This study uses quasi-experimental data from 173 students in Bangladesh and Germany to explore the effect of entrepreneurship education on entrepreneurial intentions and nascent entrepreneurial behavior. The moderating role of perceived global and local environmental factors is investigated to explain variations in entrepreneurship outcomes. A combination of difference-in-differences analysis with propensity score matching is used to control for selection bias. Results indicate that entrepreneurship education has a nonsignificant effect overall on entrepreneurial intentions and nascent entrepreneurial behavior. Analyses further show that the perceptions of environmental factors significantly moderate the attitude–intentions relationship as well as the intentions–behavior relationship.