Examining a Model of Entrepreneurial Intention Among Malaysians

European Journal of Scientific Research ISSN 1450-216X Vol.33 No.2 (2009), pp.365-373 © EuroJournals Publishing, Inc. 2009 http://www.eurojournals.com/ejsr.htm Examining a Model of Entrepreneurial Intention Among Malaysians Using SEM Procedure Aizzat Mohd. Nasurdin School of Management, Universiti Sains Malaysia 11800 Penang, Malaysia E-mail: aizzat@usm.my Tel: +604 - 6532548; Fax: +604 - 6577448 Noor Hazlina Ahmad School of Management, Universiti Sains Malaysia, 11800 Penang, Malaysia E-mail: hazlina@usm.my Tel: +604 - 6532894; Fax: +604 - 6577448 Chew Ee Lin School of Management, Universiti Sains Malaysia, 11800 Penang, Malaysia E-mail: melissac@streamyx.com Abstract This study tested a causal model of affective factors (role model, social identification, and social norm), perceived desirability, and entrepreneurial intention in the context of Malaysia. Data for the survey was derived from a sample of 237 Malaysian working adults, students, and unemployed people. A structural equation modeling procedure was employed to test the proposed model. The results indicated that role model and social norm were positively and significantly related to entrepreneurial intentions whereas the direct effect of social identification on entrepreneurial was not significant. Also, the mediating effect of perceived desirability was partially supported. The findings indicate the importance of role models and social norms which may be used to promote the development of entrepreneurial ventures, thereby, help address the problem of increasing unemployment among Malaysians. The study contributes to the scant literature on entrepreneurial intention among people in developing countries particularly Malaysia. Keywords: Entrepreneurial Intention, Affective Environment, Perceived Desirability, Malaysia. 1. Introduction Entrepreneurship is the 21st century buzzword, particularly in the context of Malaysia. The upsurge in entrepreneurial awareness is in tandem with the Malaysian government’s aspiration to avoid dependency on existing organizations for employment opportunity; rather, to encourage young adults especially graduates to “create employment” via venture creation. The famous credo of “creating employers instead of employees” has been widely preached to bolster interest in entrepreneurship among Malaysians given that new ventures contribute significantly to the gross domestic product and new job creations. Besides, to support Malaysia’s vision of becoming a developed country by 2020, Examining a Model of Entrepreneurial Intention Among Malaysians Using SEM Procedure 366 “employment creation” becomes most crucial. As a result, efforts have been intensified and policies were drafted by the Malaysian government to encourage entrepreneurial activities and to promote the growth of self-employment nationwide through small businesses, petty trading, agriculture, and services (Ninth Malaysia Plan, 2006-2010). Despite these efforts, the government’s plan to promote self-employment amongst Malaysians fell short of its intended results. In fact, the self-employment rate in Malaysia fell from 24% (1.8 million headcounts) in 1989 to 18% (1.6 million headcounts) in 1997, implying that the self-employed population in Malaysia had in fact decreased by 200,000 heads (Milanovic, 2001). Since selfemployment (or one’s decision to become an entrepreneur) is a critical avenue in creating wealth for the nation’s development, understanding its predictors is considered important. Scholars, educators, practitioners as well as policy makers have reached a consensus that entrepreneurial behaviors and activities are the “silver bullet” that would not only curb the Malaysian unemployment crisis but also able to fuel economic growth. According to Abdullah (1999), in a developing country like Malaysia, entrepreneurial activities via venture creation are seen as a mechanism to improve the distribution of income, to stimulate economic growth, and to reshape an economic structure which has been highly dependent on the activities of large firms. In essence, entrepreneurship is pivotal to the health of Malaysia’s economy. Bird (1988) contends that new entrepreneurial ventures emerge because of careful thought and actions. Therefore, entrepreneurship is seen as an exemplar of planned behavior. Since entrepreneurship is a process that does not occur in a vacuum, Grundsten (2004) argues that environmental factors have some bearing on an individual’s entrepreneurial activities. Following this line of argument, this study intends to examine the effects of the affective component of the environment on entrepreneurial intentions. 2. Literature Review 2.1. Entrepreneurship and Entrepreneurial Intention The definitions of entrepreneurs range from those that emphasize broad criteria (e.g., venture creation) to those that emphasize more specific criteria (e.g., novelty creation, management of risks, and persistence in goal attainments). Basically, an entrepreneur is an individual who creates a new organization or founds a new venture (Gartner et al. 1994). Bygrave and Hofer (1991) expanded this definition to “someone who perceives an opportunity and creates an organization to pursue it” (p. 14). However, the most common and practical criterion attached to entrepreneurship is venture creation because establishing, owning, and managing a business are easily identifiable behaviors (Rauch & Frese, 2000). Johnson (2001) offers a more comprehensive definition of the role of an entrepreneur: “(An individual who) assumes responsibility and ownership in making things happen; is open to and able to create novelty; who manages the risks attached to the process; and who has the persistence to see through to some identified end-point, even when faced with obstacles and difficulties” (p. 137). From the management perspective, entrepreneurs are individuals who organize, own, manage, and assume risk (Cunningham & Lishcheron, 1991). Koh (1996) viewed entrepreneurs as individuals with unique values, attitudes, and needs which drive them and differentiate them from nonentrepreneurs. According to Koh (1996), one’s needs, drives, attitudes, beliefs, and values are the primary determinants of an entrepreneur’s behavior. Since entrepreneurship represents planned, intentional behavior (Bird, 1988; Krueger & Brazeal, 1994), and based on the fact that intention is said to precede action (Ajzen, 1991), it would be amenable to use entrepreneurial intention as the criterion variable in this study. Furthermore, entrepreneurial intention is said to be a reliable predictor or measure of entrepreneurial behavior and entrepreneurial activity (Krueger et al., 2000). Generally, entrepreneurial intentions are a state of mind, which directs and guides the actions of the individual toward the development and the implementation 367 Aizzat Mohd. Nasurdin, Noor Hazlina Ahmad and Chew Ee Lin of new business concepts (Bird, 1988). It can be viewed as the intention of a person to perform new venture creation behavior or action (Grundsten, 2004). 2.2. Affective Factors and Entrepreneurial Intention Environmental factor refers to those environmental attributes that surrounds the individual (Grundsten, 2004). According to Luthje and Franke (2003), environmental factors can facilitate or impede entrepreneurial activities, and it plays an important role in the formation of an individual’s intention to create new venture. Although many elements make up the prevailing environment (Gartner, 1985), these factors can be categorized into two: affective and rational factors. Since the individual is a byproduct of his or her beliefs about the social environment (Grundsten, 2004), it is felt that the affective environmental factors would have a greater impact on a person’s decision to opt for selfemployment. Hence, only affective factors are considered in this investigation. Affective environmental factors refer to the attributes of an individual’s social environment, such as role model and social identification (Grundsten, 2004). The influence of role model on an individual would depend on the number of successful entrepreneurs in the environment that the person knows, or are in contact with (Grundsten, 2004). Past literatures have found reasonably strong links between role models and one’s entrepreneurial intention and behavior (for instance, Fairlie, 2004; Matthews & Moser, 1996: Raijman, 2001). Matthews and Moser (1996) reported a significant positive relationship between the presence of parental role models and entrepreneurial intentions. Family members in business may serve as role models to be imitated by would-be entrepreneurs (Raijman, 2001). According to the author, contact with these individuals provides one with an opportunity to acquire some of the skills and traits related to entrepreneurship, thereby, increasing one’s taste for selfemployment. Fairlie (2004) in his study discovered that more than 50% of all business owners had a self-employed family member prior to them starting their own business. Apart from the family and other close acquaintances, society too plays a role as a social context that can promote or undermine a person’s entrepreneurial intentions. According to Grundsten (2004), an individual’s social identification plays a role as an antecedent of one’s intention. In other words, the extent to which a person sees herself or himself as being more appreciated or less appreciated by the people would impact his or her intention to pursue entrepreneurial occupation. Social norm represents the attitude of fellowmen towards entrepreneurship (Grundsten, 2004). Positive attitudes of the surrounding community concerning entrepreneurship are likely to increase one’s desire to engage in entrepreneurial activities. Specifically, individuals who experience a positive view on entrepreneurship among their immediate contacts are more likely to have greater intention to become entrepreneurs. In their study, Scholten at el. (2004) found that the image of entrepreneurship have a positive effect on entrepreneurial intention. Therefore, this study posits that: H1: Affective factors (role model, social identification, and social norm) are positively related to entrepreneurial intention. H1a: Role model will be positively related to entrepreneurial intention. H1b: Social identification will be positively related to entrepreneurial intention. H1c: Social norm will be positively related to entrepreneurial intention. 2.3. Perceived Desirability as a Mediator Perceived desirability is defined as“…the degree to which one finds the prospect of starting a business to be attractive; in essence, it reflects one’s affect towards entrepreneurship” (Krueger, 1993, p.8). It reflects the extent to which one views venturing into entrepreneurship as compelling and attractive. Perceived desirability has been theorized as being influenced by affective factors (Grundsten, 2004). As such, it is conjectured that perceived desirability would mediate the relationship between affective factors and entrepreneurial intention. H2: Perceived desirability mediates the relationship between affective factors and entrepreneurial intention. Examining a Model of Entrepreneurial Intention Among Malaysians Using SEM Procedure 368 3. Methodology 3.1. Sample Participants in the study consisted of students and unemployed Malaysians who are currently facing important occupational decisions, as well as working adults who were neither entrepreneurs nor selfemployed at the time of the survey. The three cohorts were included in the present study to obtain a broad representation of those who are about to make important career choices (i.e., students and unemployed) as well as those who are currently employed but not yet engaged in venture creation. The study site covered Penang, Selangor and Kuala Lumpur. These three locations were among those states with the highest concentration of Malaysian population (Swee-Hock, 2007). Of 450 questionnaires distributed, only 237 sets were returned, yielding a response rate of 53%. 3.2. Measurements The predictor variable in this study is affective environmental factors comprising of three components. Four items, three items, and six items each were used to gauge role models, social identification, and social norm based on a 5-point scale. These items were derived from past literatures (such as Autio et al., 2001; Grundsten, 2004; Kennedy et al., 2003). An index for each of the predictor variables was established by computing the mean score for the relevant items associated with each variable. Perceived desirability was measured using a four-item measure adapted from Krueger (1993), Diochon et al. (2002) and Kennedy et al. (2003). The criterion variable relates to entrepreneurial intentions, measured using seven items. These items were adapted from past researchers (for instance, Davidsson, 1995; Krueger, 1993; Tkachev & Kolvereid, 1999). Responses to the items were made on a 5-point scale (1= very unlikely to 5 = very likely). An index for entrepreneurial intention represented by the mean score was obtained. 3.3. Data Analysis The model was tested using the structural equation modeling (SEM) procedure. The central point in analysing structural models is the extent to which the hypothesized model “fits” or adequately describes the sample data (Byrne, 2001). A model fit can be evaluated by examining several goodness of fit indices comprising of χ2, χ2/df, GFI, TLI, CFI, and RMSEA. Besides the fit statistics, of particular interest is the path significance indicated by the standardized regression estimate (β) that assesses the effect of one variable on another. The significance level was set at p < .05. Prior to testing the model, the psychometric properties and the goodness of fit of the constructs studied were undertaken. 4. Results 4.1. Profile of Respondents A total of 237 respondents completed the survey, of which 107 (45.0%) were males and 130 (55%) were females. In terms of ethnicity, the sample consisted of Chinese (55.0%), Malays (30.0%), as well as Indians and others (14.0%). The age of the participants were: 94 (40.0%) within 18-24 years, 56 (24.0%) within 25-30 years, 53(22.0%) within 31-40 years, and 34 (15.0%) within the 41 years and above age category. With regard to education, 75 (32.0%) had secondary or lower qualification, 78 (33.0%) had diplomas, and 84 (35.0%) were degree holders. In terms of employment status, 103 (43.0%) were students 107 (45.05) were working adults, whereas the remaining 27 (11.0%) were unemployed. 369 4.2. Measurement Model Aizzat Mohd. Nasurdin, Noor Hazlina Ahmad and Chew Ee Lin The present study used confirmatory factor analysis (CFA) to validate and confirm the dimensionality of the independent, mediating and dependent variables (see Figure 1 and Table 1). One item measuring role model and three items measuring social norm were dropped due to weak representation of the data. Figure 1: Measurement Model .91 rm1 rm2 rm3 e1 e2 e3 e4 e5 e6 e7 e8 e9 e10 e11 e12 e13 e14 e15 e16 e17 e18 Role Model .84 .49 .40 .68 si1 si2 si3 .45 Social Identification .83 .76 .48 .53 .52 .60 .59 .74 sn4 sn5 sn6 Social Norm .68 .90 .89 .85 pd1 pd2 pd3 pd4 Perceived Desirability .64 .91 .85 .53 .70 .80 .78 ei1 ei2 ei3 ei4 ei5 Entrepreneurial Intention .64 .70 .62 The measurement model yielded a good model fit of χ2 = 331.31, p = .00, χ2 /df = 2.67, GFI = .864, TLI = .89, CFI = .911, and RMSEA = .052. The Cronbach’s Alpha values for all the variables were above .70 signifying the reliability of the data. In addition, substantial and significant factor loadings provide evidence of convergent validity (Steenkamp & Trijp, 1991), with the threshold value of >.30. As shown in Table 1, all of the items loadings were significant and well above the acceptable cut-off-point, signifying the convergent validity of the study variables. Examining a Model of Entrepreneurial Intention Among Malaysians Using SEM Procedure Table 1: Variables 1) Role Model rm1: number of successful entrepreneurs among family members that I am in close contact rm2: number of successful entrepreneurs among family members that I know of rm3: number of successful entrepreneurs among friends, colleagues, that I know of 2) Social Identity si1: If I become an entrepreneur, I would be appreciated si2: If in the future should my child or close relative becomes an entrepreneur, they will be appreciated by family, friends, and society si3: If in the future should a close friend becomes an entrepreneur, they will be appreciated by family, friends, and society 3) Social Norm sn4: I believe that family members who are close to me think that I should be an entrepreneur sn5: I believe that my close friends think that I should be an entrepreneur sn6: I believe that people who are important to me think that I should be an entrepreneur 4) Perceived Desirability pd1: My personal rating on how desirable it is for me to become an entrepreneur pd2: My feelings about running my own business: between hate it (1) to love it (5) pd3: How tense I would be about running a business: between very tense (1) to very relaxed (5) pd4: How enthusiastic I would be about running a business: between not enthusiastic at all (1) to very enthusiastic (5) 5) Entrepreneurial Intention ei1: If I were given a choice between self-employment and being employed, my personal preference would be: ei2: It has crossed my mind to start a business of my own or with my partner ei3: Estimating the likelihood that I will start my own business or become self-employed on a full-time basis within the next one (1) year ei4: Estimating the likelihood that I will start my own business or become self-employed on a full-time basis within the next one (5) year ei5: How likely is it that I would choose a career as an employee? 370 Factor Loadings and Cronbach’s Alpha Values for the Study Variables Factor Loading (λ) .91 .84 .49 .83 .68 .83 .76 .81 .74 .90 .89 .83 .85 .85 .53 .70 .85 .80 .78 .64 .70 .62 Cronbach Alpha (α) .40 4.3. Hypotheses Testing To test the hypotheses of this study, the structural equation modeling procedure was utilized (see Figure 2). The model yielded a good model fit of χ2 = .750, p = .386, χ2 /df = .750, GFI = .99, TLI = 1.00, CFI = 1.00, and RMSEA = .069. Hypotheses 1 were partially supported, whereby only role model (ß = .17, p<.05) and social norm (ß = .19, p<.01) were significantly and positively related to entrepreneurial intention but not social identification ((ß = .04). Hence, the direct link between social identification and entrepreneurial intention was removed. Hypothesis 2, on the other hand, was partially supported whereby perceived desirability only mediates the relationship between social norm and entrepreneurial intention (ß = .43*.56=.24, p<.05) but not role model (ß = .15*.56=.08) and social identification (ß = .16*.56=.09). 371 Aizzat Mohd. Nasurdin, Noor Hazlina Ahmad and Chew Ee Lin Figure 2: Structural Equation Modeling Procedure Role Model .15 .17 .41 .48 Social Identification .16 Perceived Desirability e2 .19 .56 Entrepreneurial Intention e1 .51 .43 Social Norm 5. Discussion and Implications The findings of this study were consistent with previous studies, whereby role model and social norm were strong predictors of entrepreneurial intention (i.e., Autio et al.’s 2001; Fairlie, 2004).The significant mediating role of perceived desirability on the relationship between social norm and entrepreneurial intention was in agreement with the findings by Diochon et al. (2002). According to Diochon et al. (2002), positive perceptions of desirability of new venture creation serve to strengthen entrepreneurial intention and behavior. Our findings demonstrated the importance of affective environmental factors in influencing a person’s intention to become an entrepreneur. The findings of the study also contributed to the literature by demonstrating the robustness of the intent approach from an Asian perspective. In addition, the findings of the present study is comparable to those conducted in the Western context, thereby, providing some level of systematic research evidence that the intention model was in fact operational, irrespective of cultures. Besides, the existence of significant positive relationships between all components of affective factors and entrepreneurial intention, provided evidence that matters like self-esteem, approval of family, availability of strong role models, and appreciation of friends were important in influencing a person’s intention to engage in self-employment. The positive impact of the social environment highlights the importance of developing appropriate national policies. For example, the government could perhaps design programs that would help promote a more positive image of entrepreneurship in the minds of the targeted group, as well in the minds of one’s family members or close friends. In such programs, successful entrepreneurs as role models should be called upon to share their experience. Given the prevailing economic downturn and declining job opportunities, deciding to become selfemployed would be a lucrative alternative. 6. Limitations Two limitations are apparent in this study. First, as in many field studies such as ours, the use of a cross-sectional design limits one’s ability to capture changes in attitude and intention over time. As such, a longitudinal approach, which follows individuals over time, is best for understanding the process of becoming self-employed, and future follow-up of respondents in the survey could shed more light on this subject. Second, the independent variables were only confined to affective environmental factors. Given that a person’s entrepreneurial propensity may be influenced by a myriad of factors Examining a Model of Entrepreneurial Intention Among Malaysians Using SEM Procedure 372 including his/her psychological traits (Gartner, 1985), attitude and perceived behavioral control (Kolvereid, 1996), conviction (Davidsson, 1995), situational variables (Kennedy et al., 2003), and other environmental attributes (Grundsten, 2004), researchers interested in this area may want to incorporate these elements in future. 7. Conclusion The present investigation represents a relatively modest attempt to investigate the impact of the affective environment on one’s entrepreneurial intentions amongst Malaysians. In brief, our results demonstrated that role model and social norm were significantly and positively related to entrepreneurial intention. In addition, perceived desirability was found to mediate the relationship between social norm alone and entrepreneurial intention. 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