Dewi Diah Fakhriyyah, Ery Tri Djatmika, Cipto Wardoyo, Nurika Restuningdiah
Securities crowdfunding is a type of financial technology that can serve as an alternative financing source for MSMEs to raise capital. This study examines the impact of the technology acceptance model factor on the usage behavior of securities crowdfunding, which is expanded with the perceived risk and the moderating role of digital financial literacy among MSME actors in Indonesia. Using a quantitative approach, a structural equation model, partial least squares (SEM PLS), was employed to analyze data from 325 MSMEs that were registered on crowdfunding platforms in Indonesia and at KSEI and were collected through questionnaires. The results showed that perceived ease of use and perceived usefulness have a positive effect on behavioral intention but do not affect the usage behavior of securities crowdfunding. While perceived risk has a negative effect on behavioral intentions, it does not affect the usage behavior of securities crowdfunding. On the basis of the results of the indirect test, behavioral intention can fully mediate the effects of perceived ease of use, perceived usefulness and perceived risk on usage behavior. Furthermore, digital financial literacy can strengthen the effect of behavioral intentions on securities crowdfunding usage behavior. The findings support the theory of the technology acceptance model and underscore the importance of behavioral intention as a direct predictor of actual usage behavior in securities crowdfunding, which aligns with the technology acceptance model. The practical implication is that the government can encourage digital financial literacy among MSMEs by providing training because crowdfunding platforms can provide secure platforms to enhance the usage behavior of securities crowdfunding by MSMEs to increase financing. © 2026, Malque Publishing. All rights reserved.
Faculty of Economics and Business, Universitas Negeri Malang, Malang, Indonesia
