Financial Innovation and Crowdfunding: Influencing Investment Decisions in Tech Startups

Kaimuk Panitkulpong (), Amnuay Saengnoree and Thapong Teerawatananond
Additional contact information
Kaimuk Panitkulpong: King Mongkut’s Institute of Technology Ladkrabang, Collage of Innovation and Industrial Management, Bangkok 10520, Thailand
Amnuay Saengnoree: King Mongkut’s Institute of Technology Ladkrabang, Collage of Innovation and Industrial Management, Bangkok 10520, Thailand
Thapong Teerawatananond: King Mongkut’s Institute of Technology Ladkrabang, Collage of Innovation and Industrial Management, Bangkok 10520, Thailand

IJFS, 2024, vol. 12, issue 4, 1-17

Abstract: This study investigates the financial behavior of Thai investors in equity crowdfunding (ECF), focusing on the factors that influence their investment intentions. Drawing upon the Information System Success Model (ISSM), the Theory of Diffusion of Innovations, and the Technology Acceptance Model 3 (TAM3), the research examines the platform quality (PQ), platform characteristics (PC), and social influence (SI) as independent variables, with the perceived usefulness (PU) and perceived ease of use (PEOU) acting as mediators. Data were gathered from 275 Thai investors and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that the PU significantly influences investment decisions both directly and indirectly through the PEOU, which also directly affects investment intention. Furthermore, SI, PC, and PQ have indirect effects on investment decisions via the PU and PEOU, with SI being the most influential factor. This study provides valuable insights into optimizing ECF platform design, fostering investor trust, and enhancing regulatory frameworks to facilitate financial inclusion and innovation in the Thai crowdfunding landscape.

Keywords: financial innovation; equity crowdfunding; investment intention; crowdfunding platform; technology startup; Thailand (search for similar items in EconPapers)
JEL-codes: F2 F3 F41 F42 G1 G2 G3 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2227-7072/12/4/103/pdf (application/pdf)
https://www.mdpi.com/2227-7072/12/4/103/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jijfss:v:12:y:2024:i:4:p:103-:d:1498667

Access Statistics for this article

IJFS is currently edited by Ms. Hannah Lu

More articles in IJFS from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().