Computers in Human Behavior 25 (2009) 1222–1230

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Computers in Human Behavior

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A decomposed theory of reasoned action to explain intention to use Internet

stock trading among Malaysian investors
T. Ramayah a,*, Kamel Rouibah b, M. Gopi a, Gary John Rangel c
a
Technology Management Lab, School of Management, Universiti Sains Malaysia, 11800 Minden, Penang, Malaysia
b
Department of Quantitative Methods and Information Systems, College of Business Administration, P.O. Box 5486, Safat 13055, Kuwait
c
Altera Corporation (M) Sdn. Bhd., Plot 6, Bayan Lepas Technoplex, Medan Bayan Lepas, 11900 Penang, Malaysia

a r t i c l e i n f o a b s t r a c t

Article history: This article studied factors influencing the intention to use Internet stock trading among investors in
Available online 3 August 2009 Malaysia. To achieve this objective, this study selected the decomposed theory of reasoned action as a
theoretical basis to explain variation in intention to use. Structured questionnaires were used to collect
Keywords: data from 144 current and potential investors who are aware of Internet stock trading in Malayisa. Find-
Decomposed theory of reasoned action ings show that attitude and subjective norm have a direct positive relationship towards behavioral inten-
Attitude tion to use Internet stock trading. Attitude was significantly influenced by perceived ease of use and
Subjective norm
perceived usefulness whereas subjective norm was significantly influenced by injunctive norm and
Perceived usefulness
Perceived ease of use
descriptive norm which were proposed as antecedents. In addition the results of the study could serve
Internet stock trading as a guideline for online stock broking organizations in understanding the factors and programs that need
to be initiated to increase online stock trading among current and potential retail investors. As not much
has been written on decomposed theory of reasoned action, particularly in Internet stock trading, this
study adds to the literature of understanding intention to use a technology in a developing country.
Ó 2009 Elsevier Ltd. All rights reserved.

1. Introduction
The proliferation of the Internet has radically transformed the
offering of online financial services by banks and financial firms.
The natural extension of e-commerce in the securities market is
Internet-based stock trading and securities services. Investors
would now be able to acquire or sell shares or stocks from any-
where by just using Internet-based order submission protocols.
Real-time stock prices and monitoring, portfolio management, var-
ious kinds of financial planning, and information which is available
24-h a day are just but a few services that can be accessed by using
a Web-based interface. Internet stock trading is one of the fastest
growing e-finance areas, with South Korea being the current leader
not only Asia but possibily worldwide with up to 60% of trades con-
ducted online (Lee & Ho, 2002).
Online stock trading was embraced in Malaysia in 1995, where-
by the Kuala Lumpur Stock Exchange or currently known as Bursa
Malaysia launched the Electronic Client Ordering System. This is an
electronic means for stock broking firms to route orders from cli-
ents through proprietary or open system to the Malaysian stock ex-
change. A proprietary system is a system whereby the users can
dial up into the stockbroker’s intranet to convey the transactions
* Corresponding author. Tel.: +60 46533889; fax: +60 46577448.
E-mail address: ramayah@usm.my (T. Ramayah).
URL: http://www.ramayah.com.
that need to be done. However the concept of online trading has
not been well received as there were only few stock broking firms
that offered online trading services.
Online stock trading in Malaysia is not an open system as that is
being practiced in foreign countries such as Singapore. Online stock
trading in Malaysia can only be done through remisiers. Unlike
most countries that provide online stock trading, in Malaysia, or-
ders that are keyed in are not conveyed directly to the exchanges
but goes through a broker’s front-end system.
Although online stock trading has been available in Malaysia for
more than a decade, it has not yet taken off in a big way among lo-
cal retail investors. In a recent report (Sani, 2005), only 2% of the
total retail securities traded on the Malaysian Stock Exchange
comes through the Internet. This is a poor comparison with other
countries in the Asia Pacific region such as South Korea and Japan
where the Internet stock trading constitutes around 80% of the to-
tal retail securities trades. When compared to our closest neigh-
bors, namely Singapore and Hong Kong, total turnover on their
respective stock exchange done online is higher at around 8–10%.
Previous research have studied online stock trading using two
approaches. The first one focused on cross-sectional data in which
investors’ investment characteristics and psychological makeup
were examined after their adoption of online trading. There is a
weakness in this approach since it is plausible that investors
change their investment behavior and psychology in response to
the new environment of online trading. For example, as a result

0747-5632/$ - see front matter Ó 2009 Elsevier Ltd. All rights reserved.
doi:10.1016/j.chb.2009.06.007
 T. Ramayah et al. / Computers in Human Behavior 25 (2009) 1222–1230 1223

of going on-line, it may increase investors’ propensity to trade. This
may result in investors’ profit decline triggering a change to their
investment risk propensity. Thus, it is difficult to tell which factors
cause investors to adopt online trading, or whether the resultant
experience in online trading alters investors’ behavior and psychol-
ogy. The second approach focuses on investors’ intention to adopt
online trading (Li, Lee, & Cude, 2002).
This study integrates these two different approaches of adop-
tion factors by grouping these two groups (those who have experi-
enced online trading and those who have not) as a single entity.
This approach is based on the following assumption: both groups
have the same level of perceived risk in intention to adopt online
trading. This study focuses on examining and identifying the fac-
tors that influence investor’s intention to use the online stock trad-
ing based on an extended version of the Theory of Reasoned Action
(TRA) (Fishbein & Ajzen, 1975). Unlike past studies that focused so-
lely on individual internal motives (in term of usefulness and ease
of use, derived from the Technology Acceptance Model), this study
is conducted with the purpose to: (i) study a new technology that
has received less attention in Malaysia (Internet stock trading); (ii)
study the potential impact/role played by culture to increase the
intention to adopt this new technology, and (iii) assess the applica-
bility of an extension Theory of Reasoned Action (TRA) model. Cul-
ture is studied through the social norms and attitudinal variables,
derived from the TRA. According to the four dimensions of culture
by Hofstede G. (2009), Malaysia is a collectivist culture compared
to Western society. In collectivist cultures, social norms are highly
valued and are expected to play an important role. Hence, social
norms need to be decomposed in order to get more insight about
the researched phenomena.
This study is useful since it will suggest guidelines for online
stock broking organizations in understanding the cultural factors
that encourage and increase online stock trading adoption among
current and potential retail investors and provide strategies on
how to increase the adoption in a collectivist culture.
Background of the research model and the generation of
hypotheses will be discussed in next section. Section 3 describes
the employed research methodology. Section 4 presents results
and discussion. The last section concludes the research and points
to relevant implications useful to both practice and research.
2. Literature review
2.1. Literature review related to Internet stock trading
Ecommerce is defined as the process of buying and selling over
the Internet. The process entail a variety of online transactions
such as electronic retailing, online banking, electronic tourism,
and Internet stock trading. While ecommerce received lot of atten-
tion in developed countries, it has remained sparse in developing
countries. A complete literature review about the issue can be
found in Rouibah, Khalil, and Hassanien (2009). While ecommerce
received less attention, studies that focused on Internet stock mar-
ket are almost lacking, except for a few (Gopi & Ramayah, 2007;
Lee & Ho, 2002). Most past studies focused on Internet banking
(Chan & Lu, 2004; Rouibah, Ramayah, & May, 2009; Shih & Fang,
2004; Wang, Wang, Lin, & Tang, 2003), Internet brokerage (Bhatt-
acherjee, 2000); electronic retailing (Athiyaman, 2002; Chen, Gil-
lenson, & Sherrel, 2002; Choi, Laibson, & Metrick, 2002; Eri,
2004; Gefen, Karahanna, & Straub, 2003; Li et al., 2002; Ma’ruf,
Mohamad, & Ramayah, 2003; Vijayasarathy, 2004; Grandon, 2005).
Other studies focused on different non Internet technologies
such as wireless devices (Lu, Yu, Liu, & Yao, 2003); gambling
(Ramayah, Noor, Nasurdin, & Hasan, 2003a); computer centers
(Taylor & Todd, 1995), general information systems (Venkatesh &
Davis, 2000; Venkatesh & Morris, 2000), and supply chain manage-
ment (Ramayah, Sarkawi, & Choong, 2003b). A short summary of
related articles are presented in Table 1.
2.2. Theories on technology adoption
Adoption of new technologies has been extensively researched
across disciplines from marketing to information system manage-
ment to communication and psychology. A variety of models that

Table 1
Some review of literature in different technology adoption.

Author(s) Research Study Instrument/models Analysis Key finding(s)

setting(s) sample(s)
Gopi and Malaysia Individual Theory of planned Regression analysis Findings show that attitude, subjective norm, and perceived behavioral control have a
Ramayah investors behavior direct positive relationship towards behavioral intention to use Internet stock
(2007) trading. The theory of planned behavior can be used to explain variation in behavioral
intention and actual usage

Guriting and Malaysia Individual TAM Factor analysis, Perceived usefulness and perceived ease of use are strong determinants of behavioral
Ndubisi bank reliability and intention to adopt online banking. Also an indirect effect of computer self-efficacy
(2006) customers regression analysis and prior general computing experience on behavioral intention through perceived
usefulness and perceived ease of use
Chan and Lu Hong Individual TAM2 Structural equation Subjective norm and computer self efficacy indirectly play a significant roles in
(2004) Kong bank modeling influencing the intention to adopt Internet Banking. Perceived ease of use has a
customers significant indirect effect on intention to adopt through perceived usefulness and also
a direct effect on intention
Shih and Fang Taiwan Individual TPB, decomposed Structural equation TRA and TPB both provided a comparable fit. Attitude and perceived behavioral
(2004) bank TPB and TRA modeling control was significant predictor of intention to adopt whereas subjective norm was
customers not although normative influence significantly influenced subjective norm. Relative
advantage and complexity were significant predictors of attitude while self efficacy
was a significant predictor of perceived behavioral control
Lee and Ho Singapore Individual Decomposed Structural equation Results show that attitude and social factors significantly influence investor’s
(2002) investors theory of planned modeling intention towards adopting Internet stock trading
behavior
Athiyaman Australia Individual TPB Path analysis Attitude, social factors and perceived behavioral control were all significantly
(2002) customers correlated with intention to purchase ticket online
Bhattacherjee USA Electronic Decomposed TPB Structural equation TPB was found to be useful in explaining acceptance. Based on a broader
(2000) brokerage modeling conceptualization of TPB’s subjective norm to include both external (mass-media)
adopters and interpersonal influences, subjective norm was an important predictor of
acceptance, behavioral control has minimal impact on acceptance, and external
influence is a significant determinant of subjective norm
1224 T. Ramayah et al. / Computers in Human Behavior 25 (2009) 1222–1230
include attitudinal, social, and control factors have been proposed
to explain IT usage. Each has contributed with different theories,
but all are aimed at exploring and explaining how users perceive,
adopt, and consume IT. Marketing scholars have predominantly
built on Rogers’ (1983) diffusion of innovation theory to under-
stand how innovation diffuses and is incorporated into the market-
place. Information System scholars have concentrated research
using Davis’ (1989) Technology Acceptance Model (TAM) to mea-
sure, explain, and predict how technologies are used in an organi-
zational environment. From TAM, numerous developmental
theories including TAM version 2 (Venkatesh & Davis, 2000), Uni-
fied Theory of Acceptance, and Use of Technology (Venkatesh, Mor-
ris, & Davis, 2003) have surfaced, further explaining, the process of
technology usage. Communication scholars have utilized the Uses
and Gratifications perspective (Katz, 1959) to understand the con-
ditions and technological characteristics that promote continued
technology usage. Psychologists have similarly incorporated Uses
and Gratifications and extensively adapted the Theory of Reasoned
Action – TRA (Fishbein & Ajzen, 1975) to explain user’s choices and
actual usage of technology. Finally, variations of the Theory of
Planned Behavior (TPB) have been developed by psychologists to
account for conditions where individuals have no control over their
behavior in using technology (Taylor & Todd, 1995).
This study used the Theory of Reasoned Action (TRA) (Fishbein
& Ajzen, 1975) as the theory basis for this research for two main
reasons: first, it received less attention than TAM and the number
of related TAM papers is more significant than those of TRA. Sec-
ond, since the paper focuses on intention to use online stock trad-
ing, we believe that culture in term of attitudinal and social
variables will play a significant role toward adoption as Malaysia
is a collectivist culture. Unlike the individualism of the West,
Malaysia exhibits a collectivist culture where social norms are val-
ued and individual actions are influenced by the group to whom
one identifies himself/herself to, or who are important to him/
her or those who would think he/she should do a specific behavior.
These groups include important members such as friends and fam-
ily members. We believe the extension of TRA will contribute by
shedding more light on the factors affecting online stock trading
and contribute to highlight the effect of culture on technology
adoption.
2.3. Theory of Reasoned Action (TRA)
The TRA was introduced by Fishbein and Ajzen (1975) in order
to understand behavioral intention. In TRA, the behavior intention
of performing a particular behavior is determined by a personal
factor and a social factor (Fishbein & Ajzen, 1975). The personal
factor is represented by attitude towards the behavior and the so-
cial factor is represented by subjective norm (Fishbein & Ajzen,
1975). The TRA model developed by Fishbein and Ajzen (1975) is
shown in Fig. 1. TRA has been used as the basis to test several
technologies spanning a variety of subject areas, including MS
Word processing (Davis, Bagozzi, & Warshaw, 1989), e-commerce
(Grandon, 2005), and e-banking (Rouibah et al., 2009; Shih & Fang,
2004).
Attitude
Behavioral Usage
Intention Behavior
Subjective
Norm
Fig. 1. Theory of reasoned action (from Fishbein & Ajzen, 1975).
2.4. Theory of Planned Behavior (TPB)
Grounded in social psychology, TPB is a general model that has
been applied in many diverse domains. TPB is an extension of the
TRA (Ajzen, 1991; Fishbein & Ajzen, 1975), due to the limitation of
TRA to deal with behavior over which individuals have incomplete
volitional control (Ajzen, 1991). According to TPB, people’s actions
are determined by their intentions, which are influenced by their
perceived behavioral control, besides attitude, and subjective norm.
Perceived behavioral control refers to the perception of internal
and external resource constraints on performing the behavior. Con-
trol beliefs reflect the perceived difficulty (or ease) with which the
behavior may be affected and perceived facility acts as an impor-
tant weighting (Ajzen, 1991). TPB was applied to study several
new information technologies including but not limited to: Com-
puting resource center (Taylor & Todd, 1995), e-commerce (Gran-
don, 2005), and Internet banking (Rouibah et al., 2009; Shih &
Fang, 2004). Later, other variations of TPB were proposed such as
the decomposed theory of planned behavior (Taylor & Todd,
1995). This theory merges three models: TRA, TPB and TAM. For
a literature review about theories related to technology accep-
tance, we refer the readers to Rouibah et al. (2009).
2.5. Technology Acceptance Model (TAM)
Based on the TRA, Davis (1989), developed the TAM model. It
states that an individual’s system usage is determined by behav-
ioral intention, which, in turn, is determined by his attitude toward
the behavior, and this in turn is determined by two beliefs: per-
ceived usefulness (noted PU) and perceived ease of use (noted
PEOU). PU refers to the extent to which a person believes that
using the system will improve his or her job performance. PEOU re-
fers to the extent to which a person believes that using the system
will be free of effort. Many studies applied TAM to a variety of tech-
nologies: university computing resource center (Taylor & Todd,
1995), e-banking (Suh & Han, 2002; Rouibah et al., 2009). Recently,
numerous investigators have modified the initial TAM (e.g.
Venkatesh & Davis, 2000; Venkatesh et al., 2003).
2.6. Theoretical framework and hypotheses
The model developed for this research is a decomposed theory
of reasoned action. This decomposition is in line with a previous
study conducted by Taylor and Todd (1995). The two authors ar-
gued that by decomposition of the independent determinants into
multi-dimensional belief structures, clearer relationship and better
understanding are achieved between independent variable (belief
structure) and the dependent variable (intention). Furthermore, a
single component of belief structure could not represent the mul-
titude and multi-dimensional characteristic belief structure
(Shimp & Kavas, 1984). Decomposing the belief structures is useful
since it allows for specific factor to be controlled and subsequently
influence adoption and usage (Taylor & Todd, 1995). The proposed
research model is a combination of TRA (henceforth referred to
DTRA) and the decomposed of theory of planned behavior. The
DTRA (see Fig. 2) decomposes attitude into perceived usefulness
and perceived ease of use while subjective norm is decomposed
into injunctive norm and descriptive norm, which will be described
next.
2.6.1. Subjective norm
Subjective norm is an important component of TRA (Fishbein &
Ajzen, 1975). It consists of the pressure or influence on the individ-
ual to conform to the expectation of the social environment
(Fishbein & Ajzen, 1975). Subjective norm is defined as an individ-
uals subjective evaluation that the performance of the behavior in
 T. Ramayah et al. / Computers in Human Behavior 25 (2009) 1222–1230
Perceived
Usefulness
Attitude
Perceived Ease
of Use
Behavioral
Intention
Injunctive
Norm
Subjective
Norm
Descriptive
Norm
Fig. 2. The proposed research model.
question is approved or disapproved by most people who are
important to him or her (Ajzen, 1991; Fishbein & Ajzen, 1975).
According to Fishbein and Ajzen (1975) subjective norm is a func-
tion of the perceived expectation by individual or group who are
important to the person and by the persons’ motivation to comply
with the expectations (Fishbein & Ajzen, 1975; Taylor & Todd,
1995). The influence and pressure from the social environment is
increased if the performance of the particular behavior could lead
to reward or punishment by the given referent group or individuals
(Fishbein & Ajzen, 1975).
The influence of subjective norm on behavioral intention is con-
flicting. Davis et al. (1989), Mathieson (1991), Chau and Hu (2001),
and Lewis, Agarwal, and Sambamurthy (2003) found subjective
norm to be insignificant towards behavioral intention. However,
Taylor and Todd (1995), Venkatesh and Davis (2000), Ramayah,
Nasurdin, Noor, and Beng (2002), Ramayah et al. (2003a, 2003b),
Ma’ruf et al. (2003), Ramayah, Noor, Nasurdin, and Sin (2004), Eri
(2004), Chan and Lu (2004), Ramayah, Ling, Norazah, and Ibrahim
(2005), May (2005), Athiyaman (2002), and Gopi and Ramayah
(2007) found that subjective norm has a positive direct relation-
ship towards behavioral intention. Hence the proposed hypothesis
is:
H1: Subjective norm will be positively related to intention to
use Internet stock trading.
2.6.2. Social factors
With regard to subjective norm, due to canceling out effect be-
tween the referent groups, a monolithic normative structure may
show no relation between subjective norm toward intention
(Taylor & Todd, 1995). Due to divergence of opinions within the
referent group, the decomposition of subjective norm is very
essential (Taylor & Todd, 1995). Researchers have decomposed
subjective norm mainly into peers and superiors (Taylor & Todd,
1995), spouse, family other than spouse and family and friends
(Shimp & Kavas, 1984).
Based on the definition and the measures of Fishbein and Ajzen
(1975), subjective norm seems to be analogous to injunctive social
norm (Rivis & Sheeran, 2003a, 2003b). Injunctive norm refers to
normative influences in which a behavior is approved by others
whereas descriptive norm refers to normative influences in which
a behavior is typically performed by others (Cialdini, Reno, &
Kallgren, 1990). Researchers have classified both injunctive and
descriptive norm as components of subjective norm; and both
are subject to pressure and control from the social group (Hagger
1225
& Chatzisarantis, 2005; Rhodes & Courneya, 2003). Hence the pro-
posed hypotheses are:
H1a: Social factor (injunctive norm) is positively related to sub-
jective norm.
H1b: Social factor (descriptive norm) is positively related to
subjective norm.
2.6.3. Attitude
In TRA, attitude is an important variable that predicts direclty
behavioral intention and indireclty the behavior (Fishbein & Ajzen,
1975). Fishbein and Ajzen (1975) classified attitude into attitude to-
wards object and attitude towards specific behavior. In the TRA,
attitude towards object is the function of the individuals belief to-
wards the object and the individuals implicit evaluation of the be-
liefs he/she holds (Fishbein & Ajzen, 1975). Meanwhile attitude
towards behavior is the function of perceived consequences of per-
forming the behavior of interest and the subjective evaluation of
the individuals towards the consequences (Fishbein & Ajzen, 1975).
The more recent definition of attitude given by Ajzen and Fish-
bein (2000), is the degree of an individuals positive and negative
feeling towards the particular object or towards the intention of
performing the particular behavior. In the domain of Internet stock
trading, the more favorable is the attitude towards computer and
World Wide Web (attitude towards object) the more favorable will
be the attitude towards performing online stock transaction (atti-
tudes towards behavior) the more likely is the behavioral intention
and thus performance of the behavior.
Studies have proven significant direct relationship of attitudes
towards behaviorial intention (Athiyaman, 2002; Davis et al.,
1989; Gopi & Ramayah, 2007; Lu et al., 2003; Mathieson, 1991;
Ma’ruf et al., 2003; May, 2005; Ramayah et al., 2002, 2003a,
2003b, 2004; Rhodes & Courneya, 2003; Shih & Fang, 2004; Taylor
& Todd, 1995; Eri, 2004). Hence the proposed hypothesis is:
H2: Attitude towards using Internet stock trading will be posi-
tively related to intention to use.
2.6.4. Perceived usefulness
Perceived usefulness is defined as a person’s subjective evalua-
tion of the extent of using a system would enhance the individual’s
job performance (Davis et al., 1989). In the context of online stock
trading, perceived usefulness would be the degree to which an
individual views Internet stock trading as offering more advanta-
ges over previous way of performing stock trading transactions
(Chan & Lu, 2004).
Perceived usefulness has been proven to be antecedents of atti-
tude (Chau & Hu, 2001; Davis, 1989; Eri & Ramayah, 2005; Lee &
Ho, 2002; Mahmood, Dahlan, Ramayah, Karia, & Hasmi, 2005; Mat-
hieson, 1991; Ramayah et al., 2003a, 2003b; Shih & Fang, 2004;
Taylor & Todd, 1995). Positive attitude could be established as
there are many advantages of doing Internet stock trading. In the
context of Internet stock trading, 24-h access on investment re-
ports and advice, and convenience would give an individual rela-
tive advantage compared to traditional way of doing stock
trading through face to face contact in the stock market. Thus
the hypothesis formulated is as follows:
H2a: Perceived usefulness will be positively related to attitude
towards using Internet stock trading.
2.6.5. Perceived ease of use
Perceived ease of use is defined as the expectation by an indi-
vidual of the degree to which the target system will be free from
effort (Davis, 1989). In Internet stock trading field, perceived ease
of use would be the degree to which Internet stock trading would
be perceived as easy to understand, learn, and use (Chan & Lu,
2004). The less the effort that is required to operate a system,
the more it can lead to increase in job performance by regular
1226 T. Ramayah et al. / Computers in Human Behavior 25 (2009) 1222–1230

use of the system (Davis, 1989; Venkatesh & Davis, 2000). Also
with less complexity in operating a system, positive attitude could
be developed subsequently towards intention and behavior.
Researchers have proven perceived ease of use to have a direct
relationship towards attitude (Bhattacherjee, 2000; Chen et al.,
2002; Davis, 1989; Mahmood, Dahlan, Ramayah, Karia, & Hasmi,
2005; Mathieson, 1991; Ramayah et al., 2003a, 2003b; Taylor &
Todd, 1995). Hence the following hypothesis is formulated:
H2b: Perceived ease of use will be positively related to attitude
towards using Internet stock trading.
2.6.6. Behavioral intention to use
Many researchers have proven that intention to use is a close
antecedent of willful behavior, and there is high correlation between
willful behavior and intention (Ajzen, 1985). Intention to use is the
perception of individuals that a particular behavior will be per-
formed (Fishbein & Ajzen, 1975). Thus, a specific behavior is per-
formed, an individual will form intention, which is assumed to
capture the motivational factors that exert the degree of impact on
the behavior (Ajzen, 1985). Most existing theories of adoption use
intention as an antecedent of behavior. This is the case of TRA model
(Fishbein & Ajzen, 1975), TPB (Theory of Planned Behavior) (Ajzen,
1991), decomposition of TPB (Taylor & Todd, 1995), integrated TPB
(Chau & Hu, 2001), and TAM (Davis, 1986, 1989; Davis et al., 1989).
3. Methodology
3.1. Sample and procedure
A structured questionnaire using 7-point Likert type scale was
employed to gather data for the constructs proposed in the re-
search model. This study target two groups: individuals in Malay-
sia who have conducted trading, i.e. those who buy and sell of
stocks for personal investment, as well as those who are aware
of Internet stock trading in the Bursa Saham Malaysia. The research
site for this study is brokerage houses in Penang. This is a cross-
sectional study for which data was gathered once over a period
of 3 weeks at the end of 2006 to beginning of 2007. A total of
150 responses were obtained from 300 questionnaires. From the
150, 6 were discarded due to incomplete data giving the final re-
sponse rate of 48%.
3.2. Variables and measurement
All instruments were adapted from various literature and were
modified for the adaptation to the Internet stock trading context.
The dependent variable, behavioral intention was measured using
four items derived from Shih and Fang (2004). Three items for atti-
tude and six subjective norm items were also derived from Shih

Table 2
Factor and reliability analysis.

Items Loading Commonality Alpha

F1 – attitude towards behavior
Factor and reliability analysis (antecedents of behavioral intention)
I feel using Internet stock trading is a wise idea 0.917 0.913
I feel using Internet stock trading is a good idea 0.922 0.926
I like to use Internet stock trading 0.716 0.779
(Eigenvalue = 1.024; Variance = 11.378%) 0.9265
F2 – subjective Norm
Most people who are important to me would think that using the Internet stock trading is a wise idea 0.664 0.728
Most people who are important to me would think I should use Internet stock trading 0.83 0.836
My family who are important to me would think that using the Internet stock trading is a wise idea 0.867 0.856
My family who are important to me would think that using the Internet stock trading is a good idea 0.898 0.895
My family who are important to me would think I should use Internet stock trading 0.889 0.859
(Eigenvalue = 6.511; Variance = 72.341%) 0.9449
Total variance = 83.719%

Factor and reliability analysis (antecedents of attitude)

F1a – perceived usefulness
Using Internet stock trading system would save time 0.778 0.72
Using the Internet stock trading system would improve my performance in conducting stock trading transaction 0.851 0.843
Using Internet stock trading system make it easier for me to conduct stock trading transaction 0.785 0.885
I would find the Internet stock trading system useful in conducting my stock trading transaction 0.797 0.87
(Eigenvalue = 6.176; Variance = 77.20%) 0.931
F1b – perceived ease of use
Learning to use the Internet stock trading system is easy for me 0.778 0.86
It would be easy for me to become skillful at using Internet stock trading system 0.84 0.871
I would find the Internet stock trading systems easy to use 0.877 0.894
(Eigenvalue = 0.572; Variance = 7.148%)
Total variance = 84.348% 0.9287

Factor and reliability analysis (antecedents of subjective norm)

F2a – descriptive norm
Most of my friends are using Internet stock trading system 0.882 0.83
Most of my family members are using Internet stock trading system 0.851 0.822
Most of my co-workers are using Internet stock trading system 0.824 0.799
Most people I know are using Internet stock trading system 0.871 0.88
(Eigenvalue = 1.221; Variance = 15.257%) 0.932
F2b – injunctive norm
Most people in my social network would want me to use Internet stock trading 0.824 0.827
Most people in my social network would approve if I use Internet stock trading 0.861 0.833
Most people who are important to me would want me to use Internet stock trading 0.864 0.877
Most people who are important to me would approve if I use Internet stock trading 0.906 0.87
(Eigenvalue = 5.518; Variance = 68.978) 0.9397
Total variance = 84.234%
 T. Ramayah et al. / Computers in Human Behavior 25 (2009) 1222–1230
and Fang (2004). Four items for injunctive norms and four items for
descriptive norm were derived from Rhodes and Courneya (2003)
and Hagger and Chatzisarantis (2005). Four items of perceived use-
fulness and four items perceived ease of use were derived from
Shih and Fang (2004). Responses were measured using 7-point Lik-
ert type scale anchored by ‘‘strongly disagree” (1) to ‘‘strongly
agree” (7) with ‘‘neutral” (4) as middle point.
3.3. Analysis and result
The respondents comprised mainly of male, 93 respondents
(64.6%) and 51 females (35.4%). The ethnicity distribution of the
respondents is Chinese, 122 respondents representing 84.7%, Ma-
lay representation of 6.3% and Indian and other races representa-
tion of 9.0%. The ethnicity distribution of the respondents
correlates with the data from the remisiers who indicated that
the distribution of investors are 80% Chinese, and the balance
20% represented by Malay, Indian, other races and foreigners. This
data is obtained through informal interview as the data is seen as a
very sensitive issue by the Malaysian government. The mean (aver-
age) age of the respondents is 39.2 years with standard deviation of
9.95 years. In the educational level analysis, bachelor degree hold-
ers comprise of 71 (49.3%) respondents, diploma holders and sec-
ondary school leavers with 28 (19.4%) respondents each and
master degree holders and higher with 13 (9%) respondents. In
terms of income level, most were earning $450 to $850 per month
with a total of 47%. Most of the respondents are attached to the pri-
vate sector (73.6%), government sector were 7.6%, and the rest
18.8% were those who are self employed or retirees.
In the Internet usage analysis, 89.6% of the respondents are
owners of personal computers and 10.4% of respondents do not
own personal computer. In analysis about the awareness of Inter-
net stock trading, all of the respondents are aware of Internet stock
trading. Although there is a high percentage in terms of awareness,
only 34.7% of the respondents are users of Internet stock trading
systems meanwhile 65.30% are not users of Internet stock trading
system. Internet stock trading usage in a month averaged about 4.3
times with standard deviation of 17.47 times. As for the number of
transaction made per time of usage the mean was 1.3 transactions
with standard deviation of 4.56 transactions.
3.4. Goodness of measure
Factor analysis using the principal component analysis and an
orthogonal rotation was conducted on the independent variables.
During the factor analysis, factors with eigenvalue of less than
one would be rejected and factors with eigenvalue of more than
one would be retained for further analysis (Hair, Anderson, Ta-
tham, & Black, 1998). A two stage rule was employed, first the
loading of 0.30 was used as a minimum cutoff point and second,
the factor is clearly loaded in one factor alone (Nunnally, 1978).
To avoid the problem of cross loading, if the differences of loadings
of any item across factors was less than 0.10, then the items will be
deleted (Snell & Dean, 1992).
To measure the internal consistency of the items in the survey
instrument, reliability test using Cronbach’s alpha was conducted
on all the independent and dependent variable. The internal con-
sistency is measured by value of Cronbach’s alpha and in an explor-
atory study, 0.50 is deemed as an acceptable level. Results of the
factor and reliability analysis are presented in Table 2. These re-
sults have been generated after two items were eliminated. One
is related to attitude and another to perceived ease of use. These
two items did not satisfy the minimum cut-off value specified by
Hair et al. (1998).
The first factor analysis was conducted on items that form atti-
tude and subjective norm. From the 9 items, 8 items were loaded
1227
on 2 factors in the first factor analysis. Five items that forms sub-
jective norm were loaded in factor 1 with a total variance of
72.341% and 3 items from attitude were loaded on factor 2 with
a total variance of 11.378%. A second factor analysis was conducted
for items for perceived usefulness and perceived ease of use. Out of
the eight items from perceived usefulness and perceived ease of
use, seven items were loaded on two factors with a total variance
explained of 84.34%. The first factor, perceived usefulness was
loaded in factor one with a total variance of 77.20% and the second
factor, perceived ease of use was loaded in factor 2 with a total var-
iance of 7.148%. The third factor analysis was conducted on items
from injunctive and descriptive norm. All eight items were loaded
on two factor with injunctive norm on the first factor with the var-
iance 68.978% and items from descriptive norm on factor two with
variance of 15.257%. Furthermore all the factors Cronbach’s alpha
values were more than 0.90 indicating excellent reliability.
Before proceeding to the hypotheses testing, we tested our no-
tion that ‘‘both groups (current users and non users) have the same
level of perceived risk”. An indpendent t-test was conducted to test
whether the users and non users had different perception of risk.
The results showed that there was no statistical difference in the
mean perceived risk of both groups. Further to that we tested the
other major variables also using the same method and found that
some variables were statistically significant but a further review
of the effect size revealed that the effect was small. Effect size is
to test if the statistical differences found is truly sufficient and
not by chance. Although sometimes the difference is significant,
it may be because of the large sample size where very small differ-
ences will be significant. Effect size calculates the strength of the
association which indicates the relative magnitude of the differ-
ences between means. Tabachnick and Fidell (1996, p. 53) de-
scribed this as ‘‘amount of total variance that is predictable from
the knowledge of the levels of the independent variable”. We used
one of the common measures of effect size which is eta squared.
Eta squared represents the proportion of variance of the dependent
variable that is explained by the independent variable (Pallant,
2001). To interpret the strength we can follow the guidelines of
Cohen (1988) which is as follows, 0.01 (small effect size), 0.06
(moderate effect) and 0.14 (large effect size). Thus, we proceeded
to the analysis section by combining the 2 groups of users.
4. Research findings
After the factor analysis, multiple regression analysis were car-
ried to determine the relationship between the independent and
the dependent variable of the model. For this purpose, three stage
regressions were run successively for attitude, subjective norms,
and behavioral intention BI.
4.1. Predicting intention to use of Internet stock trading
Results of Table 3 show that the model is fit as the model is sig-
nificant (p < 0.01) with an F value of 79.128. It also shows that the
52.2% of the variations in behavioral intention to use Internet stock
trading is explained by attitude and subjective norm. Results also
show that hypotheses 1 (subjective norm is positively related to
behavior intention) and hypotheses 2 (attitude is positively related
to intention) was accepted at the significance level of p < 0.01.
4.2. Predicting atittude toward the use of Internet stock trading
Table 3 shows that the model is fit as the model is significant at
p < 0.01, with an F value of 67.500. 48.2% of the variation in atti-
tude is explained by perceived usefulness and perceived ease of
use. Thus, hypotheses 2a and 2b are well supported at p < 0.01.
1228 T. Ramayah et al. / Computers in Human Behavior 25 (2009) 1222–1230
Table 3
Results of multiple regression analysis.
R2 b F
Regression results explaining intention to use
1. Attitude–behavioral intention 52.2% .477**
2. Subjective norms–behavioral intention .302**
Regression results explaining attitude
3. Perceived usefulness – attitude 48.20% .423**
4. Perceived ease of use – attitude .304**
Regression results explaining subjective norms
5. Injunctive norms – subjective norms 49.60% .419**
6. Descriptive norms – subjective norms .362**
p < 0.05.
**
p < 0.01.
4.3. Predicting subjective norm toward the use of Internet stock
trading
Table 3 shows also that the model is fit as the model is signifi-
cant at p < 0.01, with an F value of 71.357. 49.6% of variation in
subjective norm is explained by both injunctive and descriptive
norm. The two tested hypotheses 1a and 1b are well supported
with p < 0.01.
5. Discussion
This study has shown that attitude towards behavior and sub-
jective norm have a direct significant positive relationship with
behavioral intention to use Internet stock trading. The direct posi-
tive relationship of attitude and subjective norm is in line with
prior research conducted by Fishbein and Ajzen (1975), Taylor
and Todd (1995), Mathieson (1991), Bhattacherjee (2000), Ajzen
(1991), Ajzen (2002), Ramayah et al. (2002), Ma’ruf et al. (2003),
Eri (2004), May (2005), Athiyaman (2002), and Gopi and Ramayah
(2007). From the study it can be concluded that intention to use
Internet stock trading could be enhanced by stimulating favorable
attitude and social pressure.
Attitude was shown to have a higher beta value compared to
subjective norm. This is in line with most of the research done
on intention based model. To stimulate behavioral intention, a
favorable attitude needs to be formed. The more favorable is the
attitude, the stronger is the behavioral intention, and the more
likely is the performance of the behavior.
The decomposed variable of subjective norm, descriptive norm
and injunctive norm have a direct positive relationship towards
subjective norm. This finding is consistent with those of Rhodes
and Courneya (2003) and Hagger and Chatzisarantis (2005). Even
though 90% of the respondents owned a PC, only 35% of them are
Internet stock trading users, leaving 65% as non-users of Internet
stock trading systems at the present time. It could be inferred, that
the non-users could be influenced by those who are important to
them into using Internet stock trading. Furthermore social pressure
could be heightened by the users, by introducing the non-users to-
wards Internet stock trading.
The decomposed variable, perceived usefulness and perceived
ease of use showed significant positive relationship towards atti-
tude. Perceived usefulness is seen as the most significant factor
in determining the attitude towards using Internet stock trading
compared to perceived ease of use. This is in line with research
conducted by Davis et al. (1989), Mathieson (1991), Taylor and
Todd (1995), Chau and Hu (2001), Lee and Ho (2002), Shih and
Fang (2004), and Yulihasri and Ramayah (2005). It could be in-
ferred, a persons attitude towards an object would be favorable if
the individual perceived usefulness of using the technology is high.
Perceived ease of use is the variable that reinforces the favorable-
ness of attitude towards the object. Even though the first impres-
sion of individuals is to look for the relative advantage of the
new system, during the usage trial, perceived ease of use of the
system would increase the relative advantage/perceived useful-
79.128** ness and thus attitude would become more favorable.
5.1. Managerial implications
67.50**
Results of this study contribute to advance and guide manage-
ment relate to Internet stock trading from a number of ways. First,
71.35** the article makes a contribution to this field by providing insights
on the factors that seem to affect Internet stock trading future
adoption. It also sheds light on factors that might drive or inhibit
e-commerce initiatives in a developing country. This study may
help companies willing to penetrate the Malaysian market for
ecommerce or new technology adoption. Second, the results of
the study provide managers with guidelines on how to orient their
marketing efforts in order to advertise Internet stock trading and
how they can better change the current situation by promoting po-
sitive attitudes towards the technology and its future adoption.
Third, the study suggests companies offering Internet stock trading
help potential users adopt a favorable attitude. These are related to
positive perceptions like, wise and good participant feelings of
Internet stock trading. These may be increased through the usage
of social norms and by focusing on the two variables which are
injunctive norm and descriptive norms. Malaysia a collectivist cul-
ture compared to the West. In collectivist culture, social norms are
valued and individual actions are influenced by the group to whom
they identify themselves to, or who are important to him/her or
those who would think he/she should do a specific behavior. These
groups include important members such as friends, and family
members. So companies offering Internet stock trading, may use
word of mouth as another advertisement alternative to increase
favorable attitudes, which will directly affect behavioral intention
to use Internet stock trading. Fourth, companies offering Internet
stock trading may also increase positive feelings through the
advertising of Internet stock trading benefits and its ease of use
for current and potential users. Benefits are related to technology
ubiquity since it can be used from everywhere, home or work,
and contribute to remove temporal and geographical barriers. Ease
of use is related to the mental efforts required to learn the technol-
ogy in terms of ease to learn the technology and make it easy to be-
come skillful in using the Internet too.
In conclusion, organizations could easily manage the multi-
dimensional components of the belief structure to influence the
belief structure and indirectly influence the intention to use Inter-
net stock trading.
5.2. Limitations and suggestions for future research
This empirical study has several limitations. First, due to con-
straint of time, the study is limited in scope as it consists of only
a small sample size (144). Second, investigation on Internet stock
trading is relatively new in technology management research espe-
cially in Malaysia. Caution should be exercised in generalizing the
implications, findings and the discussion to other studies on tech-
nology and system. Third, the scope of this study is confined to the
island of Penang, therefore the sample may not be generalized to
the belief and intention towards using Internet stock trading of
the Malaysian population in general. Fourth, since the study is rel-
atively new, actual usage behavior measure was omitted. The
omission is voluntary since not all participants were users of the
Internet stock trading. Moreover, the omission is consistent with
many other studies that have empirically proven the intention–
behavior relation (Davis, 1989; Davis et al., 1989; Rouibah et al.,
2009; Taylor & Todd, 1995; Venkatesh & Morris, 2000). Fifth, the
 T. Ramayah et al. / Computers in Human Behavior 25 (2009) 1222–1230
used statistical analysis technique was regression and not simulta-
neous equation techniques (LISRE or PLS). However, this is accept-
able since this study concerns a technology that is not very well
known and spread out in Malaysia, and many past studies also
used multiple regression (see Rouibah et al., 2009; Venkatesh &
Davis, 2000; Venkatesh & Morris, 2000; Venkatesh et al., 2003).
For future research direction, this study proposes three
enhancements. The variance explained by the proposed model
was 52.2% indicating that 47.8% remains unknown and calls for
substantial research. First, this study encourages future exploration
of the decomposed theory of reasoned action as previous studies
have found that the most important threats against using e-com-
merce transactions are related to security (Hiltgen, Kramp, and
Weigold (2006), trust (Gefen, Karahanna, & Straub, 2003), and pri-
vacy (Vijayasarathy, 2004), as antecedents of usefulness. Second,
this study encourages future studies that aims to study current
behavior and continue use of Internet stock market, by focusing
on a large sample that covers the 13 states of Malaysia. Third,
intention to use does not mean current behavior, and current
behavior does not lead to continuous usage (Bhattacherjee,
2001). In order to study such effect, the measurement of portfolio
profitability of investors’ over several holding periods could pro-
vide insight into whether investors’ go through behavioral changes
of using or continue using online stock trading (Choi et al., 2002).
6. Conclusion
The main objective of this study is to identify the factors that
are involved in influencing intention on using Internet stock trad-
ing. From the findings it has been identified that attitude and sub-
jective norm significantly influence investor’s behavioral intention
towards using Internet stock trading. The decomposed variable
also showed significant relationship towards belief structure. From
the practical view point, this study has explained the factors that
influence the intention to use online stock trading but continued
research are needed taking into consideration the limitations as
mentioned in this study.
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