Purpose: This study aims to investigate the influence of the theory of planned behavior (TPB), innovation and sustainability, through environmental awareness, in the formation of entrepreneurial intention (EI). Design/methodology/approach: Based on the alignment between theoretical axes, such as the theory of planned behavior, adaptation-innovation theory and the environmental axis of sustainability, quantitative research was developed with students from Brazilian and Spanish universities. We obtained a sample of 686 university students enrolled in courses related to management in both countries. Data analysis included exploratory factor analysis and logistic regression. Findings: Our results revealed that the constructs of TPB (personal attitudes and perceived behavioral control) influenced EI, excluding subjective norms. Innovation had an influence on the EI of students from both countries. In Brazilians, valuing change predicts EI, highlighting the importance of flexibility. Conversely, Spaniards emphasize originality, valuing uniqueness and creativity as drivers of EI. Sustainability, via environmental awareness, did not influence EI. Originality/value: With this study, we aim to encourage policies and practices aimed at higher education institutions globally, to broaden the understanding about the importance of environmental, innovative and social studies and practices aligned with the context of entrepreneurship. The final aim is to enhance social and environmental benefits generated by future entrepreneurs.