financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2024-28-6-1252-02finance-3322Research ArticleПОВЕДЕНЧЕСКАЯ ЭКОНОМИКАBEHAVIORAL ECONOMICSОказывает ли намерение инвестировать большое влияние на принятие решений? Новый вклад в область планирования финансового поведения в ИндонезииIntention to Invest has a High Impact on Decision Making? New Contribution to the Planning Field of Financial Behavior in Indonesiahttps://orcid.org/0000-0003-3488-7941ЮлианиЮ.YulianiYu.

Юлиани Юлиани - PhD, преподаватель, доцент, профессор

Палембанг, Южная Суматра

Yuliani Yuliani - PhD, lecturer, Assoc. Prof.

Palembang, South Sumatera

yulianisyapril@unsri.ac.idhttps://orcid.org/0009-0006-7792-9979ТауфикТ.TaufikT.

Тауфик Тауфик - M.B.A, преподаватель, доцент

Палембанг, Южная Суматра

Taufik Taufik — M.B.A, lecturer, Assist. Prof., Palembang, South Sumatera

taufik@fe.unsri.ac.idhttps://orcid.org/0000-0001-5037-7613МалиндаШ.MalindaSh.

Шелфи Малинда - PhD, преподаватель, доцент

Палембанг, Южная Суматра

Shelfi Malinda - PhD, lecturer, Assist. Prof.

Palembang, South Sumatera

shelfimalinda@unsri.ac.idУниверситет ШривиджаяРоссияUniversitas SriwijayaRussian Federation202404012025286196209Copyright © Юлиани Ю., Тауфик Т., Малинда Ш., 20242024Юлиани Ю., Тауфик Т., Малинда Ш.Yuliani Y., Taufik T., Malinda S.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3322

Цель исследования — определить эмпирические доказательства влияния финансовых установок, знаний и воспринимаемого риска на намерение инвестировать, реинвестировать, уровень доверия к платформе и удовлетворенность инвестициями. Данные собраны с помощью онлайн-формы Google с мая по июль 2022 г. путем опроса 401 респондента из городов Индонезии и проанализированы методом моделирования структурных уравнений с частичным наименьшим квадратом. Результаты показали, что финансовое поведение оказывает значительное положительное влияние на намерение инвестировать и на информированность, в то время как на восприятие риска оно незначительно. Намерение инвестировать оказывает большое влияние на принятие решений. На реинвестирование значительное влияние оказывают намерение, принятие решений и доверие. Эффект доверия значительно влияет на реинвестирование и финансовую удовлетворенность. Данное исследование внесло новый вклад в сферу планирования финансового поведения, касающегося инвестиционных решений в плане денежных активов. Однако в дальнейшем исследовании для предприятий или МСП с уникальными характеристиками необходимы некоторые корректировки в аспектах тестирования и улучшения модели для повышения применимости.

The study’s purpose is to determine empirical evidence on the effect of financial attitude, knowledge, and perceived risk on intention to invest, reinvestment, level of trust in the platform, and investment satisfaction. The data were collected via an Online Google form from May to July 2022, through a survey of 401 respondents from cities in Indonesia, and were analyzed by structural equation modeling with partial least squares. The results showed that financial attitude has a significant positive effect on the intention to invest and knowledge, while it is insignificant on perceived risk. The intention to invest has a high impact on decision-making. Reinvestment is significantly influenced by intention, decision-making, and trust. The effect of trust has a high impact on reinvestment, which has a significant positive influence on financial satisfaction. This study has made a new contribution to the planning field of financial behavior, regarding investment decisions in terms of monetary assets for unit analysis. However, in further study for businesses or SMEs with unique characteristics, some adjustments are needed in the aspects of testing and model improvement to increase applicability.

намерение инвестироватьреинвестированиедоверие к платформеудовлетворенность инвестициямиIntention to InvestReinvestmentTrust in PlatformInvestment SatisfactionИсследование профинансировано DIPA Агентством государственной службы экономического факультета Университета Шривиджая. 2022 г. SP DIPA‑023.17.2.677515/2022, 17 ноября 2021 г. в соответствии с распоряжением декана № 1453/UN 9.FE/TU.SK/2022, 12 мая 2022 г.The publication of this article was funded by DIPA of Public Service Agency of Faculty Economics Universitas Sriwijaya 2022. SP DIPA‑023.17.2.677515/2022, On November 17, 2021 in accordance with the Dean No. 1453/UN 9.FE/TU.SK/2022, On Mei 12, 2022.ReferencesPandey R., Jessica V. M. Sub-optimal behavioural biases and decision theory in real estate: The role of investment satisfaction and evolutionary psychology. International Journal of Housing Markets and Analysis. 2019;12(2):330–348. DOI: 10.1108/IJHMA‑10–2018–0075Pandey R., Jessica V. M. Sub-optimal behavioural biases and decision theory in real estate: The role of investment satisfaction and evolutionary psychology. International Journal of Housing Markets and Analysis. 2019;12(2):330–348. DOI: 10.1108/IJHMA‑10–2018–0075Hati S. R.H., Sulistiyo S., Safira A. The antecedents of Muslim customers’ intention to invest in an Islamic bank’s term deposits: Evidence from a Muslim majority country. Journal of Islamic Marketing. 2021;12(7):1363–1384. DOI: 10.1108/JIMA‑01–2020–0007Hati S. R.H., Sulistiyo S., Safira A. The antecedents of Muslim customers’ intention to invest in an Islamic bank’s term deposits: Evidence from a Muslim majority country. Journal of Islamic Marketing. 2021;12(7):1363–1384. DOI: 10.1108/JIMA‑01–2020–0007Arianti B. F. The influence of financial literacy, financial behavior and income on investment decision. Economic and Accounting Journal. 2018;1(1):1–10. DOI: 10.32493/eaj.v1i1.y2018.p1–10Arianti B. F. The influence of financial literacy, financial behavior and income on investment decision. Economic and Accounting Journal. 2018;1(1):1–10. DOI: 10.32493/eaj.v1i1.y2018.p1–10Chandra A., Kumar R. Factors influencing Indian individual investor behaviour: Survey evidence. Decision. 2012;39(3):141–167.Chandra A., Kumar R. Factors influencing Indian individual investor behaviour: Survey evidence. Decision. 2012;39(3):141–167.Gupta K., Gupta S. K. Financial literacy and its impact on investment decisions — A study of rural areas of Himachal Pradesh. International Journal of Research in Management, Economics and Commerce. 2018;8(2):1– 10. URL: https://www.indusedu.org/pdfs/IJRMEC/IJRMEC_1591_53420.pdfGupta K., Gupta S. K. Financial literacy and its impact on investment decisions — A study of rural areas of Himachal Pradesh. International Journal of Research in Management, Economics and Commerce. 2018;8(2):1– 10. URL: https://www.indusedu.org/pdfs/IJRMEC/IJRMEC_1591_53420.pdfSenda D. A., Rahayu C. W.E., Rahmawati C. H.T. The effect of financial literacy level and demographic factors on investment decision. Media Ekonomi dan Manajemen. 2020;35(1):100–111. DOI: 10.24856/mem.v35i1.1246Senda D. A., Rahayu C. W.E., Rahmawati C. H.T. The effect of financial literacy level and demographic factors on investment decision. Media Ekonomi dan Manajemen. 2020;35(1):100–111. DOI: 10.24856/mem.v35i1.1246Yuliani, Isnurhadi, Jie F. Risk perception and psychological behavior of investor in emerging market: Indonesian Stock Exchange. Investment Management and Financial Innovation. 2017;14(2):347–358. DOI: 10.21511/imfi.14(2–2).2017.06Yuliani, Isnurhadi, Jie F. Risk perception and psychological behavior of investor in emerging market: Indonesian Stock Exchange. Investment Management and Financial Innovation. 2017;14(2):347–358. DOI: 10.21511/imfi.14(2–2).2017.06Cai S., Lin X., Xu D., Fu X. Judging online peer-to-peer lending behavior: A comparison of first-time and repeated borrowing requests. Information & Management. 2016;53(7):857–867. DOI: 10.1016/j.im.2016.07.006Cai S., Lin X., Xu D., Fu X. Judging online peer-to-peer lending behavior: A comparison of first-time and repeated borrowing requests. Information & Management. 2016;53(7):857–867. DOI: 10.1016/j.im.2016.07.006Sipangkar H., Wijaya C. Factors affecting intention to investing in peer-to-peer lending platform toward Universitas Indonesia students. International Journal of Management. 2020;11(5):751–763. DOI: 10.34218/IJM.11.5.2020.067Sipangkar H., Wijaya C. Factors affecting intention to investing in peer-to-peer lending platform toward Universitas Indonesia students. International Journal of Management. 2020;11(5):751–763. DOI: 10.34218/IJM.11.5.2020.067Shim G.-y., Lee S.-h., Kim Y.-m. How investor behavioral factors influence investment satisfaction, trust in investment company, and reinvestment intention. Journal of Business Research. 2008;61(1):47–55. DOI: 10.1016/j.jbusres.2006.05.008Shim G.-y., Lee S.-h., Kim Y.-m. How investor behavioral factors influence investment satisfaction, trust in investment company, and reinvestment intention. Journal of Business Research. 2008;61(1):47–55. DOI: 10.1016/j.jbusres.2006.05.008Kalra Sahi S. Demographic and socio-economic determinants of financial satisfaction: A study of SEC-A segment of individual investors in India. International Journal of Social Economics. 2013;40(2):127–150. DOI: 10.1108/03068291311283607Kalra Sahi S. Demographic and socio-economic determinants of financial satisfaction: A study of SEC-A segment of individual investors in India. International Journal of Social Economics. 2013;40(2):127–150. DOI: 10.1108/03068291311283607Mankuroane T. E. Analysing the factors that influence investment intentions in South Africa. Master degree dissertation. Potchefstroom: North West University; 2021. 194 p. URL: https://v-des-dev-lnx1.nwu.ac.za/bitstream/handle/10394/37041/Mankuroane%20TE%2022485546.pdf?sequence=1&isAllowed=yMankuroane T. E. Analysing the factors that influence investment intentions in South Africa. Master degree dissertation. Potchefstroom: North West University; 2021. 194 p. URL: https://v-des-dev-lnx1.nwu.ac.za/bitstream/handle/10394/37041/Mankuroane%20TE%2022485546.pdf?sequence=1&isAllowed=yLim T. S., Mail R., Abd Karim M. R., et al. A serial mediation model of financial knowledge on the intention to invest: The central role of risk perception and attitude. Journal of Behavioral and Experimental Finance. 2018;20:74–79. DOI: 10.1016/j.jbef.2018.08.001Lim T. S., Mail R., Abd Karim M. R., et al. A serial mediation model of financial knowledge on the intention to invest: The central role of risk perception and attitude. Journal of Behavioral and Experimental Finance. 2018;20:74–79. DOI: 10.1016/j.jbef.2018.08.001Sondari M. C., Sudarsono R. Using theory of planned behavior in predicting intention to invest: Case of Indonesia. International Academic Research Journal of Business and Technology. 2015;1(2):137–141. URL: http://www.iarjournal.com/wp-content/uploads/IBTC 2015-p137–141.pdfSondari M. C., Sudarsono R. Using theory of planned behavior in predicting intention to invest: Case of Indonesia. International Academic Research Journal of Business and Technology. 2015;1(2):137–141. URL: http://www.iarjournal.com/wp-content/uploads/IBTC 2015-p137–141.pdfKim J.-h., Jung S.-h., Yu J.-p., Kwon J.-h. Fund managers’ investment considerations for K-IFRS-adopted corporates: Impact on investment and reinvestment intentions. Journal of Sustainable Finance & Investment. 2021;11(3):253–275. DOI: 10.1080/20430795.2020.1727723Kim J.-h., Jung S.-h., Yu J.-p., Kwon J.-h. Fund managers’ investment considerations for K-IFRS-adopted corporates: Impact on investment and reinvestment intentions. Journal of Sustainable Finance & Investment. 2021;11(3):253–275. DOI: 10.1080/20430795.2020.1727723Rohmania A. S., Ghoniyah N. Conceptual framework for determining Sukuk investment intentions among millennials. In: Barolli L., Miwa H., eds. Advances in intelligent networking and collaborative systems (INCoS 2022). Cham: Springer-Verlag; 2022:319–327. (Lecture Notes in Networks and Systems. Vol. 527). DOI: 10.1007/978–3–031–14627–5_32Rohmania A. S., Ghoniyah N. Conceptual framework for determining Sukuk investment intentions among millennials. In: Barolli L., Miwa H., eds. Advances in intelligent networking and collaborative systems (INCoS 2022). Cham: Springer-Verlag; 2022:319–327. (Lecture Notes in Networks and Systems. Vol. 527). DOI: 10.1007/978–3–031–14627–5_32Samsuri A., Ismiyanti F., Narsa I. M. The effects of risk tolerance and financial literacy to investment intentions. International Journal of Innovation, Creativity and Change. 2019;10(9):40–54. URL: https://www.ijicc.net/images/vol10iss9/10904_Samsuri_2019_E_R.pdfSamsuri A., Ismiyanti F., Narsa I. M. The effects of risk tolerance and financial literacy to investment intentions. International Journal of Innovation, Creativity and Change. 2019;10(9):40–54. URL: https://www.ijicc.net/images/vol10iss9/10904_Samsuri_2019_E_R.pdfSeptyanto D., Sayidah N., Assagaf A. The intention of investors in making investment decisions in Sharia stocks: Empirical study in Indonesian. Academic Journal of Interdisciplinary Studies. 2021;10(4):141–153. DOI: 10.36941/ajis‑2021–0105Septyanto D., Sayidah N., Assagaf A. The intention of investors in making investment decisions in Sharia stocks: Empirical study in Indonesian. Academic Journal of Interdisciplinary Studies. 2021;10(4):141–153. DOI: 10.36941/ajis‑2021–0105Bhatia S., Singh N., Jain H. What explains millennials’ intention to invest in the stock market? An extension to the theory of planned behavior. Journal of Wealth Management. 2021;24(2): jwm.2021.1.141. DOI: 10.3905/jwm.2021.1.141Bhatia S., Singh N., Jain H. What explains millennials’ intention to invest in the stock market? An extension to the theory of planned behavior. Journal of Wealth Management. 2021;24(2): jwm.2021.1.141. DOI: 10.3905/jwm.2021.1.141Husniyah A. R., Ahmad Fauzi A. W., Mohamad Fazli S., Mohd. Amim O. Malaysian public sector employees’ gold investment intention as a mediator in gold investment behaviour. Malaysian Journal of Consumer and Family Economics. 2022;29:422–447. URL: https://majcafe.com/wp-content/uploads/2022/11/PAPER 17-MAJCAFE-VOL29a.pdfHusniyah A. R., Ahmad Fauzi A. W., Mohamad Fazli S., Mohd. Amim O. Malaysian public sector employees’ gold investment intention as a mediator in gold investment behaviour. Malaysian Journal of Consumer and Family Economics. 2022;29:422–447. URL: https://majcafe.com/wp-content/uploads/2022/11/PAPER 17-MAJCAFE-VOL29a.pdfXu X., Xie Y., Xiong F., Li Y. The impact of COVID‑19 on investors’ investment intention of sustainability-related investment: Evidence from China. Sustainability. 2022;14(9):5325. DOI: 10.3390/su14095325Xu X., Xie Y., Xiong F., Li Y. The impact of COVID‑19 on investors’ investment intention of sustainability-related investment: Evidence from China. Sustainability. 2022;14(9):5325. DOI: 10.3390/su14095325Oksanen A., Mantere E., Vuorinen I., Savolainen I. Gambling and online trading: Emerging risks of real-time stock and cryptocurrency trading platforms. Public Health. 2022;205:72–78. DOI: 10.1016/j.puhe.2022.01.027Oksanen A., Mantere E., Vuorinen I., Savolainen I. Gambling and online trading: Emerging risks of real-time stock and cryptocurrency trading platforms. Public Health. 2022;205:72–78. DOI: 10.1016/j.puhe.2022.01.027Jiang Y., Zuo Y., Yang Y. Machine learning and artificial intelligence applied in the research of the emotions impact on forecasting. Journal of Physics: Conference Series. 2021;1982:012052. DOI: 10.1088/1742–6596/1982/1/012052Jiang Y., Zuo Y., Yang Y. Machine learning and artificial intelligence applied in the research of the emotions impact on forecasting. Journal of Physics: Conference Series. 2021;1982:012052. DOI: 10.1088/1742–6596/1982/1/012052Yang M., Al Mamun A., Mohiuddin M., Al-Shami S.S.A., Zainol N. R. Predicting stock market investment intention and behavior among Malaysian working adults using partial least squares structural equation modeling. Mathematics. 2021;9(8):873. DOI: 10.3390/math9080873Yang M., Al Mamun A., Mohiuddin M., Al-Shami S.S.A., Zainol N. R. Predicting stock market investment intention and behavior among Malaysian working adults using partial least squares structural equation modeling. Mathematics. 2021;9(8):873. DOI: 10.3390/math9080873Ramalho T. B., Forte D. Financial literacy in Brazil — do knowledge and self-confidence relate with behavior? RAUSP Management Journal. 2019;54(1):77–95. DOI: 10.1108/RAUSP‑04–2018–0008Ramalho T. B., Forte D. Financial literacy in Brazil — do knowledge and self-confidence relate with behavior? RAUSP Management Journal. 2019;54(1):77–95. DOI: 10.1108/RAUSP‑04–2018–0008Sharma S. Financial literacy: An imperative approach for SMEs growth. World Review of Entrepreneurship, Management and Sustainable Development. 2022;18(4):388–403. DOI: 10.1504/WREMSD.2022.123765Sharma S. Financial literacy: An imperative approach for SMEs growth. World Review of Entrepreneurship, Management and Sustainable Development. 2022;18(4):388–403. DOI: 10.1504/WREMSD.2022.123765Sharma S. ELSS mutual funds in India: Investor perception and satisfaction. International Journal of Finance and Accounting. 2015;4(2):131–139. DOI: 10.5923/j.ijfa.20150402.03Sharma S. ELSS mutual funds in India: Investor perception and satisfaction. International Journal of Finance and Accounting. 2015;4(2):131–139. DOI: 10.5923/j.ijfa.20150402.03Ajzen I., Fishbein M. The influence of attitudes on behavior. In: Albarracín D., Johnson B. T., Zanna M. P., eds. The handbook of attitudes. Mahwah, NJ: Lawrence Erlbaum Associates Publishers; 2005:173–221.Ajzen I., Fishbein M. The influence of attitudes on behavior. In: Albarracín D., Johnson B. T., Zanna M. P., eds. The handbook of attitudes. Mahwah, NJ: Lawrence Erlbaum Associates Publishers; 2005:173–221.Ajzen I. The theory of planned behavior. Organizational Behavior and Human Decision Process. 1991;50(2):179–211. DOI: 10.1016/0749–5978(91)90020-TAjzen I. The theory of planned behavior. Organizational Behavior and Human Decision Process. 1991;50(2):179–211. DOI: 10.1016/0749–5978(91)90020-THadi Ryandono M. N. Fintech Waqaf: Solusi Permodalan Perusahaan Startup Wirausaha Muda. Jurnal Studi Pemuda. 2018;7(2):111–121. DOI: 10.22146/studipemudaugm.39347Hadi Ryandono M. N. Fintech Waqaf: Solusi Permodalan Perusahaan Startup Wirausaha Muda. Jurnal Studi Pemuda. 2018;7(2):111–121. DOI: 10.22146/studipemudaugm.39347Remund D. L. Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. The Journal of Consumer Affairs. 2010;44(2):276–295. DOI: 10.1111/j.1745–6606.2010.01169.xRemund D. L. Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. The Journal of Consumer Affairs. 2010;44(2):276–295. DOI: 10.1111/j.1745–6606.2010.01169.xWillis-Shattuck M., Bidwell P., Thomas S., et al. Motivation and retention of health workers in developing countries: A systematic review. BMC Health Services Research. 2008;8(1):247. DOI: 10.1186/1472–6963–8–247Willis-Shattuck M., Bidwell P., Thomas S., et al. Motivation and retention of health workers in developing countries: A systematic review. BMC Health Services Research. 2008;8(1):247. DOI: 10.1186/1472–6963–8–247Hasler A., Lusardi A. The gender gap in financial literacy: A global perspective. Stanford, CA: Global Financial Literacy Excellence Center; 2017. 22 p. URL: https://gflec.org/wp-content/uploads/2017/07/The-Gender-Gapin-Financial-Literacy-A-Global-Perspective-Report.pdfHasler A., Lusardi A. The gender gap in financial literacy: A global perspective. Stanford, CA: Global Financial Literacy Excellence Center; 2017. 22 p. URL: https://gflec.org/wp-content/uploads/2017/07/The-Gender-Gapin-Financial-Literacy-A-Global-Perspective-Report.pdfHowlett E., Kees J., Kemp E. The role of self-regulation, future orientation, and financial knowledge in long-term financial decisions. The Journal of Consumer Affairs. 2008;42(2):223–242. DOI: 10.1111/j.1745–6606.2008.00106.xHowlett E., Kees J., Kemp E. The role of self-regulation, future orientation, and financial knowledge in long-term financial decisions. The Journal of Consumer Affairs. 2008;42(2):223–242. DOI: 10.1111/j.1745–6606.2008.00106.xPalameta B., Nguyen C., Hui T. S.-w., Gyarmati D. The link between financial confidence and financial outcomes among working-aged Canadians. Ottawa: Social Research and Demonstration Corporation; 2016. 5 p. URL: https://www.canada.ca/content/dam/canada/financial-consumer-agency/migration/eng/resources/researchsurveys/documents/link-confidence-outcomes.pdfPalameta B., Nguyen C., Hui T. S.-w., Gyarmati D. The link between financial confidence and financial outcomes among working-aged Canadians. Ottawa: Social Research and Demonstration Corporation; 2016. 5 p. URL: https://www.canada.ca/content/dam/canada/financial-consumer-agency/migration/eng/resources/researchsurveys/documents/link-confidence-outcomes.pdfKurihara Y. Does financial skill promote economic growth? International Journal of Humanities and Social Science. 2013;3(8):92–97. URL: https://www.ijhssnet.com/journals/Vol_3_No_8_Special_Issue_April_2013/10.pdfKurihara Y. Does financial skill promote economic growth? International Journal of Humanities and Social Science. 2013;3(8):92–97. URL: https://www.ijhssnet.com/journals/Vol_3_No_8_Special_Issue_April_2013/10.pdfSanderson A. Importance of financial literacy. The Herald. Sep. 10, 2014. URL: https://www.herald.co.zw/importance-of-financial-literacy/Sanderson A. Importance of financial literacy. The Herald. Sep. 10, 2014. URL: https://www.herald.co.zw/importance-of-financial-literacy/Robb C. A., Woodyard A. S. Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning. 2011;22(1):60–70. URL: https://files.eric.ed.gov/fulltext/EJ941903.pdfRobb C. A., Woodyard A. S. Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning. 2011;22(1):60–70. URL: https://files.eric.ed.gov/fulltext/EJ941903.pdfThanki H., Baser N. Interactive impact of demographic variables and personality type on risk tolerance. Emerging Economy Studies. 2019;5(1):42–54. DOI: 10.1177/2394901519825924Thanki H., Baser N. Interactive impact of demographic variables and personality type on risk tolerance. Emerging Economy Studies. 2019;5(1):42–54. DOI: 10.1177/2394901519825924Kannadhasan M., Aramvalarthan S., Mitra S., Goyal V. Relationship between biopsychosocial factors and financial risk tolerance: An empirical study. Vikalpa: The Journal for Decision Makers. 2016;41(2):117–131. DOI: 10.1177/0256090916642685Kannadhasan M., Aramvalarthan S., Mitra S., Goyal V. Relationship between biopsychosocial factors and financial risk tolerance: An empirical study. Vikalpa: The Journal for Decision Makers. 2016;41(2):117–131. DOI: 10.1177/0256090916642685Saurabh K., Nandan T. Role of financial risk attitude and financial behavior as mediators in financial satisfaction: Empirical evidence from India. South Asian Journal of Business Studies. 2018;7(2):207–224. DOI: 10.1108/SAJBS‑07–2017–0088Saurabh K., Nandan T. Role of financial risk attitude and financial behavior as mediators in financial satisfaction: Empirical evidence from India. South Asian Journal of Business Studies. 2018;7(2):207–224. DOI: 10.1108/SAJBS‑07–2017–0088Yang D., Fang N., Ramirez-Asis E., Alashker Y., Abourehab M. A.S., Zhang K. Mediating role of risk perception and environmental quality on the relationship between risk knowledge and traveler’s intention in COVID‑19. Frontiers in Environmental Science. 2022;10:902457. DOI: 10.3389/fenvs.2022.902457Yang D., Fang N., Ramirez-Asis E., Alashker Y., Abourehab M. A.S., Zhang K. Mediating role of risk perception and environmental quality on the relationship between risk knowledge and traveler’s intention in COVID‑19. Frontiers in Environmental Science. 2022;10:902457. DOI: 10.3389/fenvs.2022.902457Furner C. P., Drake J. R., Zinko R., Kisling E. Online review antecedents of trust, purchase, and recommendation intention: A simulation-based experiment for hotels and AirBnBs. Journal of Internet Commerce. 2022;21(1):79–103. DOI: 10.1080/15332861.2020.1870342Furner C. P., Drake J. R., Zinko R., Kisling E. Online review antecedents of trust, purchase, and recommendation intention: A simulation-based experiment for hotels and AirBnBs. Journal of Internet Commerce. 2022;21(1):79–103. DOI: 10.1080/15332861.2020.1870342Gao M., Yen J., Liu M. Determinants of defaults on P2P lending platforms in China. International Review of Economics & Finance. 2021;72:334–348. DOI: 10.1016/j.iref.2020.11.012Gao M., Yen J., Liu M. Determinants of defaults on P2P lending platforms in China. International Review of Economics & Finance. 2021;72:334–348. DOI: 10.1016/j.iref.2020.11.012Lăzăroiu G., Neguriţă O., Grecu I., Grecu G., Mitran P. C. Consumers’ decision-making process on social commerce platforms: Online trust, perceived risk, and purchase intentions. Frontiers in Psychology. 2020;11:890. DOI: 10.3389/fpsyg.2020.00890Lăzăroiu G., Neguriţă O., Grecu I., Grecu G., Mitran P. C. Consumers’ decision-making process on social commerce platforms: Online trust, perceived risk, and purchase intentions. Frontiers in Psychology. 2020;11:890. DOI: 10.3389/fpsyg.2020.00890Shao Z., Zhang L., Li X., Guo Y. Antecedents of trust and continuance intention in mobile payment platforms: The moderating effect of gender. Electronic Commerce Research and Applications. 2019;33:100823. DOI: 10.1016/j.elerap.2018.100823Shao Z., Zhang L., Li X., Guo Y. Antecedents of trust and continuance intention in mobile payment platforms: The moderating effect of gender. Electronic Commerce Research and Applications. 2019;33:100823. DOI: 10.1016/j.elerap.2018.100823Hair J. F., Hult G. T.M., Ringle C. M., Sarstedt M. A primer on partial least squares structural equation modeling (PLS-SEM). 2nd ed. Thousand Oaks, CA: Sage Publications Inc.; 2017. 384 p.Hair J. F., Hult G. T.M., Ringle C. M., Sarstedt M. A primer on partial least squares structural equation modeling (PLS-SEM). 2nd ed. Thousand Oaks, CA: Sage Publications Inc.; 2017. 384 p.Ibrahim M. E., Alqaydi F. R. Financial literacy, personal financial attitude, and forms of personal debt among residents of the UAE. International Journal of Economics and Finance. 2013;5(7):126–138. DOI: 10.5539/ijef.v5n7p126Ibrahim M. E., Alqaydi F. R. Financial literacy, personal financial attitude, and forms of personal debt among residents of the UAE. International Journal of Economics and Finance. 2013;5(7):126–138. DOI: 10.5539/ijef.v5n7p126Rai K., Dua S., Yadav M. Association of financial attitude, financial behaviour and financial knowledge towards financial literacy: A structural equation modeling approach. FIIB Business Review. 2019;8(1):51–60. DOI: 10.1177/2319714519826651Rai K., Dua S., Yadav M. Association of financial attitude, financial behaviour and financial knowledge towards financial literacy: A structural equation modeling approach. FIIB Business Review. 2019;8(1):51–60. DOI: 10.1177/2319714519826651Grable J. E., Joo S.-H. Environmental and biopsychosocial factors associated with financial risk tolerance. Journal of Financial Counseling and Planning Education. 2004;15(1):73–82.Grable J. E., Joo S.-H. Environmental and biopsychosocial factors associated with financial risk tolerance. Journal of Financial Counseling and Planning Education. 2004;15(1):73–82.Madaan G., Singh S. An analysis of behavioral biases in investment decision-making. International Journal of Financial Research. 2019;10(4):55–67. DOI: 10.5430/ijfr.v10n4p55Madaan G., Singh S. An analysis of behavioral biases in investment decision-making. International Journal of Financial Research. 2019;10(4):55–67. DOI: 10.5430/ijfr.v10n4p55Yang W., Li H., Kong G., Kong D. Access to finance and SMEs’ trade credit: Evidence from a regression discontinuity design. Accounting & Finance. 2021;61(2):2997–3029. DOI: 10.1111/acfi.12691Yang W., Li H., Kong G., Kong D. Access to finance and SMEs’ trade credit: Evidence from a regression discontinuity design. Accounting & Finance. 2021;61(2):2997–3029. DOI: 10.1111/acfi.12691Sharma R. Impact of financial literacy and risk tolerance on investment decision. International Journal of Management and Humanities (IJMH). 2020;4(11):53–56. DOI: 10.35940/ijmh.K1059.0741120Sharma R. Impact of financial literacy and risk tolerance on investment decision. International Journal of Management and Humanities (IJMH). 2020;4(11):53–56. DOI: 10.35940/ijmh.K1059.0741120Yoopetch C., Chaithanapat P. The effect of financial attitude, financial behavior and subjective norm on stock investment intention. Kasetsart Journal of Social Sciences. 2021;42(3):501–508. URL: https://so04.tci-thaijo.org/index.php/kjss/article/view/253467/172023Yoopetch C., Chaithanapat P. The effect of financial attitude, financial behavior and subjective norm on stock investment intention. Kasetsart Journal of Social Sciences. 2021;42(3):501–508. URL: https://so04.tci-thaijo.org/index.php/kjss/article/view/253467/172023Rey-Ares L., Fernández-López S., Castro-González S., Rodeiro-Pazos D. Does self-control constitute a driver of millennials’ financial behaviors and attitudes? Journal of Behavioral and Experimental Economics. 2021;93:101702. DOI: 10.1016/j.socec.2021.101702Rey-Ares L., Fernández-López S., Castro-González S., Rodeiro-Pazos D. Does self-control constitute a driver of millennials’ financial behaviors and attitudes? Journal of Behavioral and Experimental Economics. 2021;93:101702. DOI: 10.1016/j.socec.2021.101702Chen X., Huang B., Shaban M. Naïve or sophisticated? Information disclosure and investment decisions in peer to peer lending. Journal of Corporate Finance. 2022;77:101805. DOI: 10.1016/j.jcorpfin.2020.101805Chen X., Huang B., Shaban M. Naïve or sophisticated? Information disclosure and investment decisions in peer to peer lending. Journal of Corporate Finance. 2022;77:101805. DOI: 10.1016/j.jcorpfin.2020.101805Damelang A., Kosyakova Y. To work or to study? Postmigration educational investments of adult refugees in Germany — Evidence from a choice experiment. Research in Social Stratification and Mobility. 2021;73:100610. DOI: 10.1016/j.rssm.2021.100610Damelang A., Kosyakova Y. To work or to study? Postmigration educational investments of adult refugees in Germany — Evidence from a choice experiment. Research in Social Stratification and Mobility. 2021;73:100610. DOI: 10.1016/j.rssm.2021.100610Hasan N., Bao Y., Chiong R. A multi-method analytical approach to predicting young adults’ intention to invest in mHealth during the COVID‑19 pandemic. Telematics and Informatics. 2022;68:101765. DOI: 10.1016/j.tele.2021.101765Hasan N., Bao Y., Chiong R. A multi-method analytical approach to predicting young adults’ intention to invest in mHealth during the COVID‑19 pandemic. Telematics and Informatics. 2022;68:101765. DOI: 10.1016/j.tele.2021.101765Al Azizah U. S., Mulyono H. Dataset on determinants of intention and investment behaviour amongst young Indonesian millennials. Data in Brief. 2020;32:106083. DOI: 10.1016/j.dib.2020.106083Al Azizah U. S., Mulyono H. Dataset on determinants of intention and investment behaviour amongst young Indonesian millennials. Data in Brief. 2020;32:106083. DOI: 10.1016/j.dib.2020.106083

The authors declare that there are no conflicts of interest present.