Using the Theory of Planned Behavior and the Big Five Personality Trait Model in Predicting Entrepreneurial Intention: A Comparison Study of the Two Models

Abstract

The purpose of this study is to compare the relative efficacy of the Big Five Personality Trait Model to that of the theory of Planned Behavior (TPB), in terms of their predictive ability of Entrepreneurial Intention (EI). Most studies use one of these models or a version of them to predict EI. In this study we asked 1766 university students, from the School of Business to complete both questionnaires. The results from our analysis are quite revealing concerning the explanatory power of the two instruments. Among the Big Five traits, Extraversion, Conscientiousness, Agreeableness and Openness showed a significant relationship to EI while neuroticism did not. When we introduced Risk Taking as an independent variable, we found that it also related to EI significantly, increasing R2 from 0.126 to 0.151. Using the same sample, we tested the predictive power of TPB. We found a significant relationship of Personal Attitude (PA) and Perceived Behavioral Control (PBC) to EI. The model accounted for 65.7% of the variance in EI. The findings suggest that TPB prevails in predicting EI among university students over the Big Five model. Academics would be better off using the TPB in predicting EI, at least in similar contexts. The contribution of this study lies in that among the two dominant EI prediction models, TPB clearly appears to be more efficacious.