IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i3p2279-d1047340.html
   My bibliography  Save this article

Factors Influencing Behavior Intention in Digital Investment Services of Mutual Fund Distributors Adoption in Thailand

Author

Listed:
  • Haruthai Kasemharuethaisuk

    (Technology of Information System Management Division, Faculty of Engineering, Mahidol University, Nakhon Pathom 73170, Thailand
    These authors contributed equally to this work.)

  • Taweesak Samanchuen

    (Technology of Information System Management Division, Faculty of Engineering, Mahidol University, Nakhon Pathom 73170, Thailand
    These authors contributed equally to this work.)

Abstract

There are various types of mutual fund distributors in Thailand that utilize technology to provide investment services to individual investors. These services can be accessed through mobile or internet banking, allowing investors to make transactions and invest in mutual funds at their convenience. This work aims to identify the factors that influence individual investors in Thailand to use digital investment services offered by brokerages. We have developed a conceptual model based on the Technology Acceptance Model (TAM2) and relevant literature on fintech and financial behavior, comprising seven variables and six hypotheses. Our research method involves a questionnaire survey of Thai investors and the use of partial least square structural equation modeling (PLS-SEM) for data analysis. The results show that individual investors’ intention to use digital investment services is significantly impacted by their perception of the usefulness of these services. Additionally, this intention is also influenced by other variables such as convenience, trust, and subjective norm, but not by perceived ease of use. This may be because most of our study’s participants are tech-savvy. Our findings provide insight into the perspectives and perceptions of Thai individual investors who have experiences of mutual fund investment.

Suggested Citation

  • Haruthai Kasemharuethaisuk & Taweesak Samanchuen, 2023. "Factors Influencing Behavior Intention in Digital Investment Services of Mutual Fund Distributors Adoption in Thailand," Sustainability, MDPI, vol. 15(3), pages 1-21, January.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:3:p:2279-:d:1047340
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/3/2279/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/3/2279/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ajzen, Icek, 1991. "The theory of planned behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 50(2), pages 179-211, December.
    2. Fong, Joelle H. & Koh, Benedict S.K. & Mitchell, Olivia S. & Rohwedder, Susann, 2021. "Financial literacy and financial decision-making at older ages," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
    3. Sarstedt, Marko & Ringle, Christian M. & Smith, Donna & Reams, Russell & Hair, Joseph F., 2014. "Partial least squares structural equation modeling (PLS-SEM): A useful tool for family business researchers," Journal of Family Business Strategy, Elsevier, vol. 5(1), pages 105-115.
    4. Kishore Kumar Das & Shahnawaz Ali, 2020. "The role of digital technologies on growth of mutual funds industry: An empirical study," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(2), pages 171-176, March.
    5. Umair Akram & Melinda Timea Fülöp & Adriana Tiron-Tudor & Dan Ioan Topor & Sorinel Căpușneanu, 2021. "Impact of Digitalization on Customers’ Well-Being in the Pandemic Period: Challenges and Opportunities for the Retail Industry," IJERPH, MDPI, vol. 18(14), pages 1-21, July.
    6. W. Puriwat & S. Tripopsakul, 2017. "Mobile Banking Adoption in Thailand: An Integration of Technology Acceptance Model and Mobile Service Quality," European Research Studies Journal, European Research Studies Journal, vol. 0(4B), pages 200-210.
    7. Fisher, Patti J. & Montalto, Catherine P., 2010. "Effect of saving motives and horizon on saving behaviors," Journal of Economic Psychology, Elsevier, vol. 31(1), pages 92-105, February.
    8. Grohmann, Antonia, 2018. "Financial literacy and financial behavior: Evidence from the emerging Asian middle class," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 129-143.
    9. Lee, In & Shin, Yong Jae, 2018. "Fintech: Ecosystem, business models, investment decisions, and challenges," Business Horizons, Elsevier, vol. 61(1), pages 35-46.
    10. Hanson, Thomas A. & Olson, Peter M., 2018. "Financial literacy and family communication patterns," Journal of Behavioral and Experimental Finance, Elsevier, vol. 19(C), pages 64-71.
    11. Burak Erkut & Tugberk Kaya & Marco Lehmann-Waffenschmidt & Mandeep Mahendru & Gagan Deep Sharma & Achal Kumar Srivastava & Mrinalini Srivastava, 2018. "A fresh look on financial decision-making from the plasticity perspective," International Journal of Ethics and Systems, Emerald Group Publishing Limited, vol. 34(4), pages 426-441, August.
    12. repec:eme:ijoes0:ijoes-02-2018-0022 is not listed on IDEAS
    13. Mrinalini Srivastava & Gagan Deep Sharma & Achal Kumar Srivastava, 2019. "Human brain and financial behavior: a neurofinance perspective," International Journal of Ethics and Systems, Emerald Group Publishing Limited, vol. 35(4), pages 485-503, June.
    14. Svetlana Saksonova & Irina Kuzmina-Merlino, 2017. "Fintech as Financial Innovation - The Possibilities and Problems of Implementation," European Research Studies Journal, European Research Studies Journal, vol. 0(3A), pages 961-973.
    15. Fu, Jonathan & Mishra, Mrinal, 2022. "Fintech in the time of COVID−19: Technological adoption during crises," Journal of Financial Intermediation, Elsevier, vol. 50(C).
    16. Sanjiv R. Das, 2019. "The future of fintech," Financial Management, Financial Management Association International, vol. 48(4), pages 981-1007, December.
    17. Viswanath Venkatesh & Fred D. Davis, 2000. "A Theoretical Extension of the Technology Acceptance Model: Four Longitudinal Field Studies," Management Science, INFORMS, vol. 46(2), pages 186-204, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mohd Shafie Rosli & Nor Shela Saleh & Azlah Md. Ali & Suaibah Abu Bakar, 2023. "Factors Determining the Acceptance of E-Wallet among Gen Z from the Lens of the Extended Technology Acceptance Model," Sustainability, MDPI, vol. 15(7), pages 1-23, March.
    2. Yuqi Zhao & Young-Hwan Pan, 2023. "A Study of the Impact of Cultural Characteristics on Consumers’ Behavioral Intention for Mobile Payments: A Comparison between China and Korea," Sustainability, MDPI, vol. 15(8), pages 1-22, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Queiroz, Maciel M. & Fosso Wamba, Samuel, 2019. "Blockchain adoption challenges in supply chain: An empirical investigation of the main drivers in India and the USA," International Journal of Information Management, Elsevier, vol. 46(C), pages 70-82.
    2. Yiming Shao & Zhugen Wang & Zhiwei Zhou & Haojing Chen & Yuanlong Cui & Zhenghuan Zhou, 2022. "Determinants Affecting Public Intention to Use Micro-Vertical Farming: A Survey Investigation," Sustainability, MDPI, vol. 14(15), pages 1-26, July.
    3. Rahman Ummeh Habiba Faria Benteh & Zafar Muhammad Khubaib, 2020. "Factors Influencing Uber Adoption In Bangladesh And Pakistan," Open Economics, De Gruyter, vol. 3(1), pages 86-97, January.
    4. Kasilingam, Dharun Lingam, 2020. "Understanding the attitude and intention to use smartphone chatbots for shopping," Technology in Society, Elsevier, vol. 62(C).
    5. Simarpreet Kaur & Sangeeta Arora, 2023. "Understanding customers’ usage behavior towards online banking services: an integrated risk–benefit framework," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(1), pages 74-98, March.
    6. Rahman Ummeh Habiba Faria Benteh & Zafar Muhammad Khubaib, 2020. "Factors Influencing Uber Adoption In Bangladesh And Pakistan," Open Economics, De Gruyter, vol. 3(1), pages 86-97, January.
    7. Schikofsky, Jan & Dannewald, Till & Kowald, Matthias, 2020. "Exploring motivational mechanisms behind the intention to adopt mobility as a service (MaaS): Insights from Germany," Transportation Research Part A: Policy and Practice, Elsevier, vol. 131(C), pages 296-312.
    8. Abdalwali Lutfi, 2022. "Factors Influencing the Continuance Intention to Use Accounting Information System in Jordanian SMEs from the Perspectives of UTAUT: Top Management Support and Self-Efficacy as Predictor Factors," Economies, MDPI, vol. 10(4), pages 1-17, March.
    9. Asrar Ahmed Sabir & Iftikhar Ahmad & Hassan Ahmad & Muhammad Rafiq & Muhammad Asghar Khan & Neelum Noreen, 2023. "Consumer Acceptance and Adoption of AI Robo-Advisors in Fintech Industry," Mathematics, MDPI, vol. 11(6), pages 1-24, March.
    10. Mo’men Awad Al Tarawneh & Thi Phuong Lan Nguyen & David Gun Fie Yong & Magiswary A/P Dorasamy, 2023. "Determinant of M-Banking Usage and Adoption among Millennials," Sustainability, MDPI, vol. 15(10), pages 1-27, May.
    11. Shafique Ur Rehman & Anam Bhatti & Rapiah Mohamed & Hazeline Ayoup, 2019. "The moderating role of trust and commitment between consumer purchase intention and online shopping behavior in the context of Pakistan," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 9(1), pages 1-25, December.
    12. Chaouali, Walid & Ben Yahia, Imene & Souiden, Nizar, 2016. "The interplay of counter-conformity motivation, social influence, and trust in customers' intention to adopt Internet banking services: The case of an emerging country," Journal of Retailing and Consumer Services, Elsevier, vol. 28(C), pages 209-218.
    13. Isaac Kofi Mensah & Guohua Zeng & Chuanyong Luo & Mengqiu Lu & Zhi-Wu Xiao, 2022. "Exploring the E-Learning Adoption Intentions of College Students Amidst the COVID-19 Epidemic Outbreak in China," SAGE Open, , vol. 12(2), pages 21582440221, April.
    14. Pedro Palos-Sanchez & Jose Ramon Saura & Marisol B. Correia, 2021. "Do tourism applications’ quality and user experience influence its acceptance by tourists?," Review of Managerial Science, Springer, vol. 15(5), pages 1205-1241, July.
    15. Trojanowski Mariusz & Kułak Jacek, 2017. "The Impact of Moderators and Trust on Consumer’s Intention to Use a Mobile Phone for Purchases," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 25(2), pages 91-116, June.
    16. Debora Bettiga & Lucio Lamberti & Emanuele Lettieri, 2020. "Individuals’ adoption of smart technologies for preventive health care: a structural equation modeling approach," Health Care Management Science, Springer, vol. 23(2), pages 203-214, June.
    17. Mustafa Raza Rabbani & Shahnawaz Khan & Eleftherios I. Thalassinos, 2020. "FinTech, Blockchain and Islamic Finance: An Extensive Literature Review," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 65-86.
    18. Yu Wang & Shanyong Wang & Jing Wang & Jiuchang Wei & Chenglin Wang, 2020. "An empirical study of consumers’ intention to use ride-sharing services: using an extended technology acceptance model," Transportation, Springer, vol. 47(1), pages 397-415, February.
    19. Paul Juinn Bing Tan, 2013. "Applying the UTAUT to Understand Factors Affecting the Use of English E-Learning Websites in Taiwan," SAGE Open, , vol. 3(4), pages 21582440135, October.
    20. Peter Mantello & Manh-Tung Ho & Minh-Hoang Nguyen & Quan-Hoang Vuong, 2023. "Machines that feel: behavioral determinants of attitude towards affect recognition technology—upgrading technology acceptance theory with the mindsponge model," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-16, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:3:p:2279-:d:1047340. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.