What Drives Investment Decisions in Indonesian Securities Crowdfunding? The Role of Information Quality and Investor Community

Authors

  • Regita Amanda Mukti Universitas Pembangunan Nasional Veteran Yogyakarta, Yogyakarta, Indonesia
  • Khoirul Hikmah Universitas Pembangunan Nasional Veteran Yogyakarta, Yogyakarta, Indonesia
  • R. Heru Kristanto Universitas Pembangunan Nasional Veteran Yogyakarta, Yogyakarta, Indonesia

DOI:

https://doi.org/10.38035/gijea.v4i4.986

Keywords:

Securities Crowdfunding, Information Quality, Investor Community, Investment Decision, Investor Behavior

Abstract

This study aims to analyze the determinants of investment decisions in Securities Crowdfunding (SCF) in Indonesia by examining the roles of financial literacy, financial attitude, information quality, investor community, and investment behavior as a mediating variable. The rapid growth of digital investment platforms in Indonesia has increased public participation in SCF, creating a need to better understand the factors influencing investor decisions in this emerging financial ecosystem. Data were collected from 116 respondents who had experience with securities crowdfunding platforms and were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4. The results show that information quality significantly influences investment decisions (β = 0.380, p < 0.001) and investment behavior (β = 0.330, p = 0.002), while investor community also has a significant positive effect on investment decisions (β = 0.379, p = 0.001) and investment behavior (β = 0.370, p = 0.001). In contrast, financial literacy and financial attitude do not significantly affect either investment behavior or investment decisions. Furthermore, investment behavior does not significantly influence investment decisions (β = 0.048, p = 0.606) and does not mediate the relationships between the independent variables and investment decisions (p > 0.05). The model explains 70.7% of the variance in investment decisions (R² = 0.707). These findings indicate that external informational and social signals play a more prominent role than traditional investor capabilities in shaping investment decisions within securities crowdfunding platforms.

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Published

2026-09-25

How to Cite

Mukti, R. A., Hikmah, K., & Kristanto, R. H. (2026). What Drives Investment Decisions in Indonesian Securities Crowdfunding? The Role of Information Quality and Investor Community. Greenation International Journal of Economics and Accounting, 4(4), 1059–1071. https://doi.org/10.38035/gijea.v4i4.986

Issue

Vol. 4 No. 4 (2026): Greenation International Journal of Economics and Accounting (September - October 2026)

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Copyright (c) 2026 Regita Amanda Mukti, Khoirul Hikmah, R. Heru Kristanto

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