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    Item type:Publication,
    Determinants of Digital Asset Investment Intention Among Mutual Fund Investors in Thailand
    (2026-05-01)
    Jiaranaipayuk, Wilasinee
    ;
    Saengnoree, Amnuay
    ;
    Vuthisopon, Sujira
    ;
    Pattananupong, Kaimuk
    This study examined the determinants of intentions to participate in digital asset investment among Thai mutual fund investors with medium-to-high risk tolerance by extending the Theory of Planned Behavior (TPB) to include financial literacy and trust. A quantitative survey was conducted with 360 respondents, and the proposed model was analyzed using structural equation modeling. The results indicate that attitudes toward behavior, subjective norms, and perceived behavioral control are positively associated with the intention to invest. Financial literacy and trust also demonstrate direct and indirect effects, with financial literacy emerging as the strongest overall predictor. In addition, perceived behavioral control and attitudes toward behavior serve as important mediating mechanisms linking cognitive and social factors to the intention to invest. The model explains 52% of the variance in investment intention, indicating moderate explanatory power. These findings suggest that intention to invest in digital assets among Thai mutual fund investors with medium-to-high risk tolerance is shaped by a combination of financial capability, social influence, perceived control, and evaluative judgment. However, these findings should be interpreted cautiously due to the purposive sampling approach and the fact that they are primarily applicable to financially experienced and relatively risk-tolerant investors rather than the broader Thai population.
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    Item type:Publication,
    Financial Innovation and Crowdfunding: Influencing Investment Decisions in Tech Startups
    (2024-12-01)
    Panitkulpong, Kaimuk
    ;
    Saengnoree, Amnuay
    ;
    Teerawatananond, Thapong
    This study investigates the financial behavior of Thai investors in equity crowdfunding (ECF), focusing on the factors that influence their investment intentions. Drawing upon the Information System Success Model (ISSM), the Theory of Diffusion of Innovations, and the Technology Acceptance Model 3 (TAM3), the research examines the platform quality (PQ), platform characteristics (PC), and social influence (SI) as independent variables, with the perceived usefulness (PU) and perceived ease of use (PEOU) acting as mediators. Data were gathered from 275 Thai investors and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that the PU significantly influences investment decisions both directly and indirectly through the PEOU, which also directly affects investment intention. Furthermore, SI, PC, and PQ have indirect effects on investment decisions via the PU and PEOU, with SI being the most influential factor. This study provides valuable insights into optimizing ECF platform design, fostering investor trust, and enhancing regulatory frameworks to facilitate financial inclusion and innovation in the Thai crowdfunding landscape.