A Study Of Investor Financial Behavior on Online Trading System in Indonesian Stock Exchange: E-Satisfaction, E-Loyalty, And E-Trust

Rohmad Fuad Armansyah


The online trading system allows traders to enter orders directly into the system via electronic media immediately and directly. This condition will affect the level of customer satisfaction while increasing customer loyalty. This research examines financial behavior in terms of satisfaction, trust, and loyalty in the use of an online trading system in the Indonesian stock exchange. Data was collected through an electronic questionnaire for the Indonesia Stock Exchange investors using convenience sampling. As many as 255 respondent data were obtained and processed using PLS-SEM (Structural Equation Modeling-Partial Least Square) approach. The results show that financial behavior, e-trust, e-satisfaction have an effect on the creation of e-loyalty of online trading system users in the Indonesia Stock Exchange. This suggests that the online trading system providers must improve their system's perceived satisfaction, including the features of advice and support in making purchasing decisions.


financial behavior, e-satisfaction, e-loyalty, e-trust, SEM-PLS

Full Text:



Ainia, N. S. N., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business, & Ac-countancy Ventura, 21(3), 401-413

Ali, M., Qamar, J., Asif, M., Khemta, N., & Jamil, H. (2016). How Knowledge and Financial Self-Effi-cacy Moderate the Relationship between Money Attitudes and Personal Financial Management Behavior. European Online Journal of Natural and Social Sciences, 5(2), 296–308.

Anderson, R. E., & Srinivasan, S. S. (2003). E-Satis-faction and E-Loyalty: A Contingency Frame-work. Psychology and Marketing, 20(2), 123–138.

Bandura, A. (1977). Self-efficacy: Toward a unifying theory of behavioral change. Psychological Re-view, 84(2), 191-215.

Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock in-vestment. Quarterly Journal of Economics, 116(1), 261-292.

Bigley, G. A., & Pearce, J. L. (1998). Straining for shared meaning in organization science: Prob-lems of trust and distrust. Academy of Manage-ment Review, 23(3), 405–421.

Bilgihan, A., & Bujisic, M. (2015). The effect of web-site features in online relationship marketing: A case of online hotel booking. Electronic Com-merce Research and Applications, 14(4), 222–232.

Bulut, Z. A. (2015). Determinants of repurchase in-tention in online shopping: A Turkish con-sumer’s perspective. International Journal of Busi-ness and Social Science, 6(10), 55-63.

Chen, C. X., Martin, M., & Merchant, K. A. (2014). The effect of measurement timing on the infor-mation content of customer satisfaction measures. Management Accounting Research, 25(3), 187–205.

Chen, H., & Volpe, R. (2002). Gender Differences in Personal Financial Literacy among College Stu-dents. Financial Services Review.

Cheung, C. M. K., & Lee, M. K. O. (2002). Trust in Internet Shopping: Instrumental Development and Validation through Classical and Modern Approaches. Advanced Topics in Global Infor-mation, 9(3), 2002–2004.

Chinn, W. W. (1998). The Partial Least Squares Ap-proach to Structural Equation Modelling. Mod-ern Methods for Business Research.

Cho, Y., Im, I., Hiltz, R., & Fjermestad, J. (2002). The Effects of Post-Purchase Evaluation Factors on Online vs. Offline Customer Complaining Be-havior: Implications for Customer Loyalty. Ad-vances in Consumer Research, 29(1), 318–326.

Christodoulides, G., & Michaelidou, N. (2011). Shop-ping motives as antecedents of e-satisfaction and e-loyalty. Journal of Marketing Management, 27(1–2), 181–197.

Danes, S. M., & Haberman, H. (2007). Teen financial knowledge, self-efficacy, and behavior: A gen-dered view. Journal of Financial Counseling and Planning, 18(2), 48-60.

Dewberry, C., Juanchich, M., & Narendran, S. (2013). Decision-making competence in everyday life: The roles of general cognitive styles, decision-making styles and personality. Personality and Individual Differences.

Easley, D., & Yang, L. (2015). Loss aversion, survival and asset prices. Journal of Economic Theory, 160(August), 494–516.

Fang, J., Shao, Y., & Wen, C. (2016). Transactional quality, relational quality, and consumer e-loy-alty: Evidence from SEM and fsQCA. Interna-tional Journal of Information Management, 36(6), 1205–1217.

Gambetti, E., & Giusberti, F. (2019). Personality, de-cision-making styles and investments. Journal of Behavioral and Experimental Economics .

Geyskens, I., Steenkamp, J. B. E. M., Scheer, L. K., & Kumar, N. (1996). The effects of trust and inter-dependence on relationship commitment: A trans-Atlantic study. International Journal of Re-search in Marketing, 13(4), 303–317.

Ghozali, I. (2014). Structural Equation Modeling, Metode Alternatif dengan Partial Least Square (PLS). Badan Penerbit Universitas Diponegoro.

Gommans, M., Krishnan, K., & Scheffold, K. (2001). From brand loyalty to E-loyalty: A conceptual framework. Journal of Economic and Social Re-search, 3(1), 43–58.

Grabner-Kräuter, S., & Kaluscha, E. A. (2003). Em-pirical research in on-line trust: A review and critical assessment. International Journal of Hu-man Computer Studies, 58(6), 783–812.

Gummerus, J., Liljander, V., Pura, M., & Van Riel, A. (2004). Customer loyalty to content-based Web sites: The case of an online health-care service. Journal of Services Marketing, 18(3), 175–186.

Gurun, U. G., Stoffman, N., & Yonker, S. E. (2018). Trust busting: The effect of fraud on investor be-havior. Review of Financial Studies. 31(4), 1341-1376

Hair Jr., J. F., Matthews, L. M., Matthews, R. L., & Sarstedt, M. (2017). PLS-SEM or CB-SEM: up-dated guidelines on which method to use. Inter-national Journal of Multivariate Data Analysis, 1(2), 107.

Hansemark, O. C., & Albinsson, M. (2004). Customer satisfaction and retention: The experiences of individual employees. Managing Service Quality: An International Journal, 14(1), 40–57.

Herawati, N. T., Candiasa, I. M., Yadnyana, I. K., & Suharsono, N. (2018). Factors That Influence Fi-nancial Behavior Among Accounting Students in Bali. International Journal of Business Admin-istration. 9(3), 30-38

Hollman, K. W., Forrest, J. E., Gremler, D., & Brown, S. (1998). The loyalty ripple effect: Appreciating the full value of customers. International Journal of Service Industry Management, 2(2), 49–65.

Hwang, H., & Takane, Y. (2004). Generalized struc-tured component analysis. Psychometrika, 69(1), 81-99

Juanchich, M., Dewberry, C., Sirota, M., & Naren-dran, S. (2016). Cognitive Reflection Predicts Real-Life Decision Outcomes, but Not Over and Above Personality and Decision-Making Styles. Journal of Behavioral Decision Making, 29(1), 52-59

Kimery, K. M., & McCord, M. (2002). Third-party as-surances: The road to trust in online retailing. Proceedings of the Annual Hawaii International Conference on System Sciences.

Kingshott, R. P. J., Sharma, P., & Chung, H. F. L. (2018). The impact of relational versus techno-logical resources on e-loyalty: A comparative study between local, national and foreign branded banks. Industrial Marketing Manage-ment, 72, 48–58.

Laily, N. (2016). Pengaruh literasi keuangan ter-hadap perilaku mahasiswa dalam mengelola keuangan. Journal of Accounting and Business Ed-ucation, 1(4), 1-17.

Lee, M. K. O., & Turban, E. (2001). A trust model for consumer internet shopping. International Jour-nal of Electronic Commerce, 6(1), 75–91.

Lewicki, R. J., McAllister, D. J., & Bies, R. I. (1998). Trust and distrust: New relationships and reali-ties. Academy of Management Review, 23(3), 438–458.

Lin, C., & Lekhawipat, W. (2014). Factors affecting online repurchase intention. Industrial Manage-ment and Data Systems, 114(4), 597-611.

Lintner, G. (1998). Behavioral Finance: Why Inves-tors Make Bad Decisions. The Planner, 13(1), 7–8.

Lusardi, A., & Mitchell, O. S. (2011). Financial liter-acy around the world: An overview. Journal of Pension Economics and Finance, 10(4), 497-508.

Monecke, A., & Leisch, F. (2012). SemPLS: Structural equation modeling using partial least squares. Journal of Statistical Software, 48(3), 1 - 31.

Moorman, C., Zaltman, G., & Deshpande, R. (2006). Relationships between Providers and Users of Market Research: The Dynamics of Trust within and between Organizations. Journal of Marketing Research, 29(3), 314 - 328.

Nisar, T. M., & Prabhakar, G. (2017). What factors determine e-satisfaction and consumer spend-ing in e-commerce retailing? Journal of Retailing and Consumer Services, 39, 135–144.

Oliver, R. L. (2009). Satisfaction: A Behavioral Per-spective on the Consumer, M.E. Sharpe, Ar-mounk, NY. Satisfaction: A Behavioral Perspective on the Consumer.

Pavlou, P. A. (2018). Consumer Acceptance of Elec-tronic Commerce: Integrating Trust and Risk with the Technology Acceptance Model. Inter-national Journal of Electronic Commerce, 7(3), 101–134.

Purniawati, R. T., & Lutfi, L. (2017). Literasi keu-angan dan pengelolaan keuangan keluarga da-lam perspektif budaya Jawa dan Bugis. Journal of Business and Banking, 7(1), 31-46.

Radionova-Girsa, E., & Lahiža, A. (2017). Compari-son of E-Trust and Trust Concepts in Online and Offline Dimensions. Economics and Business, 30(1), 126–133.

Reichheld, F. F., & Schefter, P. (2000). E-Loyalty: Your secret weapon on the web. Harvard Busi-ness Review, 78(4), 105–113.

Ribbink, D., Streukens, S., Van Riel, A. C. R., & Liljander, V. (2004). Comfort your online cus-tomer: Quality, trust and loyalty on the internet. Managing Service Quality: An International Jour-nal, 14(6), 446-456

Ricciardi, V., & Simon, H. . (2000). What is Behavior in Finance? Business, Education, and Technology Journal, Fall: 1-9.

Robb, C. A., & Woodyard, A. S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60-70

Shankar, V., Smith, A. K., & Rangaswamy, A. (2003). Customer satisfaction and loyalty in online and offline environments. International Journal of Re-search in Marketing, 20(2), 153–175.

Shim, G. yeol, Lee, S. hwan, & Kim, Y. man. (2008). How investor behavioral factors influence investment satisfaction, trust in investment company, and reinvestment intention. Journal of Business Research, 61(1), 47-55

Singh, J., & Sirdeshmukh, D. (2000). Agency and trust mechanisms in consumer satisfaction and loyalty judgments. Journal of the Academy of Mar-keting Science, 28(1), 150–167.

Tang, N., & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, 54, 164-176.

Teymoori, H., Godarzi, M., & Ghaebi, H. (2016). Studying the Effective Factors on Formation of Customers’ E-Loyalty in E-Stores in Iran. Journal of Business Management, 8(2), 281–300.

Tsai, S. pei. (2017). E-loyalty driven by website qual-ity: The case of destination marketing organiza-tion websites. Journal of Organizational Compu-ting and Electronic Commerce, 27(3), 262–279.

Yang, A. S. (2019). Investors’ trust and financial par-ticipation: Latent difficulty measurement. Asia Pacific Management Review, 25(2), 87-98.

Zeithaml, V. A., Berry, L. L., & Parasuraman, A. (1996). The behavioral consequences of service quality. Journal of Marketing, 60(2), 31-46.

DOI: http://dx.doi.org/10.14414/jebav.v23i1.2176


  • There are currently no refbacks.

Copyright (c) 2020 Journal of Economics, Business, & Accountancy Ventura

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Abstracting & Indexing


Hasil gambar untuk ccbyncsa

Copyright @ 2010 Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi (PPPM STIE)