Predicting the antecedents of consumers' intention toward purchase of mutual funds: A hybrid PLS‐SEM‐neural network approach

Abstract

The current study intends to identify the behavioural antecedents of investors' attitude and investment intention toward mutual funds using a robust SEM‐ANN approach. It focuses on novel factors in the purview of the COVID‐19 pandemic, increasing digitalization and social media usage. The research outcome indicates that attitude (ATB), awareness (AW) and investment decision involvement (IDI) have a significant positive relation with investment intention (BI). In contrast, perceived barrier (PBR) negatively relates to investment intention. Herd behaviour (HB) and social media influence (SMI) do not influence investment intention toward mutual funds. Moreover, all the tested predictors share direct relation with the attitude toward mutual fund investment, barring perceived risk (PR), which has an inverse relationship. As per the outcome of ANN sensitivity analysis, attitude is the most crucial determinant of investment intention. It is followed by awareness (AW), perceived barriers (PBR) and investment decision involvement (IDI). Among the significant determinants of attitude, self‐efficacy (SE) is the most important determinant, followed by perceived usefulness (PU), perceived emergency (PEMER), subjective norms (SN) and perceived risk (PR).

Using facial enhancement technology (FET) in online sales of branded color cosmetics

“…Another hypothesis suggesting a positive relationship between (low) body esteem and FET adoption is also supported by the data in the present research ( H5 ). Social media has become another arena for peer comparisons (Mishra et al , 2023). In line with the self-presentation theory, self-improvement, selfie-editing and selfie-uploading practices are more common in people who are highly concerned with their appearance and how others perceive them (Fastoso et al , 2021).…”

A search of investors' trading practices in the Bangladesh capital market

“…The major products of Bangladesh Capital Market are Shares and bond. Mishra, Bansal, Maurya, Kar, and Bakshi (2023) found out that attitude, knowledge and participation in investment decisions were revealed to be the most influential factors in determining investment intent, followed by self-efficacy, perceived usefulness, subjective norms, felt emergency, as well as perceived risk. Zahera and Bansal (2019) found out that the disposition effect is typically observed among private investors, and its prevalence can be affected by demographic variables including age, gender, experience and financial sophistication.…”

Mutual funds marketing: a hybrid review and framework development

“…Cluster four focuses on other information investors use to invest in mutual funds. For example, investors gathering information about the mutual fund (Mishra et al, 2023), past performance (Corso Kruk and Coppe Pimentel, 2022) and gathering information about fund managers (Andreu and Puetz, 2017) has an impact on investment behavior. Cluster five focuses on how disclosures influence investment behavior (H€ usser andWirth, 2013), andH€ usser (2015) argues that disclosure has a different impact on investors with varying financial knowledge and expertise.…”

“…Eight papers in this cluster were concentrated on the same topic. Mishra et al (2023) suggest that the investor's attitude, awareness and involvement in the decision affect investors' investment intention. Dash (2016) argues that investor sentiment directly affects investor expectations.…”

“…The global mutual fund market has grown expeditiously over the last two decades. Mishra et al (2023) document that the global mutual fund market will reach $100tn by 2027, up from $54.93tn in 2019. Several financial and non-financial factors, such as government regulations, the strong performance of the equity and bond markets, awareness of financial planning among retail investors, and ease of investing, are likely to drive such growth.…”