The Influence of Risk and The Crowdfunding Ecosystem on Investment Decision Behavior: The Role of Financial Literacy
Article Sidebar
Main Article Content
Abstract
One way to support the government's smooth running of inclusive economic development is to help MSMEs (Micro, Small, and Medium Enterprises) gain access to funding. Along with technological developments, there is a new way for people to obtain external funding, namely through Crowdfunding Services. Crowdfunding has enormous potential in terms of helping people (especially MSMEs) to get external funds to develop their businesses. This research aims to analyze the influence of risk and the crowdfunding ecosystem on investment decision behavior in several crowdfunding companies in Indonesia with financial literacy as a moderating variable. The objectives of the research will be achieved using a problem-solving approach empirical and quantitative analysis. The research results show that risk and the crowdfunding ecosystem have a significant influence on investment decision behavior. The results of this research will be distributed to member companies of the Indonesian Sharia Fintech Association (AFSI) and it is hoped that it will provide information that helps them make decisions.
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Y. Iskandar, N. Zulbainarni, and S. Jahroh, “Pengaruh Karakteristik Usaha dan Wirausaha Terhadap Kinerja UMKM Industri Pengolahan Perikanan di Kabupaten Sukabumi,” J. Ris. Ekon. Manaj., vol. 4, no. 1, pp. 1–12, 2020, doi: 10.31002/rn.v4i1.2205.
C. B. Wirawan, “Sejarah perkembangan crowdfunding,” Jakarta.
Otoritas Jasa Keuangan Republik Indonesia, “Equity Crowdfunding Jadi Alternatif Permodalan.” https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/20569 (accessed Mar. 13, 2023).
Minghui Kang Yiwen Gao Tao Wang Haichao Zheng, “Understanding the Determinants of Funders ’ Investment Intentions on Crowdfunding Platforms : A Trust-based Perspective,” Ind. Manag. Data Syst., vol. 116, no. 8, 2016.
S. Ferreira-Schenk, Z. Dickason-Koekemoer, and N. H. Shah, “Factors Influencing Individuals’ Short-Term Investment Intentions,” Int. J. Econ. Financ. Issues, vol. 11, no. 4, pp. 73–81, 2021, doi: 10.32479/ijefi.11449.
Y. H. Tan and S. K. Reddy, “Crowdfunding platforms: Ecosystem and evolution,” Found. Trends Mark., vol. 14, no. 2, pp. 53–172, 2020, doi: 10.1561/1700000061.
Albi Anggito ; Johan Setiawan, Metodologi Penelitian Kualtatif. Sukabumi: CV Jejak, 2018.
Suryanto, “Securities Crowdfunding: Transformation Of Financing Of Small And Medium Enterprises In Indonesia,” J. Pemikir. dan Penelit. Adm. Bisnis dan Kewirausahaan, vol. 6, no. 2, pp. 163–171, 2021.
A. A. Soemarsono and U. D. Sofianti, “Perspektif Hukum Mengenai Penggunaan Securities Crowdfunding pada Masa Pemulihan Ekonomi Akibat Pandemi,” J. Huk. Lex Gen., vol. 2, no. 8, pp. 607–626, 2021, doi: 10.56370/jhlg.v2i8.103.
R. Majid and R. A. Nugraha, “Crowdfunding and Islamic Securities: the Role of Financial Literacy,” J. Islam. Monet. Econ. Financ., vol. 8, no. 1, pp. 89–112, 2022, doi: 10.21098/jimf.v8i1.1420.
I. Ghozali, Structural Equation Modelling, 2nd ed. Semarang: Badan Penerbit Universitas Diponegoro, 2008.
K. Schermelleh-Engel, H. Moosbrugger, and H. Müller, “Evaluating the fit of structural equation models: Tests of significance and descriptive goodness-of-fit measures,” MPR-online, vol. 8, no. May 2003, pp. 23–74, 2003.