Access to finance and entrepreneurial intention

Boris Urban (University of the Witwatersrand, Johannesburg, South Africa)
Fenosoa Ratsimanetrimanana (University of the Witwatersrand, Johannesburg, South Africa)



Appreciating the need to foster entrepreneurship in Madagascan rural areas and acknowledging that many unanswered questions remain regards testing the theory of planned behaviour (TPB), the study aims to apply and extend the TPB model by investigating the moderating effect of access to finance (A2F) on entrepreneurial intentions (EI).


Based on survey data (n =1,456) collected across several regions in Madagascar, hypotheses are statically tested using regression analyses.


A significant moderating effect is revealed on the TPB-EI relationship in terms of attitude towards behaviour and perceived behavioural control. Moreover, levels of education and gender differences also influence this relationship.

Research limitations/implications

Policy directives for the Madagascan Government and other private institutions include fostering support systems for those who intend to enter into entrepreneurship. On a practical level, Malagasy policymakers and decision makers at financial institutions need to pay particular attention to the TPB antecedents.


The paper makes a contribution to the literature by providing empirical evidence on the moderating role of A2F on the TPB-EI link, while also explaining how individual-level variables influence this relationship in an under-researched developing country context – Madagascar.



Urban, B. and Ratsimanetrimanana, F. (2019), "Access to finance and entrepreneurial intention", Journal of Enterprising Communities: People and Places in the Global Economy, Vol. ahead-of-print No. ahead-of-print.

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