Modelling social entrepreneurial intention among university students in Bangladesh using value-belief-norm framework

While the public sector authorities and governments struggle to ensure socioeconomic balance at all levels of society, social entrepreneurship is widely known as the optimum solution to societal issues, such as unemployment, social disparities, and ecological imbalances. Despite the fact that the younger generation holds the highest potential to be future social entrepreneurs, a few studies have been conducted to explore the factors that influence their social entrepreneurial intentions (SEI) in developing countries, such as Bangladesh. Furthermore, the empirical studies based on the value-belief-norm (VBN) theory for addressing SEI were scarce in the existing literature. The study aims to measure the influence of Altruistic Values (AV), Traditional Values (TV), Personal Normative Beliefs (NB), Awareness of Consequences (AC), Ascription of Responsibility (AR), Personal Norms (PN), and Social Norms (SN) on SEI implementation of the VBN framework. A combination of web-based and hardcopy surveys was used to collect data from 797 students of higher educational institutes in Bangladesh. The hypotheses and associations between the factors were statistically analysed using structural equation modelling. As a result, it was demonstrated that AV and TV had a notable influence on NB. Similarly, NB showed a significant positive impact on PN and AC, while AC and AR were reported to have a substantial influence on PN. Finally, PN and SN showed a strong impact on SEI. The holistic social entrepreneurship model proposed in this study should be effective for socioeconomic development by incorporating commercially feasible and sustainable principles. Overall, the study findings would assist researchers, current social entrepreneurs and organisations, educational institutes, government agencies, and individual potential entrepreneurs with accurate knowledge and insight to construct their strategies and efficiently pursue social ventures.