Factors affecting investors’ perceived intention on online stock trading adoption in Iran

The growth of the Internet has radically transformed online financial services rendered to the users and financial firms. One of these transformations is found in Internet-based stock trading and securities services which are the natural extension of e-finance in the securities market. Among all the e-finance applications, Internet-based stock trading is really one of the best ways to understand the attraction and popularity of e-finance services. This study attempts to investigate the major antecedent factors which influence investors‟ intentions toward the adoption of Internet stock trading services in Iran‟s stock market. In order to achieve this objective, the research constructs were developed. The conceptual framework underlying this study was based on the Theory of Planned Behaviour and Technology Acceptance Model. In this study, these theories were merged and developed by adding some main variables after analyzing various key antecedents or external beliefs that were thought to be the influential factors that determined the intention of the individual investor to make use of online stock trading. Furthermore, the literature review of earlier research provided the key antecedents introduced in the research model. This research model introduced the perception of trust, along with the economic value and the knowledge level of the investor, thereby extending the theory further. It is believed that the research will be able to provide a better understanding of the antecedents of the use of technology, by examining and analyzing these beliefs. The extended research model identified ten major antecedents that were segregated into four belief categories and were examined based on their effect on the individual investors‟ intention. They are perceived usefulness and perceived ease of use (Attitude beliefs); trust perceived (Trust beliefs); cost reduction and time saving (Economic value beliefs), Self-efficacy, investors knowledge (Control beliefs) and subjective norms beliefs. Demographic variables (Age, Gender and Education) were also investigated in this study. Attitude, as a mediator endogenous variable in the purpose model, was also studied and tested