IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH (IJSSMR )

E-ISSN 2545-5303
P-ISSN 2695-2203
VOL. 11 NO. 1 2025
DOI: 10.56201/ijssmr.vol.11no1.2025.pg.195.211

---

Determinants of Investment Intention in Micro Small and Medium Enterprises Among Undergraduate Students in Tertiary Institutions in Bauchi State: The Role of Self – Efficacy

Rakiya Abba

---

Abstract

This study is aimed to examine the moderating role of self-efficacy on the effect of attitude, perceived risk on investment intention of undergraduate students in tertiary institutions in Bauchi State. The study adopted survey, cross-sectional research design. A total of 185 respondents were obtained through a questionnaire which were distributed online via Google Drive to Bauchi State Polytechnic students, majoring in Business Management, Managerial Accounting Study Program class of 2023-2024. The data collected was analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM) version 3. The results show that attitude has significant effect on investment intension, Perceived risks have significant effect on investment intention. Also, the results show that self-efficacy does not moderates the relationship between attitude and investment intention. While, the relationship between perceived risk and investment intention is moderated by self-efficiency. The results of this study provide valuable managerial implications regarding psychological factors that impact the intention to invest in Micro Small and Medium Enterprise (MSMEs).

keywords:

Undergraduates, Investment intention, Attitude, Self – Efficacy, MSME.

---

References:

Adil, M., Singh. Y & Ansari, M. S. (2021) How financial literacy moderate the association between
behavior biases and investment decision? Asian Journal of Accounting Research 7 (1) pp.
17-30 Emerald Publishing Limited 2443-4175 DOI 10.1108/AJAR-09-2020-0086
Agbim, K. C., Oriarewo, G. O., & Owocho, M. (2013). Factors influencing entrepreneurial
intentions among graduates of Nigerian tertiary institutions. International Journal of Business
and Management Invention, 2(4), 36-44.
Aina, J. K. (2016). "Employment of untrained graduate teachers in schools: The Nigeria case."
Journal of Studies in Social Sciences and Humanities, 34-44.
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision
Processes, 50, 179-211.
Akhtar, F., & Das, N. (2018). Predictors of investment intention in Indian stock markets:
Extending the theory of planned behaviour. International Journal of Bank Marketing, 37(1),
97-119.
Akhter, Tahmina, & Hoque, M.E. (2022). Moderating Effects of Financial Cognitive Abilities and
Considerations on the Attitude–Intentions Nexus of Stock Market Participation.
International Journal of Financial Studies 10, 5. https:// doi.org/10.3390/ijfs10010005.
Asebedo, S., & Payne, P. (2018). Market Volatility and Financial Satisfaction: The Role of
Financial
Self-Efficacy,
Journal
of
Behavioral
Finance,
DOI:
10.1080/15427560.2018.1434655.
Awn, A.M., & Azam, S. M. (2020). The influence of attitude and subjective norm on intention to
invest in islamic bonds (SUKUK)]: A Study of libyan investors international journal of
business society, 4 (4), 27-33.
Cohen, A. (2003). Multiple Commitments in the Workplace: An Integrative Approach. Lawrence
Erlbaum Associates Publishers.
DeBondt, W, Forbes, W, Hamalainen, P & Muradoglu, Y.G. (2010). Qualitative Research in
Financial Markets 2 (1), pp. 29-36 1755-4179 DOI 10.1108/17554171011042371.



Doanh, D.C and Bernat, T (2019) Entrepreneurial self-efficacy and intention among Vietnamese
students: a meta-analytic path analysis based on the theory of planned behavior Procedia
Computer Science 159 (2019) 2447–2460
Eneh, O. C. (2016). "Unemployment conundrum: An analysis of data-based trends, government
and other interventions, solutions and implications for Nigeria’s development."
Sustainable Human Development Review 1, no. 2.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable
variables and measurement error. Journal of Marketing Research, 18(1), 39–50.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least
Squares Structural Equation Modeling (PLS-SEM (2nd ed.). Sage Publications Inc.
Handoko, L; Nugroho, V.C and Sembel, J.S. (2020). Intention to invest in financial product of
older pre-retirerees with financial self-efficacy as an intervening variable: Ultima
Management Vol. 12, No. 1, 2020.
Hidayati, N. Y., & Destiana, R. (2023). The Influence of Attitude, Subjective Norms, Perceived
Behavioral Control, and Financial Literacy on Investment Intention. Return: Study of
Management, Economic and Business, 2(7), 718-728.
Igwe, A., Ogbo, A., Agbaeze, E, Ezenwakwelu, J.A., & Okwo, H. (2020). Self-Efficacy and
Subjective Norms as Moderators in the Networking Competence–Social Entrepreneurial
Intentions Link SAGE Open July-September 2020: 1–16
Isbanah, Y., Kusumaningrum, T. M., & Paramita, R. A. S. (2022). Intention to Invest Based on
Investors Financial Literacy and Perceptual Antecedent: Evidence in Indonesia.
International Journal of Academic Research in Accounting Finance and Management
Sciences. 12(2).
Jain, J., Walia, N. & Gupta, S. (2020). Evaluation of behavioral biases affecting investment
decision making of individual equity investors by fuzzy analytic hierarchy process. Review
of Behavioral Finance 12 (3), pp. 297-314.
Kazaure, M., A. (2019). Extending the theory of planned behaviour to explain the role ofawareness
in accepting Islamic health insurance (takaful) by microenterprises in north-western Nigeria.
journal
of
Islamic
accounting
and
Business
Research,
10(4),
607-620.
https://doi.org/10.1108/JIABR-08-2017-0113.
Krejcie, R. V., & Morgan, D. W. (1970). Determining sample size for research
activities. Educational and Psychological Measurement, 30, 607–610.
Kurniawan, P. I. (2021). Effect of Expected Return, Self - Efficacy, and Perceived Risk on
Investment Intention: An Empirical Study on Accounting Master Degree in Udayana
Nadeem, M.A., Qamar, M., Nazir, M.S., Ahmad, I., Timoshin, A & Shehzad, K. (2020) How
Investors Attitudes Shape Stock Market Participation in the Presence of Financial Self-
Efficacy. Front. Psychol. 11:553351. doi: 10.3389/fpsyg.2020.553351
Natsir, Arifin & Bangun (2021). Influence of product knowledge and perceived risk on investment
intention of stock investors in the covid-19 pandemic era. Advances in social science,
education and humanities research, volume 570.
National Bureau of Statistics. (2023). Labor Force Statistics: Unemployment and
Underemployment Report. Labor Force Statistics Unemployment and Underemployment



Report,
Retrieve
from
file:///C:/Users/HP%20USER/Downloads/Q22023_NLFS_Report_Final.pdf
Nofsinger, J., R. (2005). Social Mood and Financial Economics. Journal of Behavioral Finance,
6(3), 144–160. https://doi.org/10.1207/s15427579jpfm0603_4
Onimole, S.O.; Olaiya, S.A. (2018). Harnessing full employment strategy for nigeria.
Entrepreneurship imperatives, prospects and challenges. Bus. Manag. Dyn. 2018, 10, 27–58
Onyishi, Obayi, A & Collins, O (2019). Social Intervention Programmes and Rural Development
in Nigeria, A Study of Federal Government’s Trader - Moni Initiative ICPP4 – Montréal
Paramita, et al., (2018). Young investor behaviour: Implementation of theory of planned behaviour
International Journal of Civil Engineering and Technology (IJCIET) Volume 9, Issue 7, July
2018, pp. 733–746.
Sarkar, A.K,. & Sahu, T.N. (2018), "Introduction", Investment Behaviour, Emerald Publishing
Limited, Bingley, pp. 1-7. https://doi.org/10.1108/978-1-78756-279-020181001
Shefrin, H., & Statman, M. (2000). Behavioral portfolio theory. Journal of Financial and
Quantitative Analysis, 35(2), 127-151.
https://www.statista.com/statistics/382366/unemployment-rate-in-nigeria/
Shiau, W. et al., (2020) Understanding fintech continuance: perspectives from self-efficacy and
ECT-IS theories Industrial Management & Data Systems DOI 10.1108/IMDS-02-2020-
Sobaih, A.E.E.; Elshaer, I.A. Risk-Taking, Financial Knowledge, and Risky Investment Intention:
Expanding Theory of Planned Behavior Using a ModeratingMediating Model. Mathematics
2023, 11, 453. https://doi.org/10.3390/ math11020453
Vanguard
(2023)
Facing
the
challenge
of
business
start-up
capital
rightly
https://www.vanguardngr.com/2023/08/facing-the-challenge-of-business-start-up-capital-
rightly/
Veerta, T., Gautam, N., & Thammaiah, N. A. M (2017). A Study on Working Women Investing
on Gold Ornaments rather than Gold Bonds International Journal of Advance Research in
Computer Science and Management Studies Volume 5, Issue 9, September 2017 pg. 1-6.
Waziri, M., Ibrahim, A., Z & Zan, Z. (2019). Government intervention programs linking with
poverty alleviation: An empirical investigation, the case of Nigeria. Asian Research Journal
of Arts & Social Sciences 8(2): 1-10, 2019; Article no.ARJASS.46604 ISSN: 2456-4761.
Wang, W.; Kang, S.-W.; Choi, S.B. (2021) Effects of Employee Well-Being and Self-Efficacy on

the Relationship between Coaching Leadership and Knowledge Sharing Intention: A Study

of UK and US Employees. Int. J. Environ. Res. Public Health 2021, 18, 10638.

https://doi.org/10.3390/ijerph182010638

DOWNLOAD PDF

---

Back