Determinants of Investment Intention in Micro Small and Medium Enterprises Among Undergraduate Students in Tertiary Institutions in Bauchi State: The Role of Self – Efficacy
Rakiya Abba
Abstract
This study is aimed to examine the moderating role of self-efficacy on the effect of attitude, perceived risk on investment intention of undergraduate students in tertiary institutions in Bauchi State. The study adopted survey, cross-sectional research design. A total of 185 respondents were obtained through a questionnaire which were distributed online via Google Drive to Bauchi State Polytechnic students, majoring in Business Management, Managerial Accounting Study Program class of 2023-2024. The data collected was analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM) version 3. The results show that attitude has significant effect on investment intension, Perceived risks have significant effect on investment intention. Also, the results show that self-efficacy does not moderates the relationship between attitude and investment intention. While, the relationship between perceived risk and investment intention is moderated by self-efficiency. The results of this study provide valuable managerial implications regarding psychological factors that impact the intention to invest in Micro Small and Medium Enterprise (MSMEs).
Keywords
Undergraduates
Investment intention
Attitude
Self – Efficacy
MSME.
References
Adil, M., Singh. Y & Ansari, M. S. (2021) How financial literacy moderate the association between
behavior biases and investment decision? Asian Journal of Accounting Research 7 (1) pp.
17-30 Emerald Publishing Limited 2443-4175 DOI 10.1108/AJAR-09-2020-0086
Agbim, K. C., Oriarewo, G. O., & Owocho, M. (2013). Factors influencing entrepreneurial
intentions among graduates of Nigerian tertiary institutions. International Journal of Business
and Management Invention, 2(4), 36-44.
Aina, J. K. (2016). "Employment of untrained graduate teachers in schools: The Nigeria case."
Journal of Studies in Social Sciences and Humanities, 34-44.
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision
Processes, 50, 179-211.
Akhtar, F., & Das, N. (2018). Predictors of investment intention in Indian stock markets:
Extending the theory of planned behaviour. International Journal of Bank Marketing, 37(1),
97-119.
Akhter, Tahmina, & Hoque, M.E. (2022). Moderating Effects of Financial Cognitive Abilities and
Considerations on the Attitude–Intentions Nexus of Stock Market Participation.
International Journal of Financial Studies 10, 5. https:// doi.org/10.3390/ijfs10010005.
Asebedo, S., & Payne, P. (2018). Market Volatility and Financial Satisfaction: The Role of
Financial
Self-Efficacy,
Journal
of
Behavioral
Finance,
DOI:
10.1080/15427560.2018.1434655.
Awn, A.M., & Azam, S. M. (2020). The influence of attitude and subjective norm on intention to
invest in islamic bonds (SUKUK)]: A Study of libyan investors international journal of
business society, 4 (4), 27-33.
Cohen, A. (2003). Multiple Commitments in the Workplace: An Integrative Approach. Lawrence
Erlbaum Associates Publishers.
DeBondt, W, Forbes, W, Hamalainen, P & Muradoglu, Y.G. (2010). Qualitative Research in
Financial Markets 2 (1), pp. 29-36 1755-4179 DOI 10.1108/17554171011042371.
Doanh, D.C and Bernat, T (2019) Entrepreneurial self-efficacy and intention among Vietnamese
students: a meta-analytic path analysis based on the theory of planned behavior Procedia
Computer Science 159 (2019) 2447–2460
Eneh, O. C. (2016). "Unemployment conundrum: An analysis of data-based trends, government
and other interventions, solutions and implications for Nigeria’s development."
Sustainable Human Development Review 1, no. 2.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable
variables and measurement error. Journal of Marketing Research, 18(1), 39–50.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least
Squares Structural Equation Modeling (PLS-SEM (2nd ed.). Sage Publications Inc.
Handoko, L; Nugroho, V.C and Sembel, J.S. (2020). Intention to invest in financial product of
older pre-retirerees with financial self-efficacy as an intervening variable: Ultima
Management Vol. 12, No. 1, 2020.
Hidayati, N. Y., & Destiana, R. (2023). The Influence of Attitude, Subjective Norms, Perceived
Behavioral Control, and Financial Literacy on Investment Intention. Return: Study of
Management, Economic and Business, 2(7), 718-728.
Igwe, A., Ogbo, A., Agbaeze, E, Ezenwakwelu, J.A., & Okwo, H. (2020). Self-Efficacy and
Subjective Norms as Moderators in the Networking Competence–Social Entrepreneurial
Intentions Link SAGE Open July-September 2020: 1–16
Isbanah, Y., Kusumaningrum, T. M., & Paramita, R. A. S. (2022). Intention to Invest Based on
Investors Financial Literacy and Perceptual Antecedent: Evidence in Indonesia.
International Journal of Academic Research in Accounting Finance and Management
Sciences. 12(2).
Jain, J., Walia, N. & Gupta, S. (2020). Evaluation of behavioral biases affecting investment
decision making of individual equity investors by fuzzy analytic hierarchy process. Review
of Behavioral Finance 12 (3), pp. 297-314.
Kazaure, M., A. (2019). Extending the theory of planned behaviour to explain the role ofawareness
in accepting Islamic health insurance (takaful) by microenterprises in north-western Nigeria.
journal
of
Islamic
accounting
and
Business
Research,
10(4),
607-620.
https://doi.org/10.1108/JIABR-08-2017-0113.
Krejcie, R. V., & Morgan, D. W. (1970). Determining sample size for research
activities. Educational and Psychological Measurement, 30, 607–610.
Kurniawan, P. I. (2021). Effect of Expected Return, Self - Efficacy, and Perceived Risk on
Investment Intention: An Empirical Study on Accounting Master Degree in Udayana
Nadeem, M.A., Qamar, M., Nazir, M.S., Ahmad, I., Timoshin, A & Shehzad, K. (2020) How
Investors Attitudes Shape Stock Market Participation in the Presence of Financial Self-
Efficacy. Front. Psychol. 11:553351. doi: 10.3389/fpsyg.2020.553351
Natsir, Arifin & Bangun (2021). Influence of product knowledge and perceived risk on investment
intention of stock investors in the covid-19 pandemic era. Advances in social science,
education and humanities research, volume 570.
National Bureau of Statistics. (2023). Labor Force Statistics: Unemployment and
Underemployment Report. Labor Force Statistics Unemployment and Underemployment
Report,
Retrieve
from
file:///C:/Users/HP%20USER/Downloads/Q22023_NLFS_Report_Final.pdf
Nofsinger, J., R. (2005). Social Mood and Financial Economics. Journal of Behavioral Finance,
6(3), 144–160. https://doi.org/10.1207/s15427579jpfm0603_4
Onimole, S.O.; Olaiya, S.A. (2018). Harnessing full employment strategy for nigeria.
Entrepreneurship imperatives, prospects and challenges. Bus. Manag. Dyn. 2018, 10, 27–58
Onyishi, Obayi, A & Collins, O (2019). Social Intervention Programmes and Rural Development
in Nigeria, A Study of Federal Government’s Trader - Moni Initiative ICPP4 – Montréal
Paramita, et al., (2018). Young investor behaviour: Implementation of theory of planned behaviour
International Journal of Civil Engineering and Technology (IJCIET) Volume 9, Issue 7, July
2018, pp. 733–746.
Sarkar, A.K,. & Sahu, T.N. (2018), "Introduction", Investment Behaviour, Emerald Publishing
Limited, Bingley, pp. 1-7. https://doi.org/10.1108/978-1-78756-279-020181001
Shefrin, H., & Statman, M. (2000). Behavioral portfolio theory. Journal of Financial and
Quantitative Analysis, 35(2), 127-151.
https://www.statista.com/statistics/382366/unemployment-rate-in-nigeria/
Shiau, W. et al., (2020) Understanding fintech continuance: perspectives from self-efficacy and
ECT-IS theories Industrial Management & Data Systems DOI 10.1108/IMDS-02-2020-
Sobaih, A.E.E.; Elshaer, I.A. Risk-Taking, Financial Knowledge, and Risky Investment Intention:
Expanding Theory of Planned Behavior Using a ModeratingMediating Model. Mathematics
2023, 11, 453. https://doi.org/10.3390/ math11020453
Vanguard
(2023)
Facing
the
challenge
of
business
start-up
capital
rightly
https://www.vanguardngr.com/2023/08/facing-the-challenge-of-business-start-up-capital-
rightly/
Veerta, T., Gautam, N., & Thammaiah, N. A. M (2017). A Study on Working Women Investing
on Gold Ornaments rather than Gold Bonds International Journal of Advance Research in
Computer Science and Management Studies Volume 5, Issue 9, September 2017 pg. 1-6.
Waziri, M., Ibrahim, A., Z & Zan, Z. (2019). Government intervention programs linking with
poverty alleviation: An empirical investigation, the case of Nigeria. Asian Research Journal
of Arts & Social Sciences 8(2): 1-10, 2019; Article no.ARJASS.46604 ISSN: 2456-4761.
Wang, W.; Kang, S.-W.; Choi, S.B. (2021) Effects of Employee Well-Being and Self-Efficacy on
the Relationship between Coaching Leadership and Knowledge Sharing Intention: A Study
of UK and US Employees. Int. J. Environ. Res. Public Health 2021, 18, 10638.
https://doi.org/10.3390/ijerph182010638
behavior biases and investment decision? Asian Journal of Accounting Research 7 (1) pp.
17-30 Emerald Publishing Limited 2443-4175 DOI 10.1108/AJAR-09-2020-0086
Agbim, K. C., Oriarewo, G. O., & Owocho, M. (2013). Factors influencing entrepreneurial
intentions among graduates of Nigerian tertiary institutions. International Journal of Business
and Management Invention, 2(4), 36-44.
Aina, J. K. (2016). "Employment of untrained graduate teachers in schools: The Nigeria case."
Journal of Studies in Social Sciences and Humanities, 34-44.
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision
Processes, 50, 179-211.
Akhtar, F., & Das, N. (2018). Predictors of investment intention in Indian stock markets:
Extending the theory of planned behaviour. International Journal of Bank Marketing, 37(1),
97-119.
Akhter, Tahmina, & Hoque, M.E. (2022). Moderating Effects of Financial Cognitive Abilities and
Considerations on the Attitude–Intentions Nexus of Stock Market Participation.
International Journal of Financial Studies 10, 5. https:// doi.org/10.3390/ijfs10010005.
Asebedo, S., & Payne, P. (2018). Market Volatility and Financial Satisfaction: The Role of
Financial
Self-Efficacy,
Journal
of
Behavioral
Finance,
DOI:
10.1080/15427560.2018.1434655.
Awn, A.M., & Azam, S. M. (2020). The influence of attitude and subjective norm on intention to
invest in islamic bonds (SUKUK)]: A Study of libyan investors international journal of
business society, 4 (4), 27-33.
Cohen, A. (2003). Multiple Commitments in the Workplace: An Integrative Approach. Lawrence
Erlbaum Associates Publishers.
DeBondt, W, Forbes, W, Hamalainen, P & Muradoglu, Y.G. (2010). Qualitative Research in
Financial Markets 2 (1), pp. 29-36 1755-4179 DOI 10.1108/17554171011042371.
Doanh, D.C and Bernat, T (2019) Entrepreneurial self-efficacy and intention among Vietnamese
students: a meta-analytic path analysis based on the theory of planned behavior Procedia
Computer Science 159 (2019) 2447–2460
Eneh, O. C. (2016). "Unemployment conundrum: An analysis of data-based trends, government
and other interventions, solutions and implications for Nigeria’s development."
Sustainable Human Development Review 1, no. 2.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable
variables and measurement error. Journal of Marketing Research, 18(1), 39–50.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least
Squares Structural Equation Modeling (PLS-SEM (2nd ed.). Sage Publications Inc.
Handoko, L; Nugroho, V.C and Sembel, J.S. (2020). Intention to invest in financial product of
older pre-retirerees with financial self-efficacy as an intervening variable: Ultima
Management Vol. 12, No. 1, 2020.
Hidayati, N. Y., & Destiana, R. (2023). The Influence of Attitude, Subjective Norms, Perceived
Behavioral Control, and Financial Literacy on Investment Intention. Return: Study of
Management, Economic and Business, 2(7), 718-728.
Igwe, A., Ogbo, A., Agbaeze, E, Ezenwakwelu, J.A., & Okwo, H. (2020). Self-Efficacy and
Subjective Norms as Moderators in the Networking Competence–Social Entrepreneurial
Intentions Link SAGE Open July-September 2020: 1–16
Isbanah, Y., Kusumaningrum, T. M., & Paramita, R. A. S. (2022). Intention to Invest Based on
Investors Financial Literacy and Perceptual Antecedent: Evidence in Indonesia.
International Journal of Academic Research in Accounting Finance and Management
Sciences. 12(2).
Jain, J., Walia, N. & Gupta, S. (2020). Evaluation of behavioral biases affecting investment
decision making of individual equity investors by fuzzy analytic hierarchy process. Review
of Behavioral Finance 12 (3), pp. 297-314.
Kazaure, M., A. (2019). Extending the theory of planned behaviour to explain the role ofawareness
in accepting Islamic health insurance (takaful) by microenterprises in north-western Nigeria.
journal
of
Islamic
accounting
and
Business
Research,
10(4),
607-620.
https://doi.org/10.1108/JIABR-08-2017-0113.
Krejcie, R. V., & Morgan, D. W. (1970). Determining sample size for research
activities. Educational and Psychological Measurement, 30, 607–610.
Kurniawan, P. I. (2021). Effect of Expected Return, Self - Efficacy, and Perceived Risk on
Investment Intention: An Empirical Study on Accounting Master Degree in Udayana
Nadeem, M.A., Qamar, M., Nazir, M.S., Ahmad, I., Timoshin, A & Shehzad, K. (2020) How
Investors Attitudes Shape Stock Market Participation in the Presence of Financial Self-
Efficacy. Front. Psychol. 11:553351. doi: 10.3389/fpsyg.2020.553351
Natsir, Arifin & Bangun (2021). Influence of product knowledge and perceived risk on investment
intention of stock investors in the covid-19 pandemic era. Advances in social science,
education and humanities research, volume 570.
National Bureau of Statistics. (2023). Labor Force Statistics: Unemployment and
Underemployment Report. Labor Force Statistics Unemployment and Underemployment
Report,
Retrieve
from
file:///C:/Users/HP%20USER/Downloads/Q22023_NLFS_Report_Final.pdf
Nofsinger, J., R. (2005). Social Mood and Financial Economics. Journal of Behavioral Finance,
6(3), 144–160. https://doi.org/10.1207/s15427579jpfm0603_4
Onimole, S.O.; Olaiya, S.A. (2018). Harnessing full employment strategy for nigeria.
Entrepreneurship imperatives, prospects and challenges. Bus. Manag. Dyn. 2018, 10, 27–58
Onyishi, Obayi, A & Collins, O (2019). Social Intervention Programmes and Rural Development
in Nigeria, A Study of Federal Government’s Trader - Moni Initiative ICPP4 – Montréal
Paramita, et al., (2018). Young investor behaviour: Implementation of theory of planned behaviour
International Journal of Civil Engineering and Technology (IJCIET) Volume 9, Issue 7, July
2018, pp. 733–746.
Sarkar, A.K,. & Sahu, T.N. (2018), "Introduction", Investment Behaviour, Emerald Publishing
Limited, Bingley, pp. 1-7. https://doi.org/10.1108/978-1-78756-279-020181001
Shefrin, H., & Statman, M. (2000). Behavioral portfolio theory. Journal of Financial and
Quantitative Analysis, 35(2), 127-151.
https://www.statista.com/statistics/382366/unemployment-rate-in-nigeria/
Shiau, W. et al., (2020) Understanding fintech continuance: perspectives from self-efficacy and
ECT-IS theories Industrial Management & Data Systems DOI 10.1108/IMDS-02-2020-
Sobaih, A.E.E.; Elshaer, I.A. Risk-Taking, Financial Knowledge, and Risky Investment Intention:
Expanding Theory of Planned Behavior Using a ModeratingMediating Model. Mathematics
2023, 11, 453. https://doi.org/10.3390/ math11020453
Vanguard
(2023)
Facing
the
challenge
of
business
start-up
capital
rightly
https://www.vanguardngr.com/2023/08/facing-the-challenge-of-business-start-up-capital-
rightly/
Veerta, T., Gautam, N., & Thammaiah, N. A. M (2017). A Study on Working Women Investing
on Gold Ornaments rather than Gold Bonds International Journal of Advance Research in
Computer Science and Management Studies Volume 5, Issue 9, September 2017 pg. 1-6.
Waziri, M., Ibrahim, A., Z & Zan, Z. (2019). Government intervention programs linking with
poverty alleviation: An empirical investigation, the case of Nigeria. Asian Research Journal
of Arts & Social Sciences 8(2): 1-10, 2019; Article no.ARJASS.46604 ISSN: 2456-4761.
Wang, W.; Kang, S.-W.; Choi, S.B. (2021) Effects of Employee Well-Being and Self-Efficacy on
the Relationship between Coaching Leadership and Knowledge Sharing Intention: A Study
of UK and US Employees. Int. J. Environ. Res. Public Health 2021, 18, 10638.
https://doi.org/10.3390/ijerph182010638
