Perceived Risk and UTAUT Factors in Securities Crowdfunding Investment Intention

The rapid expansion of digital securities crowd-funding platforms necessitates a deeper understanding of user acceptance and investment intentions. This study investigates the influence of perceived risk and factors from the Unified Theory of Acceptance and Use of Technology (UTAUT) model, performance expectancy, effort expectancy, facilitating conditions, and social influence on investment intentions within these technology-driven financial ecosystems. Employing a quantitative approach, data from 300 respondents in Greater Jakarta, Indonesia, were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). Our findings indicate that perceived risk significantly and positively impacts investment intention, highlighting a critical design consideration for platform development and risk communication interfaces. Furthermore, performance expectancy and social influence positively correlate with investment intention, suggesting that platform features enhancing perceived financial outcomes and fostering social network integration are crucial for user adoption. Conversely, effort expectancy and facilitating conditions did not significantly influence intention. These results underscore the complex interplay of human factors and system design in influencing crowdfunding investment decisions, advocating for engineering improvements focused on user trust, system usability, and transparent financial outcome visualization to drive broader platform engagement and sustainable growth in the fintech sector.