Modifying Theory of Reasoned Action to Determine Online Mutual Fund Investor Behavior

Market penetration for mutual fund investments is still very low compared to other investment instruments such as deposits, gold, property, stocks, and peer-to-peer lending. Thus, the opportunity for mutual fund investment to develop in Indonesia is still very large. This study was conducted to determine what factors influence the behavior of online mutual fund investors by modifying the theory of reason action. The factors used to measure the behavior of online mutual fund investors are investor attitudes, subjective norms, financial literacy, financial performance, and investment intentions. The survey was conducted online to respondents from various regions in Indonesia. Sampling of 1117 respondents using the purposive sampling method. The results showed that partially investor attitudes, subjective norms, financial literacy, financial performance have a positive and significant effect on investment intentions. Investment intention as a mediating variable has a positive and significant relationship to consumer behavior. The results of this study are expected to be used by mutual fund sellers who are expected to be able to implement effective marketing strategies that can increase their managed funds and increase the number of online mutual fund customers in Indonesia, as well as increase the attractiveness of these mutual funds.