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Given Malaysia's stance on cryptocurrencies as a digitalisation pioneer, as well as the surge in crime and fraud, regulators and organisations are concerned about retail investors' intentions to invest in cryptocurrency. The research model integrates diffusion of innovation theory factors (compatibility, relative advantage, trialability, ease of use, and observability) with consumer behaviour theory focused on retail investors' perceptions (perceived risk and perceived value). A total of 304 responses were collected through purposive and respondent-driven sampling. The data was examined using SmartPLS Structural Equation Modelling (PLS-SEM). The findings show that compatibility, trialability, ease of use, observability, and perceived value have significant influences on the intention to invest in cryptocurrency. Meanwhile, the influence of relative advantage and perceived risk on the intention to invest in cryptocurrency is not supported. This research is vital for analysing the underlying motivations of Malaysian retail investors to invest in cryptocurrencies and further formulating the regulatory framework. [ABSTRACT FROM AUTHOR]

The purpose of this paper was to investigate the impact of allocating shares to the indigenous (Bumiputera) investors on the oversubscription ratio of IPO. This factor is unique to Malaysian IPOs and would enable us to reflect the signaling theory. Data on 348 IPO firms listed on Bursa Malaysia over a span of 17 years from 2002 to 2018 were examined using a cross-sectional regression analysis. The findings demonstrated no significant impact arising from the fractions of shares allocated to Bumiputera investors on the oversubscription ratios, except that the revised guidelines on the Bumiputera equity requirement had a significant negative influence on oversubscription. Further tests showed that the influence of such share allocation on oversubscription was moderated by firm size, which was proxied by market capitalization. The findings lend support to the signaling theory, indicating that the demand for IPOs will be slightly higher for larger firms listed in bigger markets. [ABSTRACT FROM AUTHOR]

Purpose This study aims to investigate the Malaysian retail investors and fund managers’ investment decision behaviours. The study offers an important opportunity for understanding the investors’ experiences, how they understand the Malaysian economy and their priorities for company selection. Other main aspects of this study are how investors mitigate the influence of emotions and psychological biases and challenges faced during investment decisions.Design/methodology/approach The researchers have mainly adopted an interpretivist approach for the present study. Qualitative data elicited through semi-structured interviews conducted with four retail investors and four fund managers were subjected to qualitative thematic analysis.Findings The results reveal that the investment decision processes of fund managers are more comprehensive than those of retail investors. Although both fund managers and retail investors acknowledge the influence of psychological biases on their investment decisions, the former use different and comprehensive approaches to mitigate such influences during investment decisions compared with the latter. Other important findings are how investors understand the Malaysian economy, their priorities for company selection and challenges faced during investment decisions.Research limitations/implications The researchers have interviewed eight carefully selected interviewees across retail investors and fund managers divide. Adopting other grouping criteria, focus group discussion with more respondents or adopting a mixed-methods approach may increase our understanding of the investment decision behaviours of Malaysian retail investors and fund managers.Practical implications This study could be used as a guide by both retail investors and fund managers when making investment decisions.Originality/value This research has included both retail investors and fund managers; it has also increased literature on investment decision and behavioural finance, particularly in the context of Malaysian investors and managers. [ABSTRACT FROM AUTHOR]

This study examines the lead-lag relationships among four arrays of equity fund flows into Malaysian equity market. The equity fund flows are of (1) local institutional and retail investors and (2) foreign institutional and retail investors. Using a daily aggregate data, the findings of this study reveal that foreign institutional equity fund flows have an impact on both local institutional and retail equities' fund flows. However, local institutional equity fund flows do not have relationships with either foreign institutional or retail equity fund flows. This research also shows that there is a bi-directional causality between local retail and foreign institutional equities' fund flows. However, there is a uni-directional causality running from local retail to foreign retail equity fund flows. The finding also discloses that there is no lead-lag relationship between foreign institutional and retail equities' fund flows. Even though both local institutional and retail equities' fund flows influence each other, the impact of local institutional on local retail equity fund flows is stronger. Fund flows own innovations explain more on the variability in both foreign institutional and retail equities' fund flows, as well as local retail equity fund flows. However, innovations in other types of equity fund flows on aggregate basis explain more on the variability in local institutional equity fund flows as opposed to its own innovations. Finally, among the four categories of equity traders, foreign institutions and local retailers seem to drive Malaysian equity market. [ABSTRACT FROM AUTHOR]

Mobile financial services have been adopted rapidly during the digitisation era. This study therefore aims to investigate the antecedents of mobile stock trading adoption among young investors. Using the structural equation modelling technique, this study develops an integrated theoretical framework from both the Technology Acceptance Model and Theory of Planned Behaviour using survey data from 373 young retail investors. The suggested model incorporates the six constructs of perceived risk, perceived benefits, perceived usefulness, attitude, perceived behavioural control and social influence and assesses how they affect the intention to adopt mobile stock trading. The results show a strong positive connection among attitude, perceived behavioural control, perceived benefits and intention towards mobile stock trading. We find that trust adds great explanatory power to perceived behavioural control, attitude and social influence in explaining investors' adoption intention. Surprisingly, perceived risk is not significantly correlated with adoption intention. This study has employed a comprehensive framework to understand the acceptance level of mobile stock trading. • Antecedents of the intention to adopt mobile stock trading were investigated. • A group of young investors was surveyed. • We found a strong correlation between attitude and the intention to adopt mobile stock trading. • Trust is important in explaining investors' adoption intention in mobile stock trading. [ABSTRACT FROM AUTHOR]