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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

May 2023

DOI:10.1016/j.joitmc.2023.100064

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Trung Thanh Le

National Economics University

Doanh Duong

National Economics University

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Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064

Contents lists available at ScienceDirect

Journal of Open Innovation: Technology, Market,

and Complexity

journal homepage: www.sciencedirect.com/journal/joitmc

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

ARTICLE INFO

Keywords:

Social Cognitive Career Theory

Cultural values

Entrepreneurial self-eﬃcacy

Entrepreneurial intention

Entrepreneurial behavior

Vietnam

ABSTRACT

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.

1. Introduction

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

and EB.

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

https://doi.org/10.1016/j.joitmc.2023.100064

Received 28 April 2023; Received in revised form 16 May 2023; Accepted 20 May 2023

Available online 25 May 2023

(http://creativecommons.org/licenses/by-nc-nd/4.0/).

]]]]

]]]]]]

⁎

Correspondence to: National Economics University, Room 1008, 10th ﬂoor, A1 Building, Hanoi 100000, Viet Nam.

E-mail address: haudx@neu.edu.vn (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

relationship.

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

our study.

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

entrepreneurship research.

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

behaviors.

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

formulated.

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

intention.

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

formulated.

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.

3. Methods

3.1. Sample

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.

T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064

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.

T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064

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

EB.

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

(Hayes, 2018).

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. Results

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

/df= 6.118;

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

conﬁrmed.

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.

Table 1

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.

T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064

Table 2

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.

T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064

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

CV-ESE-EI

= 0.310; p-value < 0.001) and EB

(β

CV-ESE-EB

= 0.221; p-value < 0.001) through ESE. CV (β

CV-EI-EB

0.046; p-value < 0.001) and ESE (β

ESE-EI-EB

= 0.185; p-value < 0.001)

were also found to be indirectly associated with EB via EI. Thus, H7a,

Table 3

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

***

0.818 0.461

EB 0.921 0.627 0.656

***

0.395

***

0.792 0.712 0.421

EI 0.948 0.751 0.705

***

0.456

***

0.632

***

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.

Table 4

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.

T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064

H7b, H8a, and H8b were supported by the data. Finally, CV had a serial

indirect eﬀect on EB via ESE and EI (β

CV-ESE-EI-EB

= 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

) diﬀer-

ence was statistically signiﬁcant, the unconstrained model can be used

to illustrate the moderation eﬀect of EE. The results of the Chi-square

(χ

) 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.

Table 5

Chi-square signiﬁcance.

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.

T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064

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.

Table 6

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

Notes: N

entrepreneurial education

= 875, N

non-entrepreneurial education

= 737 *** : Signiﬁcant at 0.001 level.

T.T. Le, X.H. Doan and C.D. Duong Journal of Open Innovation: Technology, Market,and Complexity 9 (2023) 100064

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-

trepreneurs.

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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Research background: Although perceived barriers are considered one of the central constructs in entrepreneurship research, most previous studies only examine the direct effect of perceived barriers on attitudes and/or intentions to become entrepreneurs. Little attention is paid to how perceived barriers can weaken individuals' translation from entrepreneurial intentions to actual behaviors. Purpose of the article: This research aims to adopt the Social Cognitive Career Theory and a moderated mediation model to bridge the entrepreneurial intention-action link, investigate the moderation effects of perceived barriers on this link and the mediation path from entre-preneurial self-efficacy to entrepreneurial behavior via entrepreneurial intention. Methods: A valid sample of 1,698 Vietnamese respondents with real working and business experiences through the stratified random sampling with three stages and PROCESS macro Oeconomia Copernicana, 14(1), 355-388 356 approach have been used to examine the moderated mediation effect of perceived barriers on the entrepreneurial self-efficacy-intention-behavior linkages. Findings & value added: The findings of this study shed new light on entrepreneurial literature by applying the Social Cognitive Career Theory to illustrate the moderated mediation effects of perceived barriers and entrepreneurial intention in the relationship between entre-preneurial self-efficacy and entrepreneurial behavior. Particularly, the translation from entre-preneurial intentions into start-up actions was found to became weaker when perceived barriers was high. Moreover, perceived barriers were also found to negatively moderate the indirect effects of entrepreneurial self-efficacy on start-up behaviors through entrepreneurial intentions. The findings of our study also provide several essential recommendations for policymakers and practitioners to encourage individuals' business venture creations and enhance entrepreneurial ecosystem.