The Effects of Financial and Investment Decision-Making Components on Entrepreneurial Intention among Iranian Accounting Students

The key qualities for accounting students in the domains of financial issues and investments are among the requirements of entrepreneurship. Besides, one of the most serious challenges facing Iran's government is to create job opportunities and above all resolve youth unemployment, particularly among higher education students and graduates. Given the limited facilities and capabilities of the government to develop businesses for all, it is of utmost importance to reflect on entrepreneurial activities and plan for them. From this perspective, the present study aimed to investigate the impacts of financial and investment decision-making components on entrepreneurial intention (EI) to start and develop businesses among Iranian accounting students. For this purpose, the effects of financial intelligence, risk-taking, optimism, levels of accounting education, and work experience on accounting students' EI were explored. 

The statistical population in this study consisted of all students enrolled in the associate's, bachelor's, master's, and PhD programs in accounting at Iranian universities and institutions of higher education. In view of the large statistical population and the outbreak of the coronavirus disease 2019 (COVID-19) across Iran, the research questionnaire was initially designed online, via the Avalform software, and its link was then sent to the accounting students via e-mails as well as virtual channels and groups on scientific social networks, such as WhatsApp and Instagram. In this way, simple random sampling was utilized. Upon collecting the data and excluding five incomplete questionnaires, the data from 252 questionnaires were exploited for further analysis. In line with the sample size table developed by Bartlett, Kotrlik, and Higgins (2001), at least 209 questionnaires needed to be completed and analyzed in field studies with unlimited populations. Accordingly, the number of questionnaires in this study met the sample size adequacy, and the results could be generalized to the entire statistical population. The data collection instrument was a standardized questionnaire, consisting of several parts with open- and closed-ended items. To check its validity, the opinions of four entrepreneurship and accounting experts were firstly obtained, and then the reliability of its different scales were measured by the Cronbach's alpha coefficient. As well, the data analysis was fulfilled using the SPSS and SmartPLS software packages. For this purpose, the descriptive and inferential statistics were recruited. With regard to the inferential statistics, the structural equation modeling (viz. the measurement and structural model assessments), and the partial least squares (PLS) as an estimation approach were performed. During the measurement model assessment, the validity, reliability, and fit of the measurement model for the latent variables in the study were calculated. As well, the research hypotheses were tested by the proposed model through the structural model assessment. 

The study results demonstrated that financial intelligence had a significant positive effect on EI among Iranian accounting students at the 99% confidence interval (CI). Therefore, it was acknowledged that the students' intention to start and develop entrepreneurial activities and establish businesses could boost alongside the growth in their financial intelligence. Additionally, the findings revealed that risk-taking had a significant positive impact on EI. In other words, the accounting students' EI toward self-employment and investment for starting and developing entrepreneurial businesses could multiply as their level of risk-taking amplified. Even though optimism as one of the main personal characteristics could influence entrepreneurship, and act as a driving force in entrepreneurial activities and investment to launch new and high-risk businesses, the results of the present study demonstrated that optimism did not have a significant effect on EI among the accounting students in Iran. In fact, optimism failed to predict the variations in their EI, due to the nature of accounting as a field of study and its working conditions in this country. Human capital could similarly play a significant role in strengthening EI in the students to start a business and organizing the relevant resources. In light of this, there is strong evidence that human capital raises the individuals' tendency to undertake entrepreneurial activities. On this point, the study results confirmed that the human capital components, i.e., work experience and the level of accounting education could have a significant positive effect on the students' EI. Put it plainly, the Iranian accounting students' decisions could be directed toward self-employment and investment in entrepreneurial activities with the rise in their experience and levels of education. 

The study results established that the financial and investment decision-making components, such as financial intelligence, risk-taking, work experience, and level of accounting education could contribute to forming EI among accounting students to start and develop entrepreneurial businesses. Therefore, this study had some theoretical and practical implications for EI in students, especially the accounting ones. Considering the theoretical achievements, no coherent research had been previously conducted to predict accounting students' EI with an emphasis on the financial and investment decision-making components, to the best of the authors' knowledge, so the present study aimed to examine the effects of such components on accounting students' EI to fill the existing gaps. In terms of the practical outcomes, policy-makers, planners, managers, and professors in the higher education system could take advantage of the study results to promote entrepreneurial and self-employment activities among students; for example, they are suggested to establish student entrepreneurship cooperatives, offer comprehensive training and internship courses, and hold entrepreneurship workshops and events to expand students' financial intelligence and risk-taking, boost human capital, and thereby promote EI among them.