Behavioral intention to use mobile stock trading , evidence from vietnams securities investors

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business NGUYEN PHUC BINH BEHAVIORAL INTENTION TO USE MOBILE STOCK TRADING: EVIDENCE FROM VIETNAM’S SECURITIES INVESTORS MASTER OF BUSINESS (Honours) Ho Chi Minh City UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Phuc Binh BEHAVIORAL INTENTION TO USE MOBILE STOCK TRADING: EVIDENCE FROM VIETNAM’S SECURITIES INVESTORS ID: 22130010 MASTER OF BUSINESS (Honours) SUPERVISOR: Dr TRAN PHUONG THAO Ho Chi Minh City i ACKNOWLEDGMENTS Firstly, I would like to express my deepest appreciation to my supervisor Dr Tran Phuong Thao for her professional guidance, valuable advices, continuous encouragement, and support that made this thesis possible I would like to extend deep senses of gratitude to Prof Nguyen Dinh Tho, Dr Tran Ha Minh Quan, and lecturers who have taught and transferred me valuable knowledge and experiences during my time at the International School of Business, special thanks to all of my dear friends in Mbus4 class who gave me useful materials, responses and experiences to conduct this study I would also like to express my grateful thanks to my managers, my friends, and my colleagues who participated in filling the questionnaires and/or helped send the questionnaires to their peers; to securities investors, and provided valuable information and comments for this study Personally, I wish to express my deep gratitude to my colleagues and friends working at Vietcombank Fund Management (VCBF); Saigon Securities Inc (SSI); VNDirect Securities Corporation (VND); Hochiminh City Securities Corporation (HSC); Maybank Kim Eng Securities Limited; Mirae Asset Wealth Management Securities (VN) JSC, and Vietcapital Securities Corporation (VCSC) Ho Chi Minh City, Vietnam, January 27, 2016 Nguyen Phuc Binh ii ABSTRACT The purpose of this study is to investigate the determinants of securities investors iii TABLE OF CONTENTS ACKNOWLEDGMETS i ABSTRACT ii TABLE OF CONTENT iii LIST OF FIGURES v LIST OF TABLES vi LIST OF ABBREVIATIONS vii CHAPTER 1: INTRODUCTION 1.1 Background of the study 1.2 Research gap 1.3 Research objectives and research questions 1.4 Research methodology and research scope 1.5 Research structure CHAPTER 2: LITERATURE REVIEW& HYPOTHESES DEVELOPMENT 2.1 Theoretical background 2.1.1 Unified Theory of Acceptance and Use of Technology (UTAUT) 2.1.2 The extended UTAUT 2.2 Behavioral intention, risk perceptions and privacy concern 2.2.1 Behavioral Intention 2.2.2 Risk Perception 2.2.3 Privacy Concern 2.3 Hypotheses Development 10 2.3.1 Hypotheses Derived From UTAUT 11 2.3.2 Hypotheses Derived From Risk Perceptions 12 2.3.3 Hypotheses Derived From Privacy Concern 13 2.4 Conceptual model 15 2.5 Chapter summary 15 CHAPTER 3: METHODOLOGY 16 3.1 Research design 16 3.1.1 Research process 16 iv 3.1.2 Measurement scales 17 3.2 Measurement refinement v APPENDICES Appendix A: List of in-depth interview participants 52 Appendix B: In-depth interview vi LIST OF FIGURES Name Figure Page 2.1 The UTAUT model 2.2 Basically generalized UTAUT model of extant researches 2.3 Basically generalized extended UTAUT model of extant researches 2.4 Conceptual framework model 15 Research process 17 4.1 The saturated model (standardized) 28 4.2 SEM & path analysis 30 4.3 The research results estimated by SEM 31 vii LIST OF TABLES Name Table 3.1 Final measurement scales 3.2 Cronbach Page 20 viii LIST OF ABBREVIATIONS No Abbreviation Name PE Performance expectancy EE Effort expectancy SI Social influence SR Security risk FR Functional risk ER Economic risk PC Privacy concern BI Behavioral intention 10 ICT Information communication technology 11 UTAUT Unified theory of acceptance and use of technology 12 TAM Technology acceptance model 13 TFSA Toronto Financial Services Alliance 14 SEM Structural Equation Model 15 EFA Exploratory Factors Analysis 16 CFA Comfirmatory Factors Analysis 17 PDAs Personal Digital Assistants 18 PC Personal Computer 19 MOIT Ministry of Industry & Trade 20 M-Trading Mobile Stock Trading 55 25, Retail banking executive than M-Trading 56 Manager Nguyen Chi Nguyen 29, Property Valuation Professional Functional risk not compensate loss my M-Trading systems may not perform well because of the limited processing power of mobile devices M-Trading systems may not perform well because of system failure Le Kiem Ai not compensate loss No comment No comment my 57 Tran Thi Vu Huong 58 APPENDIX C QUESTIONNAIRE Dear Sir/Madam, I am Nguyen Phuc Binh, a student of Master Program of University of Economics Ho Chi Minh City I am undertaking a research to investigate 10 11 12 13 14 15 16 17 18 19 20 Strongly agree Agree I think that using M-Trading would enhance my securities trading efficiency I feel M-Trading is useful I think that using M-Trading would increase the convenience of securities trading I think that using M-Trading would enable me to accomplish securities trading more quickly With my ability, learning how to use M-Trading would be easy for me I expect that M-Trading would be displayed understandably and easy to utilize as same as website-based trading I would attempt to use M-Trading skillfully I would find M-Trading easy to use as same as website-based trading or other mobile-based applications I feel people around me would encourage me to use mobilebased financial applications (banking, securities trading, electronic payment) People who are important to me would think that I should use mobile-based financial applications (banking, securities trading, electronic payment) I will use mobile-based financial applications (banking, securities trading, electronic payment) to be correspondent to my peers since they used/are about to use The mass media often mobile-based financial applications (banking, securities trading, electronic payment) are often covered by the mass media, I use it on trial basis My school, my company and community encourage me to use mobile-based financial applications (banking, securities trading, electronic payment) I would not feel secure conducting securities trades via MTradingsystem I am worried that others might be able to access my MTrading account I would not feel secure sending sensitive information across M-Trading systems I would not feel totally safe providing personal information over M-Trading systems I (would) feel uneasy about using M-Trading because I may lose money due to incorrect operation I (would) feel uneasy about using M-Trading because I may lose money due to a careless mistake I (would) feel uneasy about using M-Trading because I may lose money due to system processing errors Neutral STATEMENTS Disagree No Strongly disagree 59 5 5 5 5 5 5 5 5 5 5 60 21 22 23 24 25 26 27 28 29 30 31 32 33 When transaction errors occur, I (would) be concerned that the securities broker may not compensate my loss M-Trading systems may not perform well because of the limited processing power of mobile devices M-Trading systems may not perform well because of system failure I (would) feel uneasy about using M-Trading because securities transactions may fail due to the unstable nature of mobile devices, mobile operating systems or mobile networks I (would) be concerned that M-Trading services cannot meet my needs due to poor functionality or system malfunctions I am concerned that the information I disclosed to the service provider could be miused I am concerned that a person can find private information about me on Internet I am concerned about providing personal information to the service provider, because of what others might with it I am concerned about providing personal information to the service provider, because it could be used in a way that I did not foresee I intend to use M-Trading in the future I predict I would use M-Trading in the future I plan to learn skillfully the usage of M-Trading in the future I will refer M-Trading to other people Thank very much for your kind cooperartion! 5 5 5 5 1 1 2 2 3 3 4 4 5 5 61 PHỤ LỤC D (Vietnamese version of Questionnaire) BẢNG CÂU HỎI KHẢO SÁT Chào Anh/Ch STT PHÁT BIỂU Tôi cho r Rất đồng ý Đồng ý Trung hịa Khơng đồng ý Rất không đồng ý 62 63 c 64 APPENDIX E: DESCRIPTIVE STATISTICS N Minimum Statisti c Statistic PE1 244 PE2 244 PE3 244 PE4 244 EE1 244 EE2 244 EE3 244 EE4 244 SI1 244 SI2 244 SI3 244 SI4 244 SI5 244 SR1 244 SR2 244 SR3 244 SR4 244 ER1 244 ER2 244 ER3 244 ER4 244 FR1 244 FR2 244 FR3 244 FR4 244 PC1 244 PC2 244 PC3 244 PC4 244 UI1 244 UI2 244 UI3 244 UI4 244 Valid N 244 (listwise) Maximum Mean Std Deviation Statistic 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Statistic 3.83 4.03 4.17 3.95 4.32 4.29 4.22 4.32 3.57 3.50 3.49 3.53 3.67 3.28 3.45 3.45 3.39 3.37 3.37 3.43 3.54 3.30 3.38 3.36 3.27 2.93 2.97 3.03 3.01 3.82 3.82 3.82 3.84 Statistic 777 742 681 732 605 623 550 547 879 829 844 858 921 1.087 1.055 1.039 1.054 1.072 1.040 1.061 1.063 1.153 1.041 1.039 1.067 1.319 1.258 1.212 1.247 697 685 697 685 Skewness Statistic -.062 -.418 -.702 -.297 -.400 -.401 -.085 -.139 -.238 -.022 -.293 -.083 -.280 -.146 -.347 -.356 -.375 -.526 -.508 -.544 -.657 -.426 -.418 -.412 -.321 -.004 004 057 087 -.327 170 187 132 Std Error 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 156 Kurtosis Statistic -.368 229 1.517 172 -.017 -.112 588 265 041 109 201 -.053 -.296 -.555 -.459 -.364 -.343 -.325 -.264 -.274 -.095 -.552 -.292 -.323 -.356 -1.111 -1.060 -.939 -1.042 598 -.722 -.791 -.710 Std Error 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 310 65 APPENDIX F: CFA RESULT Correlations: (Group number - Default model) PE SI PC SR ER FR PC PC FR PC FR PE SI PC SR ER FR SI SR ER SI SI SI SI BI FR FR SR e24 < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > BI BI BI BI BI BI SR ER PC EE EE EE PE PE PE PE PE EE EE EE PC SR ER FR EE SR ER ER e25 Estimate 401 428 -.518 -.382 -.486 -.308 493 590 232 -.253 -.142 549 244 -.232 026 -.143 -.114 286 -.052 -.190 -.267 -.143 -.230 -.241 455 277 456 549 230 72 APPENDIX G IN-DEPTH INTERVIEW SPECIALLY DESIGNED FOR TWO CONSTRUCTS “SECURITY RISK” AND “PRIVACY CONCERNS” No Full Name Nguy Age Job Title 73 The interview will take less than ninety minutes I will be recorded the session because I don 74 passport number when signing in smart-phone application Tôi (s 75 I am concerned about providing personal Lê Kiêm Ái information to the service provider, because it Nguy could be used in a way I did not foresee ... Citibank, HSBC, ANZ bank, Commonwealth bank, Bank of Tokyo, Franklin Templeton, Blackhorse, AIG, Prudential, Manulife, Corp ., FPT Securities Corp ., MB Securities Corp ., VPbank Securities Corp ., BaoViet... behavioral intention to use M -Trading In general, users 39 According to the influential level of each single factor affecting the behavioral intention to use M -Trading, the study is about to give... Voluntariness of Use services, such as mobile banking (Yu, 2012 ), mobile wallet (Shin, 2009 ), mobile payment (Kim et al ., 2009 ), and mobile technologies (Park et al ., 2007) These studies mainly focused on