Advancing the model of social entrepreneurial intention: the role of perceived financial security

Purpose: Although few studies indicate that financial concerns matter to social entrepreneurs, the literature is unclear about the extent to which a financial motive affects the intention to start a new social enterprise. Moreover, prior research suggests that the intention to start a new enterprise heavily depends on the societal context in which the enterprise operates. Therefore, this study aims to examine the seminal model of social entrepreneurial intention (SEI) developed by Hockerts (2017) in a different social context; additionally, it proposes a new antecedent of SEI – perceived financial security. Design/methodology/approach: This study used two different measurement scales and samples (n = 436 and 241) in a developing country to validate the model and propose a new antecedent, i.e. the perceived financial security, of SEI. Furthermore, the authors employed the partial least square-structural equation model to test the hypotheses. Findings: The results demonstrate that social entrepreneurial self-efficacy, perceived social support and perceived financial security directly predict SEI; they further mediate the relationship between prior experience and SEI. Consequently, the model by Hockerts is extended. Originality/value: This study established perceived financial security as a strong antecedent of SEI, thereby offering a novel insight that a social entrepreneur can be motivated by potential financial concerns.