financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2026-30-5-2100-02finance-3872Research ArticleНОВЫЕ ФИНАНСОВЫЕ ТЕХНОЛОГИИNEW FINANCIAL TECHNOLOGIESФакторы, влияющие на выбор инвесторами онлайн-брокеровFactors Affecting Investor Adoption of Online Stockbrokershttps://orcid.org/0009-0006-9903-6418ЙоханесМ. А. Дж.YohanesM.A.J.

Марко А. Дж. Йоханес – студент бакалавриата факультета бизнеса и экономики

Сурабая

Marco A. J. Yohanes – Undergraduate student, Faculty of Business and Economics

Surabaya

marco.jose2512@gmail.comhttps://orcid.org/0000-0002-2705-3888АрдиансьямираджаБ.ArdiansyahmirajaB.

Бобби Ардиансьямираджа – магистр технологического менеджмента, преподаватель, факультет бизнеса и экономики

Сурабая

Bobby Ardiansyahmiraja – Master of Technology Management, Lecturer, Faculty of Business and Economics

Surabaya

bobbymiraja@staff.ubaya.ac.idУниверситет СурабаиИндонезияUniversity of SurabayaIndonesia202529122025296190200Copyright © Йоханес М., Ардиансьямираджа Б., 20252025Йоханес М., Ардиансьямираджа Б.Yohanes M., Ardiansyahmiraja B.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3872

Пандемия COVID-19 изменила инвестиционный ландшафт. Страх упустить возможности, стремление к альтернативному доходу и влияние социальных сетей привлекли новых инвесторов на мировой фондовый рынок. В ответ онлайн-брокеры стали неотъемлемой частью финансового мира, предоставляя удобные платформы для общения и транзакций. В данном исследовании рассмотрена популярность онлайн-брокеров среди индонезийских инвесторов, при этом особое внимание уделяется пользователям компьютеров и мобильных устройств. Авторы расширяют теорию принятия технологий, включая такие факторы, как качество системы, репутация, доверие, риск и цена. Анализ данных опроса 143 инвесторов с использованием метода частичных наименьших квадратов показал, что ожидаемая эффективность, качество системы, репутация и социальное влияние играют ключевую роль в принятии онлайн-брокеров. Результаты исследования подчеркивают переход от традиционного взаимодействия с брокерами к цифровым платформам и важность социальной динамики в распространении финансовых услуг. Настоящее исследование представляет собой теоретический анализ и практические рекомендации, направленные на оптимизацию развития финансовых услуг, с особым акцентом на сложные и многофункциональные платформы. В рамках работы выявлены ключевые детерминанты, влияющие на популяризацию онлайн-брокеров, и их значимость для разработки эффективных стратегий. Особое внимание уделено комплексному анализу факторов, включая технологические инновации, регуляторные изменения и поведенческие особенности клиентов. Полученные результаты могут служить основой для формирования научно обоснованных подходов к совершенствованию финансовых услуг и повышению их конкурентоспособности на рынке.

After the COVID-19 pandemic, a surge in new stock investors, motivated by the pursuit of alternative income, fear of missing out, and social media influence, has heightened global stock market activity. This surge underscored the necessity of online stockbrokers as streamlined platforms for facilitating communications with investors and executing their transactions. This study investigates the adoption of online stockbrokers among Indonesian investors, focusing on both desktop and mobile users to provide a holistic understanding of the domain. Extending the Unified Theory of Acceptance and Use of Technology framework with additional constructs — System Quality, Perceived Reputation, Trust, Risk, and Price Value — this research examines diverse factors influencing investor adoption. Using survey data from 143 investors and analyzing it with Partial Least Squares-Structural Equation Modeling, the study identifies the pivotal roles of performance expectancy, system quality, and social dynamics like perceived reputation and social influence as significant predictors of adoption. The findings reflect a shift from traditional, personalized stockbroker interactions to accessible, efficient digital platforms and emphasize the critical role of social dynamics in driving the adoption of financial services. Lastly, the study offers theoretical insights and practical recommendations for advancing financial services, particularly in contexts where users prioritize high complexity and feature-rich platforms, by highlighting the critical factors driving online stockbroker adoption.

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