THE EFFECT OF BRAND VALUE CO-CREATION, BRAND TRUST, AND PERCEIVED EASE OF USE ON INVESTMENT INTEREST THROUGH ELECTRONIC WORD OF MOUTH
(Case Study On Landx Investors)
Main Article Content
Janggih Maqsuda*
Sopiah
Agus Hermawan
The contribution of MSMEs is large to the Indonesian economy, but this sector still has obstacles in obtaining capital. Therefore, referring to the Indonesian Capital Market regulations, the government through OJK (Financial Services Authority), issued Regulation Number 37/POJK.04/2018 on Crowdfunding Services through information technology-based stock offerings (Equity Crowdfunding). LandX is an ALUDI registered organizer that already has OJK license. The average level of funds raised by LandX per project is up to 4 billion. The population in this study are investors who have registered at LandX totaling 88,572 as of December 2022. Samples taken using purposive sampling. The conclusions of this study are Brand trust has a significant effect on investor interest in investing, Brand value co-creation engagement attitude has no significant effect on investor interest in investing in LandX through e-WOM, Brand value co-creation engagement behavior has a significant effect on investor interest in investing in LandX through e-WOM, Perceived ease of use has a significant effect on investor interest in investing in LandX through e-WOM and E-WOM has a significant effect on investor interest in investing in LandX.
Alharbey, & Hemmen. (2021). Investor Intention in Equity Crowdfunding. Does Trust Matter? Journal of Risk and Financial Management, 14(53), 1-20. doi:https://doi.org/10.3390/jrfm14020053
Alharbey, M., & Hemmen. (2021). Investor Intention in Equity Crowdfunding, Does Trust Matter? Journal of Risk and Financial Management, 14(53), 1-20. doi:https://doi.org/10.3390/jrfm14020053
Angelo, F., Rimadias, S., & Saad, B. (2020). Peran e-WOM sebagai Pendorong Penciptaan Value Co-Creation dan Implikasinya pada Purchase Intention. Jurnal Manajemen dan Perbankan, 7(1), 40-51.
Apriliani, R., Ayunda, A., & Fathurochman, S. (2019). Kesadaran dan Persepsi Usaha Mikro Kecil Terhadap Crowdfunding Syariah. Amwaluna: Jurnal Ekonomi dan Keuangan Syariah, 3(2), 267-289.
Arif. (2019). The Influence of Electronic Word of Mouth (EWOM), Brand Image, and Price on Re-Purchase Intention of Airline Customers. Journal of Applied Management, 17(2), 342-356.
Baber. (2021). Examining the Intentions to Use Crowdfunding Platform-an Extended Technology Acceptance Model. Int. J. Services, Economics and Management, 10(30), 1-15.
Boenadi, & Japarianto. (2021). Pengaruh Electronic Word of Mouth (E-Wom) Terhadap Online Repurchase Intention Dengan Brand Trust Sebagai Variabel Intervening Pada Customer Atomy Indonesia. Surabaya: Universitas Kristen Petra.
Budiarto, Putero, Suyatna, Astuti, Saptoadi, Ridwan, & Susilo. (2015). Pengembangan UMKM Antara Konseptual dan Pengalaman Praktis. Yogyakarta: Alfabeta.
Bungin, B. (2017). Metode Penelitian Kuantitatif. Jakarta: Kencana.
Charness, N., & Boot, W. (2016). Handbook of the Psychology of Aging (Eighth Edition). London: Elsevier.
Chawla, D., & Joshi, H. (2019). Consumer attitude and intention to adopt mobile wallet in India – An empirical study. International Journal of Bank Marketing, 1-29. doi:10.1108/IJBM-09-2018-0256
Chinomona, R. (2013). The Influence of Perceived Ease of Use and Perceived Usefulness on Trust and Intention to Use Mobile Social Software. African Journal for Physical, Health Education, Recreation and Dance, 19(2), 258-273.
Equity Crowdfunding for SME’s: Sharia Challenge Amid the Covid-19 Pandemic. (2020). Jurnal Iqtisaduna, 6(2), 198-213. doi:10.24252/iqtisaduna.v6i2.19037
Farras, B. (2019, Januari 4). Berita Tech. Retrieved from cnbcindonesia.com: https://www.cnbcindonesia.com/tech/20190104155451-37-49160/berhasil-himpun-dana-rp-396-t-apa-itu-crowdfunding
Fatimah, A., & Widodo, T. (2021). Pengaruh Electronic Word of Mouth dalam Upaya Meningkatkan Brand Value Co-Creation Trust yang Mengarah pada Purchase Intention di Traveloka (Studi Pengguna Twitter di Kota Bandung). e-Journal Telkom University, 1-8.
Firmansyah. (2019). Pemasaran Produk dan Merek (Planning and Strategy). Surabaya: Qiara Media.
Ghozali, I. (2018). Model Persamaan Struktural Konsep dan Aplikasi Dengan Program AMOS 24. Semarang: Universitas Diponegoro.
Hakim, L. (2022). Securities Crowdfunding sebagai Alternatif Pembiayaan pada Pelaku Usaha Mikro dalam Perspektif Teori Hukum Pembangunan. Res Nullius, 4(1), 32-41. Retrieved from http://ojs.unikom.ac.id/index.php/law
Haryono, S. (2017). Metode SEM Untuk Penelitian Manajemen Dengan AMOS, LISREL, dan PLS. Jakarta: Luxima Metro Media.
Haniff, Halim, & Ismail. (2019). Equity Crowdfunding in Malaysia: Legal and Sharia Challenges. International Journal of Asian Social Science, 9(8), 450-460. doi:10.18488/journal.1.2019.98.450.460
Hansopaheluwakan, & Setiawan. (2020). The Impact of Brand Equity and Brand Trust Towards Purchase Intention through Brand Preference. Palarcch's Journal of Archaeology, 18(1), 505-517. Retrieved from https://archives.palarch.nl/index.php/jae/article/view/2063
Haxton, N. (2014, Desember 16). Retrieved Desember 25, 2019, from ABC News: http://www.abc.net.au/pm/content/2014/s4149952.htm
Herawati, & Wibowo. (2022). Factors Influencing Participating in Equity Crowdfunding Indonesia. Proceedings of 5th International Conference of Economic, Business and Government Challenges. 1, pp. 45-55. Depok: Universitas Indonesia.
Hidajat, T. (2020). Financial Technology in Islamic View. Perisai : Islamic Banking and Finance Journal, 10(2), 102-112.
Hussain, Ting, & Mazhar, M. (2022). Driving Consumer Value Co-creation and Purchase Intention by Social Media Advertising Value. Frontiers in Psychology, 13, 1-11. doi:https://doi.org/10.3389/fpsyg.2022.800206
Indrawan, & Yaniawati. (2016). Metodologi Penelitian Kuantitatif, Kualitatif, dan Campuran Untuk Manajemen, Pembangunan, dan. Pendidikan. Bandung: Refika Aditama.
Indrawati. (2015). Metode Penelitian Manajemen dan Bisnis Konvergensi. Bandung: Aditama.
Indriana, Satila, H., Alwi, B., & Fikri, M. (2022). Fintech Equity Crowdfunding Syariah sebagai Solusi Akses Permodalan UMKM. BISNIS: Jurnal Bisnis dan Manajemen Islam, 10(1), 1-32. doi:http://dx.doi.org/10.21043/bisnis.v10i1.13142
Innayah, E., Ekowati, V., Supriyanto, A., Mansyuri, & Johari, F. (2022). Eletronic Word-of-Mouth (E-WOM) in Social Media as Predictor of Investment Intention in Capital Market. Journal of Applied Management (JAM), 20(4), 753-767. doi:http://dx.doi.org/10.21776/ub.jam.2022.020.04.01
Intan, N. (2021, Agustus 4). Ekonomi. Retrieved from Republika.co.id: https://www.republika.co.id/berita/qxaigs383/ojk-dana-equity-crowdfunding-capai-rp-29082-miliar
Islam, M., & Khan, M. (2019). Factors Influencing the Adoption of Crowdfunding in Bangladesh: a Study of Start-Up Entrepreneurs. Information Developments, 37(1), 72-89. doi:https://doi.org/10.1177/0266666919895554
Jaziri, R., & Miralam, M. (2019). Modelling the Crowdfunding Technology Adoption Among Novice Entrepreneurs: an Extended TAM Model. Entrepreneurship and Sustainability Issues, 7(1), 353-374. doi:http://doi.org/10.9770/jesi.2019.7.1(26)
Kadir, M. (2021). Shariah Compliance pada Investasi Sukuk dalam Securities Crowdfunding di Indonesia. Jurnal Ilmu Perbankan dan Keuangan Syariah, 3(1), 15-29.
Kata Data. (2022, Juni 18). 10 Penyelenggara Securities Crowdfunding Kantongi Izin OJK, Siapa Saja? Retrieved from databoks.katadata.co.id: https://databoks.katadata.co.id/datapublish/2022/06/09/10-penyelenggara-securities-crowdfunding-kantongi-izin-ojk-siapa-saja
Kato, T., & Tsuda, K. (2017). Related Verification of Emotional Value and Company Brand Emitted from Pure Recall. International Conference on Knowledge Based and Intelligent Information and Engineering. 112, pp. 1298-1307. Marseille: Elsevier.
Kementerian Keuangan RI Ditjen Perbendaharaan Blu Pusat Investasi Pemerintah. (2022, April 14). Beirta. Retrieved from pip.kemenkeu.go.id: https://pip.kemenkeu.go.id/id/data-publikasi/berita-terbaru/123-pip-dukung-penguatan-kontribusi-umkm-terhadap-ekonomi-indonesia.html#:~:text=Berdasarkan%20data%20Kementerian%20Koperasi%20dan,senilai%20Rp%208.573%2C89%20triliun.
Kim, & Hall. (2019). Can Co-Creation and Crowdfunding Types Predict Funder Behavior? An Extended Model of Goal-Directed Behavior. Sustainability, 1-123. doi:http://dx.doi.org/10.3390/su11247061
Kotler, & Armstrong. (2017). Principles of Marketing: Second European Edition. Cambridge: Prentice Hall.
Kotler, P., & Keller, K. L. (2016). Manajemen Pemasaran Jilid Satu, Edisi Kedua Belas, Cetakan Ketiga. Jakarta: Indeks.
Kuncoro. (2009). Metode Riset untuk Bisnis dan Ekonomi. Yogyakarta: Erlangga.
Lubis, Rizky, M., & Praptama, G. (2022). Urun Dana Ekuitas sebagai Alternatif Pendanaan dan Instrumen Investasi: Pendekatan Pemangku Kepentingan. Journal of Law, Administration, and Social Science, 2(1), 1-12.
Mansyur, & Ali, E. M. (2022). Predicting The Intention to Invest in Equity Crowdfunding in Indonesia. LAA MAISYIR: Jurnal Ekonomi Islam, 9(2), 132-148. Retrieved from http://journal.uin-alauddin.ac.id/index.php/lamaisyir
Murtiningsih, & Ridwan. (2019). Influence of Brand Experience, Brand Trust, and Brand Love Towards Purchase Intention by Word of Mouth and Brand Loyalty as Intervening Variables in Fashion Brand in East Surabaya. Archives of Business Research, 7(9), 106-120. doi: 10.14738/abr.79.6833
Nelly, R., Majid, Marliyah, & Handayani, R. (2022). Studi Empiris Perkembangan Crowdfunding Syariah di Indonesia. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(3), 1283-1297. doi:https://journal.laaroiba.ac.id/index.php/alkharaj/article/view/926
Nugroho, & Rachmaniyah. (2019). Fenomena Perkembangan Crowdfunding di Indonesia. EkoNiKa, 4(1), 34-46. doi:http://dx.doi.org/10.30737/ekonika.v4i1.254
Nurhasanah, Mahliza, Nugroho, & Putra. (2021). The Effect of e-WOM, Brand Trust, and Brand Ambassador on Purchase Decision at Tokopedia Online Shopping Site. IOP Conference Series: Materials Science and Engineering (pp. 1-7). Gothenburg: Electrochemical Society Meeting.
Octavika, & Baridwan. (2019). The Influence of Perceived Usefulness, Ease of Use, Behavioral Control, Security, and Trust Towards the Behavioral Intention to Use Go-pay (A Case Study on Accounting Students in Universitas Brawijaya). Jurnal Universitas Brawijaya, 1-18.
OJK. (2022, November 22). Siaran Pers: Survei Nasional Literasi dan Inklusi Keuangan tahun 2022. Retrieved from ojk.go.id: https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Survei-Nasional-Literasi-dan-Inklusi-Keuangan-Tahun-2022.aspx
Pengaruh Pengetahuan, Kepercayaan, dan Return terhadap Minat Masyarakat Berinvestasi pada Fintech Lending Syariah. (2022). Prosiding SNAM PNJ (pp. 1-13). Depok: Politeknik Negeri Jakarta.
Peraturan Nomor 37/POJK.04/2018 tentang Layanan Urun Dana. (n.d.).
Peraturan Otoritas Jasa Keuangan (POJK) Nomor 16/POJK.04/2021 tentang Perubahan atas Peraturan Otoritas Jasa Keuangan. (n.d.).
Peraturan Otoritas Jasa Keuangan Nomor 57/POJK.04/2020 tentang Penawaran Efek Melalui Layanan Urun Dana Berbasis Teknologi Informasi (Securities Crowdfunding). (n.d.).
Permatasari, & Prajanti. (2018). Acceptance of Financial Accounting Information System at Schools: Technology Acceptance Model. Journal of Economic Education, 7(2), 109-120.
Perwitasari. (2022). The Effect of Perceived Usefullness and Perceived Easiness Towards Behavioral Intention to Use Fintech by Indonesian MSMEs. The Winners, 23(1), 1-9. doi:10.21512/tw.v23i1.7078
Poeteri, N., Simanjuntak, M., & Hasanah, N. (2021). The Investment Intention Among Indonesian Millennials via Peer-to-Peer Lending Applications. Jurnal Keuangan dan Perbankan, 25(4), 787-803. doi:10.26905/jkdp.v25i4.6352
Quero, M., & Ventura, R. (2019). Value Proposition as a Framework for Value Co-Creation in Crowdfunding Ecosystems. Marketing Theory, 19(1), 47-63. doi:https://doi.org/10.1177/1470593118772213
Raco. (2017). Metode Penelitian Kualitatif. Jakarta: Grasindo. Retrieved from https://books.google.co.id/books?id=dSpAlXuGUCUC&printsec=frontcover#v=onepage&q&f=false
Ramirez, & Pons. (2020). e-WOM in Reward-Based Crowdfunding Platforms: a Behavioral Approach. 3rd International Conference on Advanced Research Methods and Analytics (CARMA2020), 41-49. doi:http://dx.doi.org/10.4995/CARMA2020.2020.11413
Ramos, Peral, Gaitan, & Jeronimo. (2014). Gender Differences Among Elderly in the Use of Interneg Banking Services. International Journal of Management Science and Information Technology, 45-52.
Rimenda, Warsini, & Mirati. (2019). The Influence of Electronic Word of Mouth (E-WOM) Promotion of Student Interest in Buying Shares: Study on PNJ Investment Galleries. Account, 6(1), 957-961.
Salim, Kassim, Salina, & Thaker. (2021). Factors Influencing the Acceptance of Islamic Crowdfunding in Malaysia: A Study of Youth Entrepreneurs. Pakistan Journal of Commerce and Social Sciences (PJCSS), 15(3), 443-475.
See-To, & Ho. (2014). Value co-creation and purchase intention in social network sites: The role of electronic Word-of-Mouth and trust – A theoretical analysis. Computers in Human Behavior, 31, 182-189. doi:http://dx.doi.org/10.1016/j.chb.2013.10.013
Seifert, C., & Kwon, W.-S. (2020). SNS e-WOM sentiment: Impacts on Brand Value co-Creation and Trust. Marketing Intelligence & Planning, 38(1), 89-102. doi:10.1108/MIP-11-2018-0533
Setyanta, B., & Kadi, C. (2020). The Effect of Perceived Ease of Use, Investment Knowledge, and Perceived Risk on Intentions to Purchase of Share of Generation Y. Andalas Management Review, 4(2), 60-72.
Shamim, A., Ghazali, Z., & Albinsson, P. (2017). Construction and Validation of Customer Value co-Creation Attitude Scale. Journal of Consumer Marketing, 1-38. doi:https://doi.org/10.1108/JCM-01-2016-1664
Su, L., Cheng, X., Hua, Y., & Zhang, W. (2021). What Leads to Value Co-Creation in Reward-Based Crowdfunding? A Person-Environment Fit Perspective. Transportation Research Part E, 149, 1-16. doi:https://doi.org/10.1016/j.tre.2021.102297
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Sundaram, Ramkar, & Shankar. (2017). Impact of E-Service Quality on Customer Satisfaction and Loyalty Empirical Study in India Online Business. KINErja, 21(1), 48-69. doi:10.24002/kinerja.v21i1.1034
Tripalupi. (2019). Equity Crowdfunding Syariah dan Potensinya sebagai Instrumen Keuangan Syariah di Indonesia. 'Adliya, 13(2), 229-245.
Wi, P., & Anggraeni, D. (2020). Faktor-Faktor yang Mempengaruhi Minat Karyawan Perusahaan untuk Berinvestasi di Pasar Modal pada Masa Pandemi Covid-19. Jurnal Revenue, 1(1), 81-89. doi:10.46306/rev.v1i1.15
Yulianto, & Tanamal. (2019). The Influence of Brand Equity, Trust, Price, PEOU, and PU on Online Based Crowdfunding Investment. Jurnal Teknologi Sistem Informasi dan Aplikasi, 2(2), 51-58.













