Jurnal Akuntansi dan Keuangan, Vol. 24, No. 2, November 2022, 57−67 DOI: 10.9744/jak.24.2.

57−67
ISSN 1411-0288 print / ISSN 2338-8137 online

Tax Policy and Financial Access: Implications for

Entrepreneurial Intention and Entrepreneurial Behavior Among
Generation Z

Priandhita Sukowidyanti Asmoro1*, Edlyn Khurotul Aini2, Ferina Nurlaily3

1 TaxationStudy Program, Faculty of Administrative Sciences, Brawijaya University, Jalan MT
Haryono 163, Malang 65145, Indonesia
2,3 Business Administration Study Program, Faculty of Administrative Sciences, Brawijaya University,

Jalan MT Haryono 163, Malang 65145, Indonesia

*Corresponding author; Email: [email protected]

ABSTRACT

This study develops a framework based on the Theory of Planned Behavior and focuses
on perceived behavioral control. The Theory of Planned Behavior is extended in this research
by proposing that tax policy and financial access are predictors of Generation Z's
entrepreneurial intention and behavior. Based on the researcher's knowledge, tax policy and
financial access have never been studied concurrently for their impact on entrepreneurial
behavior in Indonesia. The model was tested empirically on 500 entrepreneurial students from
four public universities in Indonesia. Questionnaire surveys were administered to respondents
identified using the random purposive sampling technique. Primary data were processed
according to path analysis procedures using SPSS 25. The Theory of Planned Behavior is
supported by the seven hypotheses stated in this study. Tax policies and financial access
directly affect entrepreneurial intentions and entrepreneurial behavior. Entrepreneurial
intentions can also mediate the impact of tax policy and financial access on entrepreneurial
behavior.

Keywords: Theory of Planned Behavior; Tax Policy; Financial Access; Entrepreneurial

Intention; Entrepreneurial Behavior.

INTRODUCTION this theory, the critical determinant of behavior is

an intention, a psychological factor that impacts a
Entrepreneurship is considered a powerful person's behavior or actions. Perceived behavioral
way to promote job creation [38], economic growth control, which added to the Theory of Planned Beha-
[40], and sustainable development [33]. As a result, vior, refers to an individual's perception of the ease
governments worldwide have constantly encourag- or difficulty of performing the desired behavior [6].
ed the rise of interest in entrepreneurship among Perceived behavioral control varies across circum-
stances and actions taken, resulting in a person's
the young to improve the ratio of entrepreneurship
views of behavioral control changing depending on
by developing regulations and mentorship pro-
the situation.
grams. Research on entrepreneurial intentions and In recent years, several researchers have
entrepreneurial behavior is increasingly in demand, attempted to expand the concept of the Theory of
but most of these studies are conducted in developed Planned Behavior model by testing variables that
countries, such as Australia [53], USA and Turkey are considered to have a significant impact on entre-
[60], China [23], and Italy [34]. In developing coun- preneurial intentions and behavior, such as per-
tries like Indonesia, there is still a lack of study on ceived social support [70], personality traits [49],
entrepreneurial intention and behavior. The factors entrepreneurial self-efficacy [30], entrepreneurship
that influence entrepreneurial intentions in deve- education [16] [52], entrepreneurial commitment
loped countries may differ from those in developing [64], entrepreneurship attitude [49], and entrepre-
countries [46]. neurship policy [44]. The same trend also occurs in
[6] established the Theory of Planned Beha- Indonesia, where research on entrepreneurial in-
vior, a widely recognized model for forecasting tentions and behavior is more often linked to
entrepreneurial intentions and behavior. Theory of psychological and personality factors [45], lack of
Planned Behavior is a social psychology theory that social networks [36], entrepreneurial knowledge
discusses how attitudes toward behavior, subjective [47], and culture [31]. Few studies pay attention to
norms, and perceived behavioral control influence tax policy and financial access as factors that inhibit
human behavior through behavioral intention. In someone from starting entrepreneurship.

57
58 JURNAL AKUNTANSI DAN KEUANGAN, VOL. 24, NO. 2, NOVEMBER 2022: 57−67

Capital and taxes are currently essential 69 percent, and it had grown considerably to 70.01
issues of concern for entrepreneurs. A survey con- percent in 2017. Furthermore, 74.85 percent of
ducted by the Adam Smith Institute in 2015 to Indonesians aged 18 to 64 think that successful
determine the top ten barriers to fostering entre- entrepreneurs in their nation receive high status.
preneurial intention in the United Kingdom shows However, high interest in entrepreneurship is
that the tax system is the most significant barrier inversely linked to Total Early-Stage Entrepre-
(40 percent), followed by a lack of bank loans (38 neurial Activity (TEA), a percentage of the 18-64
percent), the cost of running a business (36 percent), population who are either nascent entrepreneurs or
and the number of competitors (28 percent). A owner-manager of a new business, which only
survey related to entrepreneurs' perceptions of the reached 14.09 percent in 2018. In other words,
tax system in Ireland conducted by [27] also showed Generation Z in Indonesia has a low potential to
the same results, namely 56 percent of entrepre- become entrepreneurs.
neurs viewed the Irish tax system as an obstacle to Whether Generation Z is more entrepreneurial
growth, and only 19 percent considered the Irish tax than the preceding generation is still debated. [2]
system to support the development of new entrepre- state that each generation group has different cha-
neurs and still has significant room for improve- racteristics shaped by cultural occurrences, demo-
ment. The fact that financial constraints are the graphic trends, and pivotal moments in their lives.
main barrier to entrepreneurship is also shown in [28] believe that Generation Z is an entrepreneurial
the research by [39], which shows that there is no generation. Generation Z members are very confi-
difference in the order of barriers to entrepreneur- dent, have an optimistic perspective of their future
ship between men and women related to financial professional life, and tend to have entrepreneurial
constraints. They both place financial constraints as ambitions [1] because they are highly creative and
the main obstacle in entrepreneurship. Financial, inventive [42]. Generation Z prefers entrepreneur-
marketing, and legal constraints have a more ship, is trustworthy, tolerant, and less motivated by
significant impact on entrepreneurship than social, money. Generation Z members, unlike previous
cultural, and family factors in both groups [39]. generations, are poor listeners and lack the inter-
We argue that testing the impact of tax policy personal qualities (aggression, empathy, emotional
and financial access on entrepreneurial intention intelligence honesty, patience, recognition, respect,
and behavior on specific populations will give addi- reliability, and tolerance) required to communicate
tional information. Entrepreneurship is becoming and engage with others [15].
the most pursued career choice among the Z This study implements the Theory of Planned
generation, even more than millennials. According Behavior as a conceptual framework by focusing on
to a survey done by [57] on 4,769 students (172 high the perceived behavioral control construct to
school students and 4,597 college students) and 326 examine the direct and indirect effects of tax policy
businesses from throughout the country, Genera- and financial access on entrepreneurial intentions
tion Z has more entrepreneurial ambitions than and behavior. This study attempts to fill a gap in the
prior generations. According to the findings, 72 literature by examining the belief in the presence or
percent of high school students and 64 percent of absence of variables that encourage or discourage
college students desire to start their firm someday. individuals from becoming entrepreneurs, particu-
Meanwhile, 61 percent of high school students and larly those linked to tax policy and access to capital
43 percent of college students would want to be in developing countries. This research is expected to
entrepreneurs rather than employees after graduat- provide some contributions. First, this research is
ing from college. Another study conducted by [26] expected to expand the Theory of Planned Behavior
shows that 62 percent of Generation Z desire to start concept by adding tax policy and financial access to
their own company instead of working for an the model as predictors of entrepreneurial intention
established company, and 51 percent of Generation and behavior. This study adopted the research of
Z have shown an interest in developing skills related [54] [55] [62] and [8] to construct a model that met
to how to start a business. the research goals. Second, this research is expected
Entrepreneurship is also seen favorably by to provide a basis for the authorities to make tax
Generation Z in Indonesia. Generation Z, born bet- policies and funding programs that encourage
ween 1995 and 2010, accounted for 29.23 percent of entrepreneurial intentions and behavior among
the total population of Indonesia, putting them in Indonesian youth.
second place after Millennials, who made up 33.75
percent. According to the Global Entrepreneurship Theory of Planned Behavior
Monitor (GEM) poll conducted in 2018, 71.90 per-
cent of Indonesians aged 18 to 64 agree that Entrepreneurial activity is exceptionally repre-
entrepreneurship is a suitable career choice, higher sentative of planned behavior; thus, it is intentional
than the global average of 62.41 percent. This behavior [50]. This concept is also stated by [51],
percentage has increased significantly since 2016 by that the choice to be an entrepreneur or not is
 Asmoro: Tax Policy and Financial Access 59

planned, voluntary, and conscious, thus requiring and choice domains. [4] stated that human behavior
intentionality. Individuals' estimates of whether is complex and challenging to explain and predict.
they will undertake an activity tend to consider all Therefore, the Theory of Planned Behavior
the factors they are aware of that may affect the introduces a variable perceived behavior control, a
performance of their activity [66]. The Theory of critical distinction from the Theory of Reason
Planned Behavior has become a widely recognized Action. Perceived behavioral control is described as
model for predicting entrepreneurial behavior. an individual's perception of the difficulty of
According to [18], the Theory of Planned Behavior enacting a behavior. Some behaviors are beyond
has been empirically investigated in over 4,200 one's volitional control, and by incorporating per-
articles listed in the Web of Science bibliographic ceived behavioral control into the model, the Theory
database as of April 2020, making it one of the most of Planned Behavior can explain a broader range of
frequently applied theories in the social and behaviors more accurately. [7] argues that perceived
behavioral sciences. Business and management are behavioral control consists of two highly correlated
among the three major disciplines that often adopt variables, namely perceived self-efficacy (indivi-
the Theory of Planned Behavior as a conceptual duals' beliefs about their abilities) and perceived
framework based on Thematic Treemap Analysis. control (beliefs that individual behavior is volitio-
The Theory of Planned Behavior is a psycholo- nal). Both variables form perceived behavioral
gical concept used to predict specific individual control, which indirectly predicts behavior through
behaviors and what processes govern those actions. intention and directly predicts behavior. This model
This model argues that normative beliefs about is different from the attitude toward the behavior
behavior, attitudes toward the object, and perceived and subjective norms that can only predict behavior
behavioral control influence behavioral intentions through intention. Thus, The Theory of Planned
that predict behavior [6]. Behavioral intention is a Behavior empirically accounts for more variance in
critical component in this model because it directly intentions and behavior than The Theory of Rea-
predicts behavior and mediates between the three soned Action.
exogenous variables with behavior. The Theory of
Planned Behavior was introduced by [5] as a Previous Studies
conceptual extension of the Theory of Reasoned
Action by incorporating perceived behavioral control This study will expand the Theory of Planned
variables, which are believed to help predict indi- Behavior by focusing on perceived behavioral
vidual behavior in certain circumstances. The control by testing the direct and indirect effects of
Theory of Reasoned Action developed by [3] provides tax policy and financial access on entrepreneurial
the idea that human behavior is influenced by the intentions and behavior. According to the Adam
extent to which a person has a favorable or unfavo- Smith Institute survey in 2015, tax policy and
rable evaluation of an attractive behavior (attitude financial access are major obstacles to starting
toward the behavior) and beliefs about whether entrepreneurship. However, these two variables
most people approve or disapprove of that behavior have received little attention from researchers.
(subjective norms). Although several empirical Based on the Theory of Planned Behavior, even
research has shown that attitudes and subjective though Generation Z has a positive attitude toward
norms have a high ability to explain individual entrepreneurship, believes that entrepreneurship is
behavioral intentions, these two factors have not normatively reasonable as a career choice, and has
always been found to be strong enough to predict an entrepreneurship plan (which leads to an
human behavior [9]. intention to become an entrepreneur), entrepreneu-
The Theory of Reasoned Action is suitable for rial behavior may not be likely, if they do not have
actions under volitional control. When the behavior enough capital and face tax risk
is affected by factors that some people have limited The availability of opportunities and resources,
control of, its predictive accuracy will decrease; thus, including money, information, time, and skills, are
the Theory of Planned Behavior is proposed to the constraints that control the behavior to be per-
explain this kind of behavior [5]. The Theory of formed [68], in this case, entrepreneurial behavior.
Planned Behavior suggests that humans plan all Perceived behavioral control indicates the perceived
their actions to achieve the expected possible out- difficulty or ease in performing the behavior, and it
comes [64]. Since it does not involve a conscious is thought to reflect previous experiences as well as
decision from the actor, the scope of the Theory of anticipated hurdles and barriers [6]. Power of
Reasoned Action excludes behavior that is impul- authority, tax complexity, tax awareness, and tax
sive, spontaneous, habitual, the result of cravings, information may all be restrictions in controlling
or simply scripted or mindless. [66] also argue that taxpayer behavior in tax compliance [68]. In deve-
the model developed in the Theory of Reasoned loping nations, such as Indonesia, where taxes
Action still requires further modification and refine- account for 80 percent of state revenue, high tax
ment, especially when the model is extended to goal rates, hefty fines or tax penalties, and tax policy
60 JURNAL AKUNTANSI DAN KEUANGAN, VOL. 24, NO. 2, NOVEMBER 2022: 57−67

complexity are frequent issues. Due to these con- the event of a loss, and there are facilities for tax
straints, entrepreneurs are forced to pay a high tax compensation. Thus, the final income tax, which
burden and tax compliance cost, although they seems "simple and encouraging" to businesses, is
require adequate capital to establish or maintain not always advantageous.
their businesses. [63] pointed out that financial constraints are
However, there is no consensus on whether tax the main obstacle to entrepreneurship. However,
policy affects entrepreneurial intentions and beha- there is also no consensus that entrepreneurial
vior. Several studies have found that progressivity intentions and behavior are influenced by financial
of taxation [12], average tax rate [43], marginal tax access. Due to a history of audited financial
rates [43], marginal tax rates for entrepreneurs [41], statements, better guarantees for obtaining loans,
marginal tax rates for SMEs [35], and corporate tax and the possibility to fund some expansions through
rate [19] have a negative impact on entrepreneur- retained earnings, established companies have
ship. The high rate of corporate income tax reduces greater opportunities in terms of access to finance
the profits of incorporated companies [13]. In [22]. In contrast, entrepreneurs from under-repre-
addition, the reduction in business profits due to the sented and disadvantaged groups (e.g., women,
high corporate income tax has led to a reduction in teenagers, immigrants, and the jobless) have higher
dividends paid to shareholders and reduced invest- difficulties obtaining funding, typically owing to a
ment opportunities, which has reduced the motiva- lack of collateral and credit history. However, entre-
tion of people to become entrepreneurs [14]. preneurs in the early stages of business, growth
Meantime, additional studies suggest that the phase, shake-out phase, and maturity phase have
progressivity of corporate taxation [11], the progres- different needs for the type and amount of financing
sivity of personal income taxes [20], average tax rate to maintain and grow their businesses.
[12], marginal tax rate [21], and marginal tax rate The findings of [65] are consistent with pre-
for salaried workers [41] have a positive impact on vious studies, indicating that persons who receive
entrepreneurship. One argument is that the high gifts or inheritances are more likely to start their
rate of corporate income tax reduces the profits of enterprises. As a result, they conclude that if the
legitimate companies, so they will try to transfer government wishes to boost entrepreneurship, it
income by entrepreneurship through unlisted must make financial access simpler and more
companies or informal startups and make better tax widespread for potential entrepreneurs who are
planning [61]. The absence of influence of the limited by a lack of funds. [55] research showed a
maximum tax rate, average tax rate, and marginal different result: financial access does not affect
tax rate on entrepreneurship further demonstrate business intentions and behaviors. [24] discovered
the inconsistency of the effect of tax policy on that young people between the ages of 21 and 40
entrepreneurship. [17] states that entrepreneurship have the energy and confidence to take business
is passion, and entrepreneurs start a business risks, so they ignore the risk of inadequate capital
because they love it, so ideally, entrepreneurs will and financial access. [32] also pointed out that
not decide to start a business due to tax policy. people are more willing to expose themselves to
Furthermore, differences in the characteristics career risks such as entrepreneurship when they
of each nation's tax policy are believed to cause a are young, so a lack of funding channels will not
lack of agreement on the impact of tax policy on affect their decision to become entrepreneurs.
entrepreneurship. In the case of Indonesia, entre- The neglect of financial risk is also suspected in
preneurs or MSMEs can choose to be subject to final young Indonesian entrepreneurs. GEM data that
income tax based on Government Regulation No. measures entrepreneurship as a good career choice
23/2018 at a rate of 0.5% on turnover, be subject to from 2015 to 2022 shows that Indonesia has the
a progressive rate of net income based on Article 17 highest score (74.38) compared to other Asian
Paragraph 1 for individual taxpayers, or be subject countries such as Japan, South Korea, Malaysia,
to a tariff of 22% on net income based on Article 17 Singapore, and Taiwan only reached 23.99 to 57.13.
Paragraph 2 for corporate taxpayers. The impo- However, the Organization for Economic Co-
sition of final income tax is considered to be simpler operation and Development (OECD), in its report
because it does not require bookkeeping, and the entitled Financing SMEs and Entrepreneurs 2022,
rate is lower. In fact, the government lowered the stated that accessing finance is still challenging for
tax rate by half, from 1% based on Government most SMEs in Indonesia. From 2011 to 2020, loan
Regulation No.46/2013 to 0.5%. However, taxes on interest rates decreased by 3.8% for SMEs (from
turnover poses risks for entrepreneurs. When entre- 12.28% to 9.36%) but are still very high compared to
preneurs bear high operating expenses and suffer the average in other countries. The outstanding
losses, they still have to pay income tax. Also, losses loans allocated to SMEs declined by 3.2% year on
cannot be compensated from the following tax year (y-o-y) in 2020. During the 2018 to 2020 period,
period's income tax liability. Contrary to article 17, SMEs' non-performing loans (NPLs) also increased
which levies a tax on profits, there is no tax due in from 3.35% to 3.95%. Despite the fact that there are
 Asmoro: Tax Policy and Financial Access 61

more financial institutions, according to statistics and the behavior itself. Perceived Behavior Control
from the World Bank for 2021, both formal (banks is a belief about the presence or absence of factors
and non-banks) and informal (fintech and angel that aid and impede individuals to perform a
investors), 40% of Indonesian adolescents do not behavior. Therefore, this study proposes the
have bank accounts because they believe that hypothesis that tax policy and financial access have
financial services are too expensive. direct and indirect effects on Generation Z's
entrepreneurial intentions and behavior in
RESEARCH METHOD Indonesia. The research model is depicted in Figure
1 as follows.
This study is quantitative research with an
explanatory approach that uses empirical hypo- Tax Policy H4
thesis testing to elucidate the relationship between H1 H6

the variables analyzed by collecting numerical data Entrepreneurial H3 Entrepreneurial

and analyzing it mathematically. Based on the data Intention Behavior
H2 H7
collecting method, this study is a survey research H5
Financial Access
using a questionnaire as the instrument. The
variables and question items in this study were Figure1. Research Model
adapted from several prior studies and were
measured using a Likert Scale with a range of 1 to Based on the research model in Figure 1, this
5, with one indicating "strongly disagree," and five research is composed of seven hypotheses.
indicating "strongly agree." The tax policy factors H1: Tax policy affects on entrepreneurial inten-
were adapted from [54] research; however, this tions of Generation Z in Indonesia
study does not include all of the questions and H2: Financial Access affects entrepreneurial inten-
adjusts to the taxation policies in Indonesia when tions of Generation Z in Indonesia
the study was conducted. Meanwhile, 5 question H3: Entrepreneurial intention affects entrepreneu-
items derived from [55] research were used to rial behavior of Generation Z in Indonesia
measure financial access, 5 question items from [62] H4: Tax policy affects entrepreneurial behavior of
were used to test entrepreneurial intention, and 4 Generation Z in Indonesia
question items from the behavioral model [8] were H5: Financial Access affects entrepreneurial beha-
used to measure entrepreneurial behavior. vior of Generation Z in Indonesia
This study uses the Slovin formula to deter- H6: Tax policy affects entrepreneurial behavior
mine the sample size because the population is large through entrepreneurial intentions of Gene-
[25]. We computed the optimal sample size using a
ration Z in Indonesia
5 percent level of precision and 95 percent level of H7: Financial Access affects entrepreneurial beha-
confidence, which is acceptable in social research
vior through entrepreneurial intentions of
[67]. The recommended minimum sample size is
Generation Z in Indonesia
385 based on the findings of the Slovin formula
calculation. This study applies random purposive
RESULTS AND DISCUSSION
sampling to determine the sample since this study
aims to look at Generation Z's entrepreneurial
Reliability and Validity Test Results
intention and behavior. In addition, [56] state that
random purposive sampling enhances the credibi- The reliability and validity tests must be per-
lity of to sample when a potential purposeful sample formed because this study uses a questionnaire as a
is too large. The researcher randomly selects sub- research instrument. [59] suggested a reliability
jects from a sampling frame of purposely selected coefficient of 0.7 as appropriate; however, lower
samples.
thresholds have been employed in the literature.
500 surveys were filled out and met the
According to [58], a Cronbach Alpha score of 0.60 is
sampling requirements, namely entrepreneurial
acceptable in social science. Based on the Cronbach
students from four state universities in Indonesia,
Statistical Test results in Table 1, it is known that
out of the 515 gathered. Students from four public
all variables in this study are reliable.
universities in Indonesia were selected as respon-
dents because 1) college students matched the Table 1. Reliability Test Results
theoretical criteria of Generation Z at the time the
research was conducted, and 2) the university had Cronbach
the vision to become an entrepreneurial university. Variable Alpha Reliability
SPSS 25 was used to process primary data under Score
Tax Policy 0.835 Reliable
path analysis methods.
Financial Access 0.616 Reliable
The study tested the Theory of Planned
Entrepreneurial Intention 0.860 Reliable
Behavior by focusing on perceived behavioral
control as a determinant of behavioral intentions Entrepreneurial Behavioral 0.804 Reliable
62 JURNAL AKUNTANSI DAN KEUANGAN, VOL. 24, NO. 2, NOVEMBER 2022: 57−67

The validity test used Bivariate Pearson corre- or seminars and 43 percent (n = 215) of respondents
lation, carried out by correlating each indicator also stated that they joined entrepreneurial organi-
score with the total construct score. Validity test zations.
results are determined by comparing the signi- Additionally, the data indicates that most
ficance value of the test results with a significance respondents (n = 353, 70.60 percent) are not from
level of 5 percent. Based on the test, it is known that entrepreneurial families, implying that the bulk of
the fifth item of financial access is not valid, so it is respondents' entrepreneurial intention and beha-
not used in this study. vior are self-determined. According to the stages of
entrepreneurial activity, most respondents are
Table 2. Validity Test Results
developing their first business idea (27.60 percent)
Item Sig Validity and releasing their first product (19.80 percent). At
Value this point, the need for financial assistance is very
Tax Policy 1 0.020 Valid great. Regarding tax risk, which is also investigated
Tax Policy 2 0.000 Valid
in this study, the data shows that most respondents
Tax Policy 3 0.000 Valid
(n = 348, 69.60 percent) had never taken tax courses
Tax Policy 4 0.002 Valid
or attended tax socialization, training, or seminars
Tax Policy 5 0.000 Valid
Tax Policy 6 0.005 Valid (n = 407, 81.40 percent). More detailed respondent
Tax Policy 7 0.000 Valid characteristic information is presented in Table 3.
Tax Policy 8 0.000 Valid
Tax Policy 9 0.003 Valid Table 3. Respondent Characteristics
Tax Policy 10 0.001 Valid F (N=500) %
Financial Access 1 0.000 Valid Age
Financial Access 2 0.000 Valid 17-19 193 38.60
Financial Access 3 0.003 Valid 20-22 297 59.40
Financial Access 4 0.000 Valid 23-25 10 2.00
Entrepreneurial Intentions 1 0.000 Valid Gender
Man 189 37.80
Entrepreneurial Intentions 2 0.000 Valid
Woman 311 62.20
Entrepreneurial Intentions 3 0.000 Valid Academic Year
Entrepreneurial Intentions 4 0.000 Valid Diploma
Entrepreneurial Intentions 5 0.000 Valid Freshman 16 3.20
Entrepreneurial Behavioral 1 0.000 Valid Sophomore 2 0.40
Entrepreneurial Behavioral 2 0.000 Valid Junior 3 0.60
Entrepreneurial Behavioral 3 0.000 Valid Senior 1 0.20
Entrepreneurial Behavioral 4 0.000 Valid Bachelor
Freshman 58 11.60
Sophomore 123 24.60
Respondent Characteristics Junior 128 25.60
Senior 164 32.80
An examination of the demographic profile Post Graduate
supplements the results of the hypothesis analysis Sophomore 5 1.00
in this study to determine the differences in each Educational Background
research respondent's background. Of the 525 ques- Business 233 46.60
tionnaires distributed to entrepreneurial students Non Business 267 53.40
at four state universities in East Java, Indonesia, Taking Entrepreneurship Course
only 500 were filled out completely and could be Once 319 63.80
Never 181 36.20
processed. There are more female respondents (n =
Participate in Entrepreneurship Training
311, 62.20 percent) than male respondents. Half of Once 386 77.20
the respondents are between 20-22 years old (n = Never 114 22.80
297, 59.40 percent) and have a non-business Join an Entrepreneurial Organization
educational background (n = 267, 53.40 percent). Join 215 43.00
39.80 percent of respondents identified as freshmen Not Joined 285 57.00
and sophomores at the diploma and undergraduate Parents Are Entrepreneurs
degrees. This finding is intriguing since there is a Entrepreneur 147 29.40
widespread belief that senior students with busi- Non Entrepreneur 353 70.60
Entrepreneurial Activity Stages
ness credentials mostly show entrepreneurial acti-
Thinking of the first business idea 138 27.60
vity. Based on the data, it is known that respon- Formulating a business plan 51 10.20
dents are also trying to improve their knowledge Identify market opportunities 40 8.00
and skills in entrepreneurship, 77.20 percent (n = Looking for potential business partners 33 6.60
386) of respondents stated that they have parti- Buying equipment 20 4.00
cipated in entrepreneurship socialization, training, Carry out product development 31 6.20
 Asmoro: Tax Policy and Financial Access 63

F (N=500) % Discussion
Discuss with potential customers 14 2.80
Applying for funding at a financial This study focuses on perceived behavioral
12 2.40
institution
Determine when the business is run 11 2.20 control variables which are beliefs about the availa-
Product launch 99 19.80 bility of support and resources or barriers to carry-
Other 51 10.20 ing out an entrepreneurial behavior. Tax policy and
Taking Taxation Course financial access, considered the most significant
Once 152 30.40 inhibiting factors in entrepreneurship, are tested for
Never 348 69.60
their direct and indirect effects on entrepreneurial
Participate in Tax Training / Seminar
Once 93 18.60 behavior. Statistical tests indicate that the seven
Never 407 81.40 hypotheses tested in this research are acceptable, or
in other words, this research supports the Theory of
Hypothesis Test Result Planned Behavior introduced by [6]. Tax policy and
financial access have been proven to be able to
This study examines the effect of financial influence the choice to be an entrepreneur or not
access and tax policy directly on entrepreneurial where the choice has the characteristics of being
behavior and indirectly through entrepreneurial planned, voluntary, and conscious [51].
intentions. The test results show that both tax policy According to descriptive statistical analysis,
(β = 0.254, p < 0.01) and financial access (β = 0.084, most respondents do not come from business-own-
p < 0.10) can predict the entrepreneurial intention ing families, and their entrepreneurial activities are
of Generation Z. Based on the Theory of Planned still in the early stages. This condition exposes them
Behavior, perceived behavioral control, which in to great potential for failure, primarily if the right
this study is measured by variables of financial policies from the authorities do not support it.
access and financial policy, can predict entrepreneu- Entrepreneurs at the initial level need adequate
rial behavior directly and indirectly through capital to develop their business, but few financial
entrepreneurial intentions. It is known that the test institutions are ready to grant finance because
results are able to prove the direct effect of tax policy novice entrepreneurs are thought to have a poor
(β = 0.190, p < 0.01) and financial access on track record. The scenario is made worse because
entrepreneurial behavior (β = 0.081, p < 0.10). Table the government levies a tax on startup income,
4 shows that the direct effect of tax policy on
restricting investment opportunities and profitabi-
entrepreneurial behavior decreased after the
lity. Unlike previous generations, Generation Z is
entrepreneurial intention variable was included in
more concerned about career security. Therefore
the analysis (β = 0.136, p < 0.01). The effect of tax
generation Z, which is more concerned with job
policy on entrepreneurial behavior mediated by
entrepreneurial intentions is also shown by the stability than prior generations, places a greater
results of the Sobel test, which has a Z-value of 4.064 emphasis on tax policy and financial availability
and is significant at the 0.01 level. Furthermore, the before starting a business.
entrepreneurial intention was also proven to me- In this research, tax policy is shown a direct
diate the effect of financial access on entrepre- impact on entrepreneurial intention and entrepre-
neurial behavior (β = 0.045, p < 0.10). This is also neurial behavior. Thus, this research supports
reinforced by the results of the Sobel test, which previous research which has proven that corporate
shows the Z-value: 1.8813 and is significant at the taxes [11], personal income tax progression [20],
0.1 level. Thus, the overall hypothesis proposed in average tax rates [12], marginal tax rates [21], and
this study is supported. marginal tax rates for salaried workers [41] have a
positive impact on entrepreneurship. However, this
Table 4. Hypothesis Test Result study provides a more comprehensive explanation
Direct because it uses tax policy as a predictor variable.
Relation- Indirect Total Tax policies address not only tax rates but also
Effect Sig.
ship Effect (β) Effect
(β) policies for fulfilling tax obligations, tax objects, tax
TP - EI .254 .000*** incentives, and sanctions.
FA - EI .084 .057* [69] states that tax complexity in Indonesia
EI - EB .535 .000*** decreased from 0.48 (2016) to 0.39 (2020) but was
(.254x.535) still the highest during the period compared to
TP - EB 0.190 .000*** 0.326
0.136*** Singapore (0.23), South Korea (0.31), Taiwan (0.33),
(.084x.535)
FA - EB 0.081 .071* 0.126 Japan (0.34), Malaysia (0.35), and Thailand (0.36).
0.045*
*** : p < 0.01 Likewise, Indonesia is included in the top 20 Asian
** : p < 0.05 countries with the longest time fulfilling tax
* : p < 0.10 obligations regarding tax preparation time. Thus,
64 JURNAL AKUNTANSI DAN KEUANGAN, VOL. 24, NO. 2, NOVEMBER 2022: 57−67

generation Z, who desire to be entrepreneurs, will be descriptive analysis shows the manifestation of
burdened with high tax administration costs. The entrepreneurial intentions into behavior, where the
burden is even more remarkable because of the high majority of respondents (27.60%) have been think-
tax rate in Indonesia (individual tax rates 30 ing of the first business idea, 10.20% formulating a
percent and corporate rates 25 percent). As a result, business plan, and even 19.80% have launched their
Generation Z will prefer income sources with low products.
tax risk by choosing entrepreneurship through
companies that are not incorporated or informal CONCLUSION
entrepreneurship. Tax authorities have difficulty
monitoring and regulating individuals or entities in As factors that some people have limited con-
the informal sector, and so classify them as hard-to- trol over, tax policies and financial access have
tax groups [48]; they try to become taxpayers who influenced Generation Z's entrepreneurial inten-
are difficult to tax [10]. tions and behavior in Indonesia. Entrepreneurial
This study can also prove that financial access intentions have also proven to be Generation Z's
directly affects entrepreneurial intentions and primary key to entrepreneurial behavior. Thus, the
entrepreneurial behavior. In General, generation Z results of this study strengthen the Theory of
is a risk-averse generation [28], so before they decide Planned Behavior. This study has several limi-
tations that should be considered when interpreting
to start a business, they will make sure that funding
the findings. First, this study takes respondents
is available and easy to obtain. Access to finance is a
who belong to Generation Z and own a business
critical component of innovation creation, new ven-
from four public universities in East Java, Indo-
ture growth, and business viability. Lack of finance nesia. The characteristics of Generation Z in
usually prevents new businesses from increasing developing and developed countries may differ.
their productivity, covering working capital needs Therefore, future research can analyze Generation
[29], meeting market demands, and investing in Z entrepreneurs from other countries with different
innovative projects [37]. In many cases, young cultural backgrounds and experiences. Second, this
individuals do not have enough opportunities to study uses cross-sectional data. Although these data
save and accumulate the margin money needed for types are used extensively in business research and
business. The initial capital they often get from management, they represent a single point in time
relatives or friends. The quantity of money that can and make it difficult to determine the cause and
be collected is frequently insufficient to cover the effect or impact of changes over time. Further
costs of their business activities. At the same time, research is suggested to use longitudinal data to
bankers view young people who have just started a examine the effect of tax policy and financial access
business as unsafe and potentially risk. Difficulties on entrepreneurial intentions and behavior.
accessing financial resources can kill the entre-
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