Determinant Factor Of Crowdfunders' Behavior In Using Crowdfunding Waqf Model In Indonesia: Two Competing Models

Scientific and Journal Articles

International Recognition

Details: Category: Scientific Articles; By Yancerin Admin; 22.Jul.2023

Title : Determinant Factor Of Crowdfunders' Behavior In Using Crowdfunding Waqf Model In Indonesia: Two Competing Models

Authors :
1. Masrizal
2. Raditya Sukmana
3. Budi Trianto
4. Annisa Masruri Zaimsyah

Department : Islamic Economics

Journal Name : Journal of Islamic Marketing

Kinds of Journal : Scopus Q2

Keywords : Waqf, Sustainable development goals, Crowdfunder behavior, Technology acceptance model, Theory of acceptance, Use of technology

ABSTRACT

Purpose
The potential of waqf is so great in Indonesia but has not been optimized. This paper aims to offer a model for waqf institutions to adopt financial technology for developing productive and social waqf. The authors conducted an assessment of the Technology Acceptance Model (TAM3), Unified Theory of Acceptance and Use of Technology (UTAUT2) in looking at the crowdfunders' behavior.
Design/methodology/approach
This study adopted a structural equation using the partial least squares approach to test the hypothesis. Based on purposive sampling, the spread of questionnaires through online surveys throughout Indonesia consists of all islands. A total of 297 respondents collected the questionnaires.
Findings
Based on the findings, acceptance models have a positive and significant impact on the behavioral intentions of crowdfunders, while the Unified Theory of Acceptance and Use of Technology has no significant effect.
Research limitations/implications
The sample of this study involved potential crowdfunders from all over the islands in Indonesia, but these results cannot be generalized because of limitations in terms of the sampling technique used. However, the results of this study can be used as an illustration of how crowdfunders behave in donating money using financial technology.
Practical implications
The results of this study provide a comprehensive perspective for policymakers, especially the Indonesian Waqf Board as the waqf authority that regulates waqf nazir to improve quality by adopting crowdfunding financial technology in collecting waqf funds. In addition, in terms of implications for the government, this waqf crowdfunding model will reduce spending and increase economic growth.
Originality/value
To the best of the authors' knowledge, this paper is the first in looking at the waqf crowdfunding in Indonesia by looking at two reliable technology determinant models. Studies on cash waqf in Indonesia are numerous, but they do not look at the issue of crowdfunding, which has gained more attention recently. This paper aims to fill this gap, and this becomes the novelty.