Cultural Values, Psychological Readiness, and Policy Support: Explaining Perceived Venture Behaviour in Yogyakarta’s Heritage-Based Tourism Economy

Research purpose. Tourism-based entrepreneurship in heritage-rich regions offers fertile ground for inclusive development, yet venture-oriented perceptions and early entrepreneurial readiness remain uneven. This study examines how cultural values, psychological readiness, and government financial support help explain perceived venture behavior among early-stage and aspiring entrepreneurs in Yogyakarta’s culture-based tourism economy. Psychological readiness is treated as an umbrella concept represented by self-confidence and risk-taking propensity, while cultural values are conceptualized as culturally embedded entrepreneurial value orientations. Grounded in the Resource-Based View (RBV), the study positions cultural and psychological factors as internal intangible resources, and government financial support as an institutional enabler that shapes entrepreneurial cognition and readiness to consider venture-related opportunities.

Design / Methodology / Approach. Employing a cross-sectional design, data were collected through an online survey of 211 purposively selected respondents involved in or preparing to enter tourism-related micro and small enterprises in Yogyakarta. The constructs were measured using validated instruments adapted through back-translation and pilot testing. Data were analyzed using PLS-SEM to assess the measurement model, structural relationships, and moderation effects.

Findings. The findings show that risk-taking propensity and cultural values significantly explain perceived venture behavior, whereas self-confidence exerts no meaningful influence in this context. Government financial support does not strengthen the effects of self-confidence or risk-taking propensity on perceived venture behavior. Its interaction with self-confidence is unexpectedly negative, suggesting that external financial support may weaken the association between personal confidence and venture-oriented perceptions. In contrast, government financial support positively moderates the effect of cultural values, strengthening their association with perceived venture behavior at higher levels of support.

Originality / Value / Practical implications. This study refines the RBV by applying it to an informal, pre-venture, culture-based tourism context. It clarifies how cultural values, psychological readiness, and government financial support operate as distinct but interrelated resources in shaping perceived venture behavior. Practically, the findings suggest that financing schemes and entrepreneurship development programs should be sensitive to culturally embedded entrepreneurial orientations and local entrepreneurial needs, rather than relying solely on standardized psychological enablers.