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<p>As digital competence becomes essential to employability and entrepreneurship, this study investigates how Digital Financial Literacy (DFL) fosters Entrepreneurial Growth (EG) among university students within the Theory of Planned Behavior framework. The study examines Risk-Taking Capacity (RTC) conceptualized through Palich &amp; Bagby’s (1995) three dimensions of risk propensity, risk attitude, and risk perception and Entrepreneurial Intention (EI) as mediating mechanisms. Survey data were collected from 1,289 final-year students across 15 higher education institutions in India’s Delhi/NCR region. DFL is conceptualized as a cognitive capability that strengthens perceived behavioral control and attitudes core TPB antecedents. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with bootstrapping (5,000 resamples). Results reveal that DFL significantly enhances both RTC (β = 0.792, f² = 1.254) and EI (β = 0.779, f² = 0.892), with RTC partially mediating the DFL-EI relationship (β = 0.245). Entrepreneurial Intention emerges as the strongest predictor of entrepreneurial growth (β = 0.783, f² = 1.847). The model demonstrated substantial explanatory power (R² = 0.643 for EI; R² = 0.612 for EG) and predictive validity (Q² &gt; 0.46 for all constructs). Practical implications are significant for entrepreneurship educators. Institutions should integrate mandatory Digital Financial Literacy modules into entrepreneurship curricula and establish fintech simulation laboratories to develop risk-taking capacity through experiential mastery experiences. Industry-academia mentorship programs and faculty development ensure sustainable implementation. For emerging economies experiencing digital transformation, systematic DFL integration democratizes access to entrepreneurial capability development, extending opportunity beyond naturally risk-tolerant students.</p>

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Integrating digital financial literacy into entrepreneurship education: Building risk-taking capacity and entrepreneurial intention for entrepreneurial growth among university students

  • 期刊论文

  • 发表日期：

    2026年1月16日

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  • Amit Pandey,
  • Priyanka Chadha

摘要

As digital competence becomes essential to employability and entrepreneurship, this study investigates how Digital Financial Literacy (DFL) fosters Entrepreneurial Growth (EG) among university students within the Theory of Planned Behavior framework. The study examines Risk-Taking Capacity (RTC) conceptualized through Palich & Bagby’s (1995) three dimensions of risk propensity, risk attitude, and risk perception and Entrepreneurial Intention (EI) as mediating mechanisms. Survey data were collected from 1,289 final-year students across 15 higher education institutions in India’s Delhi/NCR region. DFL is conceptualized as a cognitive capability that strengthens perceived behavioral control and attitudes core TPB antecedents. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with bootstrapping (5,000 resamples). Results reveal that DFL significantly enhances both RTC (β = 0.792, f² = 1.254) and EI (β = 0.779, f² = 0.892), with RTC partially mediating the DFL-EI relationship (β = 0.245). Entrepreneurial Intention emerges as the strongest predictor of entrepreneurial growth (β = 0.783, f² = 1.847). The model demonstrated substantial explanatory power (R² = 0.643 for EI; R² = 0.612 for EG) and predictive validity (Q² > 0.46 for all constructs). Practical implications are significant for entrepreneurship educators. Institutions should integrate mandatory Digital Financial Literacy modules into entrepreneurship curricula and establish fintech simulation laboratories to develop risk-taking capacity through experiential mastery experiences. Industry-academia mentorship programs and faculty development ensure sustainable implementation. For emerging economies experiencing digital transformation, systematic DFL integration democratizes access to entrepreneurial capability development, extending opportunity beyond naturally risk-tolerant students.