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The Technology Factor Impact Investor Behavior in Malaysia Table of Contents Chapter 1: Introduction ................................................................................................................... 5 1.1 Background of the Study .......................................................................................................... 5 1.2 Problem Statement .................................................................................................................... 6 1.3 Research Objectives .................................................................................................................. 8 1.4 Research Questions ................................................................................................................... 8 1.5 Theoretical Framework ............................................................................................................. 9 1.6 Research Hypotheses .............................................................................................................. 10 1.7 Significance of Study .............................................................................................................. 11 1.8 Organization of Study ............................................................................................................. 11 Chapter 2: Literature Review ........................................................................................................ 12 2.1 Introduction ............................................................................................................................. 12 2.2 Advantages and Disadvantages of Technology for investments ............................................ 12 2.3 Technology Development based on Online Trading .............................................................. 15 2.4 The Future of Investing associated with Artificial Intelligent ................................................ 17 2.5 New Opportunities for investment .......................................................................................... 20 Chapter 3: Research Methodology................................................................................................ 24 3.1 Introduction ............................................................................................................................. 24 3.2 Research Objectives & Research Questions ........................................................................... 24 3.3 Research Framework .............................................................................................................. 24 3.4 Research Design...................................................................................................................... 25 3.5 Data Collection ....................................................................................................................... 26 3.6 Sampling Design ..................................................................................................................... 27 3.7 Sample Size............................................................................................................................. 27 3.8 Research Instrument................................................................................................................ 28 3.9 Data Process and Analysis ...................................................................................................... 29 CHAPTER 4: DATA ANALYSIS AND INTERPRETATION ................................................... 31 4.0 Introduction ............................................................................................................................. 31 4.1 Reliability Test ........................................................................................................................ 35 4.2 Cronbach’s Alpha Test ........................................................................................................... 35 4.3 Factors Influence Investor’s Decision Making ....................................................................... 36 Multiple Regression Analysis ....................................................................................................... 40 Chapter 5: Discussion and Conclusion ......................................................................................... 43 5.1 Introduction ............................................................................................................................. 43 References ..................................................................................................................................... 46 List of Tables Table 1 Gender of the Participants................................................................................................ 31 Table 2 Age of the Respondents ................................................................................................... 32 Table 3 Education level of the Respondents ................................................................................. 34 Table 4 Occupation of the Participants ......................................................................................... 34 Table 5 Monthly Income of the Respondents ............................................................................... 35 Table 6 Are the respondents investors or not? .............................................................................. 35 Table 7 Reliability Statistics for the variables .............................................................................. 36 Table 8 Descriptive Statistics of the Research questionnaire items ............................................. 39 Table 9 Descriptive Statistics of the Variables of the study ......................................................... 39 Table 10 Correlation analysis of the research variables ............................................................... 40 Table 11 Model Summary for the Regression Analysis ............................................................... 40 Table 12 Anova analysis of the research variables ....................................................................... 41 Table 13 Coefficients of the research variables ............................................................................ 42 Table 14 Hypothesis testing result ................................................................................................ 44 List of Figures Figure 1 Theoretical Framework of the research ............................................................................ 9 Figure 2 Gender of the participants .............................................................................................. 32 Figure 3 Age of the Respondents .................................................................................................. 33 The Technology Factor Impact Investor Behavior in Malaysia Chapter 1: Introduction 1.1 Background of the Study How technology affect investors. Technology development affect investors. Technology development affect investors’ behavior. Technology development convenient investors in investing such as easier to grasp the latest information and news but it also takes risk and disadvantages to investors. When the information is too much it is difficult to distinguish the true, trustable, and useful information. Sometimes too much information will affect the judgment. Therefore, this study will show the advantages and disadvantages. And whether the technology development brings more advantages or brings more disadvantages. Technology become more and more important. Technology will affect people behavior and decision. Technology also the factor that affect investors behavior. Nowadays technology keep improving so people life quality also improving. Technology flexible investors investment strategy, such as getting latest information to develop their investment strategy. Someone will ask how technology affect investors’ behavior, give out an example: last time investors need to direct go to stock exchange center or call broker to help them buy or sell stock. And all of the share or company information are coming from newspaper or people humor so to get the latest and accuracy data will be difficult. But now we have and could get resources in easily. Technology flexible investors to get information and accuracy those data. Therefore, investors could use these technologies develop to change their investment strategy like become a speculator, buying more option and take more risk. We cannot say that we are living in information symmetry world because if every information symmetry then there is no risk so everyone could gain the same profit without loss, but this is uncertain. Technology only can help investors provide more other strategy to let them consult. The reason to da about this topic is technology development is changing human lifestyle. And creating more possibility to let people choose. Just like our phone, develop to hand phone, next is develop to mobile phone, and now is smart phone. Following to the example, we know that technology development is convenient our living. For investors, mobile phone become smart phone let they can always access their portfolio in anytime they want. According to technology development it also helps investors can receive and collect more information or news in internet. The most changed by technology development is the previous method was replaced. In past investors need to direct go to the exchange market to buy or sell and sign the contract or they need to call or message their agents to help investors buy or sell stocks. But currently investors can invest by themselves in anywhere in anytime and invest in any exchange market. Above are the benefits of technology development. In this study it will show how technology development impact investors behavior and therefore decision making. This study will also show what new opportunities the development of technology will bring. Just like current latest investment, cryptocurrencies. How people invest, what is the opportunity, and how cryptocurrencies work. And how the development of technology affects the future of investment. Many technologies become more and more mature such as artificial intelligence and robo-advisors keep attracting investors eyes ball. Investor’s trust and start to use those technology to support their investment decision making. 1.2 Problem Statement Technology will affect out life even changed people living style. Internet become more and more important, various industries have also joined it, it also included finance investment industries. In other countries have implemented internet trading as a new electronic service delivery channel. It can help investment banks, brokerage firms and investors time saving, and it also reduce the cost. (Abroud, A., Choong, Y.V., Muthaiyah, S., 2013) From this study it shows some countries is start accepting and implemented internet trading. As more and more exchanges begin to implement online electronic stock exchanges, investors need to follow up investors must keep up with the times. But there also might have some investors prefer traditional method more than trading in online electronic stock exchanges. People are using their computer to buy stocks rather than using traditional broker. (Bahar Shanjani, 2014) As we know that technology help investors, investment banks, brokerage firms reduce the cost and time saving. However, what is the disadvantages, everything has two side. In addition to the benefits, there must also be disadvantages. Technology become more and more developing cause online internet become more mature. Most people can easily connect to internet and get any information they want. There is a problem that always which is fake information. In the past ten years, when internet technology is not mature, that fake information only can spread by direct people to people. But now technology develop impact internet because fake information can spread in online and do not need to spend too much time everyone could see the fake information. Most people would not judge the authenticity of the information. Therefore, fake information will impact investors and the stock market. There is a study in US and the topic is about “Does fake news in financial markets attract more investor attention and have a significant impact on stock prices?” Researchers apply the U.S. Securities and Exchange Commission (SEC) countermeasures against stock promotion plans in April 2017 to check investors’ attention and the stock price’s response to fake news. After analysis, they found out fake news stories attract more attention than legitimate articles. And they also found out fake news could affect the abnormal trading volume increases while the fake news release. (Clarke, J., Chen, H., Du, D., & Hu, Y. J., 2020). Artificial intelligent system become more and more mature it influence investor start using it. But this does not mean the system is completed it still could be blemishes. There is a research focuses on the study of the Intelligent Stock Selection Decision Support System (ISSDSS) it combine the artificial intelligence system and traditional technical analysis to solve the stock selection problem. The ISSDSS use it to analysis Taiwan stock market using various technical analysis. End of the result show the synergy of technical analysis and artificial intelligence outperforms systems using any one particular technique alone. (Chou, Sc.T., Hsu, Hj., Yang, Cc. et al., 1997) In here that proof that AI system could use to help investor for stock selection. If this problem do not solve people would not know how AI system help investor. If not found out AI system could help investor analysis stock selection it might loss the chance to identify AI system features. Development of technology promote the role of the Internet and because internet adopted as effective tool in catalyzing the business activities. Technology changed the business done traditionally and financial system become more complex where investors need more time to understand recent intricacies of online trading. Internet trading let investors can order stock exchange on simple mouse click. (Nidhi. W , Ravinder. K, 2007) In this research it shows that internet stock trading is attracting investors. Therefore, here will found out how it attracts investors. Cryptocurrency is the new opportunity and potential return for investor, but it also could bring risk. To found out the potential opportunity return that can bring by cryptocurrency. This specific report seeks to demystify the Bitcoin concept; to show that here, far from being low risk, Bitcoin constitutes a sizable danger in phrases of criminal enterprise; and then to advertise the situation for higher attention among criminal justice experts as well as police officers particularly (Brown, 2016). People will be thinking bitcoin surrounding the criminal problem, but it also could bring new opportunity to investor. To found out the opportunity that attract investor help investor gain potential profit and waste it. 1.3 Research Objectives Investors’ investment behavior is associated by few factors. Not a lot of studies have conducted on the relationship between technology developments to investors behavior in Malaysia. This research study attempts to contribute to the topic by giving out survey questionnaires to target population in Malaysia. The objectives are shown as below: • To assess the impact of advantages and disadvantages of technology on investor behavior. • To analyze the impact of technology development on investor behavior. • To observe the impact of future of investing on investor behavior. • To investigate new opportunities from technology impact investor behavior. 1.4 Research Questions • What is the impact of advantages and disadvantages of technology on investor behavior? • What is the impact of technology development on investor behavior? • What is the impact of future of investing on investor behavior? • How new opportunities from technology can impact investor behavior? 1.5 Theoretical Framework Theoretical framework is used to examine technology development impact investors’ behavior on their investment decision making. In this research, technology advantages and disadvantages, technology development, future of investing, new opportunity will be focused as independent variable. The diagram below shows the relationship between both independent variables and dependent variable. Independent Variable Dependent Variable Advantages and Disadvantages of Technology Technology development Investor Behavior Future of investing New opportunity Figure 1 Theoretical Framework of the research 1.6 Research Hypotheses Based on the research objectives and theoretical framework mentioned above, hypotheses will be determined accordingly. 1. Does the advantages and disadvantages of technology significantly affect the investors? H0: Advantages and disadvantages of technology have a significant impact on investor behavior. H1: Advantages and disadvantages of technology does not have a significant impact on investor behavior. 2. Does the technology development significantly affect the investors? H0: Technology development has a significant impact on investor behavior? H2: Technology development does not have a significant impact on investor behavior? 3. Does the future of investing significantly affect the investors? H0: There is significant impact between future of investing and investor behavior. H3: There is no significant impact between future of investing and investor behavior. 4. Does new opportunities significantly affect the investors? H0: There is significant impact between new opportunities in technology and investor behavior. H4: There is no significant impact between new opportunities in technology and investor behavior. 1.7 Significance of Study From the study of technology development effect on investors investment behavior. The purpose of this study is to understand the factors that affect investors’ behavior in Malaysia. This study will benefit the investors of Malaysia to better understand technology development and investors investment behavior. This study will awareness the investors of Malaysia to better understand those disadvantages brought by technology development. Other than that, this study is also helpful to public to let them know the future of investing. Then also will show the new opportunity of investing that developed by technology. 1.8 Organization of Study This study consists of five chapters. The structure of the study is shown as follow: Chapter 1 introduces about the general background of study, problem statement, objective of the study, framework of the research, hypothesis of research, significance of the study and the organization of the study. Chapter 2 deals with review of literature chosen for the research purpose. The researcher will start with a brief background on the difference between traditional finance and technology impact current finance. There is also literature review related to the study area of theory of technology impact investors, as well as the different factors that have studies to affect investors’ decision making. Chapter 3 outlines and provides a brief description on the research methodology adopted for the study to be carried out. The research design, sampling method as well as statistical tools that will be utilized is introduced in this section. Chapter 4 as the data analysis chapter demonstrates the results obtained from the data collected and research method proposed in chapter three. Chapter 5 summarizes the research work performed. This chapter will review the work done, develops a clear review to answer the research questions in the form of conclusions and recommendations for future study will be discussed as well. Chapter 2: Literature Review 2.1 Introduction Technology will change with the development of the times, for people, the more advanced technology, the more convenient it will be, and the development of technology has facilitated people’s lives. Compared with previous investment methods, investors need to go through a series of complicated procedures to buy and sell stocks. In the past, investors needed direct go to the exchange market to buy and sell stocks. Then stockbrokers and phone appear it cause investors no need direct go to exchange market it convenient and flexible the trading process. Until now internet become easily to get, and everyone has their own smartphone so they can access to internet or trading application every time. The development of technology will always bring new opportunities, but it also affects whether it is good or bad aspects, like artificial intelligence technology becomes more and more mature, the appeal of cryptocurrencies, these new factors will affect the behavior of investors. 2.2 Advantages and Disadvantages of Technology for investments Advantages As the times become more developed, technology become more and more important. Technology brings internet and mobile phone, it greatly improved investors’ behavior along the way. Technology brings investing into another new era. Investors could use their mobile phone and internet to monitor their portfolio in anytime and anywhere. Investors could direct trade stock by themselves without passing brokers. There is a study in Iran that done by (Abroud, A., Choong, Y.V., Muthaiyah, S., 2013). According to the study, it shows the relationship between technology and those benefit (time saving and cost reduction). In this study there are 385 active investors participate. The questionnaire was administered using self-report approach. Based on the decomposed technology acceptance model (DTAM), the study integrates two new constructs of economic value (time saving and cost reduction) and perceived trust as antecedents of investors’ intention to adopt Internet platform. And researchers found significant relation between perceived usefulness (β = 0.32); ease of use (β = 0.48), trust (β = 0.43) as well as cost reduction (β = 0.33) and investors intention. From above study, know that technology could bring advantages (time saving and cost reduction) and these advantages is significant relation with technology. Technology bring advantages is change previous trading method to current trading method and online trading bring other advantages for investors. Therefore, conclude is technology bring advantages to investors. And below will explain the advantage that bring by online trading and technology. According to another study, it investigates how investors perceive and adopt online trading. It explains the reason that why investors will use online trading. In this study, researcher collected 338 subjects to proof this study. The results provide support for the proposed research model and confirm its robustness in predicting investors' intentions to adopt online trading. (Lee, 2009) From this study, online trading can provide robustness for investors. This can be another reason that proof technology changes the trading method to become current trading method (Online trading). Due to the online trading robustness, investors adopt to use online trading so it can be another advantage and reason that investors adopt online trading. This advantage was brought by technology. As technology create new opportunity for banks. Online and internet become another method to help banks create new market. In recent past, online and internet-based banking system and service become very common. Bank industries also realized the potential of internet banking and have recognized that it is necessary to integrate the customers’ new lifestyle and Web based activity preferences with their business models. From this study, after analysis the report result show most empirical studies have positive impact of internet banking on bank performance. Which mean internet banking will bring positive impact for bank performance. As internet banking makes inroads to banking business, market participants have also started to use Internet for security trading activities. Online trading has led to an upward trend in trading frequency, trading volume, and turnover ratio. (Bin. C., Shantanu. D., 2012). According to the study, it shows technology bring positive impact for internet banking and online trading. Investors follow up the technology era, so they use online trading to monitor their portfolio. The study also shows the trading frequency, trading volume, and turnover ratio is upward trend mean most investors are using or start changing trading method from previous method to current method. Due to this know that technology bring internet then internet made online trading so investors can trade by themselves in anytime and anywhere. Currently more and more investors are transferring previous investing method to current method. Current method is using internet and trade in online. More and more people start their trading due internet because they can trade and monitor in online it is very convenient and flexible compare with previous investing method. Different with previous trading system, online system offers many benefits such as enhanced control, ease of use and reduced transaction charges. In developed stock exchange such as USA, France, Singapore, and Turkey have led market to become more competitive. According to a study it shows conventional trading system cannot manage increasing number of trades and drown serious insufficiency. And these problems will impact traders and cause dissatisfaction and lack of technological foundations creates an inefficient market, it also because traders leave the market where there is no appropriate surveillance in it and as a result no assurance of fair-trading system for everyone. In this study, it used SPSS to analysis and the result show there is difference between traders' satisfaction in conventional stock exchange and stock exchange based on online trading system. And in this study, it also shows online trading system in stock exchange can raise the degree of traders' satisfaction. Obviously, when more satisfied traders they will invest more and more and this is desirable (Jafarpour, 2006). From this study, it shows the difference between conventional trading system and online trading system. Conventional trading system cannot handle the increasing amount of trading and drown serious insufficiency. In economic side, insufficiency could be a market loss. When conventional trading system cannot manage the increasing amount mean it will create a loss. Lack of technological foundation cause inefficient market and inefficient will cause traders leave. But these all problems is create by conventional trading system. From the result it shows online system could bring benefits such as enhanced control, ease of use and reduced transaction charges. It has become the industry's leading advantage. And another evidence that say online trading system better than conventional trading system is developed stock exchanges using it and has made the market more competitive. Disadvantages In another hand, it also could bring disadvantages. According to this study, it shows technology will bring uncertain future for investors. As we know with the development of the times and technology, investors will trade in internet but internet might have some security issues so technology cannot guarantee it only bring advantages and without disadvantages. From a study it shows technological advances will impact investment decision, it can impact firms and investors’ investment decision. And the impact of investment decision will affect the investment cost. Due to demand shocks, it also can affect the profitability. From above study, we know that technology will bring uncertain situation to firms and investors’ investment decision. In this study, researchers they found out the option value is very sensitive in the expected impact of technological advances. Therefore, technological advances will impact the option value and firms and investors investment decision, cause affect the investment cost and the profitability. Uncertainty due to technological advances expedites investment. (Flor, C.R., Hansen, S.L., 2013). There is another study that investigate 2001 to 2005 foreign investors, local institutions and individual traders and compare their performance based on whether or not trading is performed online. And researchers found out compare non-online investors with online investors, non-online investors perform better than online investors. In conclusion, the main implication of findings is the disadvantages that faced by investors can explained by online trading. (Natalie Y.O.,Jerry T.P.,Terry S.W., 2008) Therefor it can explain as technology create a whole new online platform and online trading to investors. Even technology bring flexibility to investors, but investors still cannot ignore the disadvantages that bring by technology. A survey was done by (Majer, 1996). 42 respondents’ data was collected in this survey. And the topic of this survey is about explore the concept of internet-based stock exchanges by measuring investors' opinions on issues ranging from internet security to their willingness to use an internet-based stock exchange. Those respondents listed out the disadvantages that an internet stock exchange would have the most common responses were security problems, fraud, and hackers. And there are 95.2% agree with that. According to this survey, it shows the security is still the most concerned for people. According to the survey, it shows security will be another disadvantage for internet stock exchange. In this survey only 29.3% people felt that current security is safe enough but 70.7% are not sure if today's technology can provide the required level of security. Security could be always an uncertain unknown. Technology brings advantages for internet stock exchange it flexible and convenient investors but in other side technology also the most concerned problem that affecting investors. 2.3 Technology Development based on Online Trading The development of technology has driven the Internet, and the development of the Internet has affected the financial investment industry. Currently, more and more investors are changing their investment method. They are changing traditional method to online stock trading method. Due to development of internet, investors can use their mobile phone to connect internet and using it to trade their stock. This is a development of technology that bring to investors. Online trading can be the fastest way to monitor and trade by investors themselves. While use message or call to tell broker sell or buy stock it could cause time to consume between the communication process. But online trading could fix the time consume problem. Internet shortens the connection between the investor and the products they wish to purchase (shares, futures, CFDs, government securities, bonds, etc.), and in some cases it no longer needs a security broker. According to Voss (2000), the existence and development of the Internet has made the transaction without assistance or with minimal human intervention possible. In this study, research used a questionnaire-based survey and the result show that investors will switch to online trading when they have a high level of knowledge in the stock market, higher education, and knowledge of internet (Ancuta, 2015). Here is another study about Malaysia, the study is about factors influencing the intention to use Internet stock trading among investors in Malaysia. In this study, used questionnaires collect 144 data and potential investors who are aware of Internet stock trading in Malaysia. And the result shows the attitude have direct positive relationship towards behavioral intention to use Internet stock trading. And the attitude was affected by perceived ease of use and perceived usefulness. (Ramayah, T. & Rouibah, Kamel & Gopi, M. & Rangel, Gary. , 2009) According to Guay (1998), World Wide Web grown rapidly and along with it has grown electronic transactions on the internet. People using internet to buy financial service from banks and brokerage firms. In fact, in the USA online stock trading, more people trade securities than other product online. In the traditional method of stock trading, investors will call their brokers for some advice and place the order. But online stock trading reduces the troublesome and unnecessary processes, investors do not need direct contact their broker. Online trading system allow investors place their trade on the World Wide Web. When using traditional method investors need to direct contact to place order but in online trading system investors can save time because they no need to contract their broker to place the order. Broker firms and investment banks need to set up web sites to handle all aspects of the transaction. (Dasgupta, 1998) At present, internet stock trading has been successful in electronic commerce. To satisfy faster and accurate transaction execution, the stock exchange has become one of the technology- friendly markets and has embraced state-of-the-art technology to keep up with the tremendous growth in the trading volume. Many stock exchanges have adopted the electronic stock exchange such as NASDAQ, New York Stock Exchange, and Shanghai Stock Exchange. If systematic verification methods applied with automatic reasoning technology could be used in a stock exchange method, the system would be less error prone. As a result, researchers have investigated a range of systematic modelling and verification methods for electronic trade procedures. (Y. Du, C. Jiang and M. Zhou, 2008) The development of technology created internet so people can access to World Wide Web in anywhere in anytime. While using internet it could help people eliminated geographical barriers and internet is available to more customers. Technology development created internet and World Wide Web then impact people. There is a study about India, in the study it explained how internet help investors. Internet has made financial products and services available to more customers and eliminated geographical barriers. In earlier time, investors need to depend on brokers but currently due to the development of technology, investors could use internet to buy and sell their stock. Etrading save investors time, energy, money because they can enter market from anywhere at any time. (Srivastava, 2011) 2.4 The Future of Investing associated with Artificial Intelligent The appeal of artificial intelligence is constantly changing people's lifestyles. Same theory in investing, it also constantly changing and helping investors. Compared with artificial intelligence, investors’ learning ability, collecting information, and solving ability are too slow. That is why investors choose to buy or produce artificial intelligence to help them deal with overly complex information processing and response capabilities. This is the reason that investors need artificial intelligence. Next-gen machine learning techniques will help computers or platforms suggest investment strategies that you could then choose to follow. There is a study about predicting automatic trading decision in stock market. Comprehensive features for predict future trend are difficult to generate in stock markets. But in this study, researchers found out relevant stock information can help investors made better profits. Therefore, researchers present a framework of an intelligent stock trading system using comprehensive features to predict future stock trading decisions. The intelligent stock trading system using comprehensive features is composed of stock information extraction, prediction model learning and stock trading decision- making. Researchers used three difference type of methods to generate comprehensive features which is sentiment analysis for sentiment indices, technical analysis for technical indices, and trend-based segmentation method for trading signals. Researchers done experiment on Taiwan stock market, and the result show comprehensive features are significantly better than traditional methods. (J. Wu, L. Yu, P. Chang, 2014) Investors could use intelligent stock trading system to help them analysis their portfolio and the study also show intelligent system better than traditional methods. Intelligent trading system can sentiment analysis, technical analysis, trend-based segmentation method. Intelligent stock trading system could analysis with more accurate than people so in the future investors could change their investing method to using intelligent trading system to help them analysis and trading stock. This analysis provides a hybrid artificial intelligence approach to the implementation of trading techniques in the S&P 500 stock index futures market. The hybrid AI strategy combines the rule-based method strategy and the neural networks strategy to properly predict the path of regular cost changes in S&P 500 stock index futures. By showcasing the benefits and conquering the limits of the neural network’s method and rule-based method strategy, the hybrid strategy is able to facilitate the improvement of a lot more dependable smart methods to model professional thinking and also to allow for the decision-making processes. The methodology of researchers differs from some other studies in 2 aspects. For starters, the rule-based method is used to offer neural networks with instruction examples. Next, researchers use Reasoning Neural Networks (RN) rather than Back Propagation Networks. Empirical results demonstrate RN outperforms the additional 2 ANN models (Back Propagation Networks as well as Perceptron). Based upon this hybrid AI method, the incorporated futures trading system (IFTS) is actually established and used to trade the S&P 500 stock index futures contracts. Empirical outcomes also verify that IFTS outperformed the passive buy-and-hold investment strategy throughout the 6-year assessment phase from 1988 to 1993. (Ray. T, Hsu. Y, Charles. C. L, 1998) Artificial intelligent stock trading system is a whole new phase for stock trading. This system could include different analysis to help analysis the stock price. Analysis the chart pattern, the timing enters, future trend it could help people have some guideline. Intelligent stock trading system is quite new in investment industry because most investors are still using traditional method which is analysis by themselves. Due to intelligent stock trading system could support investors to gain profit so the cost and price is high. In another study, it shows the intelligent stock trading system could help and assist investors on decision making. Intelligent could help investors gain potential profit which mean it has huge potential in trading industry. Traditional technical analysis generally appears as several trading rules, does aim to search for soles and peaks of trends and it is popular in stock market. But direct use technical analysis is not convenient, since it relies on experience that is personal to pick the correct rules for alternate stocks. In the study, researchers implement an experiment which is select few stocks in S&P 500 components and use traditional method and intelligent stock trading system to analysis. The result show regardless in bear or bull market, the system significantly outperforms buy-and-hold strategy. Especially in bear market, the result shows the system still profits. (Lin, X., Yang, Z., & Song, Y., 2011) In above study result show, know that intelligent system is better and greater than traditional method. Currently, there are very less of investors starting using system to assist them, but system might not be the most correct, in future when most investors using intelligent system to help them analysis then another method will appear again. Robo-advisor is a financial advisor that provide financial advice or investment management online with moderate to minimal human intervention. They provide digital financial advice based on mathematical rules or algorithms. Robo-advisor can be reducing the costs and minimize the mistake that people can make through objective decision making. Investors can systematically select products that match their investment preferences. In recent years, the traditional financial services have been replaced by robo-advisors in wealth management industry due to new generation of clients who have the technical know-how of the digital technologies, prefer to have active and ongoing control over their investments while relying on the information from multiple (mainly on-line) sources (ManchunaShanmuganathan, 2020). To get diversified market exposure, a passive implementation of an investment strategy is commonly cheaper, better, and much more transparent and hence an ideal method to invest for cost sensitive customers. Robo-advisors will not just turn into the ideal investment alternative for retail customers but will even gain value in the wealthy and high-net-worth individual segments. Through cooperation with fintech businesses or maybe acquisition of revolutionary technology, robo-advice may turn into an increasingly crucial component for traditional banks and wealth managers (Matthias W. U & Philippe R, 2018). According to Praeg (2015) Alt & Thomas (2016), in the first wave digitization changed daily life and existing business models. According to Praeg (2015), the second wave digitalization transfer to intelligent software and algorithms to increase the degree of automation. Hence, banks and insurance industries are interesting in robo-advisor. According to Sironi (2016), robo-advisor can use informant technology to guide customers. A robo-advisor is a digital platform that contains intelligent and interactive user help pieces (Maedche et al., 2016), which use information technology to guide clients with an automated consulting procedure (Sironi, 2016; Ludden et al., 2015). Robo-advisor is different from current Internet investment platforms or web-based brokerage with two different conceptual levels: customer evaluation and customer portfolio management. Nevertheless, the general idea of robo advisory may be transferred to other fields, including healthcare or real estate. Thinking into account consumer evaluation, robo-advisors have expanded the current advisory strategies, since they wish to change the full standard, human-to-human advisory activity into a digital, human to computer procedure. Traditional investor profiling conducted during in-person interviews and bilateral interaction is replaced by online questionnaires and self-reporting processes. Customers’ goals, risk affinity/disgust and return/risk expectations are quantified through algorithms and automated tasks on the digital platform. The assessment is not limited to risk assessments but can also include ethical and industry-specific preferences, for instance, preference for Islamic banks. Therefore, human interaction within robo advisory is restricted to situations which are not even relevant to the evaluation or investment process. Due to cost savings by the automatic customer profiling, and the management of the customer lifecycle, robo-advisors can segment target customers or non-professionals into target customers, no matter the customer's real wealth. (Jung, D., Dorner, V., Glaser, F., & Morana, S., 2018) 2.5 New Opportunities for investment Cryptocurrency is was found in the past ten years. Blockchain also the core technology of Bitcoin. Therefore, currently invest in Bitcoin cryptocurrency will also related with blockchain technology. Blockchain is the technology behind the Bitcoin cryptocurrency process, is actually regarded as both critical and alluring for ensuring improved privacy and security for several uses in numerous other domains such as in the web of Things (IoT) eco system. BC utilizes a changeable Public Key (PK) to capture the users' identity, which offers an additional level of privacy. Not just in cryptocurrency has the successful adoption of BC been implemented but additionally during multifaceted non-monetary methods like in sent out storage space methods, healthcare, proof-oflocation, decentralized voting and so forth. (Miraz, Mahdi H. and Ali, Maaruf, 2018) From this study it shows the core technology of Bitcoin is blockchain and blockchain is the key for ensuring enhanced security and privacy. Blockchain also can use public key to record user identity and provide additional privacy to protect user and blockchain is not used in cryptocurrency it also uses in multifaceted non-monetary systems. Currently, whole world is chasing the most popular currency which is cryptocurrency Bitcoin. The price of Bitcoin is keep raising and constantly breaking through the highest price. Bitcoin can be used as ordinary currency; people can use it to purchase items. Bitcoin is an online communication protocol which facilitates the application of a virtual currency, which includes electronic payments. But bitcoin is founded in past ten years, so the rules and regulation of bitcoin is not completed. Therefore, the rules of bitcoin had been created by engineers without any obvious influence from regulators or perhaps lawyers. Everyone could open a bitcoin account, the account is similar with e-wallet it can use to buy or sell bitcoin. People can open account with no cost and with no centralized vetting process or provide real name. Collectively, these rules yield a method which is understood to be a lot more versatile, much more private, and much less amenable to regulatory oversight than some other types of payment - however after discussing, all these advantages face important limits. As this study show the advantages of bitcoin but these advantages also been limited. Since bitcoin cryptocurrency only bring advantages, but in economists’ side they think will disrupt existing payment systems and perhaps even monetary systems (Böhme, Rainer, Nicolas. C, Benjamin. E, and Tyler. M, 2015). As currently, cannot measure that bitcoin had disrupt existing payment systems and monetary systems but bitcoin had affected investors’ investment decision. Since the price of bitcoin become more and more expensive and higher, it means more and more investors are joining to trade bitcoin. Bitcoin price is based on investors invest on bitcoin but actually it has no value. Bitcoin is more like a commodity-based currencies. Bitcoin is a fiduciary currency. Compared with other commodity-based currencies, bitcoin has no intrinsic value. Value of bitcoin is based on government fiat or perhaps from the perception that they could be acknowledged by another person. Bitcoin is inherently fragile so government orders could be dismissed or perhaps doubted. Bitcoin is a currency which has value just due to the perception that it is going to have value might have absolutely no value at all. (Veld, 2013) From the study it shows bitcoin is a fiduciary currency. Bitcoin has no value and it value is built by government fiat and those people who trust bitcoin has value. Value of bitcoin is built by government by due to the nature of bitcoin it is inherently fragile so sometimes it can dismiss or perhaps doubted government orders. Mining is very important for those people who interested in cryptocurrencies can start from mining, and the cryptocurrency obtained by mining will become to the person. Therefore, each cryptocurrency will have their own mining algorithms, and good mining algorithms will build miner and investors confident. In conclude except trading, mining is the only way to get cryptocurrencies and a cryptocurrency with strong and safe mining algorithms could attract people mining the cryptocurrencies. Cryptocurrencies have emerged as vital financial software systems. They rely on a protected distributed ledger data structure and mining is an important component of such methods. Mining provides data of previous transactions to the distributed ledger recognized as Blockchain, enabling users to achieve protected, strong consensus for every transaction. Mining also introduces wealth in the type of new devices of currency. Cryptocurrencies lack a core authority to mediate transactions since they had been created as peer-to-peer systems. They depend on miners to confirm transactions. Cryptocurrencies need strong, safe mining algorithms. (U. Mukhopadhyay, A. Skjellum, O. Hambolu, J. Oakley, L. Yu and R. Brooks, 2016) According to this study it proof cryptocurrencies need good mining algorithms because cryptocurrencies cannot build people confident and attract people mining the cryptocurrencies. From the study it shows mining is important because of mining adds files of past transactions to a distributed ledger called a blockchain, enabling users to reach a safe and reliable consensus for each transaction. In another study it will show how cryptocurrency will be the new opportunity. The study use bitcoin as the study research so the new opportunity will be related with bitcoin. In the below study will show why cryptocurrency becoming new commodity product to let investors having new opportunity to select preference token to invest. Currently market have more than 1,000 altcoins and crypto tokens have been created. Some tax authorities classify this entire category of cryptocurrencies and tokens as having the same status as commodities. This study sets out to help people understand cryptocurrencies and to explore their risk and return characteristics using a portfolio of cryptocurrency represented by the Cryptocurrency Index (CRIX). The results show that the return correlations between cryptocurrencies and traditional assets are low and that adding CRIX returns to a traditional asset portfolio improves risk–return performance. Sentiment analysis also indicates the CRIX has a relatively high Sharpe ratio. Although we should view the results with care, a new form of financing for cryptocurrency and blockchain start-ups is born. (David LEE K Chuen, L Guo, Y Wang, 2018) Since cryptocurrencies having same status as commodities so people could receive trading a whole new product opportunity. New cryptocurrency will create new opportunity for investors. Chapter 3: Research Methodology 3.1 Introduction This chapter of study will present the particulars of research design to determine how technology affects investors’ investment behavior in Malaysia. It also outlined the sampling population, size and methods being used. Furthermore, the data collection methods, data process, data analysis methods, pilot test as well as limitations of research are identified. This chapter includes the outlines and provides a brief description on the research methodology adopted for the study to be carried out (Willis, 2007). The research design, sampling method as well as statistical tools that will be utilized is introduced in this section. This chapter implies the secondary information about the done research. 3.2 Research Objectives & Research Questions Research Objectives • To assess the impact of advantages and disadvantages of technology on investor behavior. • To analyze the impact of technology development on investor behavior. • To observe the impact of future of investing on investor behavior. • To investigate new opportunities from technology impact investor behavior. Research Questions • What is the impact of advantages and disadvantages of technology on investor behavior? • What is the impact of technology development on investor behavior? • What is the impact of future of investing on investor behavior? • How new opportunities from technology can impact investor behavior? 3.3 Research Framework The research framework for this study builds on the technology and investor’s behavior. In this research, technology advantages and disadvantages, technology development, future of investing, new opportunity will be focused as independent variable. Independent Variable Dependent Variable Advantages and Disadvantages of Technology Technology development Investor Behavior Future of investing New opportunity 3.4 Research Design Quantitative research method is applied in this study. This research is done on the base of true observation and the true hard work in collecting data from the internet. This research is designed on the quantitative research (Wilson, 2010). Thus, the factors that influence investor's decision making can be quantify into numeric form and generalize the results from a sample. Research design is significant because it shows the information of analysis that used to solve the issues of the research. The survey research design was used in this research as its research design. Survey research design was appropriate for this kind of research as the researcher intended to gather data and analyze the data to determine the factors that influence investor's decision making in Malaysia stock market. The research is done based on the given topic from the internet. The research design has been initially made at a good point in this research. 3.5 Data Collection The primary data was collected in this research. Primary data is the main basis on which the research is made. Primary data is incorporated in this research. Primary data is collected by using survey questionnaire which were distributed in the various social media such as Facebook and Telegram, and the criteria of the respondents are the individual who are currently investing in Malaysia stock market. Besides that, many parts of the primary data were collected from the internet. Questionnaire is an excellent approach to collect standardized data and that is easy to process and analyze. In addition, the result collect from the questionnaire is easy to analysis and visualization by using built-in tools, these tools can help researchers to turn the data into results and can show by a wide variety of charts and tables (Williams, 2007). Besides that, questionnaire can distribute to many respondents and let researchers collect a more accurate data in an easy and fast way. Moreover, questionnaire can provide the confidential and anonymous to the respondents. For the questionnaire design, it was structured into three parts. In the first part, there have seven questions, respondents are asked to provide the basic demographic information such as gender, age, ethnicity, education level, occupation, income, and years of experience in the Malaysia stock market. In the second part, there have twenty questions on the factors influence investor’s decision making which are demographic information, corporate governance and social factors, ethical and environment factors, psychological (cognitive and emotions) factor and economic factors (Neuman, 2012). Each factor consists of five questions. In the third part, five questions on investor’s decision making as the dependent variable will be measured. In the second and third part, five-point Likert scale was provided to the respondents to let them answer with their degree of agreement with each of the question. Likert scale is the most effective method to let the respondents easily quantify and distinguish the statement, it does not anticipate respondents answer a simple yes or no, but instead allow for degrees of opinion, and even no opinion. The scale of the measurement is ranging from (Strong Disagree), 2 (Disagree), 3 (Neutral), 4 (Agree) and 5 (Strongly Agree). 3.6 Sampling Design The main objective of this research is to determine the factors that influence investor’s decision making in Malaysia stock market. Therefore, the target population of this research was surveying all the individual who are currently investing in Malaysia stock market. The investors from the Malaysia stock market are taken for the study to be made done. The research is absolutely made on the information from the internet and have been observed the behavior of the investors from the Malaysia stock Market. The research has been done based on the stock market. The research is done by the observation done on the stock market. The frame of this research is done basically on the stock market of Malaysia. The research has been done on the base of the observation done on the observation of the investors from the Malaysia stock market. The population which the research is done on is in a great number. The whole research is not done on the total population. Rather, it is done on a percentage of the population. The work or the research is done on the 5% of the population. This population absolutely reflects the thought of the other population. This was quite hard to find the research on such a great population. for that, the research has been done on a small percentage of the total population. And for that, the research has been quite successful. The research is done on the simple random sample method. This is efficient and easier for such a topic-based research. In a simple random sample method of collecting the data from the people, there is the opportunity to collect the information from the random people. Simple random sampling technique was used in the research paper for making sure there is no biasness and the data collected is accurate and appropriate. 3.7 Sample Size The main objective of this study is to investigate the relationship between technology and investors behavior in Malaysia. Thus, the target populations of this research involved surveying both potential and existing investors in Malaysia. The investment type is not only limited in stock it also including other investment asset. The survey questionnaires were prepared by using Google Form, and distributed in the various social media such as Facebook, Instagram, and Twitter. The criteria of the respondents are the individual who are currently investing in Malaysia stock market. A total 150 respondents for survey for this research. Internet is another best way to conduct the survey. Applications like Google Form will make the survey easier to be conducted. The survey can also be conducted by using polls in any websites as a multiple-choice question. The research can be observed from the article published on the internet or can also be observed from the magazines or the articles that is published from the internet based on the internet. The work on the research is completed with the partial help of the internet. 3.8 Research Instrument This research is done mainly by observing the circumstances and by taking opinion from the required population. In a word, it is mainly a type of survey. The survey has been done with taking the opinions by giving some questions to those who gave the survey. The questions were similar. The answers to the questions were different from each other. But it was quite easier to have a research on the given topic although the answers were dissimilar from each other but there were some similarities in the relative meaning of the answers (Golafshani, 2003). That made the research more efficient. By taking the opinions from the people, the relative answers were received. But it was quite good to have an online questionnaire which saved time for distribution of the questionnaire and for respondents to fill it. The people in the research gave the justification on behalf of the relative answers. That made the research more efficient and clearer. The researchers can ensure that the entirely research is made on the survey questionnaire. There were mainly 150 survey questionnaires. The respondents were asked about the giving a review about the survey. Before that, they were also asked some questions related to the research. Their review and the answers to the questions made the research successfully. The data of the research includes the primary data. The primary data is those data which has been collected from a direct source (Mexon, 2020). This research includes primary data from the survey using an online questionnaire. Questionnaire was an excellent approach to collect standardized data and that is easy to process and analyze. Besides, the questionnaire is the best way to visualize and analyze the data collected from the research. The survey questionnaire was formed using the Google Form and by using polls in some websites. The questionnaire done through making online questionnaire. 3.9 Data Process and Analysis Data processing is a critical step to be carried out in doing research after collecting all the survey responses. Data collected need to be transform into statistical analysis to achieve the research objectives. The data derived from the research is analyzed by the researcher completely. The data collected through questionnaire should be transform into statistical analysis to accomplish the objectives of the research. Data collected were processed and analyzed by using IBM SPSS statistic software. In this research, data were analyzed by using several statistical methods which include Descriptive Statistics, Correlation Analysis and Multiple Regression Analysis. The processes involved of checking, editing, data coding and transcribing. In this study, the collected data are processed and analyzed to summarize the findings, using Statistical Packages for Social Scientists (SPSS) software (Sreejesh, 2014). Data was coded to enable the responses to be grouped into various categories. Poor quality questions were first be eliminated before running statistical analysis, The Statistical techniques that are used in this research include of Descriptive Statistics and other tests. Descriptive Statistics Main involvement of descriptive statistics in this study are to describe respondents’ personal information, broken down into measures of the central tendency and variability, it is a process that transform raw data into form for readers for better understanding and researcher for characterized and summarize. The descriptive analysis will be carried out by SPSS program after data collection. The information acquire from questionnaire will be transformed into frequency, mean and standard deviation. In addition, it also used to describe the impact level of technology towards investors behavior. A descriptive Analysis is the form of the main data analysis and the most important type of data analysis in the statistical analysis. This research is done on the descriptive analysis. This analysis summarizes the information and make the information understandable. Descriptive statistics are to describe mean, standard deviation, skewness, kurtosis, and range to assess the normality of the data (Zikmund, 2013). This method gives simple summaries about the sample. This type of data analysis includes the table or the chart form. Cronbach’s Alpha Cronbach’s alpha test is used to check the consistency that is present in the research instrument which would indicate that is the same questionnaire is used in another region for a similar study it will generate the same results. The test tries to assess the reliability of the research questionnaire that is being used for the sake of making sure that there is no biasness in the data. A score of 0.60 or 60% is usually considered as appropriate for this test as it indicates that the research instrument that is being used for collecting the data from the respondents is appropriate and reliable. It boosts the confidence of the researcher that they would be able to properly achieve the research objectives with the help of the research questionnaire. Multiple Linear Regression (MLR) Analysis Multiple regression analysis is considered as the appropriate test based on the research framework which comprises of four independent variables that include advantages and disadvantages of technology, technology development, future of investing and new opportunities of investment and there is one dependent variable that is the investor behavior. The items of the research questionnaire would be used for assessing the impact of these four independent variables on the dependent variable to identify which independent variable how is the most influence on the investor behavior. This information will prove to be crucial as it will indicate the important factors that are considered by investors during their investment decisions. It will also inform the future investors about the critical factors that they must consider in case of investment so that they can secure their financial investment and reduce the level of risk that is involved in their business investments. yi= β0 + β1xi1 + β2xi2 + β3xi3 + β4xi4 + ϵ Where: yi= Investor Decision, (ID) β0= Constant value β1, β2, β3, β4= Regression Coefficient xi1= Advantages and Disadvantages of technology, (ADT) xi2= Technology Development, (TD) xi3= Future of Investing (FI) xi4= New Opportunity, (NO) ϵ= Error term CHAPTER 4: DATA ANALYSIS AND INTERPRETATION 4.0 Introduction In this chapter, data background is briefly described to have a general view. Following by the results of the research study. This chapter shows the results of respondents’ perceptions of components that influence their venture choices. To begin with, briefly portray the interviewee’s background data for a wide outline. Then, the results of Cronbach's alpha test for reliability measurement and multiple linear regression (MLR) analysis were conducted to analyze the relationship between the four components [New Opportunity, Advantages and Disadvantages of Technology, Technology Development and Future of Investing] and Investor Behavior. After that, the analysis of the investigation responses. This chapter discusses the relationship between the four factors and the investor choices within the Malaysian stock market. Quantitative Data Analysis Gender Frequency Percent Valid Percent Cumulative Percent Valid Male 84 56.0 56.0 56.0 Female 66 44.0 44.0 100.0 150 100.0 100.0 Total Table 1 Gender of the Participants Gender 44% 56% Male Female Figure 2 Gender of the participants By gender, the table and graphic above show that the data collected through survey from male is 12% superior to observe from female. The 56% of male were investigated versus of 44% of female. This means that men interviewees are much more than women interviewees. Age Frequency Percent Valid Percent Cumulative Percent 19 years old and below Valid 17 11.3 11.3 11.3 20-29 111 74.0 74.0 85.3 30-39 16 10.7 10.7 96.0 40-49 6 4.0 4.0 100.0 Total 150 100.0 100.0 Table 2 Age of the Respondents Age 74% 80% 60% 40% 20% 11% 11% 4% 0% 19 Years old and Below 20-29 Years 19 Years old and Below 20-29 Years 30-39 Years 30-39 Years 40-49 Years 40-49 Years Figure 3 Age of the Respondents Moreover, through the above table and chart, the age of the participants was grouped into four group such as: 19 years old and below, 20-29 years old, 30-39 years old and 40-49 years old. Most respondents are between 20-29 years old (74%). The number of respondents between 40-49 years old is relatively small (4%). Both respondent in 19 years old and below, and between 30-39 years present 11% each. Thus, the young people are dominant here. Education Frequency Percent Valid Percent Cumulative Percent High School 7 4.7 4.7 4.7 19 12.7 12.7 17.3 121 80.7 80.7 98.0 Master/PhD 2 1.3 1.3 99.3 Other 1 .7 .7 100.0 150 100.0 100.0 Pre-University Bachelor's Degree Valid Total Table 3 Education level of the Respondents Here, the education level is categorized as high school, Pre-University, Bachelor’s Degree, Master/PhD and other. From the High school education level to PhD, most of the interviewees are in Bachelor’s Degree (80.7%). 1.3%, 12.7%, and 4.7% of them are respectively in Master/PhD, Pre-University, High school in education level. Occupation Frequency Percent Valid Percent Cumulative Percent Student Employed 101 67.3 67.3 67.3 48 32.0 32.0 99.3 1 .7 .7 100.0 150 100.0 100.0 Valid Unemployed Total Table 4 Occupation of the Participants The table shows the occupation of the respondents in three groups such as Student, Employed and Unemployed. 67.3% of the interviewees are students. Then 32% are employed. Thus, all of them are occupied person. Monthly Income Frequency Percent Valid Percent Cumulative Percent No Income 84 56.0 56.0 56.0 Below RM2,000 21 14.0 14.0 70.0 RM2,000-RM4,000 24 16.0 16.0 86.0 RM4,001-RM6,000 13 8.7 8.7 94.7 Valid Above RM6,000 Total 8 5.3 5.3 150 100.0 100.0 100.0 Table 5 Monthly Income of the Respondents This table shows the monthly income of the interviewed people. The valid categories are: No income, Below RM2,000, RM2,000-RM4,000, RM4,000-RM6,000, and above RM6,000. 56% of the participant in the survey are no income. Only 5.3% have income more than RM6,000. Are you an investor? Frequency Percent Valid Percent Cumulative Percent Valid Yes 89 59.3 59.3 59.3 No 61 40.7 40.7 100.0 150 100.0 100.0 Total Table 6 Are the respondents investors or not? This table shows the status of the respondents if they are investor or not. 59.3% answered yes and 40.7% are not. 4.1 Reliability Test All the questions in the research questionnaire have a reliability score of 0.764 which is appropriate as it shows the questionnaire is going to give consistent results in case it is used in another region. It is reliable to use the questionnaire, so it was used for the analysis of the data of all the respondents of the study. 4.2 Cronbach’s Alpha Test Cronbach’s Alpha Test or Tau-equivalent reliability is selected for the reliability test here. This is a measure of internal consistency. This method helps to determine how closely related a set of items are as a group. Commonly, Cronbach’s alpha is not a statistical test, it is a coefficient of reliability or consistency. In fact, Tau-equivalent reliability is used to calculate the internal consistency reliability of Questionnaire responses to the measurement items, in format of five-point Likert scale. To support the reliability of measurement, Nunnally stated that Cronbach’s Alpha should be 0.7 or above (Nunnally, 1978). However, it is recommended that the test is acceptable from 0.6 score (Shelby, 2011). Consequently, the score of 0.6 are uses as acceptance in this research to test the reliability of measurements that are formed after the factor analysis. The following table shows the results for the Cronbach’s alpha test for Advantages and Disadvantages of technology, Technology Development, Future of Investing and New Opportunity. The overall and Technology test respectively for a total item of 20 and four items are 0.764, followed by Future of Investing, New Opportunity, and Advantages and Disadvantages of Technology as 0.641, 0.559 and 0.336 respectively. Advantages and Disadvantages of Technology, New opportunity have results under the acceptance 0.6 (Hair, 2006). Therefore, these values are not accepted. Reliability Statistics Cronbach's Alpha N of Items Overall 0.764 20 Advantages and Disadvantages of 0.366 6 Technology Development 0.764 4 Future of Investing 0.641 4 New Opportunity 0.559 4 Technology Table 7 Reliability Statistics for the variables 4.3 Factors Influence Investor’s Decision Making By statistical descriptive analysis of the surveys, the degree of effect among the variables of factors on the investor's decision making can be determined. Since the survey uses 5-point Likert scales to measure the effect level of each variable, the results are categorized by followed the rules below: • Low Impact- Mean value ranging from 1 – 2.33. • Moderate Impact- Mean value ranging from 2.33 – 3.67. • High Impact- Mean value ranging from 3.67 – 5. The table below shows the results of analysis. There, 13 of the questions have moderate impacts answers from respondents which is 65% of the whole questions, 6 have low impact which is 30% of the whole questions and only one “what are the risks of investing in cryptocurrencies” has the high impact as 4.08 in mean value with standard deviation of 2.106. Descriptive Statistics N Mean Std. Skewness Kurtosis Deviatio Impact Level n Statisti Statistic Statistic Statistic c Std. Statisti Std. Error c Error Monthly Income 150 1.93 1.246 1.077 .198 1.246 .394 Low Are you an investor? 150 1.41 .493 .384 .198 .493 .394 Low Does the technology advantages and disadvantages significantly affect the Low 150 1.63 .886 .793 .198 .886 .394 investors? As a investor, do you think technology bring advantages and affect your Moderate 150 2.92 .973 .251 .198 .973 .394 150 2.93 .928 .301 .198 .928 .394 150 3.03 1.556 .377 .198 1.556 .394 150 2.92 1.544 .835 .198 1.544 .394 150 2.96 .897 .022 .198 .897 .394 150 2.73 1.374 .540 .198 1.374 .394 150 2.87 .917 -.101 .198 .917 .394 investment behavior? As an investor, do you think technology bring disa What kind of advantages that bring by technology? What kind of disadvantages that bring by technology? Technological advances will impact investment decision? What will technological advancement affect an Technology developments bring benefit for you? investment behavior? Moderate Moderate Moderate Moderate Moderate Low In the future of investments, do you think technology development will affect your Moderate 150 1.77 .928 .468 .198 .928 .394 Using blockchain technology reduces risk for investors. Do you agree? Using a single, Moderate 150 2.92 .848 -.047 .198 .848 .394 Moderate technology-focused brokerage firm. Investors will be able to invest directly in a diversified allocation of assets, customized to his or her own 150 2.90 .880 .257 .198 .880 .394 individual preferences. Will you choose to use this method "Robot-advisor can help investors saving Moderate money due to the continuous decrease in IT costs, the high scalability of new 150 2.89 .883 .389 .198 .883 .394 technologies and the lower acquisition costs of digital channels. Do you agree? Moderate "As the amount of data daily increases, it becomes difficult for humans to keep up with the trading and monitor. The use of AI to process this data will allow the investors to have the best of both worlds, 150 2.85 .862 .161 .198 .862 .394 tapping into computers’ unrivalled ability to crunch the numbers as well as into the human insights and knowledge-based" Do you agree? Moderate Above these answer is provided by professional investors, fund managers, entrepreneur and speaker. As an investor, 150 3.07 1.398 .044 .198 1.398 .394 150 1.30 .599 1.859 .198 .599 .394 which method do you think is the most reliable. Do you know about Cryptocurrency? Low Do you think that Cryptocurrencies bring you new investment opportunity and Low 150 1.75 .906 .525 .198 .906 .394 challenge? What are the opportunities of investing in cryptocurrencies? Moderate 150 3.27 2.590 .711 .198 2.590 .394 What are the risks of investing in cryptocurrencies? Valid N (listwise) High 150 4.08 2.106 .435 .198 2.106 .394 150 Table 8 Descriptive Statistics of the Research questionnaire items The following table shows the impact of Advantages and Disadvantages of Technology, Technology Development, Future of Investing, New Opportunity and Investor behavior on Investor’s decision making. All of them are in moderate impact in Investor’s decision making. Descriptive Statistics N Mean Std. Skewness Kurtosis Deviation Statistic Statistic Statistic Impact Statistic Std. Statistic Error Advantages and Disadvantages of Level Std. Error 150 2.7322 .57245 .253 .198 -.471 .394 Moderate Technology Development 150 2.5733 .63494 -.138 .198 -.520 .394 Moderate Future of Investing 150 2.5283 .61411 .503 .198 -.687 .394 Moderate New Opportunity 150 2.6000 1.15203 .956 .198 -.006 .394 Moderate Investor Behavior 150 2.7317 .91046 .298 .198 -.890 .394 Moderate Valid N (listwise) 150 Technology Table 9 Descriptive Statistics of the Variables of the study The following table shows the correlation between Advantages and Disadvantages of Technology, Technology Development, Future of Investing, New Opportunity, and Investor Behavior. Correlation is significant at the 0.01 level (2-tailed). Therefore, Advantages and Disadvantages of Technology has a significant correlation with Technology development followed by Future of Investing, Investor behavior, and New opportunity by 58.4%, 54.9%, 49.5% and 29.8% respectively. Furthermore, Technology Development, has a significant correlation with Future of Investing followed by Investor behavior and New opportunity by 64.3%, 60%, and 39.9% respectively. In addition, Future of investing has a significant correlation with Investor behavior by 67.7% and New Opportunity by 52.5%. Finally, New Opportunity and Investor Behavior are correlated with 81.6%. Thus, the highest correlation is between New Opportunity and Investor Behavior. The lowest correlation is between New Opportunity, and Advantages and Disadvantages of Technology. Correlations Advantages and Technology Disadvantages of Future of New Investor Development Investing Opportunity Behavior Technology Pearson Advantages and Disadvantages of Technology .584** .549** .298** .495** .000 .000 .000 .000 150 150 150 150 150 .584** 1 .643** .399** .600** .000 .000 .000 1 Correlation Sig. (2-tailed) N Pearson Technology Correlation Development Sig. (2-tailed) .000 N 150 150 150 150 150 .549** .643** 1 .525** .677** Sig. (2-tailed) .000 .000 .000 .000 N 150 150 150 150 150 .298** .399** .525** 1 .816** Sig. (2-tailed) .000 .000 .000 N 150 150 150 150 150 .495** .600** .677** .816** 1 Sig. (2-tailed) .000 .000 .000 .000 N 150 150 150 150 Pearson Correlation Future of Investing Pearson Correlation New Opportunity Pearson Correlation Investor Behavior **. Correlation is significant at the 0.01 level (2-tailed). Table 10 Correlation analysis of the research variables Multiple Regression Analysis Model Summary Model R 1 .886a R Square .785 Adjusted R Square .779 Std. Error of the Estimate .42753 a. Predictors: (Constant), New Opportunity, Advantages and Disadvantages of Technology, Technology Development, Future of Investing Table 11 Model Summary for the Regression Analysis .000 150 ANOVAa Model 1 Sum of Squares df Mean Square Regression 97.009 4 24.252 Residual 26.504 145 .183 123.512 149 Total F Sig. 132.683 .000b a. Dependent Variable: Investor Behavior b. Predictors: (Constant), New Opportunity, Advantages and Disadvantages of Technology, Technology Development, Future of Investing Table 12 Anova analysis of the research variables Multiple Regression analysis is set to determine the intensity of the relationship between dependent variable and independent variables. The multiple correlation coefficient (R) is the correlation coefficient between them. The summary table shows that the value of R is 0.886 which represent 88.6% of the correlation between New Opportunity, Advantages and Disadvantages of Technology, Technology Development, Future of Investing influence Investor Behavior. The squared value of the multiple correlation coefficient is the coefficient of determination, R Square. The value of R Square is 0.779 which indicate that 77.9% of the variation in dependent variable (Investor Behavior) can be explained by the variation in the independent variables such as: New Opportunity, Advantages and Disadvantages of Technology, Technology Development, Future of Investing. By the value of Adjusted R Square which is 0.779 (77.9%) means that the variation in dependent variable (Investor Behavioir) can be explained by the variation in the independent variables: New Opportunity, Advantages and Disadvantages of Technology, Technology Development, Future of Investing. Standard error of the regression, also known as the standard error of the estimate, measures the accuracy of prediction. The value of standard error is 0. 42753. ANOVA table are shows that the F = 132.683, p < 0.05. Therefore, the model is significant. Coefficientsa Model Unstandardized Coefficients B (Constant) 1 Std. Error -.335 .184 .177 .079 Technology Development .248 Future of Investing New Opportunity Advantages Disadvantages Technology and of Standardized Coefficients t Sig. Beta -1.817 .071 .111 2.248 .026 .078 .173 3.191 .002 .267 .084 .180 3.187 .002 .489 .036 .619 13.638 .000 a. Dependent Variable: Investor Behavior Table 13 Coefficients of the research variables The coefficient table shows the significance of each independent variables (New Opportunity, Advantages and Disadvantages of Technology, Technology Development, Future of Investing). In this table shows that the independent variables influence Investor Behavior beta value of β = 0.177, 0.248, 0.267, 0.489 respectively for Advantages and Disadvantages of Technology, Technology Development, Future of Investing, and New Opportunity. New Opportunity has high impact influence in Investor behavior as shown by Standardized beta coefficient value which is 0.619. The regression outcome describes the most accurate prediction of the dependent variable from a several independent variables. The coefficient: β of New Opportunity factors is 0.619 with a t value of 13.638 and significance value is 0.000. It has significant positive effect on Investor Behavior. ID = -ADT+ 0.248TD + 0. .267FI+ 0. 489 NO + ϵ Chapter 5: Discussion and Conclusion 5.1 Introduction This chapter presents the quantitative and qualitative analysis, accompanied by a discussion of the main findings interpreted in Chapter 4. In addition, the completed study's results will be concluded, including the influences and the level of influence of the following factors: Advantages and Disadvantages of Technology, Technology Development, Future of Investing, New Opportunity on Investor's Behavior. 5.2 Summary of the Hypothesis Testing Result Variables Hypothesis Results Advantages H0: Advantages and disadvantages of H0 is rejected, Significant and technology have a significant impact on H1 is accepted (Negative) disadvantages investor behavior. of technology H1: Advantages and disadvantages of technology does not have a significant impact on investor behavior. Technology H0: Technology development has a Fail to reject H0. development significant impact on investor behavior? H1 is Insignificant not (Negative) H2: Technology development does not supported. have a significant impact on investor behavior? Future investing of H0: There is significant impact between H0 is rejected, future of investing and investor behavior. H1 is accepted Significant (Positive) H3: There is no significant impact between future of investing and investor behavior. New H0: There is significant impact between H0 is rejected, Significant opportunity new opportunities in technology and H1 is accepted (Positive) investor behavior. H4: There is no significant impact between new opportunities in technology and investor behavior. Table 14 Hypothesis testing result 5.3 Discussion of Main Findings 5.3.1 Advantages and disadvantages of technology The result of the quantitative data shows that there is a significant positive relationship between the Advantages and disadvantages of Technology towards investor’s behaviors by 54.9%. Besides that, the result of the qualitative data by the statistic of the variable also supports this finding. When investing, investors will look in the company’s Advantage and disadvantages of technology to decide what is good or bad for the company. In addition, by the result of the statistics of the research questionnaire items, one fifth of interviewees showed low impact of decision making towards this factor. Investors will refer the recommendation by friends or family members before invest in a company as they can compare and contrast with their own decision. This result is in line with studies done by previous researchers. Investors are likely to invest companies where laws protecting outside investors are well enforced, and financial markets are both broader and more valuable (La Porta, 2000). Besides that, (RV Aguilera, 2006), (A Farooq, 2015), and (J Cohen, 2011) also found that corporate social responsibility has a significant positive effect on investor’s investment decision making. Thus, the hypothesis “Advantages and disadvantages of technology have a significant impact on investor behavior” is accepted. 5.3.2 Technology Development Similarly, in the Advantage and disadvantages of technology, the Technology Development has a significant positive relationship towards the investor’s behaviors by 60%. As well, the result of the qualitative data also supports this result by showing that the factor has moderate impact level in investor decision making. Furthermore, the answer of the respondents supports this idea, all of the responses showed moderate impact in the investor decision making. Furthermore, some researchers found also that Technology development helps investors as guidelines for their decision in stock exchange to develop better strategies and practical procedures (A. Abroud, 2015). Consequently, the hypothesis “H0: Technology development has a significant impact on investor behavior.” is accepted. 5.3.3 Future of investing Likewise, the Future of Investing has a significant positive relationship towards the investor’s behaviors by 67.7%. Furthermore, the result of the qualitative data also supports this result by showing that the factor has moderate impact level in investor decision making. The interviewees support this idea because five sixth of the responses showed moderate impact in the investor decision making. Consequently, the hypothesis “H0: There is significant impact between future of investing and investor behavior.” is accepted. 5.3.4 New opportunity New opportunity also has a significant positive connection with the investor’s behaviors by 81.6%. Furthermore, the result of the qualitative data also supports this result by showing that the factor has moderate impact level in investor decision making. The interviewees support this idea because one fourth of the results shows high impact in investor decision making and one fourth moderate. Consequently, the hypothesis “H0: There is significant impact between new opportunities in technology and investor behavior.” is accepted as well. The multiple regression prove as well that these factors have tight relationship with the Investor Behavior by 88.6%. References Abroud, A., Choong, Y.V., Muthaiyah, S. (2013). Adopting e-finance: decomposing the technology acceptance model for investors. Service Business 9, 161–182. Ancuta, P. (. (2015). Benefits And Drawbacks Of Online Trading Versus Traditional Trading. Educational Factors In Online Trading. Annals of Faculty of Economics,-. Bahar Shanjani, M. (2014). A Multi-Agent System with Negotiation Agents for E-Trading of Securities. 72. Bin. C., Shantanu. D. (2012). Internet Banking and Online Trading. 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