A Study of Continuous Usage Behavior for Online Stock Trading - Domestic Brokers of Securities Industry as Examples

Abstract

Under the considerations of trading costs and efficiency, more and more investors choose the way of online stock trading which is fast, convenient, and has preferential fee. The cost of establishing a new customer is five times more than maintaining an old one. As a result, to explore the investors choose continuous usage behavior of online security trading system as reference for security industry to promote and improve relevant business in the future. The model of this study is developed by combining DeLone and McLean's Information System Success Model (D&M IS Success Model) and Technology Acceptance Model (TAM). The variable of "Habit" was collected from "Focus Group" to develop research model. This research consists of 340 valid samples who using domestic opened and operative ones of security e-trade accounts. Then we apply "Structural Equation Modeling" to analyze the data and test hypothesis. Depending on the analysis of real evidences, this study have four conclusions: 1. In overall model, according to exogenous variables, "Habit" is the most effective to "Continuous Usage Behavior" of online stock trading, and followed by "System Quality". It reveals that "Habit" have greatly influence on "Continuous Usage Behavior". 2. In three quality contents, "System Quality" is the most important factor affecting "Continuous Usage Behavior", it is also the only significant factor affecting "Perceived usefulness" and "User Satisfaction", it shows "System Quality" is the major requirement of continued users. 4. We demonstrate that not only "User Satisfaction" positively affects "Using Intention" and further affects "Continuous Usage Behavior" in this study, but also the most important discovery is "Habit" positive affects "Using Intention" and further affects "Continuous Usage Behavior".