What Drives the Students' Entrepreneurial Intentions?
Investigating the Role of Financial Socialization and Entrepreneurial
Education
DEDI PURWANA
Economics Education,
Universitas Negeri Jakarta,
RA Kartini Building 8th Floor, Campus A Rawamangun Muka, East Jakarta,
INDONESIA
UMI WIDYASTUTI
Management,
Universitas Negeri Jakarta,
RA Kartini Building 8th Floor, Campus A Rawamangun Muka, East Jakarta,
INDONESIA
DWI KISMAYANTI RESPATI
Economics Education,
Universitas Negeri Jakarta,
RA Kartini Building 8th Floor, Campus A Rawamangun Muka, East Jakarta,
INDONESIA
Abstract: - Entrepreneurial intention still becomes an interesting topic to be observed, although it has been
explored widely. This study examines the role of family and school on students' entrepreneurial intentions. The
role of family was reflected in financial socialization, while entrepreneurship education represented the school's
contribution to explaining entrepreneurial intention. Using 109 secondary students, this study analyzed the data
using a quantitative approach using the Partial Least Squares - Structural Equation Model (PLS-SEM). This
approach was applied to answer the direct and indirect effects of confirming entrepreneurial intention. The
results proved that financial socialization has a significant impact on financial knowledge. At the same time,
entrepreneurial intention was determined by financial knowledge, financial socialization, and entrepreneurship
education. Financial knowledge has a mediating role in explaining the impact of financial socialization on
entrepreneurial intention.
Key-Words: - Financial socialization, financial knowledge, entrepreneurship education, entrepreneurial
intentions
Received: November 24, 2022. Revised: April 29, 2023. Accepted: May 13, 2023. Published: May 23, 2023.
1 Introduction
Due to the contribution of entrepreneurship to the
economic development, policymakers tried to
enhance entrepreneurship by supporting economic
resilience. The importance of entrepreneurship in
contributing to the nation's economic growth might
encourage them to be concerned about building
entrepreneurial awareness. Nowadays,
entrepreneurship is one of the career choices, [1]
that could lead someone to create their own business
through initiative and innovation. Entrepreneurship
education is one of the processes that individuals
should take to enhance and shape many
entrepreneurial traits, including entrepreneurial
attitudes and intentions, [2]. Therefore, although it
has been widely explored, entrepreneurial intentions
have become an exciting topic.
The theory of planned behavior (TPB) is one of
the theories that statistically had robustness in
predicting entrepreneurial intentions as a part of
behavioral intentions, [3]. Ajzen stated that
behavioral intentions are determined by three main
variables, including attitudes toward behavior,
subjective norms, and perceived behavioral control
(PBC), [4]. TPB captured the motivational factors
that encourage people to perform various activities.
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.102
Dedi Purwana, Umi Widyastuti,
Dwi Kismayanti Respati
E-ISSN: 2224-2899
1144
Volume 20, 2023
It reflected the effort to execute the behavior and
how hard they believed they could succeed.
Previous research predicted entrepreneurial
intention by applied, extended, or modified TPB.
Ajzen highlighted that the three main variables of
TPB could be rearranged, breakdown or added by
other variables to explain behavioral intentions, [4].
Robledo, Arán, Sanchez, and Molina employed
gender as a moderating variable to answer their
hypotheses by applying TPB, [5]. The study
conducted by Al-Mamary, Abdulrab, Alwaheeb, and
Alshammari integrated TPB and the entrepreneurial
orientation model (EO) to examine the factors that
influence entrepreneurial intentions by observing
college students [6]. As reported in several studies,
TPB has proved robust in predicting entrepreneurial
intentions, [7], [8], [9], [3]
Some scholars emphasized the psychological
factors to answer the variable which affects
entrepreneurial intention. Previous research
developed the model that focuses on psychological
characteristics, including locus of control, risk
propensity, [10], [11], entrepreneurial self-efficacy,
[12], self-confidence, need for achievement,
tolerance to ambiguity, and innovativeness [10]. As
a part of psychological factors, previous studies
emphasize the importance of the big-five personality
traits, which have a significant impact on
entrepreneurial intentions, [13], [14], [15].
Despite the psychological factors, the family has
a role in supporting the student’s entrepreneurial
intentions. Previous research explored the family
background and its contribution to entrepreneurial
intentions, [16], [17], [18]. Nguyen proved that
students whose parents' backgrounds are self-
employed tend to have higher entrepreneurial
intentions, [18]. While family tradition also has a
significant effect on enhancing intentions toward
entrepreneurship, [16].
The third perspective of the literature about the
determinant of entrepreneurial intentions is the role
of education. Bazkiaei et al. were concerned about
education's contribution to building entrepreneurial
intentions, [13]. In line with their finding, Liñán et
al. found that intentions toward entrepreneurship
and attitudes toward entrepreneurship could be
promoted through entrepreneurship education, [2].
In the context of entrepreneurship education, it is
defined as an entire set of education and training,
organized in a system or not, which is related to
perceived feasibility and desirability, [19].
Refers to the literature, the antecedents of
entrepreneurial intentions could be categorized into
three critical psychological or personality factors,
family factors, and entrepreneurial education
factors.
Importance providing education about
entrepreneurship can create a positive environment
for students as the younger generation so that in the
future, many prospective entrepreneurs will grow
who will improve the personal economy and
automatically have an influence on increasing the
welfare of the country. Entrepreneurship education
is not only provided through formal education, but
the role of the family is also essential. It can be
started by socializing financial management for
children, fostering competitive and creative
personality traits so that later it leads to the growing
desire of children to become entrepreneurs. To the
best of our knowledge, there is a lack of studies that
employ the role of family and school in shaping
entrepreneurial intentions, especially from
secondary students' perspectives. This study tries to
fill the research gap by examining family and school
factors toward entrepreneurial intentions. This study
will also capture the essential indirect effect to
investigate. The factor that reflected the family's
point of view is represented in financial
socialization and its impact on financial knowledge.
Financial socialization is essential to study because
only a few families educate their children that
managing finances well from an early age will
impact their financial behavior in the future. On the
other hand, the role of the school is measured
through entrepreneurship education.
2 Literature Review
TPB attempts to explain how the three main factors
could predict people's intentions to engage in a
particular behavior. This theory explains that
perceived behavioral control plays a double role in
TPB, affecting entrepreneurial behavior directly and
with the mediation of intention, [7]. Over the last
twenty years, TPB has developed rapidly and has
become one of the theories used to explain
entrepreneurial behavior, [6]. Entrepreneurial
intention is an individual's state of mind that leads
them to build a business, [20], and describes the
tendency of individuals to involve themselves in
various entrepreneurial activities, [21].
2.1 Entrepreneurial Intention and
Entrepreneurial Education
To achieve entrepreneurial goals, entrepreneurs
must analyze potential opportunities by coordinating
various social, financial, and material resources,
[21]. Students' knowledge of entrepreneurship is
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.102
Dedi Purwana, Umi Widyastuti,
Dwi Kismayanti Respati
E-ISSN: 2224-2899
1145
Volume 20, 2023
necessary to encourage entrepreneurial spirit in
higher education, [22]. According to Sang and Lin,
entrepreneurship education provides students with
knowledge and skills related to entrepreneurship,
[21]. Through education, students can develop their
knowledge, understanding, and personality to do
entrepreneurship, while entrepreneurship teaching is
a means to convey entrepreneurial theory and
practice, [23]. Previous studies have proven that
entrepreneurial intention affects entrepreneurial
education, [23], [21]. Bazkiaei et al. were
concerned about the contribution of education in
driving entrepreneurial intention, [13]. In the
context of entrepreneurship education, it is defined
as an entire set of education and training, organized
in a system or not, which is related to perceived
feasibility and desirability, [19].
2.2 Entrepreneurial Intention and
Financial Socialization
Many studies observed the direct effect of family
factors, including family background, [17], family
tradition, [16], family occupation, [24], and even
learning experiences from the parents who run the
business family, [25]. Nguyen stated that students
whose family backgrounds are self-employed
showed a higher intention toward entrepreneurship,
[18]. While family tradition also has a significant
effect on enhancing intention toward
entrepreneurship, [16]. Baluku, Matagi, Musanje,
Kikooma, and Otto emphasized entrepreneurial
socialization in supporting university students'
entrepreneurial intentions, [26]. The role of parents
is enormous in determining entrepreneurial
intentions, [27], including maximizing the effort to
improve financial literacy, [28]. In the context of
family factors, parents have a role in socializing
financial matters by discussing many topics or
problems related to financial management. Family
financial socialization could be conducted
purposely or unintentionally, [29]. Previous research
developed the construct of financial socialization to
capture how parents educate their children about
personal finance. According to Widyastuti, Sumiati,
Herlitah, and Melati, financial education builds
children's financial literacy, which is needed when
someone intends to be an entrepreneur by starting a
new business, [30]. Therefore, it is important to
consider financial socialization in the model.
2.3 Financial Knowledge and
Entrepreneurial Intention
Financial knowledge, developed as objective or
subjective financial knowledge, was used to
measure financial literacy, [31]. According to
Alhenawi, financial literacy reflects people's
understanding of financial concepts and their ability
to decide on financial behavior, [32]. Therefore
Sabri stated that financial knowledge is
interchangeable with financial literacy, [33]. The
importance of financial literacy has been discussed
by some scholars and has still become a topic whose
government is concerned.
Financial knowledge, both as an independent
variable or a dimension of financial literacy, is
empirically proven and related to behavioral
intentions, including the intention to invest, [34], the
intention to save, [35], and entrepreneurial intention,
[36], [37]. Refers to those studies, we propose that
financial knowledge has a significant role in
creating a student's entrepreneurial intention.
2.4 Financial Socialization and Financial
Knowledge
Van Campenhout emphasized parents' role in the
financial socialization process to enhance the
youth's financial literacy through the structured
program, [38]. In comparison, Vosylis and Erentaitė
suggested teaching money management directly at
home without attending any program and
encouraging families to build the traits of openness
about personal finance, [39]. Financial knowledge is
one of the dimensions commonly used to measure
financial literacy, [36].
Empirical studies have shown that financial
socialization is one of the main determinants of
financial literacy, and along with financial literacy,
financial socialization plays a vital role in financial
behavior, [40]. The research conducted by Sharif
and Naghavi shows that parents' financial behavior
and financial socialization taught to children
indirectly encourage them, children, to actively seek
financial knowledge, [41]. The results of previous
studies indicate that the role of parents is essential in
increasing children's financial knowledge, one of
which is through financial socialization.
3 Research Methodology
This study investigates the role of family and school
in predicting entrepreneurial intentions from a
secondary student's perspective. The proposed
model employed exogenous variables, including
financial socialization (FS), entrepreneurship
education (EE), and financial knowledge (FK). In
contrast, the models consist of two endogenous
variables: entrepreneurial intentions (EI) and
financial knowledge (FK). This model was applied
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.102
Dedi Purwana, Umi Widyastuti,
Dwi Kismayanti Respati
E-ISSN: 2224-2899
1146
Volume 20, 2023
to 109 secondary students by observing the state and
private secondary schools in Greater Jakarta. Before
we analyze the data using the Partial Least Squares -
Structural Equation Model (PLS-SEM), this study
considers the rule of thumb about the minimum
sample which is required, in the amount of ten times
the maximum number of indicators used to measure
latent variable in the proposed model, [42].
Convenience sampling methods are applied as the
appropriate technique for explanatory research in
social science when the population is unknown or
infinite, [43].
Primary data were collected using a questionnaire
adapted from Liñán et al. [2], to measure
entrepreneurship education and entrepreneurial
intentions. The instrument of financial knowledge
was adapted from Robb and Woodyard, [44], and
Curran, Parrott, Ahn, Serido, and Shim, who
developed the instrument for financial socialization,
[45]. The respondent gives their opinion based on 5
points Likert scale, which ranges from "strongly
agree" to "strongly disagree". The instruments
developed in this study previously received consent
from the ethics commission in the Faculty of
Economics, Universitas Negeri Jakarta. The validity
test is conducted to ensure that all indicators are
valid. The convergent validity indicated the loading
factor for each item. If the loading factor is more
than 0.7, it could be concluded that the item is valid,
[42]. As presented in Table 1, two items that
measured financial socialization and one item on
financial knowledge have a factor loading below
0.7; therefore, it was deleted from the analysis data.
Table 1. Convergent Validity
Variable
Indicator
Loading
Factor
Financial
Socialization
My parent(s) think that I should do certain financial behaviors, including:
FS1 - track my monthly expenses.
0.510*
FS2 - spend within the budget.
0.596*
FS3 - save money each month for the future.
0.818
FS4 - invest for long-term financial goals regularly.
0.800
FS5 - learn about money management regularly (e.g., via internet sites, seminars,
books).
0.822
Financial
Knowledge
FK1 - I understand the cost of buying on credit.
0.823
FK2 - I am pretty good at calculation like profit and loss, percentage etc.
0.854
FK3 - An investment with a high return is likely to be highly risky.
0.719
FK4 - High inflation means that the cost of living is increasing rapidly.
0.734
FK5 - If price goes up rapidly, the money people have in saving accounts could lose
much of its value.
0.674*
Entreprenurship
Education
EE1 - I am involved in entrepreneurship club.
0.890
EE2 – I attend entrepreneurship design competition.
0.899
EE3 – I attend successful entrepreneur’s speech.
0.860
EE4 - I attend enterprise visit or internship.
0.798
EE5 – I attend face-to-face communication with an entrepreneur.
0.821
Entrepreneurial
intentions
EI1 - I’m ready to make anything to be an entrepreneur.
0.809
EI2 - My professional goal is becoming an entrepreneur.
0.837
EI3 - I will make every effort to start and run my own firm.
0.814
EI4 - I’m determined to create a firm in the future.
0.840
EI5 - I have very seriously thought in starting a firm.
0.883
EI6 - I’ve got the firm intention to start a firm some day.
0.871
Note: *the item was deleted because the loading factor is less than 0.7.
Table 2. Discriminant Validity
HI
EE
FK
FS
0.843
0.531
0.854
0.586
0.432
0.798
0.502
0.427
0.389
0.847
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.102
Dedi Purwana, Umi Widyastuti,
Dwi Kismayanti Respati
E-ISSN: 2224-2899
1147
Volume 20, 2023
Table 3. Reliability Test
Composite
Reliability
Average Variance
Extracted (AVE)
Cronbach’s
Alpha
Entrepreneurial Intentions
0.936
0.710
0.918
Entrepreneurship Education
0.931
0.730
0.907
Financial Knowledge
0.874
0.637
0.808
Financial Socialization
0.883
0.717
0.810
To guarantee that each variable did not correlate
with the other, this study examined the discriminant
validity by referring to the Fornell Larcker test,
which showed the square root of AVE. Based on the
discriminant validity test, we knew that each
variable was different. It was indicated that the
value of the diagonal line in the matrix (see Table 2)
is greater than the value below the diagonal line.
Table 3 describes the result of the reliability test,
which was indicated by Cronbach's Alpha, Average
Variance Extracted (AVE), and composite
reliability. Referring to the three indicators in the
reliability test, the result showed that the
instruments were reliable.
4 Result and Discussion
This paper examined four hypothesis to answer the
direct effect between exogenous and endogenous
variables, as presented in Figure 1. Table 4 shows
the results of the hypotheses testing, which proved
significantly accepted because the p-value is less
than 0.05. The first hypothesis explained that
entrepreneurship education significantly affected
entrepreneurial intentions. The result was in line
with Liñán et al. [2], who stated that intention and
attitude toward entrepreneurship could be promoted
through entrepreneurship education. This study is
supported by several previous studies that stated that
entrepreneurship education could increase
entrepreneurial intentions, [23], [46].
The second hypothesis was developed to
confirm the impact of financial knowledge on
entrepreneurial intention. The result showed a
significant effect between financial knowledge and
entrepreneurial intentions. Financial knowledge can
assist individuals in managing personal finances so
that the benefits of the value of money will be
maximized and will increase their welfare, [37].
Previous studies also supported this hypothesis that
financial knowledge affects entrepreneurial
intention, [36], [37]. The role of the family in
influencing a student's entrepreneurial intention was
indicated in the third hypothesis test. The result
showed that financial socialization had a significant
effect on entrepreneurial intention. Parental support
makes their children grow independently and can
influence entrepreneurial intentions in children,
[47]. Refers to table 4, the findings also showed that
financial socialization significantly indirectly
affected entrepreneurial intention through financial
knowledge. Parents could improve their children's
financial knowledge through financial socialization,
[41], and financial knowledge can improve people's
awareness of opportunities to develop
entrepreneurship, [7]. It means that financial
knowledge mediates the relationship between
financial socialization and entrepreneurial
intentions.
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.102
Dedi Purwana, Umi Widyastuti,
Dwi Kismayanti Respati
E-ISSN: 2224-2899
1148
Volume 20, 2023
Fig. 1: Structural Model
Table 4. Path Coefficient - Direct and Indirect Effect
Direct Effect
Original
Sample
(O)
Standard
deviation
t-statistics
(|O/STDEV|)
p-
values
Result
f-square
Entrepreneurship education =>
Entrepreneurial Intentions
0.265
0.067
3.941
0.000**
Significant
0.100
Financial Knowledge =>
Entrepreneurial Intentions
0.377
0.085
4.428
0.000**
Significant
0.209
Financial Socialization =>
Entrepreneurial Intention
0.243
0.085
2.870
0.004**
Significant
0.087
Financial Socialization =>
Financial Knowledge
0.395
0.074
5.312
0.000**
Significant
0.178
Indirect Effect
Financial Socialization =>
Entrepreneurial Intentions
0.147
0.048
3.081
0.002**
Significant
Note: ** = significant (p-value < 0.05)
Refers to the value of f-square, this finding
showed that financial knowledge contributed to R-
square, meaning that financial knowledge is the
most crucial factor that explains a student's
entrepreneurial intention. This structural model
concluded that entrepreneurial intention affects by
financial knowledge, financial socialization, and
entrepreneurship education. The contribution of the
exogenous variables in explaining entrepreneurial
intention could be seen from the value of R-square
(0.439) in Table 5. The second structural model
describes the relationship between financial
socialization and financial knowledge. The fourth
hypothesis explained that financial socialization
significantly affects increasing financial knowledge.
To improve the effectiveness of financial literacy in
youth, parental involvement needs to be increased,
[38].
The importance of financial literacy or financial
knowledge leads to the role of family and school to
enhance the youth's capability in managing their
finances. The role of the family could be optimized
through family socialization, while financial
education should be considered a mandatory lesson
at school, [29]. Research by Sharif and Naghavi also
showed that the role of parents through financial
socialization could directly or indirectly drive youth
to explore financial information actively, [41].
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.102
Dedi Purwana, Umi Widyastuti,
Dwi Kismayanti Respati
E-ISSN: 2224-2899
1149
Volume 20, 2023
Table 5. PLS Path’s Model Predictive Accuracy
Variable
SO
SSE
Q2 (= 1-SSE/SSO)
R Square
Entrepreneurial intentions
654.000
437.625
0.331
0.439
Entrepreneurship education
545.000
545.000
Financial knowledge
436.000
399.235
0.084
0.151
Financial socialization
327.000
327.000
Based on the blindfolding procedures, the model
showed the value of Q2, which is presented in table
5. It represented the model's predictive accuracy. In
general, the first structural model that explained
entrepreneurial intention showed a high predictive
accuracy due to the value of Q2 being above zero.
The second structural model, which describes
financial knowledge, also meets the requirement
about the value of Q2. It could be concluded that all
variables employed in this study have an excellent
predictive relevance in explaining the endogenous
variables, both entrepreneurial intentions, and
financial knowledge.
5 Conclusion
This study examines the role of family and school in
influencing entrepreneurial intentions by examining
the impact of financial socialization, financial
knowledge, and entrepreneurship education. Based
on the survey conducted for secondary students, this
study found that financial socialization, financial
knowledge, and entrepreneurship education are
statistically proven to influence entrepreneurial
intentions. These findings showed that financial
knowledge mediates the relationship between
financial socialization and entrepreneurial
intentions. The result emphasized that financial
knowledge becomes the key factor in describing
entrepreneurial intentions; therefore, this study
practically implies the government as a policy
maker. This research contributes as suggestions and
input to the government that they should enhance
youth's understanding of financial concepts to
encourage their intention to become entrepreneur
through financial education. The results of this
study can also be a reference for families that
despite financial knowledge, the process of financial
socialization conducted by parents must be
strengthened at home through discussion about
personal finance. Entrepreneurship is still an
exciting topic for future research, especially for
young people. For further research, this research can
be a reference for developing entrepreneurial
intentions in students, not only through education at
school but also through the family environment and
personality traits. As the novelty of the research, it
can be added by other factors.
References:
[1] S. Ashour, "Social and business entrepreneurship
as career options for university students in the
United Arab Emirates: The drive–preparedness
gap," Cogent Education, vol. 3, p. 1234425, 2016.
[2] F. Liñán, J. C. Rodríguez-Cohard, and J. M.
Rueda-Cantuche, "Factors affecting
entrepreneurial intention levels: a role for
education," International entrepreneurship and
management Journal, vol. 7, pp. 195-218, 2011.
[3] T. Kautonen, M. Gelderen, and M. Fink,
"Robustness of the theory of planned behavior in
predicting entrepreneurial intentions and actions,"
Entrepreneurship Theory and Practice, vol. 39,
pp. 655-674, 2015.
[4] I. Ajzen, "The Theory of Planned Behavior,"
Organizational behavior and human decision
processes, vol. 50, pp. 179-211, 1991.
[5] J. L. R. Robledo, M. V. Arán, V. M. Sanchez, and
M. Á. R. Molina, "The moderating role of gender
on entrepreneurial intentions: A TPB perspective,"
Intangible capital, vol. 11, pp. 92-117, 2015.
[6] Y. H. S. Al-Mamary, M. Abdulrab, M. A.
Alwaheeb, and N. G. M. Alshammari, "Factors
impacting entrepreneurial intentions among
university students in Saudi Arabia: testing an
integrated model of TPB and EO," Education+
Training, 2020.
[7] I. Al-Jubari, "College students’ entrepreneurial
intention: Testing an integrated model of SDT and
TPB," Sage Open, vol. 9, p. 2158244019853467,
2019.
[8] W. N. Almobaireek, A. A. Alshumaimeri, and T.
S. Manolova, "Building entrepreneurial inter-firm
networks in an emerging economy: the role of
cognitive legitimacy," International
Entrepreneurship and Management Journal, vol.
12, pp. 87-114, 2016.
[9] M. Barton, R. Schaefer, and S. Canavati, "To be or
not to be a social entrepreneur: Motivational
drivers amongst American business students,"
Entrepreneurial Business and Economics Review,
vol. 6, pp. 9-35, 2018.
[10] A. Dinis, A. do Paco, J. Ferreira, M. Raposo, and
R. G. Rodrigues, "Psychological characteristics
and entrepreneurial intentions among secondary
students," Education+ Training, 2013.
[11] H. Zhao, S. E. Seibert, and G. T. Lumpkin, "The
relationship of personality to entrepreneurial
intentions and performance: A meta-analytic
review," Journal of management, vol. 36, pp. 381-
404, 2010.
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.102
Dedi Purwana, Umi Widyastuti,
Dwi Kismayanti Respati
E-ISSN: 2224-2899
1150
Volume 20, 2023
[12] A. Saptono, A. Wibowo, U. Widyastuti, B. S.
Narmaditya, and H. Yanto, "Entrepreneurial self-
efficacy among elementary students: the role of
entrepreneurship education," Heliyon, vol. 7, p.
e07995, 2021.
[13] H. A. Bazkiaei, L. H. Heng, N. U. Khan, R. B. A.
Saufi, and R. S. R. Kasim, "Do entrepreneurial
education and big-five personality traits predict
entrepreneurial intention among universities
students?," Cogent business & management, vol.
7, p. 1801217, 2020.
[14] S. A. Ettis and M. K. Kefi, "Entrepreneurial
intentions amongst Tunisian students: An
empirical investigation applying the big-five
personality traits theory," International Journal of
Higher Education Management, vol. 3, 2016.
[15] F. Şahin, H. Karadağ, and B. Tuncer, "Big five
personality traits, entrepreneurial self-efficacy and
entrepreneurial intention: A configurational
approach," International Journal of
Entrepreneurial Behavior & Research, 2019.
[16] L. Altinay, M. Madanoglu, R. Daniele, and C.
Lashley, "The influence of family tradition and
psychological traits on entrepreneurial intention,"
International Journal of hospitality management,
vol. 31, pp. 489-499, 2012.
[17] M.-A. Georgescu and E. Herman, "The impact of
the family background on students’ entrepreneurial
intentions: An empirical analysis," Sustainability,
vol. 12, p. 4775, 2020.
[18] C. Nguyen, "Demographic factors, family
background and prior self-employment on
entrepreneurial intention-Vietnamese business
students are different: why?," Journal of Global
Entrepreneurship Research, vol. 8, pp. 1-17, 2018.
[19] F. Liñán, "Intention-based models of
entrepreneurship education," Piccolla
Impresa/Small Business, vol. 3, pp. 11-35, 2004.
[20] J. A. Hueso Arrabal, I. Jaén Figueroa, and F.
Linán, "From personal values to entrepreneurial
intention: a systematic literature review," 2021.
[21] D. Sang and J. Lin, "How does Entrepreneurial
Education Influence the Entrepreneurial Intention
of College Students: The Moderating and
Mediating Effects of Entrepreneurial Alertness,"
International journal of emerging technologies in
learning, vol. 14, 2019.
[22] S. Tomy and E. Pardede, "An entrepreneurial
intention model focussing on higher education,"
International Journal of Entrepreneurial Behavior
& Research, 2020.
[23] X. Doan and T. Phan, "The impact of
entrepreneurial education on entrepreneurial
intention: The case of Vietnamese," Management
Science Letters, vol. 10, pp. 1787-1796, 2020.
[24] M. S. Farooq, N. Jaafar, K. Ayupp, M. Salam, Y.
H. Mughal, F. Azam, et al., "Impact of
entrepreneurial skills and family occupation on
entrepreneurial intentions," Science International-
Lahore, vol. 28, pp. 3145-3148, 2016.
[25] D. Wang, L. Wang, and L. Chen, "Unlocking the
influence of family business exposure on
entrepreneurial intentions," International
Entrepreneurship and Management Journal, vol.
14, pp. 951-974, 2018.
[26] M. M. Baluku, L. Matagi, K. Musanje, J. F.
Kikooma, and K. Otto, "Entrepreneurial
socialization and psychological capital: Cross-
cultural and multigroup analyses of impact of
mentoring, optimism, and self-efficacy on
entrepreneurial intentions," Entrepreneurship
Education and Pedagogy, vol. 2, pp. 5-42, 2019.
[27] M. Farrukh, A. A. Khan, M. S. Khan, S. R.
Ramzani, and B. S. A. Soladoye, "Entrepreneurial
intentions: the role of family factors, personality
traits and self-efficacy," World Journal of
Entrepreneurship, Management and Sustainable
Development, vol. 13, pp. 303-317, 2017.
[28] A. Bayrakdaroğlu and F. Bayrakdaroğlu, "A
comparative analysis regarding the effects of
financial literacy and digital literacy on internet
entrepreneurship intention," 2017.
[29] V. Deenanath, S. M. Danes, and J. Jang,
"Purposive and unintentional family financial
socialization, subjective financial knowledge, and
financial behavior of high school students,"
Journal of Financial Counseling and Planning,
vol. 30, pp. 83-96, 2019.
[30] U. Widyastuti, A. Sumiati, H. Herlitah, and I.
Melati, "Financial education, financial literacy,
and financial Behaviour: What does really
matter?," Management Science Letters, vol. 10, pp.
2715-2720, 2020.
[31] R. Henager and B. J. Cude, "Financial literacy and
long- and short-term financial behavior in different
age groups," Journal of Financial Counseling and
Planning, vol. 27, pp. 3-19, 2016.
[32] Y. Alhenawi, "Financial literacy of US
households: Knowledge vs. long-term financial
planning," Financial Services Review vol. 22, pp.
211-244, 2013.
[33] M. F. F. Sabri, "Pathways to financial success:
Determinants of financial literacy and financial
well-being among young adults," Doctor of
Philosophy, Human Development and Family
Studies, Iowa State University,
http://lib.dr.iastate.edu/etd, 2011.
[34] A. Sumiati, U. Widyastuti, E. Takidah, and S.
Suherman, "The millennials generation's intention
to invest: A modified model of the theory of
reasoned action," International journal of
entrepreneurship, vol. 25, pp. 1-11, 2021.
[35] U. Widyastuti, U. Suhud, and A. Sumiati, "The
Impact of financial literacy on student teachers’
saving intention and saving behaviour,"
Mediterranean Journal of Social Sciences, vol. 7,
pp. 41-48, 2016.
[36] M. A. Bilal, H. H. Khan, M. Irfan, S. Ul Haq, M.
Ali, A. Kakar, et al., "Influence of Financial
Literacy and Educational Skills on Entrepreneurial
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.102
Dedi Purwana, Umi Widyastuti,
Dwi Kismayanti Respati
E-ISSN: 2224-2899
1151
Volume 20, 2023
Intent: Empirical Evidence from Young
Entrepreneurs of Pakistan," The Journal of Asian
Finance, Economics and Business, vol. 8, pp. 697-
710, 2021.
[37] M. Hasan, A. Arismunandar, T. Tahir, and C.
Imran, "How does Entrepreneurial Literacy and
Financial Literacy Influence Entrepreneurial
Intention in Perspective of Economic Education?,"
Talent Development and Excellence, vol. 12, pp.
5569-5575, 2020.
[38] G. Van Campenhout, "Revaluing the role of
parents as financial socialization agents in youth
financial literacy programs," Journal of Consumer
Affairs, vol. 49, pp. 186-222, 2015.
[39] R. Vosylis and R. Erentaitė, "Linking family
financial socialization with its proximal and distal
outcomes: Which socialization dimensions matter
most for emerging adults’ financial identity,
financial behaviors, and financial anxiety?,"
Emerging Adulthood, vol. 8, pp. 464-475, 2020.
[40] S. Suyanto, D. Setiawan, R. Rahmawati, and J.
Winarna, "The Impact of Financial Socialization
and Financial Literacy on Financial Behaviors: An
Empirical Study in Indonesia," The Journal of
Asian Finance, Economics and Business, vol. 8,
pp. 169-180, 2021.
[41] S. P. Sharif and N. Naghavi, "Family financial
socialization, financial information seeking
behavior and financial literacy among youth,"
Asia-Pacific Journal of Business Administration,
vol. 12, pp. 163-181, 2020.
[42] J. F. Hair, G. T. M. Hult, C. Ringle, and M.
Sarstedt, A primer on partial least squares
structural equation modeling (PLS-SEM): Sage
Publications, 2016.
[43] U. Sekaran and R. Bougie, Research methods for
business: A skill building approach: John Wiley &
Sons, 2016.
[44] C. A. Robb and A. S. Woodyard, "Financial
knowledge and best practice behavior," Journal of
financial counseling and planning, vol. 22, pp. 60-
70, 2011.
[45] M. A. Curran, E. Parrott, S. Y. Ahn, J. Serido, and
S. Shim, "Young adults’ life outcomes and well-
being: Perceived financial socialization from
parents, the romantic partner, and young adults’
own financial behaviors," Journal of Family and
Economic Issues, vol. 39, pp. 445-456, 2018.
[46] H. Sun, C. T. Lo, B. Liang, and Y. L. B. Wong,
"The impact of entrepreneurial education on
entrepreneurial intention of engineering students in
Hong Kong," Management Decision, 2017.
[47] N. B. Moussa and S. Kerkeni, "The role of family
environment in developing the entrepreneurial
intention of young Tunisian students,"
Entrepreneurial Business and Economics Review,
vol. 9, pp. 31-46, 2021.
Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
-Dedi Purwana has conceptualized the design of
research and reviewed the manuscript.
-Umi Widyastuti has conceptualized the model,
responsible for the data analysis, interpreted the
results and writing the manuscript.
-Dwi Kismayanti Respati has collected the data and
and coding the data.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
The authors would like to express their gratitude to
the Direktorat Riset, Teknologi dan Pengabdian
kepada Masyarakat; Direktorat Jenderal Pendidikan
Tinggi, Riset dan Teknologi, who funds this paper
through the research grant with the contract number:
5/PG.02.00.PT/LPPM/VI/2022.
Conflict of Interest
The authors have no conflict of interest to declare.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.en
_US
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.102
Dedi Purwana, Umi Widyastuti,
Dwi Kismayanti Respati
E-ISSN: 2224-2899
1152
Volume 20, 2023