Determinants of mobile stock investment application adoption and its impact on intention to recommend the applications in emerging countries: a case study of Indonesia

Commonly used research models analysing technological adoption, such as the Technology Adoption Model, Theory of Planned Behaviour, and Unified Theory of Acceptance and Use of Technology, mostly emphasise technology-related variables. In the context of mobile stock investment application adoption, this study extends the existing technological adoption models by adding digital financial service-related variables. The purpose of this study is to investigate the main determinants of mobile stock investment application adoption in emerging countries, specifically in Indonesia. The study deployed a quantitative type of research with an online survey questionnaire by recruiting 256 respondents of stock investors who have used mobile applications for a minimum of one year. Data was analysed using partial least squares structural equation modelling (PLS-SEM) with advanced analysis tests. The results confirm the significant influence of performance expectancy, finfluencers, perceived financial risks, perceived financial benefits, perceived technology security, financial literacy, and e-reputation on adoption behaviour. The results also find a significant influence of adoption behaviour on the intention to recommend. Meanwhile, effort expectancy and facilitating conditions were insignificant toward adoption behaviour. These findings signify that the comprehensive research model could contribute to enriching studies on adoption of the mobile technology by extending TPB and UTAUT with specific variables related to stock investment and its impact on the intention to recommend the applications. Finally, the implications of the proposed new model for future research and FinTech practice are discussed.