The Influence of Financial Literacy, Marketplace, and Financial Technology on Entrepreneurial Behavior with Self-Efficacy as a Moderating Variable among Undergraduate Students of the Faculty of Economics and Business, Universitas Negeri Surabaya

Abstract

Entrepreneurial behavior among university students plays an essential role in fostering young entrepreneurs who can contribute to economic growth. However, the rapid development of digital technology and the improvement of financial literacy do not necessarily lead to increased entrepreneurial behavior. This study aims to examine the effects of financial literacy, marketplace utilization, and financial technology on entrepreneurial behavior, as well as to investigate the moderating role of self-efficacy among undergraduate students of the Faculty of Economics and Business, Universitas Negeri Surabaya. This study employed a quantitative research approach using a survey method. The population consisted of undergraduate students from the Faculty of Economics and Business, Universitas Negeri Surabaya, cohorts of 2022 and 2023, who had experience in running a business. A total of 240 respondents were selected using purposive sampling. Data were collected through a financial literacy test and a structured questionnaire using a Likert scale. The data were analyzed using (SEM-PLS) with SmartPLS 4 software.

The findings reveal that financial literacy has no significant effect on entrepreneurial behavior. In contrast, marketplace utilization has a positive and significant effect on entrepreneurial behavior, whereas financial technology has a negative and significant effect on entrepreneurial behavior. Furthermore, self-efficacy does not moderate the relationship between financial literacy and entrepreneurial behavior, nor does it moderate the relationship between financial technology and entrepreneurial behavior. However, self-efficacy negatively moderates the relationship between marketplace utilization and entrepreneurial behavior. The coefficient of determination (R²) of 0.684 indicates that 68.4% of the variance in entrepreneurial behavior is explained by the variables included in this research model, while the remaining 31.6% is influenced by other factors beyond the scope of this study. The findings imply that enhancing students' entrepreneurial behavior can be achieved more effectively by optimizing the use of marketplaces through entrepreneurship mentoring programs. In addition, the utilization of financial technology should be directed toward productive business activities to better support the development of student entrepreneurship.