Factors Affecting Individuals’ Behavioral Intention to Use Online Capital Market Investment Platforms in Indonesia
Authors: I Nainggolan Clarita , Wuri Handayani Putu 
Published: January 2023

Aim/Purpose: This study aims to examine the ten factors from the Technology Acceptance Model (TAM), Theory of Planned Behavior (TPB), and Unified Theory of Acceptance and Use of Technology (UTAUT) theories in order to analyze behavioral intentions to use the Indonesian online capital market investment platforms and the effect of behavioral intentions on actual usage.

Background: The potential growth of capital market investors in Indonesia is large, and the low use of the Internet for investment purposes makes it necessary for stakeholders to understand the factors that affect people’s intentions to invest, especially through online platforms. Several previous studies have explained the intention to use online investment platforms using the TAM and TPB theories. This study tries to combine TAM, TPB, and UTAUT theories in analyzing behavioral intentions to use an online capital market investment platform in Indonesia.

Methodology: The research approach employed is a mixed method, particularly explanatory research, which employs quantitative methods first, followed by qualitative methods. Data were collected by conducting interviews and sending online surveys. This study was successful in collecting information on the users of online capital market investment platforms in Indonesia from 1074 respondents, which was then processed and analyzed using Covariance-Based Structural Equation Modeling (CB-SEM) with the IBM AMOS 26.0 application.

Contribution: This study complements earlier theories like TAM, TPB, and UTAUT by looking at the intention to use online capital market investment platforms from technological, human, and environmental viewpoints. This study looks at the intention to use the online capital market investing platform as a whole rather than separately depending on investment instruments. This study also assists practitioners including regulators, the government, developers, and investors by offering knowledge of the phenomena and factors that can increase the capital market’s investment intention in Indonesia.

Findings: Attitudes, perceived ease of use, perceived behavioral control, subjective norm, and national pride were found to be significant predictors of the intention to use online investment platforms in Indonesia, whereas perceived usefulness, perceived risk, perceived trust, perceived privacy, and price value were not.

Recommendations for Practitioners: All practitioners must be able to take steps and strategies that focus on factors that have a significant impact on increasing usage intentions. The government can enact legislation that emphasizes the simplicity and convenience of investment, as well as launch campaigns that encourage people to participate in economic recovery by investing in the capital market. Meanwhile, the developers are concentrating on facilitating the flow of investment transactions through the platform, increasing education and awareness of the benefits of investing in the capital market, and providing content that raises awareness that investing in the capital market can help to restore the national economy.

Recommendation for Researchers: Further research is intended to include other variables such as perceived benefits and perceived security, as well as other frameworks such as TRA, to better explain individuals’ behavioral intentions to use online capital investment platforms.

Impact on Society: This study can help all stakeholders understand what factors can increase Indonesians’ interest in investing in the capital market, particularly through online investment platforms. This understanding is expected to increase the number of capital market participants and, as a result, have an impact on economic recovery following the COVID-19 pandemic.

Future Research: Future research is expected to investigate additional factors that can influence individuals’ behavioral intention to use an online capital market investment platform, such as perceived benefits and perceived security, as well as the addition of control variables such as age, gender, education, and income. International research across nations is also required to build a larger sample size in order to examine the behavior of investors in developing and developed countries and acquire a more thorough understanding of the online capital market investment platform.