Strategic Determinants of Investment Sustainability on Digital Investment Platforms: Integrating the Technology Acceptance Model and Impulsive Trading Behavior with the Mediating Role of Initial Investment Decisions

Abstract

Indonesia's digital investment sector grew 499% from 2019 to 2024, yet fewer than 1% of 14.87 million registered investors trade daily, revealing a systemic retention problem. This study integrates the Technology Acceptance Model (TAM) and Impulsive Trading Behavior (ITB) into one causal model explaining Investment Continuance, with Purchase Decision as mediator. A survey of 220 active retail investors on five Indonesian platforms (Bibit, Ajaib, Stockbit, IPOT, Bareksa) was analyzed via PLS-SEM in SmartPLS 4. All six hypotheses were supported. Perceived Enjoyment was the strongest predictor of Purchase Decision (β=0.411, large effect). ITB negatively affected Investment Continuance (β=−0.300), and Purchase Decision partially mediated the TAM–Continuance relationship. The model explained 74.0% of Purchase Decision variance and 66.3% of Investment Continuance variance