Investors’ acceptance and use of investment-based crowdfunding platforms: an integrated perspective

IF 2.9 Q2 BUSINESS
Felix Friederich, Ramon Palau-Saumell, Jorge Matute, José Luis Sánchez-Torelló
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引用次数: 0

Abstract

Investment-based crowdfunding platforms (IBCP) have revolutionized the financial landscape by providing viable investment opportunities for non-institutional investors. Nonetheless, only a limited amount of attention has been focused on the factors that shape investors’ adoption of these platforms. Therefore, we primarily explore investors’ adoption of IBCP by employing an integrated model combining the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) and the Task-technology Fit model (TTF) while incorporating network externalities and trust. Drawing on a sample of current IBCP investors (n = 303), we found that investors’ behavioural intentions and use behaviour can be explained by performance expectancy, effort expectancy, facilitating conditions, habit, network externalities, trust and the TTF. The integrated model explained a higher variance in the endogenous variables than the two baseline models. We contribute to the emerging literature by delivering a new integrated model and provide platform operators with valuable insights into encouraging investors’ adoption behaviour.

Abstract Image

投资者对投资型众筹平台的接受和使用:综合视角
投资型众筹平台(IBCP)为非机构投资者提供了可行的投资机会,从而彻底改变了金融业的格局。然而,人们对投资者采用这些平台的因素的关注有限。因此,我们主要通过结合技术接受与使用统一理论 2(UTAUT2)和任务-技术契合模型(TTF)的综合模型,同时结合网络外部性和信任,来探讨投资者对 IBCP 的采用情况。通过对当前 IBCP 投资者(n = 303)的抽样调查,我们发现投资者的行为意向和使用行为可以用绩效预期、努力预期、便利条件、习惯、网络外部性、信任和 TTF 来解释。与两个基线模型相比,综合模型能解释更多的内生变量方差。我们提供了一个新的综合模型,为新兴文献做出了贡献,并为平台运营商提供了鼓励投资者采用行为的宝贵见解。
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来源期刊
CiteScore
5.60
自引率
26.70%
发文量
61
期刊介绍: Under the guidance of its expert Editors and an eminent international Editorial Board, Journal of Financial Services Marketing has become one of the world''s leading forums for the latest thinking, techniques and developments in marketing financial services. The Journal has established itself as a key bridge between applied academic research and commercial best practice, globally. The journal covers: marketing banking services, pension plans, insurance, saving schemes, investment finance, personal finance, mortgages and credit and debit cards loyalty plans brand management cross-selling products and services customer relationship management online services customer profiling targeting product positioning pricing distribution management consumer finance pooled investment funds The Journal of Financial Services Marketing publishes detailed and authoritative: Case studies from marketers worldwide, detailing their practical experiences, the problems faced and the lessons learned Research with IMPLICATIONS FOR PRACTICE from leading business schools, research institutes and universities, worldwide Reviews and briefings by expert practitioners and academics sharing thought-provoking and challenging ideas Legal reviews examining in detail the major changes in legislation Book reviews providing a ''thumbnail'' of best practice in marketing within the financial services field ...to keep subscribers up-to-date with the latest developments and thinking in bank and financial services marketing.
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