Introduction

Entrepreneurship enhances human welfare and reduces poverty (Taylor, 2021). It also increases economic growth (Jones et al., 2021). Therefore, studying entrepreneurship has become one of the most critical concerns in the world right now. Over the past few years, entrepreneurial activities have driven economic development (Audretsch and Belitski, 2021). In 2019, the growing number of people with Coronavirus disease (COVID) around the world was a significant threat to entrepreneurs’ growth and success (Belitski et al., 2022). It is essential for entrepreneurs to have entrepreneurial goals in order to succeed (Vuorio et al., 2018). According to Shahab et al. (2018), an appropriate mechanism is required for building a system that cultivates entrepreneurship intention for business growth.

Herrington and Coduras (2019) identified that entrepreneurship is becoming more important as a source of economic growth and a way to solve many social problems. Rosca et al. (2020) argue that more and more women are starting businesses and expanding their business activities. Several recent studies (like Muhammad et al., 2019; Yacus et al., 2019; and Wang et al., 2019) examine the factors that make entrepreneurs want to grow their businesses. Byrne et al. (2019) say that women’s social responsibilities make it difficult to be an entrepreneur. Schwartz (1979) studied women entrepreneurs, but little is known about what motivates them to improve their businesses.

According to Au et al. (2021), the Malaysian government has emphasized women entrepreneurs as the number of women-owned businesses remains modest and decreasing. Recent research by Digan et al. (2019) and Neumeyer et al. (2019) shows that psychological and social capital make women more likely to start businesses. To enhance entrepreneurship development, researchers (such as Nowiński and Haddoud, 2019; Meoli et al., 2020; Urbano et al., 2020) determined that purpose is essential, but they did not emphasize the importance of attitude, social, and psychological factors in the formation of entrepreneurial intentions in women. On the other hand, this study gives a basic idea of how these factors affect women entrepreneurs’ intentions to grow. This study also suggests that these factors should be taken into consideration when creating policies and programs to support female entrepreneurs. The results of this research will also help to inform and design effective interventions that will foster women’s entrepreneurial intentions.

Even though policymakers and practitioners consider women a source of entrepreneurial potential because they may contribute to financial growth, job creation, and unemployment reduction (Leitch et al., 2018; Hussain et al., 2019). According to Orser et al. (2006), business continuation rates are lower for women than for men. Wannamakok and Chang (2020) analyzed data from a transnational sample of 9716 women who participated in the Global Entrepreneurship Monitor (GEM) survey. They identified that women in many countries are expected to stay at home after marriage without much exposure to social or commercial activities. This might explain why women entrepreneurs are less likely to grow their enterprises. The majority of institutional structures around the world fail to support women entrepreneurs (Noor et al., 2021). This is because gender equity is difficult for entrepreneurs (entrepreneurship without gender discrimination). Salignac et al. (2018) found that even though there are many barriers to women starting their businesses, women with certain social and cognitive traits may be more likely to succeed in emerging and competitive markets.

Ajzen (1991) proposed the Theory of Planned Behavior (TPB), which identifies three factors that influence behavioral intentions: subjective norms, perceived behavioral control, and attitudes toward behavior. Also, Shapero and Sokol (1982) came up with the Entrepreneurial Event Model (EEM), which is often used to measure the intention to start a business. Like the TPB model, the EEM model predicts intention based on three factors: an inclination to act, perceived feasibility, and perceived attractiveness. Both of these theories have contributed to our understanding of why women want to start their own businesses. According to Mahfud et al. (2020), the two ideas are interconnected and constructively integrated. There are several differences between the two models; for example, the EEM model neglects social factors. According to Fragoso et al. (2020), entrepreneurial intentions are influenced by psychological factors. In both EEM and TPB, women entrepreneurs’ intentions are based on three factors: psychological capital, social capital, and entrepreneurial attitude.

Research from the past (Iwu et al., 2021; Tu et al., 2021) has shown that novelty is strongly linked to the desire to establish a business. This is in contrast to other factors, like social capital, which are just as influential in business venture creation. Mahfud et al. (2020) suggested that psychological and social capital are strong predictors of entrepreneurial success and have a close relationship with the intention to start a business. In this study, it is demonstrated both theoretically and practically how psychological and social capital can increase entrepreneurial activity. This relationship implies that psychological and social capital are important resources for entrepreneurs in terms of creating and managing their business ventures. Thus, it is suggested that entrepreneurs be aware of the importance of psychological and social capital when considering starting a business.

In developing economies, psychological and social capital are novel paradigms, even though they are considered significant contributors to entrepreneurial activities (Mahfud et al., 2020). Until recently, scant attention was paid to psychological capital, social capital, and entrepreneurial attitudes as they related to women entrepreneurs’ intentions. Since the importance of psychological capital and social capital has been known for a long time, there has not been much research on how they could help women entrepreneurs improve their businesses (Williams and Krasniqi, 2018). Apart from that, some studies (Neumeyer et al., 2019; Baluku et al., 2019; Wannamakok and Chang, 2020; Mahfud et al., 2020; Villanueva-Flores et al., 2022) have observed the importance of psychological capital, social capital, and entrepreneurial attitude, but few empirical studies have examined how these components interact in determining the desire of women entrepreneurs for business growth. These studies suggest that psychological capital, social capital, and entrepreneurial attitude play important roles in business growth. Further research is needed to investigate the impact of these factors on women’s entrepreneurial intentions. Therefore, this study answers the following questions: RQ1, “Does psychological capital influence the women entrepreneurs’ intention to enhance entrepreneurial activities in Malaysia?“ RQ2, “Does social capital influence the women entrepreneurs’ intention to enhance entrepreneurial activities in Malaysia?“ RQ3, “Does entrepreneurial attitude mediate the relationship between psychological capital and women entrepreneurs’ intentions in Malaysia?“ RQ4, “Does entrepreneurial attitude mediate the relationship between social capital and women entrepreneurs’ intentions in Malaysia?“ This study investigates women’s intentions to engage in entrepreneurship to address gender inequity. In this way, women’s entrepreneurship will be better understood outside of regional cultural influences.

The following describes the paper’s structure. Sect. “Literature review and hypothesis development” reviews the relevant literature and empirical studies and develops hypotheses. Sect. “Methods” describes and designs research methodologies. Sect. “Results” explains the analysis’s findings. Sect. “Discussion and implications” examines the study’s findings and implications. Sect. “Conclusions, limitations, and future research suggestions” outlines the conclusion, study limitations, and suggestions for future research.

Literature review and hypothesis development

Theoretical perspectives

Ajzen (1991) stated in TPB that “intention is the direct precursor of behavior; so, the greater the desire to take part in a particular activity, the more likely it will become real.“ Krueger and Carsrud (1993) add to TPB by explaining that entrepreneurs improve business activities with a specific goal in mind. Entrepreneurship intentions are the most reliable and accessible indicator of success (Douglas, 2013). Therefore, entrepreneurship appears to boost business activities (Díaz-García and Jiménez-Moreno, 2010). This is one of the most commonly used ways to predict and explain entrepreneurs’ intentions. It links the intention to enhance entrepreneurial activities to three independent variables: psychological capital, social capital, and attitude. A few past studies (such as Jahanshahi et al., 2020; Mahfud et al., 2020) have demonstrated that there is a positive association between them, and they are regarded as key entrepreneurial variables. Therefore, individuals with positive attitudes, social capital, and psychological capital are likely to increase business operations.

Shapero and Sokol (1982), in the context of entrepreneurship, came up with EEM, which is based on the concept that social capital is critical. The authors suggest that triggering events can provide motivation to act by creating new opportunities. They also argue that having access to social capital facilitates the process by providing the resources the person needs to seize the opportunity. Other concepts, such as perceived desire and perceived feasibility, were also used to study psychological capital in EEM (Otache et al., 2021). Mahfud et al. (2020) identified that perceived desire (attitude) and high perceived feasibility (supporting psychological capital) boost intentions to expand entrepreneurial activities. According to the two theories, TPB and EEM, psychological capital, social capital, and attitude affect entrepreneurial intentions.

Women and entrepreneurship

Women and entrepreneurship have been explored and evaluated in many ways. Several factors have been observed regarding women’s entrepreneurship and enterprise development. These factors include the method’s potential barriers to entrepreneurship (Caliendo and Kritikos, 2010) and other elements like entrepreneurs’ qualities (Meyer and Mostert, 2016), management styles, workplace values, and the sector in which operations are conducted (Malmström et al., 2020). According to past research (Manolova et al., 2012; Shinnar et al., 2018), women are more motivated than men to expand their entrepreneurial activities. This is because it allows them to have more flexibility in their schedules, be more involved in their families, and spend more time at home. On the other hand, men are motivated by financial success and creativity (Polas et al., 2021). Anggadwita et al. (2021) declare that psychological factors, motivation, intention, attitude, socio-cultural standing, access to information, and business networks all make it difficult for women to start their own businesses. Women, on average, perceive higher barriers to business success. This is especially true for women in industries that demand a lot of capital, where women are less likely to be entrepreneurs (Digan et al., 2019). Rashid and Ratten (2020) found that women, especially those focused on business growth, do not trust their own skills and expertize. According to Villanueva-Flores et al. (2021), men are more risk-takers, have better organizational self-efficacy, are more aggressive, have less fear of failure, and have a higher need for success and independence than women.

Psychological capital and entrepreneurial intention

Luthans et al. (2007) stated that “psychological capital is a positive, differentiated, and long-lasting strategy for discovering and developing the full potential of individuals that extends beyond normal organizational behavior.“ According to Luthans et al. (2007), “psychological capital is a positive, differentiated, and long-lasting strategy for discovering and developing the full potential of individuals that extends beyond ordinary organizational behavior.“ A recent study by Shah et al. (2019) stated that psychological capital might improve business performance and reduce turnover.

Luthans (2002) uses the term “psychological capital” to explain psychological skills. These skills can be measured, developed, and used to improve entrepreneurial intentions, activities, and performance. According to Jalil et al. (2023), “psychological capital is a positive state of mind that a person builds up over time.“ As part of positive psychology, they identified four main dimensions: “1. Self-efficacy: confidence in one’s abilities to succeed in difficult situations. 2. Hope: if necessary, it changes the way things are done to achieve goals. 3. Optimism: an attitude towards success in the present and the future. 4. Resilience: the ability to overcome adversity and succeed.”

In the entrepreneurial literature, each of these four psychological capital components (self-efficacy, optimism, hope, and resilience) has been explored separately. Some authors (Boyd and Vozikis, 1994; De Simone et al., 2018) say that “self-efficacy“ is the belief that one has the skills to finish a job, follow a certain career path, or reach a certain goal. Self-efficacy has been shown to have a significant influence on individual performance (Cherian and Jacob, 2013), and it also plays a role in people’s plans to improve their entrepreneurial activities (Boyd and Vozikis, 1994), such as finding and evaluating new opportunities. Furthermore, Hayton and Cholakova (2012) explain that optimistic people are more likely to expand their business activities. Previous studies (Owens et al., 2013; Kawai and Kazumi, 2021) also believe that optimism is linked to the firm’s growth and performance, the outcomes gained, and the tenacity of the entrepreneur. Entrepreneurs who are exceptionally optimistic can cope with obstacles and concerns that arise when expanding their firm’s operations from a more positive perspective (Cassar, 2010). Likewise, entrepreneurs who have a high level of hope are more optimistic about achieving their objectives and succeeding (Baron et al., 2016). They are also more inclined to come up with creative solutions to demands and problems (Mahfud et al., 2020). According to Guo et al. (2020), “hope is a psychological state that impacts an entrepreneur’s motivation and firm performance.“ Finally, another key factor that explains entrepreneurial behavior is resilience (Luthans et al., 2007). The previous study by Mahfud et al. (2020) found a significant relationship between resilience and entrepreneurial intention. Therefore, even in the face of adversity, resilient entrepreneurs persevere in pursuing their objectives (Bullough et al., 2014). This resource is critical when entrepreneurs experience various adversities since they can deal with them positively, recovering and responding to the required modifications (Villanueva-Flores et al., 2021).

In analyzing women entrepreneurs’ intentions for growth and performance, the importance of psychological capital is revealed. We believe that psychological capital can impact women entrepreneurs’ intentions and propose the following hypotheses:

Hypothesis 1. Psychological capital has a positive effect on the women’s entrepreneurial intention.

Hypothesis 1a. Self-efficacy is an important factor of psychological capital to improve entrepreneurial intentions.

Hypothesis 1b. Optimism is an important factor of psychological capital to improve entrepreneurial intentions.

Hypothesis 1c. Hope is an important factor of psychological capital to improve entrepreneurial intentions.

Hypothesis 1d. Resilience an important factor of psychological capital to improve entrepreneurial intentions.

Social capital and entrepreneurial intention

Kawachi (1999) refers to social capital as “the elements of social life that encourage mutual benefits, such as reciprocity, norms, and social trust.“ Furthermore, Reimer et al. (2008) explain that social capital is a system of communal relationships and connections that allows people to perform collectively to attain common objectives. The notion of “community capital“ is widely used in the social sciences to evaluate human interactions and dealings with one another and foster positive growth in society (Emery and Flora, 2006). Social capital is a shared element that impacts society’s efficiency. Bourdieu and Wacquant (1992) explain that “community social capital is the total of tangible and intangible resources that an individual or a group gains from having a persistent network of more or less formalized ties of mutual acquaintance and recognition.“

Nahapiet and Ghoshal (1998) highlight three types of social capital that can be increased through entrepreneurial activities: cognitive capital, relational capital, and structural capital. Social capital aspects have been extensively studied in the past. This, in turn, leads to better decision-making and problem-solving. Social capital can also provide access to resources, networks, and contacts not available otherwise. It also benefits from creating new business opportunities and fostering innovation.

The first aspect of social capital is cognitive social capital. As defined by Nahapiet and Ghoshal (1998), “cognitive social capital“ refers to individual “shared representations, interpretations, and meanings.“ In addition, “cognitive social capital“ refers to a shared language and code that facilitate communication and enhance entrepreneurial activities (Lee, 2009). Structural capital is the second dimension of social capital. Najapiet and Ghoshal (1998) explain structural capital as “the pattern of links between people inside a network.“ For entrepreneurs to identify and exploit entrepreneurial opportunities, it is crucial to have timely access to resources and information through these social networks (Zhou et al., 2007). Entrepreneurs in both developed and emerging economies have used social networking to gain access to information and resources that have made their businesses much more stable and successful (Jones and Jayawarna, 2010). Social capital is composed of relational capital. Nahapiet and Ghoshal (1998) define “relational capital“ as “the relationships that have grown over time as a result of an individual’s interactions with other individuals in their social network.“ According to Kale et al. (2000), relational capital depends on emotional support, trust, and respect for ties. The relationship between entrepreneurs and other network members may be similar in social networks, but their roles differ. This makes it difficult for entrepreneurs to get information and resources outside the network (Mahfud et al., 2020).

The literature focuses on social capital’s importance for business goals. Therefore, in this study, the term “social capital“ refers to the value women entrepreneurs build up through the connections they make to improve their contribution to society. Individuals with high social capital are less selfish, more cooperative, and more trustworthy (Allik and Realo, 2004). Past studies (Gvili and Levy, 2018; Deng et al., 2019; Ganguly et al., 2019) have considered that social capital can be a significant resource that opens doors to a variety of additional opportunities, including market expertize and knowledge-sharing, financing, and customer participation. Women entrepreneurs express interest in social capital and networking (Khan, 2020). Ribeiro et al. (2021) argue that women in developing economies do not build influential networks to move up in their careers. Therefore, women entrepreneurs with a high level of social capital are more likely to succeed in competitive markets. In this study, it is assumed that social capital impacts women’s entrepreneurial inclinations, and we propose the following hypotheses:

Hypothesis 2. Social capital has a positive effect on the women’s entrepreneurial intention.

Hypothesis 2a. Cognitive capital is a significant component of social capital to improve entrepreneurial intentions.

Hypothesis 2b. Structural capital is a significant component of social capital to improve entrepreneurial intentions.

Hypothesis 2c. Relational capital is a significant component of social capital to improve entrepreneurial intentions.

Entrepreneurial intention and entrepreneurial attitude

Ip et al. (2018) argue that entrepreneurial intentions play a crucial role in starting and growing businesses. Entrepreneurship is a form of intentional action rather than the reflexive response seen more often in the behavioral sciences (Pidduck et al., 2021). According to Wolff et al. (2015), the process of entrepreneurship can lead to the growth of a business that begins with intention. Entrepreneurial intention, according to Boyd and Vozikis (1994), is “a person’s state of mind that focuses their attention and personal experience on planned entrepreneurial behavior.“ Ajzen (1985) states that “intention is an individual’s suggested attempt to do a planned behavior, along with factors that motivate it.“ The greater the intention, the more likely it is to be accomplished.

Krueger et al. (2000) found that the desire and belief that entrepreneurial activities can be improved are critical for firm growth and performance. Desirability describes a person’s level of interest in specific behaviors that will help them become successful entrepreneurs (Pruett et al., 2009). Perceived feasibility, on the other hand, is how people think they can do certain tasks (Mair and Noboa, 2006). In a similar way, Ajzen (2011) explains “how attitudes and behavior affect entrepreneurial intention, perceived behavior control, and subjective norms.“

Personal and external variables influence entrepreneurial intentions’ antecedent structure (Uygun and Kasimoglu, 2013). Ajzen (1991) explains that “attitudes are different from characteristics because they are evaluative toward certain goals.“ Furthermore, attitude has an impact on individual intentions and behavior (Bagozzi and Yi, 1989). Therefore, attitudes play a critical role in determining intentions and behavior. According to Robinson et al. (1991), “personal traits such as innovativeness, risk-taking, the need for success, self-confidence, and a locus of control make up an entrepreneurial attitude.”

Entrepreneurial attitudes and entrepreneurial intentions are often linked. Researchers (such as Do and Dadvari, 2017; Liu et al., 2019; Jena, 2020; Mahfud et al., 2020; Yousaf et al., 2021) argue that entrepreneurial attitude may affect entrepreneurial intention to improve business activities. Attitude and intention impact entrepreneurial behavior. Therefore, we suggest the following hypotheses:“

Hypothesis 3. Entrepreneurial attitude has a significant impact on the women’s entrepreneurial intention.

The mediating role of entrepreneurial attitude

Zaremohzzabieh et al. (2019) suggested that “attitudes, perceived behavioral control, and social norms influence entrepreneurial intention.“ This means that the more people believe in their own behavior, the more likely their actions will succeed in achieving goals. Lemire and Rouillard (2005) found that there is a strong link between psychological factors and behavior control. This could mean that psychological capital is a type of perceived behavioral control.

Ajzen (2011) declares that “perceived behavioral control refers to the perceived ease or difficulty of performing an activity.“ Also, in TPB, Ajzen (2011) links psychological capital to the idea of both perceived behavioral control and feasibility. According to Maslakcı et al. (2021), attitude impacts the relationship between psychological capital and entrepreneurial purpose. Hence, a boost in psychological capital will directly affect a person’s attitude toward entrepreneurialism. It will also make them perform better. Studies (such as Avey et al., 2011; Ephrem et al., 2019; Mahfud et al., 2020) have shown that a person’s professional attitude is related to their psychological capital and their plans to start a business. Thus, we believe that attitude plays a crucial role in mediating the association between psychological capital and entrepreneurial intention.

Hypothesis 4. Entrepreneurial attitude mediates the effect of psychological capital on the women’s entrepreneurial intention.

Hypothesis 4a. Psychological capital has a positive effect on the entrepreneurial attitude.

Mahfud et al. (2020) suggested using the TPB model to study social entrepreneurial intentions. They argue that perceived desire affects social entrepreneurial intentions. In a change to the TPB model, Malebana (2016) says that “perceived desire affects social capital in the intention to start a business.“ Social capital, in turn, influences entrepreneurial intentions. Thus, people’s perceived desire and social capital have an impact on their intention to start a business.

Zhang et al. (2014) also used the concepts of attitude (perceived desirability) and perceived feasibility to look at how significant attitude is in EEM. According to Mahfud et al. (2020), the intention to operationalize entrepreneurial activities increases with attitude and feasibility. Unlike the TPB, however, the EEM theory does not clearly examine the importance of the social factor in forming entrepreneurial intentions (Sharahiley, 2020). Mahfud et al. (2020) also describe that in TPB and EEM, psychological capital, social capital, and attitude all play a role in encouraging entrepreneurial intentions. Attitude is supposed to mediate social capital’s association with women entrepreneurs’ intentions. We provide the following hypothesis:

Hypothesis 5. Entrepreneurial attitude mediates the effect of social capital on the women’s entrepreneurial intention.

Hypothesis 5a. Social capital has a positive effect on the entrepreneurial attitude.

Conceptual framework

Several studies (such as Isaga, 2018; Jabeen and Faisal, 2018; Gupta and Mirchandani, 2018) have focused on motivational factors in women entrepreneurs’ drives to start new businesses. Few studies have focused on investigating the influence of psychological and social capital on women entrepreneurs’ intentions through the mediating impact of entrepreneurial attitudes. Therefore, the first aim of the study is “to identify the significant influence of psychological capital on the intentions of women entrepreneurs in Malaysia.“ The second aim is “to evaluate the significant influence of social capital on the intentions of women entrepreneurs in Malaysia.“ The third aim is “to assess the mediating impact of entrepreneurial attitude between psychological capital and the intentions of women entrepreneurs in Malaysia.“ The fourth goal is to “evaluate the mediating impact of entrepreneurial attitude on social capital and the intentions of Malaysian female entrepreneurs.“ Hence, the conceptual framework (see Fig. 1) suggested in this study is able to increase the intentions of women entrepreneurs to enhance entrepreneurial activities and to help them perceive the importance of psychological capital, social capital, and entrepreneurial attitude in resolving the debate.

Fig. 1
figure 1

Conceptual framework.

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Methods

According to Jalil et al. (2021), the procedures adopted to conduct the study are essentially on the same track as the study objectives. For evaluating hypotheses and meeting the research objectives, a quantitative approach was used. Bernard (2017) says quantitative approaches are organized strategies for integrating explanatory arguments with specific empirical research to uncover and validate possible fundamental linkages. Quick and Hall (2015) use a quantitative method to help scholars show that there is a statistical link between variables.

Online, self-administered surveys were used to collect data. This study involved women entrepreneurs as respondents. Data were collected from four different states in Malaysia, such as Sarawak, Sabah, Penang, and Johor. A total of 683 respondents filled out the questionnaires. Stratified random sampling was used to select respondents. Only 479 questionnaires were returned, which yielded a response rate of 70.1%. The data was then processed and sent for additional analysis.

Adapted questionnaires from earlier studies were used to collect data for this study. These questionnaires were used to examine the impact of psychological and social capital on women entrepreneurs’ intentions and their entrepreneurial attitudes. Using a Likert scale of 1, strongly disagreed, as well as 5, strongly agreed, questions were rated. The items were adapted to measure psychological capital (hope, optimism, self-efficacy, and resilience) from Sapyaprapa et al. (2013) and Luthans et al. (2007). To measure social capital (cognitive capital, structural capital, and relational capital), these items were adapted from Fornoni et al. (2011) and Mahfud et al. (2020). For entrepreneurial intentions, the items were adapted from Wannamakok and Chang (2020) and Mahfud et al. (2020). The items for measuring entrepreneurial attitude’s mediating impact were adapted from Rudhumbu et al. (2016) and Mahfud et al. (2020).

In order to evaluate the hypothesis, structural equation modeling (SEM) was used. According to Dion (2008), SEM tests structural and measurement models using maximum likelihood approaches. DiStefano and Hess (2005) used confirmatory factor analysis (CFA) to test the modified items and variables in the measurement model for convergent validity and a causal link. Bonada et al. (2012) investigate the link between exogenous and endogenous factors using a structural model. AMOS 21.0 software SEM analysis tool was employed in this study. According to Kline (2011), it requires a minimum sample size of 100 to 200 respondents to build an acceptable model.

Results

Demographic characteristics

The demographic information comes from research participants, and it is crucial for determining whether the participants in a study are a representative sample group for generalization purposes (Jalil et al., 2021). For this study, 479 women entrepreneurs were surveyed. Table 1 shows the statistical findings for a demographic characteristic based on survey responses to questions about participants’ age, marital status, religion, education, income level, and business activities.

Table 1 Demographic characteristics.
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Normality statistics

Ghasemi and Zahediasl (2012) stated that “in statistics, normality tests are used to figure out whether a data set is well modeled by a normal distribution and to figure out the probability that a random variable underlying the data set is normally distributed.“ Multivariate normality testing is the most important presumption in SEM (Cangur and Ercan, 2015). According to Hopkins and Weeks (1990), a variable with values of skewness and kurtosis within the range of ±3, should be considered appropriately distributed. The statistical calculations used in this study to determine each construct’s skewness and kurtosis are shown in Table 2.

Table 2 Descriptive statistics.
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Reliability and discriminant validity

According to Jalil et al. (2021), “Cronbach’s alpha, also known as coefficient alpha, is a measure of a scale or test’s reliability, specifically its internal consistency confirmability or item interrelatedness, which is shown in the questionnaire as a measuring scale.“ Additionally, Taber (2018) states that an appropriate coefficient alpha has a value of 0.7 or above, and 0.8 or higher is considered to have high internal consistency. In this study, “the coefficient alpha for self-efficacy was 0.884, 0.895 for hope, 0.843 for optimism, and 0.869 for resilience.“ Similarly, cognitive capital coefficient alphas are 0.895, structural capital is 0.895, and relational capital is 0.895. The coefficient alpha for the mediating construct of entrepreneurial attitude is 0.895. Finally, the coefficient alpha of entrepreneurial intentions is 0.895.”

The relationship between the variables is discovered using correlation (Gogtay and Thatte, 2017). In this study, a Pearson correlation analysis is conducted to see how well all factors fit together. Ratner (2009) used a value range of +1 to −1 to calculate the Pearson correlation coefficient (r). When the value is 0, it means there is no link between the two components, and a value higher than 0 indicates that the two variables have a positive association (Egghe and Leydesdorff, 2009). This means that when the value is higher than 0, the value of one variable rises, and the value of another variable rises as well. Similarly, when a value is lower than 0, it indicates a negative relationship in which one variable’s value increases while the other decreases. Table 3 shows the results of correlation analysis for all constructs examined in this study.

Table 3 The correlation of the constructs.
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Assessment of confirmatory factor analysis (CFA)

The first step in the SEM statistical procedure, confirmatory factor analysis (CFA), enables the researcher to assess the fit among the data collected (DiStefano and Hess, 2005). Moreover, Bryant et al. (1999) explain that “a previously conceptualized model specifies the hypothesized causal associations between latent factors and their observed indicator variables.“ Researchers can use CFA to figure out how many components need to be included in the data and which measurable variable is linked to which latent variable (Williams and McGonagle, 2016). According to Widaman and Thompson (2003), Fig. 2 shows a measurement model with good fit indices (such as Chi-square = 573.241; df = 478; AGFI = 0.922; GFI = 0.908; CFI = 0.926; RMSEA = 0.039; CMIN/df = 1.472) and adequate factor loading (above 0.70).

Fig. 2: Overall measurement model.
figure 2

SE self-efficacy, HO hope, OP optimism, RE resilience, CC cognitive capital, SC structural capital, RC relational capital, AT attitude, IN intentions.

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To evaluate construct validity in SEM, CFA is widely used (DiStefano and Hess, 2005). Validity analysis is used to see when each measuring question accurately reflects the relevance of each study variable (Atkinson et al., 2011). High consensus and data quality are required for accurate expression. Average variance extraction (AVE) and composite reliability (CR) were used to assess data validity. In general, the CR is greater than 0.6, suggesting that all measurement items are more reliable (Hulland, 1999). The measurement items may more accurately describe the characteristics of each research variable in the model by determining when the AVE is greater than 0.5 (Shrestha and Jena, 2021). All of the constructs employed in this study have CR and AVE values higher than the threshold, as shown in Table 4.

Table 4 Construct reliability (CR), and average variance extracted (AVE) evaluation.
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Assessment of structural model

In the second stage, Boyle et al. (1995) describe how a structural analysis was carried out to assess the relationship between the constructs. As shown in Fig. 3, the structural model displays conformity (Chi-square = 1.988; GFI = 0.937; AGFI = 0.926; CFI = 0.941; TLI = 0.951; RMSEA = 0.049), which is supported by Kline (2011).

Fig. 3
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Structural model.

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Based on the findings, the hypotheses “H1a, H1b, H1c, H1d, H1, H2a, H2b, H2c, H2, H3, H4a, and H5a“ were significant in assessing the hypothesized link, as indicated in Table 5. The standardized estimates in this study all support the tested hypotheses, as identified by Kline (2011).

Table 5 Testing direct relationship.
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The mediation analysis

Hypotheses 4 and 5 examine whether entrepreneurial attitude mediates the association between psychological capital and the intentions of women entrepreneurs. In addition, this study examines women entrepreneurs’ social capital and intentions. According to Jalil et al. (2021), “partial mediation occurs when the indirect effect is more significant than the direct effect between the variables and the direct effect is equally substantial.“ According to the findings, the indirect effect of attitude between psychological capital and intentions was 0.36 (0.62 × 0.58 = 0.36), while the direct effect was 0.30, and the indirect effect of attitude between social capital and intentions was 0.32 (0.56 × 0.58 = 0.32), while the direct effect was 0.26. As Jalil et al. (2021) revealed, the study also used the bootstrapping approach to support its results, which suggested partial mediation occurred, as shown in Table 6.

Table 6 Bootstrapping results.
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Discussion and implications

The intention of enhancing entrepreneurial activities has been extensively discussed in the literature. Even though psychological capital and social capital are essential factors, Ma et al. (2018) argue that they have not been studied in depth. Therefore, the current research provides some significant contributions in areas where the literature is inconclusive. Firstly, this study assessed the relationship between psychological capital and women entrepreneurs’ intentions. Second, this research contributes to the present investigation of social capital’s influence on entrepreneurial intention. Another noteworthy contribution is investigating entrepreneurial attitude as a mediating factor between social capital, psychological capital, and entrepreneurial intention.

As we found in Table 7, social capital, psychological capital, and attitude are crucial determinants of women entrepreneurs’ interest in expanding their businesses. Entrepreneurial psychological capital, in particular, has a positive direct influence on women entrepreneurs’ intentions (Villanueva-Flores et al., 2021). Therefore, women who want to start a business should build positive psychological capital to achieve their goals.

Table 7 Summary of the findings.
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The study revealed that positive psychological characteristics, including resilience, hope, optimism, and self-efficacy, improve women entrepreneurs’ intentions. These findings support Digan et al. (2019) and Jalil et al. (2023) earlier research, which found that positive psychological capital (resilience, optimism, hope, and self-efficacy) had a substantial impact on entrepreneurial intention. Additionally, it was noted that to expand successfully in business activities, a strong entrepreneurial intention is needed, along with a strong will to succeed. These empirical findings support Shapero and Sokol’s (1982) earlier theory that “the desirability and feasibility of a business strategy influence entrepreneurial intention.”

Investing in social capital helps businesses develop entrepreneurial opportunities, competitive markets, and access to resources. This study indicates that social capital has a direct impact on women entrepreneurs’ intentions. These results show that when women’s societal environments fully support their entrepreneurial activities, their social interactions are mostly cognitive, structural, and relational. Previous research (such as Neumeyer et al., 2019; Ali and Yousuf, 2019) has found that entrepreneurial intention is more likely to be fostered if the entrepreneur obtains support from family and friends, a positive attitude from the community, and trust from firm owners. Therefore, entrepreneurs should consider social capital an essential part of fostering and enhancing women’s entrepreneurial abilities.

According to our findings, entrepreneurial attitude partially mediates the effect of psychological and social capital on women entrepreneurs’ intentions. This suggests that a woman entrepreneur’s intention to accelerate her business activities is both directly and indirectly influenced by her entrepreneurial attitude. To support their goal of substantial growth, women entrepreneurs should foster positive attitudes about entrepreneurship. According to Mahfud et al. (2020), entrepreneurial intention is characterized by a strong desire, expressed in psychological and social capital, to enhance entrepreneurial activities. Hence, the findings of the study support the fact that women entrepreneurs require increased social support and positive psychological capital to establish their intention for expansion of their business activities, as documented in past studies, with certain researchers (such as Montiel-Campos, 2019; Villanueva-Flores et al., 2021) believing that these factors are critical to women’s entrepreneurship.

Furthermore, our findings have implications for improving female entrepreneurs’ intentions by focusing on the role of social and psychological capital and entrepreneurial attitudes. To improve women’s business activities, they must help them develop their social and psychological capital. To some extent, findings show that an entrepreneurial attitude partially mediates these relationships. In addition to capitalizing on women’s capabilities to expand their business activities and develop their fields of expertize, practitioners must instill positive psychological capital. They must also build social networks with other entrepreneurs, and inculcate entrepreneurial attitudes in women. The collaborative effects of social capital, psychological capital, and entrepreneurial attitudes may enhance control of perceived behavior and self-belief, as well as promote entrepreneurship by giving women a sense of liberation and self-sufficiency.

Conclusions, limitations, and future research suggestions

The findings of the study showed that psychological and social capital interact together to influence women entrepreneurs’ intentions. Entrepreneurial attitudes also play a significant role in mediating these relationships. Firstly, an entrepreneurial attitude partially mediates psychological capital’s influence on women entrepreneurs’ intentions. Second, entrepreneurial attitudes mediate social capital’s impact on women entrepreneurs’ intentions. These findings support the hypothesis that social, psychological, and attitudinal factors all influence entrepreneurial intentions. Finally, women entrepreneurs with positive psychological capital, strong social capital, and optimistic entrepreneurial attitudes are thought to have a more positive intention to pursue their entrepreneurial goals.

Businesses are traditionally dominated by male-dominated firms. Women’s entrepreneurial initiatives face many obstacles in the current institutional environment, which generally supports male entrepreneurs. Since women are more sensitive and empathic than men, they identify business opportunities. Our gender-stereotypical culture often perpetuates prejudice and bias, preventing women from starting profitable businesses. To eliminate gender disparities and promote women’s entrepreneurial virtues, it is critical to shed light on the significance of psychological and social capital in women’s entrepreneurial pursuits. This will increase their self-confidence, enhance business operations, and reverse male-centered entrepreneurial mindsets. For practitioners to achieve this goal, the study has implications, particularly for women passionate about entrepreneurship. Men may be able to take advantage of masculinity’s aggressive characteristics in the marketplace. Women entrepreneurs may have an unusual perspective on business ideas due to their empathy, affection, and nurturing characteristics. It is possible to become the next successful woman entrepreneur by taking initiative in business ventures.

There are some limitations to this study and suggestions for future research. First, the study’s cross-sectional approach has limitations in analyzing the causal links between attitudes, social capital, psychological capital, and entrepreneurial intentions. Therefore, identifying causal relationships should be addressed through a longitudinal study. Second, the study was restricted to Malaysia’s major cities and excluded rural areas because of COVID-19 travel limitations. Future research should compare the impact of social capital and psychological capital on rural and urban women entrepreneurs’ intentions. Third, research on female entrepreneurs is still rare, as previous research employed gender as a control variable. We suggest more research be pursued.