The Moderating Role of Risk-Taking in The Relationship between Entrepreneurial Passion and Entrepreneurial Intention: A Study of ‎Startup Actors in Indonesia

Authors

  • Evi Fitrotun Najiah

    Doctoral Program in Economics, Sebelas Maret University, ‎Surakarta, Indonesia

  • Asri Laksmi Riani

    Doctoral Program in Economics, Sebelas Maret University, ‎Surakarta, Indonesia

  • Salamah Wahyuni

    Doctoral Program in Economics, Sebelas Maret University, ‎Surakarta, Indonesia

  • Joko Suyono

    Doctoral Program in Economics, Sebelas Maret University, ‎Surakarta, Indonesia

How to Cite

Najiah, E. F. ., Riani, A. L. ., Wahyuni, S. ., & Suyono, J. . (2025). The Moderating Role of Risk-Taking in The Relationship between Entrepreneurial Passion and Entrepreneurial Intention: A Study of ‎Startup Actors in Indonesia. International Journal of Accounting and Economics Studies, 12(4), 133-138. https://doi.org/10.14419/g8zfhq18

Received date: June 22, 2025

Accepted date: July 30, 2025

Published date: August 5, 2025

DOI:

https://doi.org/10.14419/g8zfhq18

Keywords:

Entrepreneurial Intention; Entrepreneurial Passion; Founding; Inventing; Moderation; Risk Taking; Startup

Abstract

Startups in Indonesia experience a high failure rate, partly due to insufficient risk-taking capacity, especially during the early founding stage. ‎This study aims to examine the moderating role of risk-taking in the relationship between entrepreneurial passion (EPI, EPF, and EPD) and ‎entrepreneurial intention. A quantitative approach was applied using PLS-SEM analysis on a sample of 223 startup founders in Indonesia. ‎Only the relationship between EPF and EI is significantly moderated by RT, while EPI and EPD have no significant interaction with RT in ‎predicting EI. Risk taking strengthens or weakens the effect of EPF on EI, but has no moderating role in the EPI–EI and EPD–EI relationships. ‎This implies that risk propensity is more relevant during the founding phase. Risk-taking serves as a significant moderator only in the relationship ‎between EPF and EI. The influence of entrepreneurial passion on entrepreneurial intention is contextual, depending on the specific phase of the ‎entrepreneurial process‎.

References

  1. MRB Finance, “Survey Masalah Bisnis Startup di Indonesia,” Mrbfinance.Com. [Online]. Available: https://mrbfinance.com/survey-masalah-bisnis-startup-di-indonesia/.
  2. MIKTI dan Teknopreneur Indonesia, Mapping & Database Startup Indonesia 2018. MIKTI dan Teknopreneur Indonesia, 2018. [Online]. Available: https://www.kemenparekraf.go.id/asset_admin/assets/uploads/media/pdf/media_1589838814_Mapping_Database_Startup_Indonesia_2018.pdf.
  3. M. S. Cardon, R. Sudek, and C. Mitteness, “The Impact of Perceived Entrepreneurial Passion on Angel Investing,” Front. Entrep. Res., vol. 29, pp. 01–15, 2009, https://doi.org/10.5465/ambpp.2009.44244277.
  4. C. Li, M. Murad, F. Shahzad, M. A. S. Khan, S. F. Ashraf, and C. S. K. Dogbe, “Entrepreneurial Passion to Entrepreneurial Behavior: Role of Entrepreneurial Alertness, Entrepreneurial Self-Efficacy and Proactive Personality,” Front. Psychol., vol. 11, no. 1611, pp. 1–19, 2020, https://doi.org/10.3389/fpsyg.2020.01611.
  5. M. N. Ferreira-Neto, J. L. de Carvalho Castro, J. M. de Sousa-Filho, and B. de Souza Lessa, “The Role Of Self-Efficacy, Entrepreneurial Passion, And Creativity In Developing Entrepreneurial Intentions,” Front. Psychol., vol. 14, pp. 1–14, 2023, https://doi.org/10.3389/fpsyg.2023.1134618.
  6. H. Hoang and B. Antončič, “Network-Based Research in Entrepreneurship A Critical Review,” J. Bus. Ventur., vol. 18, pp. 1–21, 2003, [Online]. Available: https://ananedu.com/papers/06.network.pdf.
  7. A. Biraglia and V. Kadile, “The Role Of Entrepreneurial Passion And Creativity In Developing Entrepreneurial Intentions: Insights From American Homebrewers,” J. Small Bus. Manag., vol. 55, no. 01, pp. 170–188, 2017, https://doi.org/10.1111/jsbm.12242.
  8. H. T. Keh, T. T. M. Nguyen, and H. P. Ng, “The Effects of Entrepreneurial Orientation and Marketing Information on the Performance of SMEs,” J. Bus. Ventur., vol. 22, no. 04, pp. 592–611, 2007, https://doi.org/10.1016/j.jbusvent.2006.05.003.
  9. S. Shane, E. A. Locke, and C. J. Collins, “Entrepreneurial Motivation,” Hum. Resour. Manag. Rev., vol. 13, no. 02, pp. 257–279, 2003, doi: https://doi.org/10.1016/S1053-4822(03)00017-2.
  10. R. A. Baron, “Opportunity Recognition As Pattern Recognition: How Entrepreneurs ‘Connect The Dots’ To Identify New Business Opportunities,” Acad. Manag. Perspect., vol. 20, no. 01, pp. 104–119, 2006, https://doi.org/10.5465/amp.2006.19873412.
  11. S. B. Sitkin and A. L. Pablo, “Reconceptualizing The Determinants Of Risk Behavior,” Acad. Manag. Rev., vol. 17, no. 01, pp. 09–38, 1992, https://doi.org/10.2307/258646.
  12. L. W. Busenitz and J. B. Barney, “Differences between Entrepreneurs and Managers in Large Organizations: Biases and Heuristics in Strategic Decision-Making,” J. Bus. Ventur., vol. 12, no. 01, pp. 9–30, 1997, https://doi.org/10.1016/S0883-9026(96)00003-1.
  13. I. Ajzen, “The Theory of Planned Behavior,” Organ. Behav. Hum. Decis. Process., vol. 50, no. 02, pp. 179–211, 1991, https://doi.org/10.1016/0749-5978(91)90020-T.
  14. S. Karimi, “The Role Of Entrepreneurial Passion In The Formation Of Students’ Entrepreneurial Intentions,” Appl. Econ., vol. 52, no. 03, pp. 331–344, 2020, https://doi.org/10.1080/00036846.2019.1645287.
  15. Amorós, J. E., & Bosma, N. (2014). Global Entrepreneurship Monitor: 2013 Global Report. Global Entrepreneurship Research Association.
  16. Brännback, M., Krueger, N., Carsrud, A., & Elfving, J. (2007). Trying to be an entrepreneur? A 'goal-specific' challenge to the intentions model. Frontiers of Entrepreneurship Research, 27(6), Article 5. https://digitalknowledge.babson.edu/fer/vol27/iss6/5
  17. Hayton, J. C., George, G., & Zahra, S. A. (2002). National culture and entrepreneurship: A review of behavioral research. Entrepreneurship Theory and Practice, 26(4), 33–52. https://doi.org/10.1177/104225870202600403
  18. Hofstede, G. (2001). Culture’s consequences: Comparing values, behaviors, institutions and organizations across nations (2nd ed.). Sage Publica-tions.
  19. Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217–226. https://doi.org/10.5465/amr.2000.2791611
  20. Ahsan, M., Adomako, S., Donbesuur, F., & Mole, K. F. (2023). Entrepreneurial Passion and Product Innovation Intensity in New Ventures: Medi-ating Effects of Exploration and Exploitation Activities. British Journal of Management, 34(02), 849–872. https://doi.org/10.1111/1467-8551.12627
  21. Bird, B. (1988). Implementing Entrepreneurial Ideas: The Case for Intention. Academy of Management Review, 13(03), 442–453. https://doi.org/10.5465/amr.1988.4306970
  22. Krueger, N. F., Reilly, M. D., & Carsrud, A. L. (2000). Competing Models Of Entrepreneurial Intentions. Journal of Business Venturing, 15(05), 411–432. https://doi.org/10.1016/S0883-9026(98)00033-0
  23. Autio, E., H. Keeley, R., Klofsten, M., G. C. Parker, G., & Hay, M. (2001). Entrepreneurial Intent among Students in Scandinavia and in the USA. Enterprise and Innovation Management Studies, 02(02), 145–160. https://doi.org/10.1080/14632440110094632
  24. Thompson, E. R. (2009). Individual Entrepreneurial Intent: Construct Clarification and Development of an Internationally Reliable Metric. Entre-preneurship: Theory and Practice, 33(03), 669–694. https://doi.org/10.1111/j.1540-6520.2009.00321.x
  25. Begley, T. M., & Boyd, D. P. (1987). Psychological Characteristics Associated With Performence In Entrepreneurial Firms And Smaller Businesses. Journal of Business Venturing, 02(01), 79–93. https://doi.org/10.1016/0883-9026(87)90020-6
  26. McClelland, DC (1961). The Achieving Society. Princeton, NJ: Van Nostrand.
  27. Keh, HT, Foo, MD, & Lim, BC (2002). Evaluasi peluang dalam kondisi berisiko: Proses kognitif wirausahawan. Teori dan Praktik Kewirausahaan , 27(2), 125–148. https://doi.org/10.1111/1540-8520.00003
  28. Caliendo, M., Fossen, FM, & Kritikos, AS (2009). Sikap terhadap risiko wirausahawan pemula–bukti baru dari survei yang tervalidasi secara ek-sperimental. Ekonomi Usaha Kecil , 32(2), 153–167. https://doi.org/10.1007/s11187-008-9159-0
  29. Stewart, WH, & Roth, PL (2001). Perbedaan kecenderungan risiko antara wirausahawan dan manajer: Sebuah tinjauan meta-analitik. Jurnal Psikologi Terapan , 86(1), 145–153. https://doi.org/10.1037/0021-9010.86.1.145
  30. Zhao, H., Seibert, SE, & Lumpkin, GT (2010). Hubungan kepribadian dengan intensi dan kinerja kewirausahaan: Sebuah tinjauan meta-analitik. Jurnal Manajemen , 36(2), 381–404. https://doi.org/10.1177/0149206309335187
  31. Salameh, Z., Hallinger, P., Hammad, W., & Hosseingholizadeh, R. (2022). Niat berwirausaha di kalangan mahasiswa pendidikan tinggi di negara-negara Arab: Tinjauan meta-analitik tentang pengaruh sifat-sifat pribadi. Education + Training , 64(3), 350–369. https://doi.org/10.1108/ET-06-2021-0214
  32. Bolton, DL, & Lane, MD (2012). Orientasi kewirausahaan individu: Pengembangan instrumen pengukuran. Pendidikan + Pelatihan , 54(2/3), 219–233. https://doi.org/10.1108/00400911211210314

Downloads

How to Cite

Najiah, E. F. ., Riani, A. L. ., Wahyuni, S. ., & Suyono, J. . (2025). The Moderating Role of Risk-Taking in The Relationship between Entrepreneurial Passion and Entrepreneurial Intention: A Study of ‎Startup Actors in Indonesia. International Journal of Accounting and Economics Studies, 12(4), 133-138. https://doi.org/10.14419/g8zfhq18

Received date: June 22, 2025

Accepted date: July 30, 2025

Published date: August 5, 2025