Using Structural Equation Modeling in the Analysis of the Relationship Between Internal and External Factors and Women Entrepreneurs’ Success
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Jun 8, 2023
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Abstract
In modern business conditions, entrepreneurship, as a significant driver of economic growth and development, is also an important facilitator of women's empowerment in developed and developing countries. In this sense, the aim of this research is to determine whether internal and external factors have direct, positive, and significant effects on women entrepreneurs' success. The research, including the pilot test, was carried out in the period July - October 2022, whereby a convenient sample included 514 female entrepreneurs, whose enterprises operate on the territory of the Republic of Serbia. The causal relationships between observed variables were assessed using the Structural Equation Modeling method. The obtained results showed that both internal (self-confidence, need for achievement, and risk-taking) and external factors (economic and socio-cultural) are significant determinants of women entrepreneurs' success. The results emphasize the need to motivate women to start their own businesses, by organizing various educational courses and workshops and women's support programs by the government.
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References
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[28] Jović, Bogdanović Adriana, Maja Dimić, and Marija Vučić. 2022. "Financial literacy and entrepreneural education as a prerequisite for the development of entrepreneurship in the RepubIic of Serbia and Northern Macedonia." International Journal of Economics and Law, 12(35): 65-91.
[29] Kallerberg, Arne L., and Kevin T. Leicht. 2017. "Gender and organizational performance: Determination of small business survival and success." Academy of Management Journal, 34(1): 134-61.
[30] Kalyani, A. L. N. S., and Mounika G. S. 2016. "Factors Influencing Female Entrepreneurship." Anveshana’s International Journal of Research in Regional Studies, Law, Social Sciences, Journalism and Management Practices, 1(8): 54-60.
[31] Khan, Rizwan Ullah, Yashar Salamzadeh, Syed Zulfiqar Ali Shah, and Hussain Mazhar. (2021). "Factors affecting women enterpreneurs’ success: a study of small-and medium-sized enterprises in emerging market of Pakistan." Journal of Innovation and Entrpreneurship, 10(11): 1-21.
[32] Kingsley, Bernard D. T., Kevin Low Lock Teng, and Khin Aye Aye. 2016. "Entrepreneurial Success through Microfinance Services among Women Entrepreneurs in Sri Lanka: A Pilot Study and Overview of the Findings." International Journal of Economics and Financial Issus, 6(3), 1144-50.
[33] Kirkwood, Jodyanne. 2009. "Is lack of self-confidence hindering women entrepneurs?" International Journal of Gender and Entrepreneurship, 1(2): 118-33.
[34] Lee, Voon-Hsein, Keng‐Boon Ooi, Boon-In Tan, and Alain Yee-Loong Chong. 2010. "A Structural Analysis of the Relationship between TQM Practices and Product Innovation." Asian Journal of Technology Innovation, 18(1): 73–96.
[35] Lindvert, Marta, Pankaj C. Patel, and Joakim Wincent. 2017. "Struggling with social capital: Pakistani women micro entrepreneurs’ challenges in acquiring resources." Entrepreneurship and Regional Development, 29(7-8): 759–90.
[36] Malaeb, Ziad A., Kevin J. Summers, and Bruce H. Pugesek. 2000. "Using Structural Equation Modeling to Investigate Relationships among Ecological Variables." Environmental and Ecological Statistics, 7: 93-111.
[37] Marković Radović, Mirjana, Zorana Nikitović, Borko Somborac, Aleksandra, Penjišević, and Slađana Vujičić. 2022. "Integration of Gender Aspects into Development of Knowledge Management System in the Entrepreneurial Organizations in Serbia." Journal of Women's Entrepreneurship and Education (JWEE), 1-2: 154-69.
[38] McClelland, David. 1988. Human motivation. Cambridge: Cambridge University Press.
[39] Meroño-Cerdán, Angel L., Carolina López-Nicolás, and Francisco J. Molina-Castillo. 2018. "Risk aversion, innovation and performance in family firms." Economics of Innovation and New Technology, 27(2): 189–203.
[40] Messikh, Ayorub. 2021. "The Entrepreneurial Intention of Algerian Women (a Sample Study of Skikda University Female Students)." Journal of Women’s Entrepreneurship and Education, 3-4: 134-50.
[41] Milanović, Mirko. 2020. "Analiza razvijenosti sektora MSSP-a u Republici Srbiji." [The Analysis of Development of the SME Sector in the Republic of Serbia]. Trendovi u poslovanju, 1(15): 37-43.
[42] Miller, Danny, and Peter H. Friesen. 1982. "Innovation in Conservative and Entrepreneurial Firms: Two Models of Strategic Momentum." Strategic Management Journal, 3(1): 1–25.
[43] Muhammad, Nabeel, Gerard McElwee, and Dana Leo-Paul. 2017. "Barriers to the development and progress of entrepreneurship in rural Pakistan." International Journal of Entrepreneurial Behavior & Research, 23(2): 279–95.
[44] Muindi, Kimeu, and Enno Masurel. 2022. "Entrepreneurial Orientation and Entrepreneurial Performance among Female Entrepreneurs: Empirical Evidence from Kenya." Journal of Women’s Entrepreneurship and Education, 3-4: 7-26.
[45] Mukha, Victoria N., and Elena Klochko N. 2021. "The impact of ethnic entrepreneurship on the innovative development of the economic space of a polyethnic region." International Review, 3-4: 15-20.
[46] Pallant, Julie. 2007. SPSS Survival Manual. A Step by Step Guide to Data Analysis using SPSS for Windows. 3rd edition. Open University Press.
[47] Pantić-Popović, Sanja. 2014. "Female entrepreneurship in Serbia: Evolution from the social toward the economic category." Business Economics, 8(2): 143-62.
[48] Pérez-Pérez, Carmina, and Manuela Avilés-Hernández. 2016. "Explanatory factors of female entrepreneurship and limiting elements." Suma De Negocios, 7(15): 25-31.
[49] Podsakoff, Philip M., Scott B. MacKenzie, and Nathan P. Podsakoff. 2012. "Sources of Method Bias in Social Science Research and Recommendations on How to Control it." Annual Review of Psychology, 63: 539–69.
[50] Poggesi, Sara, Michela Mari, and Luisa De Vita. 2016. "What’s new in female entrepreneurship research? Answers from the literature." International Entrepreneurship and Management Journal, 12(3): 735–64.
[51] Rabrenović, Mihajlo, Ranka Mitrović, and Boban Kovačević. 2020. "The relationship between strategic management and public relations and their implications for financial operations." International Review, 1-2: 89-93.
[52] Rehman, Sumaira, and Muhammad Azam Roomi. 2012. "Gender and work‐life balance: a phenomenological study of women entrepreneurs in Pakistan." Journal of Small Business and Enterprise Development, 19(2): 209-28.
[53] Schneider, Kaethe. 2017. "Promoting the Entrepreneurial Success of Women Entrepreneurs through Education and Training." Science Journal of Education, 5(2): 50-59.
[54] Shahzady, I., Ayesha Javed, Syed Pirzada, Shagufta Nasreen, Farida Khanam. 2014. "Impact of Employee Motivation on Employee Performance." European Journal of Business and Management, 6(3): 159-66.
[55] Signel, Minu. 2016. "Role of education in women entrepreneurship development in Nepal." Tribhuvan University Journal, 29(1): 111-22.
[56] Slovic, Paul. 2000. The Perception of Risk. Routledge.
[57] Stošić, Danijela, Suzana Stefanović, and Biljana Predić. 2016. "Analysis of the start-up motives of female entrepreneurs." Teme, XL(1): 217-28.
[58] Twibell, Renee Samples, Debra Siela, Cheryl Riwitis, Joe Wheatley, Tina Riegle, Denise Bousman, Sandra Cable, Pam Caudill, Sherry Harrigan, Rick Hollars, Doreen Johnson, and Alexis Neal. 2008. "Nurses' perceptions of their self-confidence and the benefits and risks of family presence during resuscitation." American Journal of Critical Care, 17(2): 101–11.
[59] Wube, Mulugeta Chane. 2010. "Factors Affecting the Performance of Women Entrepreneurs in Micro and Small Enterprises." PhD diss. Bahir Dar University.
[60] Zalata, Alaa Mansour, Collins Ntim, Ahmed Aboud, and Ernest Gyapong. 2019. "Female CEOs and core earnings quality: New evidence on the ethics versus risk-aversion puzzle." Journal of Business Ethics, 160(2): 515–34.
[61] Zelekha, Yaron. 2021. "What stands behind the gender gap in entrepreneurship? Untangling the intergenerational parental role." PLoS ONE, 16(12): e0261108.
[2] Abdallah, Wagdy M., and Majbour Alnamri. 2015. "Non-financial performance measures and the BSC of multinational companies with multi-cultural environment: An empirical investigation." Cross Cultural Management, 22(4): 594–607.
[3] Adiza, Gogo Rachael, Ule Prince Alamina, and Sunday Aliyu. 2020. "The Influence of sociocultural factors on the performance of female entrepreneurs." International Journal of Financial, Accounting, and Management, 1(2): 13-27.
[4] Alam, Syed Shah, Mohd Fauzi, Mohd Jani, and Nor Asiah Omar. 2011. "An empirical study of success factors of women entrepreneurs in Southern region in Malaysia." International Journal of Economics and Finance, 3(2): 166-75.
[5] Anderson, James C., and David W. Gerbing. 1988. "Structural Equation Modeling in Practice: A Review and Recommended Two-Step Approach." Psychological Bulletin, 103(3): 411-23.
[6] Apergis, Nicholas, and Victoria Pekka-Economou. 2010. "Incentives and Female Entrepreneurship Activity: Evidence from Panel Firm Level Data." International Advances in Economic Research, 16(4): 371–87.
[7] Arasti, Zahra, Fahimeh Zandi, and Kambeiz Talebi. 2012. "Exploring the effect of individual factors on business failure in Iranian new established small businesses." International Business Research, 5(4): 1- 11.
[8] Azmi, Ilhaamie Abdul Ghani. 2017. "Muslim women entrepreneurs motivation in SMEs: A quantitative study in Asia Pacific countries." Asian Economic and Financial Review, 7(1): 27-42.
[9] Balakrishnan, Balakrishnan, and Foon Siang Low. 2016. "Learning experience and sociocultural influences on female engineering students’ perspectives on engineering courses and careers." Minerva, 54(2): 219–39.
[10] Balogun, Anthony Gbenro, Shyngle Kolawole Balogun, and Chidi Victor Onyencho. 2017. "Test anxiety and academic performance among undergraduates: the moderating role of achievement motivation." The Spanish Journal of Psychology, 20(e14): 1–8.
[11] Bollen, Kenneth A. 1989. Structural Equations with Latent Variables. New York: John Willey & Sons, Inc.
[12] Bollen, Kenneth A., and Scott Long J. 1993. Testing Structural Equation Models. Newbury Park, CA: Sage Focus Editions.
[13] Brush, Candida G. 1992. "Research on Women Business Owners: Past Trends, a New Perspective and Future Directions." Entrepreneurship Theory and Practice, 16(4): 5-30.
[14] Byrne, Barbara M. 1994. Structural Equation Modeling With EQS and EQS/WINDOWS: Basic Concepts, Applications, and Programming. 1st Edition. New York: SAGE Publications, Inc.
[15] Byrne, Barbara M. 1998. Structural Equation Modeling With Lisrel, Prelis, and Simplis. Basic Concepts, Applications, and Programming. 1st Edition. New York: Psychology Press.
[16] Carree, Martin A., and Ingrid Verheul. 2012. "What Makes Entrepreneurs Happy? Determinants of Satisfaction among Founders." Journal of Happiness Studies, 13(2): 371–87.
[17] Dewi, Erni R., Patta Bundu, and Suradi Tahmir. 2016. "The influence of the antecedent variable on the teachers' performance through achievement motivation in senior high school." International Journal of Environmental and Science Education, 11(9), 3161–66.
[18] Dahr, Saptarshi, Tahira Farzana, and Sabiha Saju Ibne Abedin. 2022. "Pushed or Pulled into Entrepreneurship? Motivations behind Entrepreneurial Entry for Women with Disabilities in Bangladesh." Journal of Women’s Entrepreneurship and Education, 3-4: 103-25.
[19] Fenwick, Tara J., and Susan Hutton. 2000. "Women Crafting New Work: The Learning of Women Entrepreneurs." http://hdl.voced.edu.au/10707/80551
[20] Fornell, Claes, and David F. Larcker. 1981. "Structural Equation Models with Unobservable Variables and Measurement Error: Algebra and Statistics." Journal of Marketing Research, 18(3), 382–88.
[21] Hair, Joseph F. Jr., Tomas G. M. Hult, Christian M. Ringle, and Marko Sarstedt. 2016. A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). 2nd Edition. New York: SAGE Publication.
[22] Hasan, Fatima S. M. A., and Muneer Mohammed Saeed Almubarak. (2016). "Factors influencing women entrepreneurs’ performance in SMEs." World Journal of Entrepreneurship, Management and Sustainable Development, 12(2): 82 – 101.
[23] Hassan, Osama H. M., Abu Elnasr E. Sobaih, and Ibrahim A. Elshaer. 2022. "The Impact of Women’s Emprowement on Their Entrepreneurship Intention in the Saudi Food Industry." Journall of Risk and Financial Management, 15(12): 571.
[24] Hoelter, Jon W. 1983. "The Analysis of Covariance Structures: Goodness-of-Fit Indices." Sociological Methods & Research, 11(3): 325–44.
[25] Holmquist, Carin, and Sara Carter. 2009. "The Diana Project: pioneering women studying pioneering women." Small Business Economics, 32(2): 121–28.
[26] Hu, Li-tze, and Peter M. Bentler. 1999. "Cutoff Criteria for Fit Indexes in Covariance Structure Analysis: Conventional Criteria versus New Alternatives." Structural Equation Modeling: A Multidisciplinary Journal, 6(1): 1–55.
[27] Jayeoba, Foluso Ilesanmi, Yusuf Sholesi, Olufemi Akanji Lawal. 2013. "Achievement motivation, gender and entrepreneurial ability." International Journal of Academic Research in Accounting, Finance and Management Sciences, 3(1): 248–56.
[28] Jović, Bogdanović Adriana, Maja Dimić, and Marija Vučić. 2022. "Financial literacy and entrepreneural education as a prerequisite for the development of entrepreneurship in the RepubIic of Serbia and Northern Macedonia." International Journal of Economics and Law, 12(35): 65-91.
[29] Kallerberg, Arne L., and Kevin T. Leicht. 2017. "Gender and organizational performance: Determination of small business survival and success." Academy of Management Journal, 34(1): 134-61.
[30] Kalyani, A. L. N. S., and Mounika G. S. 2016. "Factors Influencing Female Entrepreneurship." Anveshana’s International Journal of Research in Regional Studies, Law, Social Sciences, Journalism and Management Practices, 1(8): 54-60.
[31] Khan, Rizwan Ullah, Yashar Salamzadeh, Syed Zulfiqar Ali Shah, and Hussain Mazhar. (2021). "Factors affecting women enterpreneurs’ success: a study of small-and medium-sized enterprises in emerging market of Pakistan." Journal of Innovation and Entrpreneurship, 10(11): 1-21.
[32] Kingsley, Bernard D. T., Kevin Low Lock Teng, and Khin Aye Aye. 2016. "Entrepreneurial Success through Microfinance Services among Women Entrepreneurs in Sri Lanka: A Pilot Study and Overview of the Findings." International Journal of Economics and Financial Issus, 6(3), 1144-50.
[33] Kirkwood, Jodyanne. 2009. "Is lack of self-confidence hindering women entrepneurs?" International Journal of Gender and Entrepreneurship, 1(2): 118-33.
[34] Lee, Voon-Hsein, Keng‐Boon Ooi, Boon-In Tan, and Alain Yee-Loong Chong. 2010. "A Structural Analysis of the Relationship between TQM Practices and Product Innovation." Asian Journal of Technology Innovation, 18(1): 73–96.
[35] Lindvert, Marta, Pankaj C. Patel, and Joakim Wincent. 2017. "Struggling with social capital: Pakistani women micro entrepreneurs’ challenges in acquiring resources." Entrepreneurship and Regional Development, 29(7-8): 759–90.
[36] Malaeb, Ziad A., Kevin J. Summers, and Bruce H. Pugesek. 2000. "Using Structural Equation Modeling to Investigate Relationships among Ecological Variables." Environmental and Ecological Statistics, 7: 93-111.
[37] Marković Radović, Mirjana, Zorana Nikitović, Borko Somborac, Aleksandra, Penjišević, and Slađana Vujičić. 2022. "Integration of Gender Aspects into Development of Knowledge Management System in the Entrepreneurial Organizations in Serbia." Journal of Women's Entrepreneurship and Education (JWEE), 1-2: 154-69.
[38] McClelland, David. 1988. Human motivation. Cambridge: Cambridge University Press.
[39] Meroño-Cerdán, Angel L., Carolina López-Nicolás, and Francisco J. Molina-Castillo. 2018. "Risk aversion, innovation and performance in family firms." Economics of Innovation and New Technology, 27(2): 189–203.
[40] Messikh, Ayorub. 2021. "The Entrepreneurial Intention of Algerian Women (a Sample Study of Skikda University Female Students)." Journal of Women’s Entrepreneurship and Education, 3-4: 134-50.
[41] Milanović, Mirko. 2020. "Analiza razvijenosti sektora MSSP-a u Republici Srbiji." [The Analysis of Development of the SME Sector in the Republic of Serbia]. Trendovi u poslovanju, 1(15): 37-43.
[42] Miller, Danny, and Peter H. Friesen. 1982. "Innovation in Conservative and Entrepreneurial Firms: Two Models of Strategic Momentum." Strategic Management Journal, 3(1): 1–25.
[43] Muhammad, Nabeel, Gerard McElwee, and Dana Leo-Paul. 2017. "Barriers to the development and progress of entrepreneurship in rural Pakistan." International Journal of Entrepreneurial Behavior & Research, 23(2): 279–95.
[44] Muindi, Kimeu, and Enno Masurel. 2022. "Entrepreneurial Orientation and Entrepreneurial Performance among Female Entrepreneurs: Empirical Evidence from Kenya." Journal of Women’s Entrepreneurship and Education, 3-4: 7-26.
[45] Mukha, Victoria N., and Elena Klochko N. 2021. "The impact of ethnic entrepreneurship on the innovative development of the economic space of a polyethnic region." International Review, 3-4: 15-20.
[46] Pallant, Julie. 2007. SPSS Survival Manual. A Step by Step Guide to Data Analysis using SPSS for Windows. 3rd edition. Open University Press.
[47] Pantić-Popović, Sanja. 2014. "Female entrepreneurship in Serbia: Evolution from the social toward the economic category." Business Economics, 8(2): 143-62.
[48] Pérez-Pérez, Carmina, and Manuela Avilés-Hernández. 2016. "Explanatory factors of female entrepreneurship and limiting elements." Suma De Negocios, 7(15): 25-31.
[49] Podsakoff, Philip M., Scott B. MacKenzie, and Nathan P. Podsakoff. 2012. "Sources of Method Bias in Social Science Research and Recommendations on How to Control it." Annual Review of Psychology, 63: 539–69.
[50] Poggesi, Sara, Michela Mari, and Luisa De Vita. 2016. "What’s new in female entrepreneurship research? Answers from the literature." International Entrepreneurship and Management Journal, 12(3): 735–64.
[51] Rabrenović, Mihajlo, Ranka Mitrović, and Boban Kovačević. 2020. "The relationship between strategic management and public relations and their implications for financial operations." International Review, 1-2: 89-93.
[52] Rehman, Sumaira, and Muhammad Azam Roomi. 2012. "Gender and work‐life balance: a phenomenological study of women entrepreneurs in Pakistan." Journal of Small Business and Enterprise Development, 19(2): 209-28.
[53] Schneider, Kaethe. 2017. "Promoting the Entrepreneurial Success of Women Entrepreneurs through Education and Training." Science Journal of Education, 5(2): 50-59.
[54] Shahzady, I., Ayesha Javed, Syed Pirzada, Shagufta Nasreen, Farida Khanam. 2014. "Impact of Employee Motivation on Employee Performance." European Journal of Business and Management, 6(3): 159-66.
[55] Signel, Minu. 2016. "Role of education in women entrepreneurship development in Nepal." Tribhuvan University Journal, 29(1): 111-22.
[56] Slovic, Paul. 2000. The Perception of Risk. Routledge.
[57] Stošić, Danijela, Suzana Stefanović, and Biljana Predić. 2016. "Analysis of the start-up motives of female entrepreneurs." Teme, XL(1): 217-28.
[58] Twibell, Renee Samples, Debra Siela, Cheryl Riwitis, Joe Wheatley, Tina Riegle, Denise Bousman, Sandra Cable, Pam Caudill, Sherry Harrigan, Rick Hollars, Doreen Johnson, and Alexis Neal. 2008. "Nurses' perceptions of their self-confidence and the benefits and risks of family presence during resuscitation." American Journal of Critical Care, 17(2): 101–11.
[59] Wube, Mulugeta Chane. 2010. "Factors Affecting the Performance of Women Entrepreneurs in Micro and Small Enterprises." PhD diss. Bahir Dar University.
[60] Zalata, Alaa Mansour, Collins Ntim, Ahmed Aboud, and Ernest Gyapong. 2019. "Female CEOs and core earnings quality: New evidence on the ethics versus risk-aversion puzzle." Journal of Business Ethics, 160(2): 515–34.
[61] Zelekha, Yaron. 2021. "What stands behind the gender gap in entrepreneurship? Untangling the intergenerational parental role." PLoS ONE, 16(12): e0261108.