Purpose

This study aims to investigate the influence of various risk factors, specifically investment risk, legal risk and technology risk, on the decision of investors to invest in equity crowdfunding ventures in Malaysia.

Design/methodology/approach

A total of 169 valid responses out of a total of 195 questionnaires were distributed to individuals with prior knowledge of equity crowdfunding. The data from the responses are used to test the relationships using structural equation modeling partial least squares (SEM-PLS).

Findings

Investigation into the influence of risk factors on the willingness to support equity crowdfunding shows that investment risk and legal risk significantly influence the decision to support equity crowdfunding ventures, but technology risk does not. However, while the influence of investment risk is negative, legal risk is found to have a positive influence.

Originality/value

This study is important as, to the authors’ knowledge, this is the first study to empirically test the relationship between the various risks inherent in equity crowdfunding investments and the decision to invest. The study is also important to entrepreneurs and start-ups as it provides evidence that while the equity crowdfunding investment community follows the norms of investment, i.e. lower risk is preferred, stricter laws and regulations governing equity crowdfunding may not be needed or may only be relevant in countries where there are more retail, unsophisticated investors.

中文翻译：

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感知风险对股权众筹投资决策的影响：对马来西亚投资者的研究

目的

本研究旨在调查各种风险因素，特别是投资风险、法律风险和技术风险，对投资者投资马来西亚股权众筹企业的决定的影响。

设计/方法/方法

在总共 195 份问卷中，共有 169 份有效问卷被分发给具有股权众筹先验知识的个人。来自响应的数据用于使用结构方程建模偏最小二乘法 (SEM-PLS) 来测试关系。

发现

风险因素对股权众筹支持意愿的影响调查表明，投资风险和法律风险显着影响股权众筹企业的支持决策，而技术风险不显着。然而，虽然投资风险的影响是负面的，但发现法律风险具有积极的影响。

原创性/价值

这项研究很重要，因为据作者所知，这是第一项实证检验股权众筹投资中固有的各种风险与投资决策之间关系的研究。该研究对企业家和初创企业也很重要，因为它提供的证据表明，虽然股权众筹投资界遵循投资规范，即优先考虑较低风险，但可能不需要或可能只需要更严格的股权众筹法律法规在散户、不成熟的投资者较多的国家。