Exploring The Impact Of Financial And Emotional Values On Investment Decisions: A Mediation Model Of Intention To Use Cryptocurrency And The Moderating Role Of Social Media Influence

Kusuma Ratnawati; Erie Awalil Fakhri; Radityo Putro Handrito

Authors

Kusuma Ratnawati Universitas Brawijaya Malang
Erie Awalil Fakhri Universitas Brawijaya Malang
Radityo Putro Handrito Universitas Brawijaya Malang

Keywords:

Investment Behavior, Financial Perceived Value, Emotional Perceived Value, UTAUT

Abstract

This study examines the relationship between perceived financial and emotional value, intention to use cryptocurrency, and investment behavior. This explanatory research was conducted among individuals investing in cryptocurrency assets in East Java, with a sample size of 385 respondents selected through purposive sampling. Data were collected via an online questionnaire using a 1-5 Likert scale. The data analysis employed SEM-PLS with the assistance of software version 3.3.3. The study's findings indicate that emotional perceived value significantly influences both the intention to use cryptocurrency and investment behavior, while financial perceived value has a weaker, non-significant impact. Emotional value, including factors such as satisfaction, trust, and attachment, was found to be a critical driver of cryptocurrency adoption, supporting axiological value theory. Additionally, trust and hedonic motivation were shown to enhance emotional perceived value. Social media influence moderates the relationship between both financial and emotional perceived value and the intention to use cryptocurrency, further strengthening investment behavior. These findings suggest that cryptocurrency platforms should prioritize emotional engagement, trust-building, and social media strategies to foster user adoption and investment. Theoretical implications highlight the need for multidimensional technology adoption models that integrate both rational and affective factors, while practical recommendations emphasize creating positive user experiences and leveraging social media to accelerate cryptocurrency adoption.

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