Modeling electronic service acceptance of an e‐securities trading system
| Published date | 25 September 2009 |
| Date | 25 September 2009 |
| DOI | https://doi.org/10.1108/02635570910991300 |
| Pages | 1069-1084 |
| Author | Siriluck Rotchanakitumnuai,Mark Speece |
| Subject Matter | Economics,Information & knowledge management,Management science & operations |
Modeling electronic service
acceptance of an e-securities
trading system
Siriluck Rotchanakitumnuai
Department of Management Information Systems,
Faculty of Commerce and Accountancy, Thammasat University,
Bangkok, Thailand, and
Mark Speece
Department of Business and Public Administration,
University of Alaska Southeast, Juneau, Alaska, USA
Abstract
Purpose – The purpose of this paper is to consider the technology acceptance model (TAM) in the
context of internet securities trading. It examines the antecedents of perceived usefulness and explores
the role of trust and attitude of securities investors toward usage. The behavioural intention of
investors to use the internet securities trading service is influenced by perceived usefulness, attitude
toward usage, and trust.
Design/methodology/approach – The paper uses survey research to explore the determinants in
the e-securities trading acceptance model.
Findings – The findings show five antecedents have a positive impact on perceived usefulness.
These are ease-of-use, information quality, accessibility, trust, and flow control of the securities
trading process. Respondents identify the highest benefit as the flow control of the securities trading
processes via the internet channel.
Practical implications – The results suggest that investors prefer to have the freedom to control
the details of the process when trading securities. In addition, trust is important for all levels of the
TAM process. Trust has a large impact which is mediated through both perceived usefulness and
attitude toward usage. There is a weaker direct impact on intention to use.
Originality/value – This paper includes a more comprehensive measurement of the antecedents of
perceived usefulness such as ease-of-use, information quality, accessibility, flow control, and trust. It
also demonstrates the importance of trust in explaining the psychological attitudes toward the service.
Keywords Internet, Securities, Trust, Electroniccommerce
Paper type Research paper
1. Introduction
Electronic service via a web channel is one of the options that many companies use to
provide service and support to customers. With many companies offering this service,
customers can gain more control and experience as e-service allows them to navigate
through different web sites to compare information before making any purchase. For a
specific supplier, e-services have a number of advantages, including a ver y high level
of convenience and personal control. However, despite the impressive benefits of the
web, customers mainly use the web to search for information rather than to conduct
financial transactions.
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/0263-5577.htm
E-securities
trading system
1069
Received 2 September 2008
Revised 28 November 2008
Accepted 17 June 2009
Industrial Management & Data
Systems
Vol. 109 No. 8, 2009
pp. 1069-1084
qEmerald Group Publishing Limited
0263-5577
DOI 10.1108/02635570910991300
In contrast to traditional commerce, electronic service via the web channel has some
disadvantages. For instance, many customers frequently mistrust the system security,
or mistrust suppliers with whom they have never had face-to-face contact
(Rotchanakitumnuai and Speece, 2004). In general, the role of trust is important for
success in electronic commerce (Gefen et al., 2003; Morgan and Hunt, 1994; Pavlou and
Gefen, 2004). Sometimes, service via the web channel cannot deliver on the promises
and does not build customer trust, such as when there are reliability problems of the
web system (Jones et al., 2000). Whatever the reasons, lack of trust reduces customer
acceptance of the service via the web channel (Kim and Tadisina, 2007). Securities
trading, one of the most information intensive and risk-prone financial services, is an
interesting case to analyze service innovation toward using the internet for securit ies
trading.
Many studies have applied technology acceptance model (TAM) to explain an
individual’s adoption and usage of computer tools and systems such as word
processing, spreadsheets, e-mail, voice mail, and intranet systems (Venkatesh et al.,
2003). This model lacks extensive validation for explaining electronic service
acceptance, although there have been some studies supporting the use of TAM in the
web context (Gefen et al., 2003; Lederer et al., 2000; Suh and Han, 2002). Research has
only very recently begun to examine the role of trust in TAM. These few studies
confirm its importance, and explicitly call for more extensive research on trust as an
element of the online TAM (McCloskey, 2006; McKechnie et al., 2006).
Only a limited amount of empirical research is available on the antecedents of TAM
constructs in the specific context of internet securities trading or other financial
services. Bhattacherjee (2000) applies the theory of planned behaviour to explain
electronic trading acceptance but does not explain much about the impact of the
antecedents of perceived usefulness or its impact. McKechnie et al. (2006) include
attitude towards use as part of TAM in the internet banking context, but did not
explicitly include trust. They conclude, however, that several of their constructs
implicitly require trust, and indicate that more explicit treatment of trust is necessary.
Extending the TAM model to electronic service acceptance constitutes an important
research issue because of the characteristics of electronic service, e.g. elements of web
design and user interface, types of information contained in the web site, and the
ability of the web-based service provider to implement electronic service successfully.
The understanding of the antecedents of electronic service acceptance will play a ma jor
role in implementing measures to increase user acceptance and usage in the uncertain
and risky environment of the internet financial services.
This study examines whether internet securities trading results in acceptance
among Thai investors of effective perceived ease-of-use, perceived usefulness and
trust. In 2003, the Stock Exchange of Thailand (SET) responded to the increasing
potential of web technologies in internet securities trading. Internet trading channels
can provide substantial benefits to investors (e.g. save time and lower transaction
costs). Srijumpa et al. (2007) note a slight majority of retail stock traders view internet
trading as good, and use it to an extent. Nevertheless, positive attitudes and some
usages have not yet translated into strong shift to the internet for most transactions.
Retail traders tend to perform simple, routine transactions sometimes, but not complex,
and frequently with not very high value.
IMDS
109,8
1070
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