444 1.63863 -0.241 -0.896 0.884
EB4 I already carried out market research 0.907 4.3269 1.57390 -0.296 -0.704 0.816
EB5 I have invested in an informal manner in some business 0.911 4.0881 1.79341 -0.136 -1.132 0.762
EB6 I already saved money to invest in a business 0.915 4.6780 1.60885 -0.566 -0.507 0.870
EB7 I already belonged to a social network that can promote my business 0.914 4.594 1.6020 -0.531 -0.526 0.711
EI Entrepreneurial intention (Liñán and Chen, 2009) 0.950 4.5391 1.51964 -0.471 -0.643
EI1 I am ready to do anything to be an entrepreneur 0.945 4.5428 1.61811 -0.362 -0.662 0.818
EI2 My professional goal is to become an entrepreneur 0.941 4.5062 1.70313 -0.376 -0.837 0.858
EI3 I will make every eﬀort to start and run my own ﬁrm 0.941 4.7202 1.68846 -0.525 -0.608 0.890
EI4 I am determined to create a ﬁrm in the future 0.940 4.6780 1.71420 -0.513 -0.681 0.892
EI5 I have a very seriously through of starting a ﬁrm 0.941 4.3437 1.71885 -0.248 -0.888 0.870
EI6 I have the ﬁrm intention to start a ﬁrm some day 0.939 4.4435 1.74043 -0.348 -0.880 0.870
ESE Entrepreneurial self-eﬃcacy (Liñán, 2008; Tsai et al., 2014) 0.922 4.2545 1.48508 -0.269 -0.805
ESE1 I show great aptitude for creativity and innovation 0.905 4.0161 1.75741 -0.074 -1.043 0.797
ESE2 I show great aptitude for leadership and problem-solving 0.896 4.2364 1.68959 -0.253 -0.889 0.849
ESE3 I can develop and maintain favorable relationships with potential investors 0.901 4.3244 1.70684 -0.302 -0.885 0.860
ESE4 I can see new market opportunities for new products and services 0.904 4.1687 1.73081 -0.199 -0.984 0.856
ESE5 I can develop a working environment that encourages people to try out something new 0.916 4.5267 1.61462 -0.456 -0.557 0.799
CV Cultural values (Baughn et al., 2006;Liñán et al., 2013) 0.962 4.9135 1.22777 -0.863 0.839
CV1 Entrepreneurs are admired in my university 0.959 4.8672 1.50596 -0.638 -0.047 0.767
CV2 To turn a new idea into business is an admired career path in my country 0.958 4.8821 1.47514 -0.720 0.134 0.803
CV3 Creative thinking in this country tend to greatly admire those who start their own business 0.958 5.0099 1.47771 -0.749 0.179 0.793
CV4 People in this country tend to greatly admire those who start their own business 0.958 4.9305 1.46725 -0.713 0.168 0.820
CV5 My immediate family values entrepreneurial activity above other activities and careers 0.960 4.7413 1.53969 -0.542 -0.238 0.776
CV6 The culture in my country is highly favorable towards entrepreneurial activity 0.958 4.8474 1.48288 -0.609 -0.025 0.818
CV7 The entrepreneur’s role in the economy is generally undervalued in my country 0.958 4.8455 1.47660 -0.598 -0.047 0.825
CV8 My friends value entrepreneurial activity above other activities and careers 0.959 4.8976 1.43429 -0.678 0.187 0.824
CV9 Most people in my country consider it unacceptable to be an entrepreneur 0.958 5.0955 1.41186 -0.852 0.547 0.835
CV10 In my country, entrepreneurial activity is considered to be worthwhile, despite the risks 0.958 4.9231 1.44256 -0.668 0.188 0.861
CV11 My colleagues value entrepreneurial activity above other activities and careers 0.958 5.0205 1.39662 -0.811 0.503 0.854
CV12 It is commonly thought in my country that entrepreneurs take advantage of others. 0.958 4.9007 1.44850 -0.678 0.080 0.834
Note: N = 1612.
Results revealed that ESE was positively and strongly associated with EI
(β = 0.676; p-value < 0.001) and EB (β = 0.481; p-value < 0.001)
while EI is also found to be a signiﬁcant predictor of EB (β = 0.274; p-
value < 0.001). H1, H2, and H3 have thus been supported by the data.
With regard to the direct role of CV, our study reveals that CV were
positively correlated with ESE (β = 0.459; p-value < 0.001), EI
(β = 0.168; p-value < 0.001), and EB (β = 0.062; p-value < 0.01). H4,
H5, and H6 were thus supported by the dataset. In addition, a serial
mediation impact of ESE and EI in the relation between CV and startup
behaviors was also considered in this study. To estimate the serial
mediation eﬀects, Gaskin’s (2019) plugin with 5000 bootstrapping
sample has been adopted, result revealed that CV had indirect and
dramatic eﬀects on EI (β
= 0.310; p-value < 0.001) and EB
= 0.221; p-value < 0.001) through ESE. CV (β
0.046; p-value < 0.001) and ESE (β
= 0.185; p-value < 0.001)
were also found to be indirectly associated with EB via EI. Thus, H7a,
The composite reliability, discriminant validity index, correlation matrix, and Heterotrait-Monotrait (HTMT) analyses.
Constructs CR AVE Correlation matrix Heterotrait-Monotrait (HTMT) analysis
ESE CV EB EI ESE CV EB EI
ESE 0.919 0.693 0.833
CV 0.960 0.669 0.433
EB 0.921 0.627 0.656
0.792 0.712 0.421
EI 0.948 0.751 0.705
0.867 0.755 0.477 0.677
Note: N = 1612. * **p < 0.001. CR: Composite Reliability. The diagonal values (in bold) are the square root of AVE for constructs.
Fig. 3. Structural model.
Results of the hypothesis testing of the study.
Hypothesis Coeﬃcient paths Standardized estimates P-value
H1 ESE → EB 0.481 * **
H2 ESE → EI 0.676 * **
H3 EI → EB 0.274 * **
H4 CV → ESE 0.459 * **
H5 CV → EI 0.168 * **
H6 CV → EB 0.062 0.006
H7a CV → ESE → EI 0.310 * **
H7b CV → ESE → EB 0.221 ***
H8a CV → EI → EB 0.046 * **
H8b ESE → EI → EB 0.185 ***
H9 CV → ESE → EI → EB 0.310 * **
Notes: N = 1612, ***: Signiﬁcant at 0.001 level.
H7b, H8a, and H8b were supported by the data. Finally, CV had a serial
indirect eﬀect on EB via ESE and EI (β
= 0.310; p-value
< 0.001), pertaining to the support for H9.
4.3. Multi-group analysis
For performing a multi-group analysis (MGA), two steps, re-
commended by Byrne (2009), have been employed to test the mod-
eration eﬀect of EE on the relationship between CV, ESE, EI and startup
behavior. First, the Chi-square (χ
) diﬀerence of constrained and un-
constrained models has been calculated, if the Chi-square (χ
ence was statistically signiﬁcant, the unconstrained model can be used
to illustrate the moderation eﬀect of EE. The results of the Chi-square
) diﬀerence (Δχ
= 18.864, df = 7, and P-value = 0.0086), illu-
strated in Table 5, provided statistically signiﬁcant evidence to con-
clude that EE served as a moderator on structural model as a whole.
Second, the moderating eﬀect of EE on each coeﬃcient path in struc-
tural model has been tested (see Figure 4 and Figure 5). Table 6 re-
vealed that there were signiﬁcant diﬀerences in the eﬀects of CV on
ESE, EI and startup behavior between students who received EE and
who did not receive any entrepreneurial courses. Speciﬁcally, for stu-
dents who participated in at least one entrepreneurial course, the ef-
fects of ESE on EI (β = 0.673; p-value< 0.001), EI on EB (β =0.311; p-
value < 0.001), and cultural value on startup intention (β = 0.161; p-
value < 0.001) were signiﬁcantly higher than students who did not
receive any EI (β = 0.661; p-value < 0.001; β = 0.218; p-value
< 0.001; β = 0.159; p-value < 0.001, respectively). However, ESE had
stronger eﬀect on EB among students who did not receive any en-
trepreneurial course rather entrepreneurial educated students
(β = 0.515; p-value < 0.001; β = 0.440; p-value < 0.001). Re-
markably, while CV were found to aﬀect signiﬁcantly startup behaviors
of students who did not receive any EE (β = 0.071; p-value < 0.05),
this relation was not signiﬁcant among students who received EE
(β = 0.039; p-value > 0.05).
5. Discussion and conclusion
The SCCT has attracted interests from scholars to investigate the
entrepreneurial career choice (Calza et al., 2020; Pérez-López et al.,
2019; Uysal et al., 2022). Nevertheless, almost all previous studies only
consider the eﬀects of diﬀerent predictors of EI (Uysal et al., 2022), but
ignore the important relationship between EI and EB (Calza et al., 2020;
Duong, 2023). Moreover, a little known about how CV inﬂuences three
main constructs in the SCCT, including self-eﬃcacy, goals (intentions),
and actions (behaviors) (Osorio Tinoco et al., 2020) as well as the
diﬀerences between students entrepreneurially educated and students
do not receive any entrepreneurial courses. In this study, we therefore
adopted a serial mediation model to examine the direct eﬀects of CV on
ESE, EIs, and behaviors as well as the serial mediation role of two
mediators, including ESE and EI, in the link between CV and startup
behavior. In addition, a multi-group analysis has been used to examine
the role of EE in these relationships.
Models Chi-square DF Chi-square/DF P-value
Unconstrained 2984.307 764 3.906 0.000
Measurement residuals 3003.171 771 3.895 0.000
Chi-square signiﬁcance (Δχ
) 18.864 7 0.0086
Fig. 4. Structural model for students who received entrepreneurial education.
Firstly, results reported that both ESE and EI played a signiﬁcant
and positive role in the increase of EB. Some past research revealed that
EIs could serve as a positive antecedent of EBs (Duong, 2023). Many
previous studies have shown a positive correlation between EI and EBs
(Calza et al., 2020; Duong and Vu, 2023). This suggests that EI is a
strong predictor of actual entrepreneurial actions. Even though the
SCCT framework emphasizes the link between ESE and EB, there have
been few studies examining the direct link between these two con-
structs in entrepreneurship research. The results of our study showed
that there is a signiﬁcant positive relationship between entrepreneurial
self-eﬃcacy and EB. This suggests that individuals who have a strong
belief in their own abilities and skills to establish and run a business are
more likely to engage in start-up activities. The results suggest that
individuals who possess a robust belief in their own abilities and skills
to establish and operate a business are more inclined to actively par-
ticipate in start-up activities (Madawala et al., 2023; Maheshwari and
Kha, 2022). This ﬁnding also aﬃrmed that in the line of the TPB,
perceived behavioral control- a similar construct of ESE-might predict
EB eﬀectively. Moreover, entrepreneurial self-eﬃcacy was found to
have strong and positive impact on EI, this result was in the line with a
body of prior studies (Maheshwari and Kha, 2022; Osorio Tinoco et al.,
2020). The signiﬁcant direct relationship between the primary con-
structs in the SCCT, namely ESE, EI, and EBs, may indicate that EI plays
a mediating role.
Secondly, although CV were found to be statistically correlated with
EBs, this link was relatively weak. However, CV strongly and positively
aﬀect ESE and EI. These ﬁndings reﬂect that when the social and closer
valuations facilitate entrepreneurial activities, individuals will have
higher beliefs about their ability and competency to form and run own
business ventures as well as have higher intentions to become en-
trepreneurs (Baughn et al., 2006; Turró et al., 2014; Urbig et al., 2021).
In the entrepreneurship literature, although increasing attention has
been recently paid to the role of culture (Kromidha et al., 2022;
Mykolenko et al., 2021), little is known about how CV contribute to the
entrepreneurial process, which started from ESE, EI into EI. The ﬁnd-
ings of this study have a signiﬁcant contribution to the extent en-
trepreneurial literature. The relatively weak relationship between CV
and EB could be resulted of the existence of mediation variables, such as
ESE and EIs (Duong, 2023; Lanero et al., 2016), it is therefore necessary
to examine the serial mediation impacts of ESE and EI in the link
Fig. 5. Structural model for students who did not receive entrepreneurial education.
Results illustrating direct eﬀects among two separated groups.
Standardized estimates Participating in entrepreneurial courses Non-participating in any entrepreneurial courses
Standardized estimates P-value Standardized estimates P-value
ESE → EB 0.440 *** 0.515 * **
ESE → EI 0.673 *** 0.661 * **
EI → EB 0.311 * ** 0.218 * **
CV → ESE 0.426 * ** 0.427 * **
CV → EI 0.161 * ** 0.159 * **
CV → EB 0.039 0.203 0.071 0.036
= 875, N
= 737 *** : Signiﬁcant at 0.001 level.
between CV and EB. Besides, the weak relation between CV and EBs
also can reﬂect the fact that despite Western culture was imposed on
Vietnam through the colonization period and the globalization while
Vietnam also transformed to a more market-oriented economy over 30
years (Nguyen, 2023; Phan and Archer, 2020), Confucian and Bud-
dhism ideologies which are dominant in the Vietnamese culture (Burton
et al., 2022; Vuong et al., 2019), acted to limit the development of
private ﬁrms in the industry, these ideologies also devalued the role of
entrepreneurs as being self-centered (Baughn et al., 2006; Viengkham
et al., 2022).
Thirdly, results of serial mediation analysis aﬃrmed the serial
mediation role of ESE and EI in the eﬀect of CV on EBs. Particularly, our
results indicate that ESE and startup intentions not only serve as the
separated mediators between cultural values and EB, but they also act
as serial mediators to transfer the eﬀect of cultural values on them into
EBs. These ﬁndings suggest that ESE and EIs could strengthen the im-
pact of CV on EB (Osorio Tinoco et al., 2020; Uysal et al., 2022). It also
means that the eﬀects of CV on EBs would be higher when individuals
have higher beliefs of entrepreneurial ability and competency as well as
higher intentions to become entrepreneurs (Adebusuyi et al., 2022). A
strong serial mediation eﬀect of cultural values on EB via ESE and EIs
demonstrates that CV for entrepreneurship should be promoted to fa-
cilitate entrepreneurial activities and encourage individuals estab-
lishing their own business ventures (Badghish et al., 2022; Calza et al.,
2020; Kromidha et al., 2022; Stephan and Pathak, 2016; Turró et al.,
2014). Finally, our study indicates that EE acts as a positive moderator
in eﬀect of ESE on EI, and the impact of EI on EBs. It means that when
students are more entrepreneurially educated, ESE has higher eﬀect on
EI while EI are more likely to translate into startup actions (Cui and
Bell, 2022; Duong, 2023; Maheshwari and Kha, 2022). However, the
eﬀect of CV on ESE and EB are stronger among students who did not
participate in any EEs, this can be because entrepreneurial courses do
not focus on the role of social and closer valuations for entrepreneur-
ship. It also means that cultural aspects in EE and programs should be
considered to foster entrepreneurial activities.
5.1. Theoretical contributions
The current study’s ﬁndings make a signiﬁcant contribution to the
existing literature on entrepreneurship in several ways. First, most of
studies endeavored to explore the antecedents of attitudes towards
entrepreneurship and/or intention to become entrepreneurs (Lopes
et al., 2023; Valdez-Juárez and García Pérez-de-Lema, 2023; Vamvaka
et al., 2020), while how EI transform into EB received a scant attention
(Duong, 2023). Our study is based on the SCCT framework, and it helps
to strengthen the link between intention and behavior in en-
trepreneurship research. Additionally, the study shows how ESE can
play a role in the development of EB. Second, while almost all prior
studies only examine the mediation role of ESE and EI separately
(Duong and Vu, 2023; Valdez-Juárez and García Pérez-de-Lema, 2023),
our study adopted a serial mediation model to illustrate the serial
mediation role of two central constructs in the SCCT (ESE and EIs) in
the relationship between CV and EB. Thirdly, while previous research in
entrepreneurship has highlighted the importance of cultural values
(Calza et al., 2020; Kromidha et al., 2022; Mykolenko et al., 2021),
limited attention has been given to how CV can serve as a source of
inspiration for individuals’ ESE, EI, and EB. Relied on the SCCT, this
study demonstrates the important roles of CV on the entrepreneurial
process, and particularly how CV have the serially indirect impact on
EBs via ESE and EIs. This helps explain how ESE can incorporate with EI
in receiving the eﬀects of CV and transferring these eﬀects on EB. Fi-
nally, while previous studies only focused on explaining the direct ef-
fect of EE (Cui and Bell, 2022; Nwosu et al., 2022), our study sig-
niﬁcantly contribute to the entrepreneurial literature by using a multi-
group analysis to show the diﬀerence between students who received
EE and who did not received EE in the eﬀects of CV on ESE, EI, and EB.
5.2. Practical implications
The ﬁndings of this study have practical and educational implica-
tions for practitioners who are accountable for reinforcing the en-
trepreneurial environment. First, policymakers and entrepreneurship
educators should prioritize EE and training as a strategy to increase
students' interest and intention towards entrepreneurship. To equip
students with the knowledge and skills required for actual en-
trepreneurship, this approach should involve pedagogical methods such
as experiential learning, real-life business scenarios, and extracurricular
activities (Uysal et al., 2022). Second, students should take an active
role in participating in entrepreneurial courses and training and ac-
quiring entrepreneurial knowledge and skills on their own. These ef-
forts are crucial in preparing them for entrepreneurship as a career
choice after graduation (Nguyen et al., 2021). Third, practitioners
should also consider CV when designing strategies to facilitate en-
trepreneurial activities, especially in reducing the drawback eﬀects of
Confucian and Buddhism ideologies. When social and closer values
more facilitate entrepreneurial activities, people are more likely to
engage in entrepreneurial activities. Finally, practitioners and en-
trepreneurship educators should work together to develop and re-
inforce the entrepreneurial ecosystem. This includes creating an en-
vironment that supports entrepreneurship and innovation, reducing
entrepreneurial barriers, and promoting role models for aspiring en-
5.3. Limitation and recommendation for further research
Although our study has made signiﬁcant contributions to both
theoretical and practical aspects, it is important to acknowledge the
limitations of the study and identify potential areas for future research.
First, the data in this study was collected through a self-reported
questionnaire, which may result in social desirability bias and mea-
surement errors. Future studies can adopt multiple methods, such as
interviews or observations, to complement the self-reported data.
Second, this study only focused on the mediating role of ESE and EI in
the relationship between CV and EBs. Future research can explore other
mediating or moderating variables, such as entrepreneurial passion or
environmental factors, to provide a more comprehensive understanding
of the mechanism underlying the relationship between CV and start-up
activities. Third, this study only examined master’s students who pos-
sessed at least one year of working and business experience. To provide
a more comprehensive view of the relationship between CV, ESE, EI,
and EB, future studies can broaden the sample to include individuals
from diverse educational backgrounds and experience levels (Duong,
2023). Finally, while our study has several strengths in explaining EB, it
is limited by its cross-sectional design. Longitudinal studies have been
shown to provide numerous advantages and it is recommended that
future research employ this approach to gain a deeper understanding of
how the variables interact over time.
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