IDEAS home Printed from https://ideas.repec.org/a/gam/jijfss/v12y2024i4p103-d1498667.html

Financial Innovation and Crowdfunding: Influencing Investment Decisions in Tech Startups

Author

Listed:
  • 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)

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.

Suggested Citation

  • Kaimuk Panitkulpong & Amnuay Saengnoree & Thapong Teerawatananond, 2024. "Financial Innovation and Crowdfunding: Influencing Investment Decisions in Tech Startups," IJFS, MDPI, vol. 12(4), pages 1-17, October.
    • Handle: RePEc:gam:jijfss:v:12:y:2024:i:4:p:103-:d:1498667
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7072/12/4/103/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7072/12/4/103/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Armin Schwienbacher, 2019. "Equity crowdfunding: anything to celebrate?," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 65-74, January.
    2. Nambisan, Satish & Wright, Mike & Feldman, Maryann, 2019. "The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    3. Rotem Shneor & Liang Zhao & Bjørn-Tore Flåten, 2020. "Introduction: From Fundamentals to Advances in Crowdfunding Research and Practice," Springer Books, in: Rotem Shneor & Liang Zhao & Bjørn-Tore Flåten (ed.), Advances in Crowdfunding, edition 1, chapter 1, pages 1-18, Springer.
    4. Stacie Petter & William DeLone & Ephraim McLean, 2008. "Measuring information systems success: models, dimensions, measures, and interrelationships," European Journal of Information Systems, Taylor & Francis Journals, vol. 17(3), pages 236-263, June.
    5. 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)

    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. A. B. Demarev & I. E. Petrova, 2025. "Personnel Attitudes toward the Implementation of AI Solutions: A Pilot Study in the Transport Sector," Administrative Consulting, Russian Presidential Academy of National Economy and Public Administration. North-West Institute of Management., issue 5.
    2. Cong Cheng & Hongfang Cui, 2024. "Combining digital and legacy technologies: firm digital transformation strategies—evidence from Chinese manufacturing companies," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    3. Nysveen, Herbjørn & Pedersen, Per E. & Skard, Siv, 2020. "Ecosystem adoption of practices over time (EAPT): Toward an alternative view of contemporary technology adoption," Journal of Business Research, Elsevier, vol. 116(C), pages 542-551.
    4. Scuotto, Veronica & Tzanidis, Theofilos & Usai, Antonio & Quaglia, Roberto, 2023. "The digital humanism era triggered by individual creativity," Journal of Business Research, Elsevier, vol. 158(C).
    5. Aaldering, Lukas Jan & Song, Chie Hoon, 2021. "Of leaders and laggards - Towards digitalization of the process industries," Technovation, Elsevier, vol. 105(C).
    6. Stanko, Michael A. & Allen, B.J., 2022. "Disentangling the collective motivations for user innovation in a 3D printing community," Technovation, Elsevier, vol. 111(C).
    7. Ahmed, Waqas & Al-Sharafi, Mohammed A. & Raza, Ali & Al-Zaeemi, Shehab Abdulhabib Saeed & Al-Bashrawi, Mousa Ahmad & Dwivedi, Yogesh K., 2026. "A longitudinal big data approach to theorizing consumers' continuance intention to use loyalty apps," Journal of Retailing and Consumer Services, Elsevier, vol. 88(C).
    8. Chenguang Li & Zhenjun Qiu & Tao Fu, 2021. "The Role of Policy Perceptions and Entrepreneurs’ Preferences in Firms’ Response to Industry 4.0: The Case of Chinese Firms," Sustainability, MDPI, vol. 13(20), pages 1-19, October.
    9. repec:bcp:journl:v:8:y:2024:i:1:p:825-835 is not listed on IDEAS
    10. Rajat Kumar Behera & Pradip Kumar Bala & Arghya Ray, 2024. "Cognitive Chatbot for Personalised Contextual Customer Service: Behind the Scene and beyond the Hype," Information Systems Frontiers, Springer, vol. 26(3), pages 899-919, June.
    11. Roberts, Ruby & Flin, Rhona & Millar, David & Corradi, Luca, 2021. "Psychological factors influencing technology adoption: A case study from the oil and gas industry," Technovation, Elsevier, vol. 102(C).
    12. Saeideh Sharifi fard & Ezhar Tamam & Md Salleh Hj Hassan & Moniza Waheed & Zeinab Zaremohzzabieh, 2016. "Factors affecting Malaysian university students’ purchase intention in social networking sites," Cogent Business & Management, Taylor & Francis Journals, vol. 3(1), pages 1182612-118, December.
    13. Zhang, Kai & Cheng, Xiaoting, 2025. "Determinants of consumers’ intentions to use smart home devices from the perspective of perceived value: A mixed SEM, NCA, and fsQCA study," Journal of Retailing and Consumer Services, Elsevier, vol. 87(C).
    14. Chou, Jui-Sheng & Gusti Ayu Novi Yutami, I, 2014. "Smart meter adoption and deployment strategy for residential buildings in Indonesia," Applied Energy, Elsevier, vol. 128(C), pages 336-349.
    15. Philippe Cohard, 2020. "Information Systems Values: A Study of the Intranet in Three French Higher Education Institutions," Post-Print hal-02987225, HAL.
    16. Melih Engin & Fatih Gürses, 2019. "Adoption of Hospital Information Systems in Public Hospitals in Turkey: An Analysis with the Unified Theory of Acceptance and Use of Technology Model," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 16(06), pages 1-19, October.
    17. Magnus Schückes & Tobias Gutmann, 2021. "Why do startups pursue initial coin offerings (ICOs)? The role of economic drivers and social identity on funding choice," Small Business Economics, Springer, vol. 57(2), pages 1027-1052, August.
    18. Morosan, Cristian, 2016. "An empirical examination of U.S. travelers’ intentions to use biometric e-gates in airports," Journal of Air Transport Management, Elsevier, vol. 55(C), pages 120-128.
    19. Muhammad Farooq Islam & Ozge Can, 2024. "Integrating digital and sustainable entrepreneurship through business models: a bibliometric analysis," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 14(1), pages 1-18, December.
    20. Abdesamad Zouine & Pierre Féniès, 2014. "The Critical Success Factors Of The ERP System Project: A Meta-Analysis Methodology," Post-Print hal-01419785, HAL.
    21. Talukder, Md. Shamim & Sorwar, Golam & Bao, Yukun & Ahmed, Jashim Uddin & Palash, Md. Abu Saeed, 2020. "Predicting antecedents of wearable healthcare technology acceptance by elderly: A combined SEM-Neural Network approach," Technological Forecasting and Social Change, Elsevier, vol. 150(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    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:jijfss:v:12:y:2024:i:4:p:103-:d:1498667. 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.