How Entrepreneurial Spirit Influences Entrepreneurial Intentions Through Psychological Capital: A Case Study in Guangxi, China

Abstract

Aim/Purpose: This paper aimed to explore the influence of entrepreneurial spirit on entrepreneurial intentions, and to investigate whether a stronger entrepreneurial spirit was correlated with higher entrepreneurial intentions among students. It also investigated the possible mediating role of psychological capital in order to understand how psychological capital may bridge or influence the relationship between entrepreneurial spirit and entrepreneurial intentions. Introduction/Background: These issues were addressed by integrating theories of entrepreneurial spirit, psychological capital, and entrepreneurial intentions, and conducting an empirical study. The study built on previous research that examined these constructs separately or in limited combinations, seeking to provide a more comprehensive understanding of how entrepreneurial spirit, characterized by innovation, risk-taking, and perseverance, interacts with psychological capital, consisting of optimism, resilience, hope, and self-efficacy, to shape college students' entrepreneurial intentions. Methodology: The research was conducted using a survey questionnaire. The target population was college students in Guangxi, China, with a final sample size of 2,131 students from 15 universities. An online questionnaire ("Questionnaire Star") was used; it was sent to a convenience sample of students, allowing them to freely choose whether to participate or not. The questionnaire was designed based on Luthans' psychological capital measurement theory, covering Entrepreneurial Spirit (consisting of innovation ability, risk-taking, and leadership dimensions), Entrepreneurial Intentions (entrepreneurial motivation, attitude, and subjective perception dimensions), and Psychological Capital (optimism, resilience, and hope dimensions), with four questions for each dimension, and five additional questions about respondents' demographic characteristics. All questions were scored on a 5-point Likert scale. The data was analyzed using various statistical techniques, including Cronbach's alpha for reliability testing, Kaiser–Meyer–Olkin and Bartlett's tests for validity assessment, ANOVA for variance analysis, Pearson's correlation for relationship examination, and regression analysis using Stata 17 to test hypotheses and analyze direct and mediating effects. Findings: The study found that entrepreneurial spirit had a significant positive correlation with entrepreneurial intentions, and this relationship was further mediated by psychological capital. Cronbach's alpha tests showed good reliability for all constructs, with coefficients as follows: psychological capital (.894), self-efficacy (.754), hope (.713), resilience (.727), optimism (.704), entrepreneurial spirit (.860), and entrepreneurial intentions (.869). The Kaiser–Meyer–Olkin value of .898 and a passing score for Bartlett's test of sphericity indicated the data's suitability for factor analysis. Descriptive statistics revealed gender and class level differences in the measured variables, with more female and senior respondents; higher scores were observed among seniors and males. ANOVA results showed that the regression model significantly explained variations in the outcome variables. Pearson's correlation analysis indicated strong positive correlations between Entrepreneurial Spirit and Entrepreneurial Intentions (.697), Psychological Capital and Entrepreneurial Intentions (.805), and Entrepreneurial Spirit and Psychological Capital (.521). Regression analyses demonstrated that both Entrepreneurial Spirit and Psychological Capital had significant positive effects on Entrepreneurial Intentions, with acceptable VIF and D-W values. The mediation effect was confirmed through three regression models, where the introduction of Psychological Capital enhanced the model's explanatory power, as shown by increased ΔR² values. Contribution/Impact on Society: This study clarifies psychological capital’s mediating role between entrepreneurial spirit and intentions, advancing theoretical frameworks in entrepreneurship. Practically, it suggests integrating targeted psychological capital training (e.g., resilience and optimism enhancement) into educational programs to strengthen students' entrepreneurial preparedness, aligning with national entrepreneurship policies. The findings highlight how nurturing entrepreneurial mindsets in underdeveloped areas could stimulate local ventures like cultural tourism startups, addressing regional disparities while contributing to sustainable economic growth and job creation. Recommendations: For practitioners in entrepreneurship education, it is recommended to incorporate activities into curricular programs that cultivate entrepreneurial spirit, focusing on enhancing students' innovation, risk-taking, and perseverance, while simultaneously nurturing their psychological capital to boost confidence and resilience. Researchers are advised to further explore the complex relationships among these variables, possibly by incorporating additional factors or using more diverse samples. Moreover, future studies could investigate optimal ways to develop and integrate these constructs in educational settings. Research Limitations: The main limitations of this study included its geographical focus on Guangxi, China, which may limit the generalizability of the findings due to China's diverse economic and cultural contexts. Additionally, the study only examined the mediating role of psychological capital, overlooking other potential mediating factors such as social networks, family support, and institutional factors. The cross-sectional nature of this study limited the understanding of temporal changes in entrepreneurial intentions and related constructs. Future Research: Future researchers could use a larger sample by including students from different Chinese regions and diverse institutional backgrounds. They could also explore other mediating and moderating variables in the relationship between entrepreneurial spirit and entrepreneurial intentions, conduct longitudinal studies to track changes over time, and investigate the impact of different entrepreneurship educational programs on these constructs.