DETERMINANTS OF MICRO, SMALL AND MEDIUM ENTERPRISES’ (MSMES’) INTENTION TO ADOPT SHARIA EQUITY CROWDFUNDING IN INDONESIA: AN APPLICATION OF THE THEORY OF PLANNED BEHAVIOR

Abstract

This research investigates the factors influencing MSMEs’ intention to adopt Sharia equity crowdfunding (SEC) in Indonesia. Using the Theory of Planned Behavior (TPB), it examines the effects of attitude, perceived behavioral control (PBC), and subjective norms on MSMEs’ interest in this financing model. A quantitative approach with structural equation modeling (SEM) using Smart-PLS software was employed, focusing on MSMEs in Central Java and Yogyakarta. The findings reveal that attitude and PBC positively and significantly influence the intention to use Sharia equity crowdfunding, while subjective norms do not have a significant impact. This study contributes to the literature by addressing the gap in understand- ing the determinants of Sharia equity crowdfunding adoption among MSMEs, highlighting the importance of attitudes and perceived control over behavior in fostering interest in alternative financing options.