Beyond sharia compliance: A behavioral model of investor continuance commitment in Islamic Securities crowdfunding
DOI:
https://doi.org/10.26905/afr.v8i3.17731Keywords:
Islamic securities crowdfunding, Investor continuance commitment, Investment intention, Platform transparency, Perceived investment riskAbstract
Islamic Securities Crowdfunding (ISCF) has emerged as an option for digital investment channel, yet limited attention has been paid to how investment intention translates into sustained investor commitment. This study examines the effects of trust, platform transparency, and ESG Platform Signaling on investor continuance commitment (ICC) through Investment Intention, while including the moderating role of perceived investment risk. Data were collected from 300 Indonesian investors with experience investing through OJK-licensed ISCF platforms and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that trust and platform transparency positively influence investment intention, whereas ESG Platform Signaling has no significant effect. Investment intention positively influences investor continuance commitment and mediates the effects of trust and platform transparency, but not ESG Platform Signaling. Perceived investment risk strengthens the relationship between investment intention and investor continuance commitment. These findings extend ISCF research beyond initial investment decisions by identifying investment intention as a behavioral pathway toward investor continuance commitment and perceived investment risk as a boundary condition shaping this relationship.
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