INVESTORS' TRUST AND RISK PERCEPTION USING THE INVESTMENT PLATFORM: A GENDER PERSPECTIVE
DOI:
https://doi.org/10.31933/dijemss.v2i5.941Keywords:
Gender, Invest, Perceived Risk, Perceived Trust, TPBAbstract
The development of the technology in financial sector has become opportunities for online trading platform developers, especially in investment. This is a form of encouragement from manual transactions transformation towards digital. The Financial Services Authority stated that of many websites and online investment platforms did not get permission from the them. This will has impacts on the risks that will be carried by the people who use it. On the other hand, as the development of online investment platforms grows because of COVID, the impact is that more people carry out online investment transactions to earn profits that is now mainly dominated by male society. Many perspectives associating the gender gap, such as the risky decision-making level and the perspective of women's trust level in using low investment platforms. Therefore, this study aims to test out perceived trust and risk of using online investment platforms from gender perspective. Thus, this research can be a review from educational institutions or the investor community in Indonesia to encourage women's participation in improving the economy in Indonesia through trading. This research uses clause method by looking at the causality of independent and dependent variable. The data collection technique uses survey by sending google form links to investors' communities on social media. The results of the survey were checked for reliability and validity prior to multigroup analysis using SmartPLS. The results showed that gender was not able to moderate the effect of perceived trust and perceived risk on the intention to use online investment platforms.
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Tauni, M. Z., Rao, Z. U. R., Fang, H., Mirza, S. S., Memon, Z. A., & Jebran, K. (2017). Do investor’s Big Five personality traits influence the association between information acquisition and stock trading behavior? China Finance Review International, 7(4), 450–477. https://doi.org/10.1108/CFRI-06-2016-0059
Wang, S. W., Ngamsiriudom, W., & Hsieh, C. H. (2015). Trust disposition, trust antecedents, trust, and behavioral intention. Service Industries Journal, 35(10), 555–572. https://doi.org/10.1080/02642069.2015.1047827
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Ali, A. (2011). Predicting individual investors’ intention to invest: An experimental analysis of attitude as a mediator. World Academy of Science, Engineering and Technology, 50(2), 994–1001.
Barber, B M, & Odean, T. (2001). Barber, Brad M. / Odean, Terrance (2001): Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment, Quarterly Journal of Economics 116, 261–292. Quarterly Journal of Economics, 116(1), 261–292.
Barber, Brad M., & Odean, T. (2011). The Behavior of Individual Investors. Handbook of the Economics of Finance, 1(2), 1533–1570.
Busch, T. (1995). Gender Differences in Self-Efficacy and Attitudes toward Computers. Journal of Educational Computing Research, 12(2), 147–158. https://doi.org/10.2190/h7e1-xmm7-gu9b-3hwr
Damghanian, H., Zarei, A., & Siahsarani Kojuri, M. A. (2016). Impact of Perceived Security on Trust, Perceived Risk, and Acceptance of Online Banking in Iran. Journal of Internet Commerce, 15(3), 214–238. https://doi.org/10.1080/15332861.2016.1191052
Dowling, G. R. (1986). Perceived Risk: The Concept and Its Measurement. Psychology & Marketing, 3, 193–210. https://doi.org/10.1002/mar.4220030307
Duan, Y., He, Q., Feng, W., Li, D., & Fu, Z. (2010). A study on e-learning take-up intention from an innovation adoption perspective: A case in China. Computers and Education, 55(1), 237–246. https://doi.org/10.1016/j.compedu.2010.01.009
Durmus, B., Ulusu, Y., & Akgun, S. (2017). the Effect of Perceived Risk on Online Shopping Through Trust and Wom. International Journal of Management and Applied Science, 3(9), 2394–7926. http://iraj.in
Dwyer, P. D., Gilkeson, J. H., & List, J. A. (2002). Gender differences in revealed risk taking: Evidence from mutual fund investors. Economics Letters, 76(2), 151–158. https://doi.org/10.1016/S0165-1765(02)00045-9
Garbarino, E., & Strahilevitz, M. (2004). Gender differences in the perceived risk of buying online and the effects of receiving a site recommendation. Journal of Business Research, 57(7), 768–775. https://doi.org/10.1016/S0148-2963(02)00363-6
Gia-Shie Liu, & Pham Tan Tai. (2016). A Study of Factors Affecting the Intention to Use Mobile Payment Services in Vietnam. Economics World, 4(6), 249–273. https://doi.org/10.17265/2328-7144/2016.06.001
Goh, T. T., & Sun, S. (2014). Exploring gender differences in Islamic mobile banking acceptance. Electronic Commerce Research, 14(4), 435–458. https://doi.org/10.1007/s10660-014-9150-7
Hanafizadeh, P., & Khedmatgozar, H. R. (2012). The mediating role of the dimensions of the perceived risk in the effect of customers’ awareness on the adoption of Internet banking in Iran. Electronic Commerce Research, 12(2), 151–175. https://doi.org/10.1007/s10660-012-9090-z
Hashim, J. (2008). Learning barriers in adopting ICT among selected working women in Malaysia. Gender in Management, 23(5), 317–336. https://doi.org/10.1108/17542410810887356
Hidayah, N. (2018). Gender, Pengetahuan Keuangan, dan Niat Bertansaksi Saham. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 12(2), 7–15. https://doi.org/10.32812/jibeka.v12i2.37
Jogianto. (2011). Konsep dan Aplikasi Structural Equation Modeling: Berbasis Varian dalam Penelitian Bisnis. UPP STIM YKPN.
Khan, S. U., Liu, X., Khan, I. U., Liu, C., & Rasheed, M. I. (2020). Assessing the investors’ acceptance of electronic stock trading in a developing Country: The mediating role of perceived risk dimensions. Information Resources Management Journal, 33(1), 59–82. https://doi.org/10.4018/IRMJ.2020010104
Kolsaker, A., & Payne, C. (2002). Engendering trust in e?commerce: a study of gender?based concerns. Marketing Intelligence & Planning, 20(4), 206–214. https://doi.org/10.1108/02634500210431595
Mahliza, F. (2020). Exploring Trust in Purchase Intention: An Empirical Research on Agricultural Application. 120(Icmeb 2019), 72–76. https://doi.org/10.2991/aebmr.k.200205.015
Martín, S. S., & Jiménez, N. H. (2011). Online buying perceptions in Spain: Can gender make a difference? Electronic Markets, 21(4), 267–281. https://doi.org/10.1007/s12525-011-0074-y
Maziriri, E. T., Mapuranga, M., & Madinga, N. W. (2019). Navigating selected perceived risk elements on investor trust and intention to invest in online trading platforms. Journal of Economic and Financial Sciences, 12(1), 1–14. https://doi.org/10.4102/jef.v12i1.434
Noprisson, H., & Ani, N. (2018). Consumer Factors of Purchase Intention Based on Brand Image, Price, Trust and Value. Ijsrcseit, 3(7), 185–191. https://doi.org/10.32628/CSEIT183724
OJK. (2020). Daftar Investasi yang Tidak Terdaftar dan Tidak di Bawah Pengawasan OJK. https://sikapiuangmu.ojk.go.id/FrontEnd/AlertPortal/Negative
Oliveira, T., Alhinho, M., Rita, P., & Dhillon, G. (2017). Modelling and testing consumer trust dimensions in e-commerce Part of the Management Information Systems Commons Modelling and testing consumer trust dimensions in e-commerce. Computers in Human Behavior, 71, 153–164. http://scholarscompass.vcu.edu/info_pubshttp://scholarscompass.vcu.edu/info_pubs/3
Pak, O., & Mahmood, M. (2015). Impact of personality on risk tolerance and investment decisions: A study on potential investors of Kazakhstan. International Journal of Commerce and Management, 25(4), 370–384. https://doi.org/10.1108/IJCoMA-01-2013-0002
Pavlou, P. A. (2003). Consumer acceptance of electronic commerce: Integrating trust and risk with the technology acceptance model. International Journal of Electronic Commerce, 7(3), 101–134. https://doi.org/10.1080/10864415.2003.11044275
Pompian, M. M., & Longo, J. M. (2004). A New Paradigm for Practical Application of Behavioral Finance. The Journal of Wealth Management, 7(2), 9–15. https://doi.org/10.3905/jwm.2004.434561
Putra, D. A. (2019). KSEI Catat Jumlah Investor Pasar Modal 2019 Capai 2,4 Juta, 98 Persen dari Lokal | merdeka.com. Merdeka. https://www.merdeka.com/uang/ksei-catat-jumlah-investor-pasar-modal-2019-capai-24-juta-98-persen-dari-lokal.html
Shanmugam, A., Savarimuthu, M. T., & Wen, T. C. (2014). Factors affecting Malaysian behavioral intention to use mobile banking with mediating effects of attitude. Academic Research International, 5(2), 236–253.
Tauni, M. Z., Rao, Z. U. R., Fang, H., Mirza, S. S., Memon, Z. A., & Jebran, K. (2017). Do investor’s Big Five personality traits influence the association between information acquisition and stock trading behavior? China Finance Review International, 7(4), 450–477. https://doi.org/10.1108/CFRI-06-2016-0059
Wang, S. W., Ngamsiriudom, W., & Hsieh, C. H. (2015). Trust disposition, trust antecedents, trust, and behavioral intention. Service Industries Journal, 35(10), 555–572. https://doi.org/10.1080/02642069.2015.1047827
Wareza, M. (2020). 43 Tahun Investor RI Baru 3 Juta, Harus Senang atau Sedih? CNBC Indonesia. https://www.cnbcindonesia.com/market/20200810142840-17-178678/43-tahun-investor-ri-baru-3-juta-harus-senang-atau-sedih
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Published
2021-07-04
How to Cite
Zamzami, A. H. (2021). INVESTORS’ TRUST AND RISK PERCEPTION USING THE INVESTMENT PLATFORM: A GENDER PERSPECTIVE. Dinasti International Journal of Education Management And Social Science, 2(5), 828–841. https://doi.org/10.31933/dijemss.v2i5.941
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