Investment Decision on the Crowdfunding Platform Based on the Theory of Planned Behavior

There are still limited studies on crowdfunding that are studied from the side of fund providers/ investors in Indonesia. This study uses the Theory of Planned Behavior (TPB) to examine the role of investment intention by investors with the influence of attitudes, subjective norms, and perceived behavioral control for investment decisions and the role of intention as a mediating variable on the relationship of perceived behavioral control towards investment decisions. The research sample used 100 investor respondents on a crowdfunding platform that had obtained permission from the Financial Services Authority (OJK). The analysis in this study utilized PLS-SEM with SmartPLS 3.0. The study results show that attitudes and perceived behavioral control positively affect investment intentions, and subjective norms do not affect investment intentions. Perceived behavioral control has a positive effect on crowdfunding investment decisions. Investment intention has a positive impact on crowdfunding investment decisions. The implications of research in crowdfunding decision-making based on investors’ considerations are attitudes, perceived behavioral control, and investment intentions