Predicting The Intention to Invest in Equity Crowdfunding in Indonesia
DOI:
https://doi.org/10.24252/lamaisyir.v9i2.32681Keywords:
Equity-based Crowdfunding, Theory of Planned Behavior, Return Attractivenes, Perceived RiskAbstract
in press
References
Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, (50), 179–211. https://doi.org/10.1080/10410236.2018.1493416
Ajzen, I. (2005). Attitudes Personality and Behavior Second Edition (2nd ed.; T. Manstead, ed.). New York: Open University Press.
Ajzen, I., Madden, T. J., & Ellen, S. P. (1992). A Comparison of the Theory of Planne Behavior and the Theory of Reasoned Action. Personality and Social Psychology Bulletin, Vol. 18, pp. 3–9.
Alzboon, A. W. S., & Muhmad, S. N. (2020). Systematic and Unsystematic Risk : Impact to the Stock Return and Dividends in Saudi Arabia. 1–9.
Aprayuda, R., & Misra, F. (2020). Faktor Yang Mempengaruhi Keinginan Investasi Investor Muda di Pasar Modal Indonesia. E-Jurnal Akuntansi, 30(5), 1084. https://doi.org/10.24843/eja.2020.v30.i05.p02
Arifah, J. N., & Dalimunthe, Z. (2020). The impact of financial literacy on the investment decision of non-donation-based crowdfunding in Indonesia. International Journal of Business and Society, 21(3), 1045–1057.
Awn, A. M., & Azam, S. M. F. (2020). Libyan investors’ intention to invest in Islamic sukuk : Theory of planned behaviour Approach. European Journal of Economic and Financial Research, 4(1), 71–90. https://doi.org/10.5281/zenodo.3774672
Chong, L. L., Ong, H. B., & Tan, S. H. (2021). Acceptability of mobile stock trading application: A study of young investors in Malaysia. Technology in Society, 64(September 2020), 101497. https://doi.org/10.1016/j.techsoc.2020.101497
Christanti, N., & Mahastanti, L. A. (2011). Faktor-Faktor Yang Dipertimbangkan Investor Dalam Melakukan Investasi. Jurnal Manajemen Teori Dan Terapan| Journal of Theory and Applied Management, 4(3), 37–51. https://doi.org/10.20473/jmtt.v4i3.2424
Cucinelli, D., Gandolfi, G., & Soana, M.-G. (2016). Customer and advisor financial decisions: the theory of planned behavior perspective. International Journal of Business and Social Science, 7(12), 80–92.
Darmmesta, B. S. (1992). Riset Tenjang Minat Dan Perilaku Konsumen Yang Mengacu Pada “ Theory of Reasoned Action.” Jurnal Ekonomi Dan Bisnis Indonesia, 7, 18. Retrieved from https://jurnal.ugm.ac.id/jieb/article/view/40049
Dewan Komisioner Otoritas Jasa Keuangan republik Indonesia. Penawaran Efek Melalui Layanan Urun Dana Berbaris Teknologi Informasi. , Pub. L. No. 57/POJK.04/2020, Otoritas Jasa Keuangan Republik Indonesia 1 (2020). Indonesia.
Effendi, I., Murad, M., Rafiki, A., & Lubis, M. M. (2020). The application of the theory of reasoned action on services of Islamic rural banks in Indonesia. Journal of Islamic Marketing, 12(5), 951–976. https://doi.org/10.1108/JIMA-02-2020-0051
Fernando, E., Surjandy, Meyliana, & Touriano, D. (2018). Development and Validation of Instruments Adoption FinTech services in Indonesia (Perspective of Trust and Risk). 3rd International Conference on Sustainable Information Engineering and Technology, SIET 2018 - Proceedings, 283–287. https://doi.org/10.1109/SIET.2018.8693192
Hair, J. F., Black, B., Black, W. C., Babin, B. J., & Anderson, R. E. (2013). Multivariate Data Analysis: Global Edition, 7th Edition (7th ed.). Pearson Education.
Hartono, J. (2014). Teori Portofolio dan Analisis Investasi (9th ed.; BPFE, Ed.). Yogyakarta: BPFE-Yogyakarta.
Junianto, D., Sabtohadi, J., & Hendriani, D. (2020). Persepsi Mahasiswa Muslim Terhadap Investasi Produk Syariah Di Pasar Modal Dalam Kajian Theory Planned Behaviour. Jurnal Shidqia Nusantara, 1(1), 51–60. Retrieved from http://ojs.uninus.ac.id/index.php/PBS/article/view/768
Kim, D. J., Ferrin, D. L., & Rao, H. R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems, 44(2), 544–564. https://doi.org/10.1016/j.dss.2007.07.001
Kock, N. (2021). WarpPLS User Manual : Version 7.0 (7th ed.). Laredo, Texas: ScriptWarp Systems.
Kurniawan, P. I. (2021). Effect of Expected Return, Self Efficacy, and Perceived Risk on Investment Intention: An Empirical Study on Accounting Master Degree in Udayana University, Bali. Journal of Accounting Finance and Auditing Studies (JAFAS), 7(1), 40–55. https://doi.org/10.32602/jafas.2021.002
Mahardhika, A. S., & Zakiyah, T. (2020). Millennials’ Intention in Stock Investment: Extended Theory of Planned Behavior. Riset Akuntansi Dan Keuangan Indonesia, 5(1), 83–91. https://doi.org/10.23917/reaksi.v5i1.10268
Majid, R., & Nugraha, R. A. (2022). Crowdfunding and Islamic Securities: The Role of Financial Literacy. Journal of Islamic Monetary Economics and Finance, 8(1), 89–112.
Mansyur, A., & Ali, E. M. T. E. (2022). The Adoption of Sharia Fintech Among Millenial in Indonesia : Moderating Effect of Islamic Financial Literacy on UTAUT 2. International Journal of Academic Research in Business and Social Sciences, 12(4), 1329–1343. https://doi.org/10.6007/IJARBSS/v12-i4/13035
Meoli, M., Rossi, A., & Vismara, S. (2021). Financial literacy and security-based crowdfunding. Corporate Governance: An International Review (CGIR), (June 2020), 1–28. https://doi.org/10.1111/corg.12355
Muin, R., Mansyur, A., Awaluddin, M., & Rahman, M. A. (2020). Perbandingan Faktor Yang Memengaruhi Keputusan Investor Muda Dalam Berinvestasi Konvensional Atau Syariah Di Kota Makassar. Media Riset Bisnis & Manajemen, 20(1), 51–62. https://doi.org/http://dx.doi.org/10.25105/mrbm.v20i1.6215 ISSN:
Mulyani, E., Fitra, H., & Honesty, F. F. (2021). Investment Decisions: The Effect of Risk Perceptions and Risk Propensity for Beginner Investors in West Sumatra. Seventh Padang International …, 192(Piceeba), 49–55. Retrieved from https://www.atlantis-press.com/article/125963968.pdf
Onasie, V., & Widoatmodjo, S. (2020). Niat Investasi Generasi Milenial Di Pasar Modal. Jurnal Manajerial Dan Kewirausahaan, 2(2), 318. https://doi.org/10.24912/jmk.v2i2.7924
Otoritas Jasa Keuangan. (2021). Indonesia Banking Statistics : October 2021. In Angewandte Chemie International Edition, 6(11), 951–952. Jakarta. Retrieved from https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/statistik-perbankan-indonesia/Pages/Statistik-Perbankan-Indonesia---Oktober-2021.aspx
Padungraksart, A., Nazjmi, W., & Fisol, M. (2021). Investing towards Shari ’ ah Compliant Public Equity Funds Products : Using Planned Behavior Theory ( TPB ). International Journal of Academic Research in Business and Social Sciences, 1(6), 793–803. https://doi.org/10.6007/IJARBSS/v11-i6/10208
Purbowisanti, R. (2021). Muslim Investor Behavior in Indonesian Capital Markets: an Extention of Theory of Planned Behavior. Journal of Economics, Finance And Management Studies, 04(08), 1225–1234. https://doi.org/10.47191/jefms/v4-i8-01
Rahadjeng, E. R., & Fiandari, Y. R. (2020). the Effect of Attitude, Subjective Norms and Control of Behavior Towards Intention in Share Investment. Manajemen Bisnis, 10(2), 17–25. https://doi.org/10.22219/jmb.v10i2.13616
Razak, D. A., Othman, A. H. A., Zulmi, S. R., Ismail, I., & Sidiki, S. (2021). Determinant Factors Of Equity-Based Crowdfunding In Malaysia. Labuan Bulletin of International Business &Finance, 19(1), 33–48. https://doi.org/https://doi.org/10.51200/lbibf.v19i1.2859
Sashkin, M., Isaac, S., & Michael, W. B. (2015). specific guidelines. 124–126.
Schwartz, A. A. (2012). Crowdfunding Securities. Notre Dame Law Review, 88(3), 1457–1490.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business : A Skill Building Approach (7th ed.). Chichester, West Sussex: John Wiley & Sons Ltd. https://doi.org/10.1007/978-94-007-0753-5_102084
Setiawan, D., Darwanto, D., & Gunanto, E. Y. A. (2021). Determinants of Behavioral Intentions to Use Sharia Financial Technology (Fintech). Signifikan: Jurnal Ilmu Ekonomi, 10(2), 325–342. https://doi.org/10.15408/sjie.v10i2.21451
Silalahi, P. R., Hafizh, M., Nasution, S., & Sugianto, S. (2021). Psychology of Muslim Investors in Stock Investment During Covid-19 Pandemic. Tazkia Islamic Finance and Business Review, 14(1), 65–90. https://doi.org/10.30993/tifbr.v14i1.223
Tandio, T., & Widanaputra, A. A. G. P. (2016). Pengaruh Pelatihan Pasar Modal, Return, Persepsi, Risiko, Gender, Dan Kemajuan Teknologi Pada Minat Investasi Mahasiswa. E-Jurnal Akuntansi Universitas Udayana, 16(3), 2–26.
Trisnatio, & Pustikaningsih. (2017). Pengaruh Ekspektasi Return , Persepsi Terhadap Risiko , the Influence of Expectation of Return , Perception of Risk , and Self Efficacy of Faculty of Economic ’ S Student At Yogyakarta. Jurnal Fakultas Ekonomi, 2(1), 1–15. Retrieved from http://journal.student.uny.ac.id/ojs/index.php/profita/article/view/13790
Warsame, M. H., & Ireri, E. M. (2016). Does the theory of planned behaviour (TPB) matter in Sukuk investment decisions? Journal of Behavioral and Experimental Finance, 12, 93–100. https://doi.org/10.1016/j.jbef.2016.10.002
Wasiuzzaman, S., Chong, L. L., & Ong, H. B. (2022). Influence of perceived risks on the decision to invest in equity crowdfunding: a study of Malaysian investors. Journal of Entrepreneurship in Emerging Economies, 14(2), 208–230. https://doi.org/10.1108/JEEE-11-2020-0431
Widoatmodjo, S., & Onasie, V. (2021). Gender and Millennials in Indonesian Capital Market. Proceedings of the Ninth International Conference on Entrepreneurship and Business Management (ICEBM 2020), 174(Icebm 2020), 400–407. https://doi.org/10.2991/aebmr.k.210507.060
Ajzen, I. (2005). Attitudes Personality and Behavior Second Edition (2nd ed.; T. Manstead, ed.). New York: Open University Press.
Ajzen, I., Madden, T. J., & Ellen, S. P. (1992). A Comparison of the Theory of Planne Behavior and the Theory of Reasoned Action. Personality and Social Psychology Bulletin, Vol. 18, pp. 3–9.
Alzboon, A. W. S., & Muhmad, S. N. (2020). Systematic and Unsystematic Risk : Impact to the Stock Return and Dividends in Saudi Arabia. 1–9.
Aprayuda, R., & Misra, F. (2020). Faktor Yang Mempengaruhi Keinginan Investasi Investor Muda di Pasar Modal Indonesia. E-Jurnal Akuntansi, 30(5), 1084. https://doi.org/10.24843/eja.2020.v30.i05.p02
Arifah, J. N., & Dalimunthe, Z. (2020). The impact of financial literacy on the investment decision of non-donation-based crowdfunding in Indonesia. International Journal of Business and Society, 21(3), 1045–1057.
Awn, A. M., & Azam, S. M. F. (2020). Libyan investors’ intention to invest in Islamic sukuk : Theory of planned behaviour Approach. European Journal of Economic and Financial Research, 4(1), 71–90. https://doi.org/10.5281/zenodo.3774672
Chong, L. L., Ong, H. B., & Tan, S. H. (2021). Acceptability of mobile stock trading application: A study of young investors in Malaysia. Technology in Society, 64(September 2020), 101497. https://doi.org/10.1016/j.techsoc.2020.101497
Christanti, N., & Mahastanti, L. A. (2011). Faktor-Faktor Yang Dipertimbangkan Investor Dalam Melakukan Investasi. Jurnal Manajemen Teori Dan Terapan| Journal of Theory and Applied Management, 4(3), 37–51. https://doi.org/10.20473/jmtt.v4i3.2424
Cucinelli, D., Gandolfi, G., & Soana, M.-G. (2016). Customer and advisor financial decisions: the theory of planned behavior perspective. International Journal of Business and Social Science, 7(12), 80–92.
Darmmesta, B. S. (1992). Riset Tenjang Minat Dan Perilaku Konsumen Yang Mengacu Pada “ Theory of Reasoned Action.” Jurnal Ekonomi Dan Bisnis Indonesia, 7, 18. Retrieved from https://jurnal.ugm.ac.id/jieb/article/view/40049
Dewan Komisioner Otoritas Jasa Keuangan republik Indonesia. Penawaran Efek Melalui Layanan Urun Dana Berbaris Teknologi Informasi. , Pub. L. No. 57/POJK.04/2020, Otoritas Jasa Keuangan Republik Indonesia 1 (2020). Indonesia.
Effendi, I., Murad, M., Rafiki, A., & Lubis, M. M. (2020). The application of the theory of reasoned action on services of Islamic rural banks in Indonesia. Journal of Islamic Marketing, 12(5), 951–976. https://doi.org/10.1108/JIMA-02-2020-0051
Fernando, E., Surjandy, Meyliana, & Touriano, D. (2018). Development and Validation of Instruments Adoption FinTech services in Indonesia (Perspective of Trust and Risk). 3rd International Conference on Sustainable Information Engineering and Technology, SIET 2018 - Proceedings, 283–287. https://doi.org/10.1109/SIET.2018.8693192
Hair, J. F., Black, B., Black, W. C., Babin, B. J., & Anderson, R. E. (2013). Multivariate Data Analysis: Global Edition, 7th Edition (7th ed.). Pearson Education.
Hartono, J. (2014). Teori Portofolio dan Analisis Investasi (9th ed.; BPFE, Ed.). Yogyakarta: BPFE-Yogyakarta.
Junianto, D., Sabtohadi, J., & Hendriani, D. (2020). Persepsi Mahasiswa Muslim Terhadap Investasi Produk Syariah Di Pasar Modal Dalam Kajian Theory Planned Behaviour. Jurnal Shidqia Nusantara, 1(1), 51–60. Retrieved from http://ojs.uninus.ac.id/index.php/PBS/article/view/768
Kim, D. J., Ferrin, D. L., & Rao, H. R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems, 44(2), 544–564. https://doi.org/10.1016/j.dss.2007.07.001
Kock, N. (2021). WarpPLS User Manual : Version 7.0 (7th ed.). Laredo, Texas: ScriptWarp Systems.
Kurniawan, P. I. (2021). Effect of Expected Return, Self Efficacy, and Perceived Risk on Investment Intention: An Empirical Study on Accounting Master Degree in Udayana University, Bali. Journal of Accounting Finance and Auditing Studies (JAFAS), 7(1), 40–55. https://doi.org/10.32602/jafas.2021.002
Mahardhika, A. S., & Zakiyah, T. (2020). Millennials’ Intention in Stock Investment: Extended Theory of Planned Behavior. Riset Akuntansi Dan Keuangan Indonesia, 5(1), 83–91. https://doi.org/10.23917/reaksi.v5i1.10268
Majid, R., & Nugraha, R. A. (2022). Crowdfunding and Islamic Securities: The Role of Financial Literacy. Journal of Islamic Monetary Economics and Finance, 8(1), 89–112.
Mansyur, A., & Ali, E. M. T. E. (2022). The Adoption of Sharia Fintech Among Millenial in Indonesia : Moderating Effect of Islamic Financial Literacy on UTAUT 2. International Journal of Academic Research in Business and Social Sciences, 12(4), 1329–1343. https://doi.org/10.6007/IJARBSS/v12-i4/13035
Meoli, M., Rossi, A., & Vismara, S. (2021). Financial literacy and security-based crowdfunding. Corporate Governance: An International Review (CGIR), (June 2020), 1–28. https://doi.org/10.1111/corg.12355
Muin, R., Mansyur, A., Awaluddin, M., & Rahman, M. A. (2020). Perbandingan Faktor Yang Memengaruhi Keputusan Investor Muda Dalam Berinvestasi Konvensional Atau Syariah Di Kota Makassar. Media Riset Bisnis & Manajemen, 20(1), 51–62. https://doi.org/http://dx.doi.org/10.25105/mrbm.v20i1.6215 ISSN:
Mulyani, E., Fitra, H., & Honesty, F. F. (2021). Investment Decisions: The Effect of Risk Perceptions and Risk Propensity for Beginner Investors in West Sumatra. Seventh Padang International …, 192(Piceeba), 49–55. Retrieved from https://www.atlantis-press.com/article/125963968.pdf
Onasie, V., & Widoatmodjo, S. (2020). Niat Investasi Generasi Milenial Di Pasar Modal. Jurnal Manajerial Dan Kewirausahaan, 2(2), 318. https://doi.org/10.24912/jmk.v2i2.7924
Otoritas Jasa Keuangan. (2021). Indonesia Banking Statistics : October 2021. In Angewandte Chemie International Edition, 6(11), 951–952. Jakarta. Retrieved from https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/statistik-perbankan-indonesia/Pages/Statistik-Perbankan-Indonesia---Oktober-2021.aspx
Padungraksart, A., Nazjmi, W., & Fisol, M. (2021). Investing towards Shari ’ ah Compliant Public Equity Funds Products : Using Planned Behavior Theory ( TPB ). International Journal of Academic Research in Business and Social Sciences, 1(6), 793–803. https://doi.org/10.6007/IJARBSS/v11-i6/10208
Purbowisanti, R. (2021). Muslim Investor Behavior in Indonesian Capital Markets: an Extention of Theory of Planned Behavior. Journal of Economics, Finance And Management Studies, 04(08), 1225–1234. https://doi.org/10.47191/jefms/v4-i8-01
Rahadjeng, E. R., & Fiandari, Y. R. (2020). the Effect of Attitude, Subjective Norms and Control of Behavior Towards Intention in Share Investment. Manajemen Bisnis, 10(2), 17–25. https://doi.org/10.22219/jmb.v10i2.13616
Razak, D. A., Othman, A. H. A., Zulmi, S. R., Ismail, I., & Sidiki, S. (2021). Determinant Factors Of Equity-Based Crowdfunding In Malaysia. Labuan Bulletin of International Business &Finance, 19(1), 33–48. https://doi.org/https://doi.org/10.51200/lbibf.v19i1.2859
Sashkin, M., Isaac, S., & Michael, W. B. (2015). specific guidelines. 124–126.
Schwartz, A. A. (2012). Crowdfunding Securities. Notre Dame Law Review, 88(3), 1457–1490.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business : A Skill Building Approach (7th ed.). Chichester, West Sussex: John Wiley & Sons Ltd. https://doi.org/10.1007/978-94-007-0753-5_102084
Setiawan, D., Darwanto, D., & Gunanto, E. Y. A. (2021). Determinants of Behavioral Intentions to Use Sharia Financial Technology (Fintech). Signifikan: Jurnal Ilmu Ekonomi, 10(2), 325–342. https://doi.org/10.15408/sjie.v10i2.21451
Silalahi, P. R., Hafizh, M., Nasution, S., & Sugianto, S. (2021). Psychology of Muslim Investors in Stock Investment During Covid-19 Pandemic. Tazkia Islamic Finance and Business Review, 14(1), 65–90. https://doi.org/10.30993/tifbr.v14i1.223
Tandio, T., & Widanaputra, A. A. G. P. (2016). Pengaruh Pelatihan Pasar Modal, Return, Persepsi, Risiko, Gender, Dan Kemajuan Teknologi Pada Minat Investasi Mahasiswa. E-Jurnal Akuntansi Universitas Udayana, 16(3), 2–26.
Trisnatio, & Pustikaningsih. (2017). Pengaruh Ekspektasi Return , Persepsi Terhadap Risiko , the Influence of Expectation of Return , Perception of Risk , and Self Efficacy of Faculty of Economic ’ S Student At Yogyakarta. Jurnal Fakultas Ekonomi, 2(1), 1–15. Retrieved from http://journal.student.uny.ac.id/ojs/index.php/profita/article/view/13790
Warsame, M. H., & Ireri, E. M. (2016). Does the theory of planned behaviour (TPB) matter in Sukuk investment decisions? Journal of Behavioral and Experimental Finance, 12, 93–100. https://doi.org/10.1016/j.jbef.2016.10.002
Wasiuzzaman, S., Chong, L. L., & Ong, H. B. (2022). Influence of perceived risks on the decision to invest in equity crowdfunding: a study of Malaysian investors. Journal of Entrepreneurship in Emerging Economies, 14(2), 208–230. https://doi.org/10.1108/JEEE-11-2020-0431
Widoatmodjo, S., & Onasie, V. (2021). Gender and Millennials in Indonesian Capital Market. Proceedings of the Ninth International Conference on Entrepreneurship and Business Management (ICEBM 2020), 174(Icebm 2020), 400–407. https://doi.org/10.2991/aebmr.k.210507.060
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2022-12-15
How to Cite
Mansyur, A., & bin Engku Ali, E. M. T. . (2022). Predicting The Intention to Invest in Equity Crowdfunding in Indonesia. LAA MAISYIR : Jurnal Ekonomi Islam, 9(2), 132–148. https://doi.org/10.24252/lamaisyir.v9i2.32681
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