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Abstract
This study investigates the relationship between Perceived Risk, Perceived Return, Social Influence, Performance Expectancy, Effort Expectancy, Facilitating Conditions, and Adoption Behaviors among stock market investors. It aims to analyze how these factors individually and collectively influence Adoption Behaviors. Additionally, the research examines the mediating role of Behavioural Intentions and the moderating effect of Habit on the relationships between the independent variables and Adoption Behaviors. Employing a quantitative research design, data were collected from 384 stock market investors in Rupandehi District through a structured questionnaire, using convenience sampling. The data were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The analysis included evaluation of measurement items, model fit assessment, Importance-Performance Map Analysis (IPMA), and bootstrapping techniques for hypothesis testing. The findings indicate that Perceived Risk, Perceived Return, and Performance Expectancy are significant predictors of Adoption Behaviors. These variables demonstrate strong influence in shaping investors’ decisions to adopt stock market-related behaviors. The results underscore the critical role of these factors in driving Adoption Behaviors. Stock market management and policy makers should prioritize these dimensions to foster greater adoption among investors. By tailoring strategies and policies to address Perceived Risk, enhance Perceived Returns, and improve Performance Expectancy, there is substantial potential to boost investor engagement and adoption rates.
Keywords: Perceived Risk, Perceived Return, Performance Expectancy, Adoption Behaviors and Behavioural Intentions.