The Convergence of the Fourth Sector and Generation Z’s Biospheric Values: A Regional Empirical Case Study in Spain

Abstract

This study examines how Generation Z’s values align with entrepreneurial orientation in the Fourth Sector (FS), which merges public, private, and non-profit dynamics to balance financial sustainability with socio-environmental impact. Using Structural Equation Modeling with Partial Least Squares (SEM-PLS), we analyze the influence of economic–financial, biospheric, and altruistic values of the university students’ inclination toward entrepreneurship in the FS. The study draws on a convenience sample of 139 undergraduate students from the School of Economics and Business Sciences at the University of Extremadura, located in the Autonomous Community of Extremadura, Spain. Our findings reveal that economic–financial values are the strongest predictor, underscoring the enduring importance of financial viability in shaping entrepreneurial intent. Biospheric values also play a significant role, highlighting sustainability and environmental awareness as key motivators. While altruistic values exhibit a positive relationship with FS entrepreneurship, this effect is not statistically significant, indicating that Generation Z prioritizes economic and environmental considerations over pure altruism when engaging in this sector. These insights contribute to the understanding of how a group of university students from Generation Z approaches sustainable business models and provide strategic guidance for fostering entrepreneurship that effectively integrates financial sustainability with environmental responsibility. Specifically, Generation Z is expected to be particularly receptive to entrepreneurship initiatives focused on biodiversity conservation.

1. Introduction

The Fourth Sector (FS), an emerging paradigm in the business arena, integrates elements from the public, private, and non-profit sectors to create organizations that prioritize social and environmental impact alongside financial sustainability [1,2]. These organizations emphasize social missions, embrace ecology, and implement innovative governance models that foster substantial community involvement and engagement [3]. As a convergence of government, private, and non-profit domains, the FS enables the formation of for-benefit organizations, most of them for-benefit enterprises, that uphold social and environmental missions while maintaining financial independence [4]. According to Sánchez-Hernández et al. [2], good examples of organizations considered part of the FS are employee-owned businesses such as producer cooperatives resulting from employee buyouts [5], civic enterprises such as local businesses delivering housing or care services [6], municipal enterprises addressing problems of society such as climate change or environmental issues [7,8], or social enterprises spanning the spectrum of non-profit to for-profit entities such as one-for-one businesses [9], among others.

While the FS has gained increasing attention in recent years for its hybrid organizational models and sustainability focus [1,2,3,4], empirical studies examining the value-based motivations behind entrepreneurial engagement in this sector remain limited. In particular, there is a lack of research exploring how generational value orientations—especially among Generation Z—interact with FS entrepreneurship.

Notably, the FS has demonstrated resilience and adaptability in times of crisis, enhancing and complementing the efforts of traditional sectors [10,11]. Many of these entities adopt sustainable business models and circular economy strategies, focusing intensely on environmental and social objectives [12]. Furthermore, the sector’s connections with volunteer activities, and even volunteering work [13], the sector’s hallmark grassroots initiatives, and self-organizing civic activism [3] reinforce its commitment to community-oriented goals.

From the perspective of Socioecology Theory, which argues that humans and nature form an interconnected partnership [14], this work examines the defining characteristics of the FS, grounded in recent research, and its relevance as a hybrid sector that combines the strengths of traditional sectors.

We argue that today’s youth, especially Generation Z, may find a strong affinity with the FS, as its core values—social impact, sustainability, and community engagement—closely align with their generational priorities and ideals.

This study contributes to the ongoing academic discourse on sustainability and ESG (Environmental, Social, and Governance) frameworks [15,16]. Within this context, the FS aligns closely with the values of Generation Z—a cohort marked by heightened environmental awareness, social responsibility, and a strong preference for purpose-driven careers [17]. As Gen Z enters the entrepreneurial landscape, their intentions are increasingly shaped by a desire to launch ventures that not only generate profit but also advance societal and ecological well-being. This generational shift is catalyzing a transformation in how sustainability is operationalized, with ESG principles serving both as benchmarks and motivators for ethical business practices. Recent studies indicate that Gen Z’s engagement with ESG is particularly pronounced in the social and governance dimensions, influencing their workplace expectations and entrepreneurial aspirations [17,18,19]. Moreover, their sustainable behavior is not merely reactive but proactive, reflecting a deep-seated commitment to long-term environmental stewardship and systemic change [20]. Consequently, it is argued that FS provides fertile ground for Gen Z entrepreneurs to actualize their values, effectively bridging the gap between profit and purpose in the evolving sustainability discourse [21].

The study further aims to identify values associated with entrepreneurship in the FS and to explore the extent to which Generation Z might find motivation in this sector for entrepreneurial pursuits, thereby contributing to a broader understanding of the sector’s potential to inspire the next generation of entrepreneurs focusing on socioecology principles. The central research question guiding this study is: To what extent do biospheric, altruistic, and economic–financial values influence Generation Z’s entrepreneurial orientation toward the FS? To answer this question, the study pursues the following objectives: (i) To conceptualize and operationalize entrepreneurial orientation in the FS as a measurable construct; and (ii) To assess the influence of biospheric, altruistic, and economic–financial values on the orientation in the FS among Generation Z students.

As will be shown, the empirical study is a regional case study, as it has data from the Autonomous Community of Extremadura, in Spain, and reveals that Generation Z’s biospheric values are clearly aligned with entrepreneurial orientation toward the FS.

It is important to note that this research is framed as a regional case study and aims to provide exploratory insights rather than broad generalizations about Generation Z. However, this study addresses a gap in research by offering an empirical, regionally grounded case study that examines how three distinct value orientations—biospheric, altruistic, and economic–financial—shape entrepreneurial intentions among Generation Z students. By focusing on a specific context, the research contributes novel insights into the motivational drivers of sustainable entrepreneurship and expands the theoretical application of Socioecology and other frameworks within the FS. Beyond its theoretical contributions, this study also offers practical economic implications because understanding value-driven motivations among young entrepreneurs can inform the design of policies and educational programs that foster sustainable business creation.

2. Theoretical Background: Socioecology Principles, FS, and Generation Z

There are real development possibilities for the FS in biodiversity conservation under the umbrella of ecosystem services. This concept highlights the intricate relationship between human societies and natural environments, emphasizing the critical role of biodiversity and ecological processes in sustaining life and well-being [22,23]. Ecosystem services are generally categorized into four types: (i) Provisioning (e.g., food, water) [24,25]; (ii) Regulating (e.g., climate regulation) [26]; (iii) Cultural (e.g., recreation) [27,28]; and (iv) Supporting (e.g., nutrient cycling) [29].

As will be argued in the next sections, entrepreneurship in biodiversity conservation presents a unique opportunity to address pressing environmental challenges while creating sustainable economic value, which can benefit from new ventures by Gen Z in the FS.

2.1. Socioecology and Entrepreneurship

According to the principles of Socioecology, when human activities are harmonized with environmental systems, the economic benefits derived from long-term ecosystem services contribute directly to local economies [30]. Ortega-Rubio et al. [31] argue that this dynamic encourages communities to actively engage in the conservation of their natural resources, thereby enhancing their quality of life and securing essential services. Socioecological research is interdisciplinary, drawing on fields such as behavioral and ecological sciences [32,33], circular economy [34,35], or sustainability practices [36]. The socioecological theory in the context of business integrates the interactions between companies and their social and ecological environments, recognizing that organizations do not operate in isolation but are part of broader systems that include environmental, social, and economic factors [37]. This aligns with the Triple Bottom Line (TBL) approach of management, where performance encapsulates economic, social, and environmental aspects [38], aiming toward sustainability. In fact, a growing body of academic research assesses how sustainable business models create and capture value in socioecological systems [39] and how they can support socioecological resilience [40]. It aims to explain how social groups interpret ecological knowledge and how cultural, economic, and human activities shape environmental use and conservation.

The socioecology framework supports this study by emphasizing the interdependence between human systems and ecological processes. In the context of entrepreneurship, this perspective highlights how value-driven business models (particularly those aligned with biospheric and altruistic values) can contribute to socioecological resilience. By integrating this framework, the study positions entrepreneurial orientation in the FS, not merely as an economic activity, but as a mechanism for reinforcing sustainable human-nature relationships. In addition, in this work, we argue that the socioecological approach of entrepreneurship must align both Generation Z’s values and the FS values. Consequently, new generations must be interested in entrepreneurship in the FS, for example, associative movements and/or business models that favor conservation, use, and management of natural resources, as well as territory and ecosystem management.

2.2. The FS Values

Under the lens of Socioecology Theory, the FS embodies a transformative approach to organizational structures, reflecting evolving human values that prioritize social impact alongside economic viability [41]. The FS represents an emerging domain where traditional boundaries between the public, private, and non-profit sectors converge, giving rise to organizations that blend commercial and social objectives. Ferreira et al. (2024) [4] highlight the FS’s role in addressing societal challenges beyond traditional sectors, and describe the FS as encompassing informal volunteering, hybrid organizations that merge business with social goals, and a renewed social economy fostering innovation.

In terms of values, this sector is characterized by entities that operate with a business framework while prioritizing social and environmental missions. As has been remarked by different authors, unlike traditional organizational approaches, hybrid organizations shape their business strategies to achieve sustainable outcomes that create shared benefits for the stakeholders they engage with [42,43,44]. A special mention must be made of environmental values, as literature also indicates the specific orientation of new business models to environmental leadership [45]. In summary, the values of the FS align with the TBL approach, where profit and sustainability values coexist [46].

2.3. Generation Z Values

Generation Z (born mid-1990s to early 2010s) is often called the “superhero generation” [47]. While the exact birth years may vary slightly among researchers, Gen Z is typically defined by its distinctive experiences and characteristics shaped by historical, technological, cultural, and social forces during their formative years [48]. In terms of values, and according to Deloitte [49], Gen Z is committed to purposeful work, environmental responsibility, personal well-being, and adaptability in a rapidly changing world.

To understand their value structure, it is necessary to delve into what defines them as a generation. Gen Z, the first fully digital-native generation, has been shaped by constant connectivity, influencing their communication, cognition, and mental health awareness [50,51,52,53,54,55].

Moving to personal values, Gen Z embraces, and expects from society, diversity, equity, and inclusion [56,57]. Members of Gen Z are the most ethnically and culturally diverse generation in many countries, contributing to strong values around inclusivity, equity, and social justice. Gen Z is also characterized by a specific economic and social context [58]. Their worldview has been shaped by events such as the Great Recession, climate change awareness, and global political movements, fostering a sense of pragmatism, activism, and concern for sustainability [59]. In fact, Gen Z is reshaping norms in consumption, labor, entrepreneurship, and politics [56,60,61,62,63]. Related to education and careers, Gen Z tends to prioritize education and financial stability but also values flexible and meaningful work environments that align with their values [64].

Advancements in Environmental Science serve as a foundation for shaping social attitudes, personal perspectives, and widespread public concerns. Academic literature has examined frameworks in which individuals develop opinions about emerging environmental issues by considering their core values and assessing the potential impact of these issues on those values [65,66,67,68]. There are works highlighting that both values and beliefs influence individuals’ readiness to act in favor of the environment, with values playing a role in shaping beliefs. According to the Value–Belief–Norm Theory [69,70,71], three value orientations, biospheric, egoistic, and altruistic (often called social–altruistic), are the basis for environmental concerns [72,73,74].

Biospheric values are related to the essential energy and resources necessary for maintaining life on Earth, including human economic activities [75]. A biospheric value orientation has been conceptualized by Stern and Dietz [76] (p. 70) as an orientation “in which people judge phenomena on the basis of costs or benefits to ecosystems or the biosphere”. This concept commonly evokes idyllic depictions of individuals coexisting harmoniously with the natural world [77]. It signifies an individual’s ethical principles concerning entities beyond the human realm. The significance of the biosphere lies in its capacity to accommodate environmental attitudes and aspirations [78].

Gen Z’s embrace of biospheric values stems from their lived experiences, ethical inclinations, and exposure to a world where the interconnectedness of human and environmental well-being is undeniable. These values provide a foundation for their identity, aspirations, and actions, reflecting a generational commitment to preserving the biosphere for both present and future life [79,80,81].

There are different reasons why Gen Z’s biospheric values stem from influences such as education [82] and media [83]. On the one hand, curricula increasingly emphasize sustainability and ecological responsibility, instilling biospheric values from an early age [84,85], although it is not always evident that children are regarded as global citizens with a capacity to help foster nature conservation [86]. On the other hand, popular culture often romanticizes harmony with nature [87,88], aligning with Gen Z’s vision of an ideal future. This vision inspires them to seek a future where human activities coexist sustainably with the natural world. These arguments serve to formulate the following hypothesis:

H1: 

The biospheric values of Generation Z align with the entrepreneurial orientation in the FS.

Stern and Dietz [76] (p. 70) have also defined altruistic values as the predisposition of people to “judge phenomena on the basis of costs or benefits for a human group, such as community, ethnic group, nation-state, or all humanity”. It is often suggested that Gen Z embraces altruistic values, which prioritize concern for the welfare of others and a commitment to the collective good. While multiple factors may contribute to the adoption of altruistic values, the primary reason for Gen Z might be that they have grown up in a world with increased awareness of social inequities, ranging from income disparities to systemic racism. In fact, we are living in the normalization of social justice discourse exemplified by movements such as Black Lives Matter [89], LGBTQ+ rights [90], and global refugee advocacy [91], which have created a cultural backdrop where altruistic values are celebrated and socially rewarded. However, it is also true that the anti-woke discourse is gaining followers [92].

It is also remarkable that Gen Z has experienced shared global crises [93]. Events such as the COVID-19 pandemic, climate change, and widespread political upheaval have highlighted interdependence and collective vulnerability. Although Generation Z has often been criticized for being passive, self-absorbed, and overly reliant on digital devices and social media [94,95], global crises may have heightened their recognition of altruism as a vital mechanism for collective resilience and survival. Furthermore, digital connectivity amplifies the visibility of social issues [88], fostering a stronger sense of global solidarity and responsibility. Thus, the following hypothesis is formulated:

H2: 

The altruistic values of Generation Z align with the entrepreneurial orientation in the FS.

Finally, Stern and Dietz [76] (p. 70) have defined egoistic values as the predisposition of people “to protect aspects of the environment that affect them personally”. In relation to the orientation to the FS, in this study, we focus on economic and financial values instead of egoistic values. Several studies have previously explored how income, economic development, or employment shaped the entrepreneurial intentions of young people [96,97,98,99]. For instance, in the work of Cassar [96], the importance that the entrepreneur places on financial success is determinant.

Considering that Gen Z’s economic and financial values must refer to personal values focused on profit orientation and shareholder wealth, but also the role of businesses in society and the necessary balance between profit and social responsibility, this leads to the formulation of the final hypothesis:

H3: 

The economic and financial values of Generation Z align with the entrepreneurial orientation in the FS.

A summary of the theoretical background is shown in

Table 1. Theoretical background.

Construct	Definition	Theoretical Basis	Link to the FS
Biospheric Values	Concern for the biosphere and ecosystems	Value–Belief–Norm Theory and Socioecology	Initiatives addressing environmental challenges through profitable approaches align with the FS model
Altruistic Values	Concern for the welfare of others and social justice	Value–Belief–Norm Theory	Initiatives targeting social welfare and justice through financially sustainable models align with the FS
Economic–Financial Values	Emphasis on profit, financial sustainability, and business viability	TBL and Entrepreneurial Theory	Social and environmental initiatives that ensure profit and financial sustainability are integral to the FS

Source: Authors’ elaboration based on academic literature.

. Figure 1 presents the theoretical model to be tested, showing the relationships between values and the entrepreneurial orientation of Gen Z to the FS.

3. Materials and Methods

3.1. Method

This study utilizes Structural Equation Modeling analysis with Partial Least Squares (SEM-PLS) through the SmartPLS software program, version 4.1.0.8, by Ringle et al. [100]. PLS is a composite-based approach to SEM that allows for estimating complex interrelationships between constructs and their observed variables or indicators [101]. SEM-PLS was selected for this study due to its suitability for exploratory research and relatively small sample sizes. Unlike covariance-based SEM (CB-SEM), which requires larger samples and assumes multivariate normality, SEM-PLS is a variance-based approach that is more robust under non-normal data conditions and is particularly effective for predictive modeling. Given the exploratory nature of this regional case study, SEM-PLS was considered the most appropriate analytical technique. Other studies have previously used this method for assessing the entrepreneurial orientation of employees [102], the entrepreneurial orientation of students [103], and also their social entrepreneurial orientation [104].

3.2. Sample

This is a regional study because the sample comes from the Autonomous Community of Extremadura, in the southwest of Spain. The region has developed a green and circular economic strategy [105,106,107] and has been considered a suitable place for entrepreneurship ventures in the FS [108]. It is important to note that this research is framed as a regional case study to provide exploratory insights into Generation Z. The study draws on a convenience sample of 139 undergraduate students enrolled in the School of Economics and Business Sciences at the University of Extremadura during the 2023–2024 academic year. All participants were pursuing degrees in Economics or Business Administration—disciplines in which entrepreneurial thinking is commonly emphasized. This academic homogeneity, while relevant to the study’s focus on entrepreneurial orientation, also introduces potential limitations in terms of representativeness. The students, aged 18 to 26 and born between 1999 and 2007, fall squarely within the Generation Z age range [47]. The average age was 20 years. Despite being a convenience sample, the group accurately reflects the current population of university students in Spain. It consists of 82 female participants (nearly 59% of the total), 56 male participants (41% of the total), and one individual who did not identify with either gender. A total of 48 students report participating in volunteer programs (around 34%), of which 26 are women (54%) and 20 are men (46%). Additionally, a total of 41 students report having received specific training on the topic of social enterprise, of which 23 are women (56%) and 18 are men (44%). It cannot be asserted that there is a clear correlation between having received training in social enterprise issues and participating in volunteer programs, as only 16 participants exhibit this dual characteristic. However, it does seem to be more closely linked among men, as seven are women (44%) and nine are men (56%).

3.3. Measures and Instruments

Measurement scales from previous studies were used to design the questionnaire for this work. Each latent variable (construct) is measured on a five-point Likert scale with the following response options: Completely Disagree (1), Disagree (2), Neither Agree nor Disagree (3), Agree (4), and Completely Agree (5) (

Table 2. Measures.

Construct	Items (Internal Code)	Sources
Biospheric Values	It is important to prevent pollution (BV1) It is important to protect the environment (BV2) It is important to respect nature (BV3) It is important to live in harmony with nature (BV4)	Groot and Steg [73,74]
Altruistic Values	It is important that everyone has the same opportunities (AV1) It is important to care for those who are in worse situations (AV2) It is important that all people are treated fairly (AV3) It is important that there are no conflicts or wars (AV4) It is important to be useful and help others (AV5)
Economic and Financial Values	I believe that generating profits is the main reason to start a business (EFV1) I support the sale of goods and services for profit (EFV2) I agree that companies should seek to maximize their economic profits (EFV3) I believe it is acceptable for companies to aim at maximizing shareholder wealth (EFV4) I believe that social organizations should survive through their earnings (EFV5) I agree that companies’ profits should be the means to achieve social goals (EFV6)	Bolton and Lane [109] and Kraus et al. [110]
Entrepreneurship orientation in the FS	I agree that solving social (and/or environmental) problems can be a way to make money (EOFS1) There is nothing wrong with identifying new business opportunities for social (and/or environmental) change (EOFS2) It is acceptable to pursue economic profit by addressing people’s (and/or environmental) problems (EOFS3) I believe it is possible to achieve economic profit for the company and benefits for society (and/or the environment) at the same time (EOFS4) It is ethical to make money by doing good (EOFS5)	Sánchez-Hernandez et al. [1,2]

Source: Authors’ elaboration based on academic literature.

). Biospheric and altruistic values were measured using four and five indicators, respectively, adapted from Groot and Steg [73,74] to operationalize each construct. These authors also define egoistic values, but economic and financial values have been introduced in the model and approached following the works of Bolton and Lane [109] and Kraus et al. [110]. Finally, the scale used to measure the entrepreneurship orientation in the FS is based on the works of Sánchez-Hernandez et al. [1,2].

The scales described above were used to design a self-administered online questionnaire. Ethical standards were rigorously upheld throughout the research process. The online questionnaire included a clear explanation of the study’s purpose, the voluntary nature of participation, and assurances of anonymity and confidentiality. Thus, participation in the study was entirely voluntary, and informed consent was obtained from all respondents prior to data collection. No personally identifiable information was collected, and participants were informed that they could withdraw at any time without consequence. The study protocol was reviewed and approved by the Ethics Committee of the University of Extremadura (Code 66/2025), and the dataset has been securely stored in the university’s institutional repository.

4. Results

This section shows and offers an interpretation of the results from the SEM-PLS analysis on the relationships between the biospheric, altruistic, and economic–financial values of Gen Z and their orientation toward entrepreneurship in the FS (

Table 3. Construct reliability, validity, and discriminant validity.

Constructs	Cronbach’s Alfa	rho_A	Composite Reliability	AVE	Fornell–Larcker Criterion (Heterotrait–Monotrait Ratio)
					BV	AV	EFV	EOFS
Biospheric Values (BV)	0.884	0.884	0.892	0.921	0.863
Altruistic Values (AV)	0.892	0.942	0.918	0.693	0.725 (0.809)	0.832
Economic–finance Values (EFV)	0.778	0.793	0.846	0.525	0.292 (0.327)	0.293 (0.317)	0.724
Entrepreneurial orientation to the FS (EOFS)	0.824	0.830	0.875	0.584	0.406 (0.426)	0.491 (0.539)	0.589	0.764

Note: The key findings from this table indicate that all constructs demonstrate acceptable levels of internal consistency and reliability, with Cronbach’s alpha and composite reliability values exceeding the commonly accepted threshold of 0.7. The Average Variance Extracted (AVE) values suggest good convergent validity, particularly for BV (AVE = 0.863) and AV (AVE = 0.693). Additionally, the Fornell–Larcker criterion and Heterotrait–Monotrait (HTMT) ratios confirm discriminant validity among the constructs, indicating that each construct is empirically distinct from the others. Source: Authors’ own creation.

and

Table 4. Path coefficients and hypotheses testing.

Hypotheses	β	Confidence Intervals		Significance
		Lower CI (2.5%)	Upper CI (97.5%)	Standard Deviation	t Statistic	p-Value
H1: BV → EOFS	0.333	0.165	0.529	0.095	3.507	0.000 ***
H2: AV → EOFS	0.022	−0.169	0.206	0.099	0.224	0.823
H3: EFV → EOFS	0.485	0.357	0.603	0.063	7.661	0.000 ***

Note: Statistical significance: *** p < 0.001. The results in this table reveal that both BV and EFV have a statistically significant positive influence on EOFS, with EFV showing the strongest effect (β = 0.485, p < 0.001). In contrast, AV does not significantly predict EOFS (β = 0.022, p = 0.823). Source: Authors’ own creation.

).

The fourth constructs used in the model exhibit strong reliability and validity. Cronbach’s alpha and composite reliability values indicate high internal consistency for all constructs. Altruistic values, biospheric values, economic–financial values, and entrepreneurial orientation to the FS demonstrate composite reliability scores of 0.918, 0.921, 0.846, and 0.875, respectively. The Average Variance Extracted (AVE) values exceed the minimum threshold of 0.50, confirming the convergent validity of the model. Furthermore, the Fornell–Larcker Criterion and Heterotrait–Monotrait Ratio assessments confirm that the constructs are sufficiently distinct, ensuring discriminant validity.

The hypothesis testing results offer a nuanced understanding of the influence of different value sets on entrepreneurial orientation. Altruistic values do not significantly impact entrepreneurial orientation, as reflected in the path coefficient (β = 0.022, p = 0.823). This suggests that altruism alone is insufficient to directly motivate Gen Z’s engagement with entrepreneurial activities in the FS. In contrast, biospheric values show a significant positive influence (β = 0.333, p < 0.001). This finding underscores the role of sustainability and environmental awareness as key motivators for Gen Z in aligning their entrepreneurial efforts with FS initiatives. The strongest relationship observed is between economic–financial values and entrepreneurial orientation (β = 0.485, p < 0.001), highlighting the importance of financial responsibility and profit-awareness in shaping Gen Z’s entrepreneurial behaviors in this sector.

Overall, the model demonstrates strong explanatory power, with biospheric and economic–financial values emerging as the primary drivers of entrepreneurial orientation in the FS. This suggests that fostering Gen Z’s engagement in this domain requires dual emphasis on sustainability and financial viability. While altruistic values do not show a significant effect, they may act as secondary motivators when combined with other value-based motivations.

These findings provide practical implications for designing initiatives aimed at promoting FS entrepreneurship, suggesting that combining environmental consciousness with pragmatic financial strategies is critical to effectively engaging Gen Z.

5. Discussion

This discussion is grounded in the context of a regional case study. While the findings offer valuable insights into the alignment of values and entrepreneurial orientation among Gen Z students in Extremadura, they are not intended to be necessarily generalized to the entire generational cohort. The students in our sample, representative of a segment of Generation Z, demonstrate a systemic way of thinking, recognizing the interconnectedness of environmental, social, and economic systems [39,51,65,66]. This cohort understands that ecological degradation poses risks to economic stability, public health, and social equity. As a result, they exhibit a strong appreciation for biospheric values and express a desire to live in harmony with nature. This aligns with their broader aspirations for holistic well-being, which spans physical, mental, and environmental health. Furthermore, Gen Z is committed to systemic change, pursuing this goal through activism, technological innovation, and entrepreneurship [79,81].

Identity formation plays a crucial role, as individuals from this cohort seek meaning and self-definition through value-driven ventures [58,74]. For them, economic and financial values must coexist with biospheric and altruistic values, creating a framework that supports sustainable entrepreneurship in the FS [4,46]. Furthermore, Gen Z perceives social and environmental action as integral to their moral integrity and sense of purpose, which aligns with prior studies on their commitment to collective well-being and systemic transformation [55,66]. In this context, our findings suggest the potential for ethical entrepreneurship among Gen Z students in this regional context.

Our results indicate that biospheric values and economic–financial values are the two primary drivers of Gen Z’s entrepreneurial orientation in the FS. These findings align with previous research on sustainability-focused entrepreneurship [39,40], which highlights the importance of integrating environmental responsibility with financial viability. The significant role of economic–financial values in shaping entrepreneurial intent suggests that Gen Z does not perceive profitability and social impact as mutually exclusive but rather as complementary goals within hybrid business models [46].

Contrary to expectations, altruistic values did not present a significant direct effect on entrepreneurial orientation. This suggests that while Gen Z values social equity and fairness [56,57], these factors alone may not serve as sufficient motivators for entrepreneurship unless coupled with economic or environmental incentives. The findings support the notion that Gen Z’s engagement in social impact initiatives is often mediated by practical, outcome-driven considerations, as indicated in the Value–Belief–Norm Theory [69].

Consequently, urgent global actions, such as biodiversity conservation, can benefit from new ventures in the FS. Entrepreneurship in biodiversity conservation presents a unique opportunity to address pressing environmental challenges while creating sustainable economic value. Biodiversity loss threatens ecosystems, food security, and global health, making it imperative to develop innovative solutions that integrate conservation efforts with financial viability. The FS, which merges economic and socio-environmental interests, provides a suitable framework for such initiatives. By fostering sustainable business models, young Gen Z entrepreneurs can promote responsible resource management, develop eco-friendly technologies, and create nature-based solutions that generate income while preserving ecosystems.

The finding that altruistic values do not significantly predict entrepreneurial orientation in the FS warrants further reflection. One possible explanation may stem from the psychological prioritization of values among Gen Z students in this European regional context, where economic and environmental concerns may be viewed as more immediate or tangible than abstract altruistic ideals. Culturally, the emphasis on individual achievement and financial independence in higher education settings may also shape traditional entrepreneurial motivations more strongly than collective welfare. Additionally, methodological factors could have influenced the result. The altruistic value scale, while validated, may not fully capture the nuanced ways in which altruism manifests in entrepreneurial intent. Moreover, social desirability bias could have led participants to overstate altruistic values in self-report measures, thereby weakening the observed relationship with actual entrepreneurial orientation. Future research could benefit from incorporating qualitative methods or implicit measures to better understand how altruistic motivations interact with entrepreneurial behavior in diverse contexts.

6. Conclusions

Despite growing interest in ESG frameworks, sustainable entrepreneurship, and hybrid organizational models, there is a notable lack of empirical research. This study contributes to the emerging literature on sustainable entrepreneurship by empirically examining how Generation Z’s value orientations—biospheric, altruistic, and economic–financial—influence entrepreneurial orientation within the FS. Conducted in a regional European context, the research offers novel insights into how socioecological and economic values shape entrepreneurial intentions among university students.

Theoretical and Empirical Contribution—The study introduces a dedicated measurement scale for entrepreneurial orientation in the FS, grounded in socioecological and Value–Belief–Norm frameworks [1,2,3,4,38,40,69]. This tool offers a foundation for future empirical research and theoretical refinement. Empirically, the findings reveal that biospheric and economic–financial values are significant predictors of entrepreneurial orientation, while altruistic values alone do not exert a direct influence. These results align with Socioecology Theory [15], the TBL framework, and the Value–Belief–Norm Theory, reinforcing the view that sustainability and profitability are not mutually exclusive but complementary dimensions of modern entrepreneurship.

Practical Contribution—Practically, the study highlights a convergence between FS values and those of Gen Z students in Extremadura, suggesting a generational shift toward sustainability-driven entrepreneurship. The implications are substantial for policymakers, educators, and business leaders. First, policymakers should design targeted incentives and support mechanisms that align with Gen Z’s dual emphasis on environmental sustainability and financial viability. This includes funding schemes, tax benefits, and regulatory frameworks that encourage hybrid business models. Second, educators should strengthen the integration of sustainability and entrepreneurship education into curricula, emphasizing interdisciplinary approaches that reflect the interconnectedness of economic systems with ecological and social issues [42,44,82]. Third, business leaders and incubators can leverage these findings to develop mentorship programs and innovation hubs that support value-driven entrepreneurship, particularly in regions promoting green and circular economies.

Limitations—While the study provides valuable insights, it is important to acknowledge its limitations. The findings are based on a homogeneous, self-selected sample from a single academic institution in Extremadura, Spain, primarily composed of students in economics and business programs. The institutional emphasis on entrepreneurship may have influenced participants’ responses, potentially amplifying the alignment between values and entrepreneurial orientation. These factors limit the generalizability of the results to broader Gen Z populations, particularly those outside the fields of economics and business.

Despite these constraints, the study offers transferable insights for regions with similar socio-economic characteristics, especially those promoting green and circular economies. The value orientations observed among Gen Z in Extremadura reflect broader generational trends across Europe, suggesting that the findings may resonate with other contexts where sustainability and entrepreneurship intersect. As such, the study provides a useful exploratory foundation for understanding how values influence entrepreneurial behavior in the FS.

Future Research—Future studies should aim to replicate and extend these findings across diverse academic disciplines, institutions, and cultural settings. Longitudinal research could also explore how Gen Z’s values evolve over time and how these shifts influence entrepreneurial behavior in sustainability-focused business models.