Bayesian model selection for student entrepreneurial intention in covid-19 pandemic

Hội thảo Khoa học Khởi nghiệp Đổi mới sáng tạo năm 2021 (ISSC2021)

Ngày 26/12/2021 ISBN: 978-604-920-136-3

© 2021 Trường Đại học Công nghiệp Thành phố Hồ Chí Minh 8

ID: ISSCF.01

BAYESIAN MODEL SELECTION FOR STUDENT ENTREPRENEURIAL

INTENTION IN COVID-19 PANDEMIC

BUI HUY KHOI1

, PHAN HONG HAI1

, NGUYEN THANH LONG1

1

Industrial University of Ho Chi Minh City, Vietnam

[email protected], [email protected], [email protected]

Abstract. This paper applied Bayesian Model Selection and pointed out that the factors affected the Student

Entrepreneurial Intention in COVID-19 Pandemic. The COVID-19 epidemic has caused great harm to the

startup community when up to 50% of startups confirmed they were operating in moderation and generating

negligible income while 23% of startups think they are losing capital raising opportunities and expanding

their market, 20% of startups choose to freeze their activities. We selected 178 students living in Ho Chi

Minh City, Vietnam, to survey. The results suggest that the factors affecting the Entrepreneurship intention

of students from strong impact to weak impact are: (1) Personality characteristics, (2) Subjective norm, (3)

Feasibility perception, (4) Attitude towards entrepreneurship, and (5) Financial Approach.

Keywords. COVID-19 pandemic, Bayesian Model Selection, Entrepreneurial Intention.

1. INTRODUCTION

Globally, COVID-19 case incidence plateaued with over 4 million confirmed recent cases reported, similar

to the number reported in the previous week’s figures. However, new weekly deaths increased by 10% as

compared to the previous week, with over 52 500 recent deaths reported. As of 5 December, nearly 265

million confirmed cases and over 5.2 million deaths have been reported globally since the start of the

pandemic (WHO, 2021) and caused shocks on both supply and demand angles. From there, the likelihood

of system crashes increased, recession spread, and economies were isolated. According to the enterprise

survey (PBS), 50% of businesses surveyed had to close in April 2020. Eighty percent of businesses resumed

operations in June 2020 and 81% of surveyed businesses experienced a decrease in revenue in June 2020;

revenue decreased by over 40% over the same period. In addition, 15% of businesses surveyed have fired

their employees and the rest of the businesses choose to reduce working hours, wages and leave. Besides,

during the blockade period (April 2020), about 50% of the surveyed enterprises partially operated and about

35% of the enterprises temporarily stopped operating according to regulations (UEH, 2021). After taking

control of Covid-19, the economy resumed operations, with new challenges facing businesses.