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Influences of TPB Variable on SMEs intention to adopt Online Crowdfunding

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 International Journal of Advanced Science and Technology
Vol. 29, No. 4s, (2020), pp. 981-993

Influences of TPB Variable on SMEs intention to adopt Online Crowdfunding

services in Nigeria
Mansur Ahmed Kazaurea, Abdul Rashid Abdullahb, Amer Hamzah Jantanc, and Dahlia Binti
Zawawid
a
Jigawa State Polytechnic CBMS Dutse, Jigawa State, Nigeria
b,c,dUniversiti Putra Malaysia

School of Business and Economics

Malaysia

Abstract
This study contributes to the existing literature on crowdfunding by examining the influences of TPB
variable on SMEs intention to adopt crowdfunding service. SMEs in Nigeria faced with financial
constraint, which affect their performance, growth and survival. Structural equation modeling (SEM) has
been use to analysis a sample of 385 SMEs owners in three state of Kano, Kaduna and Katsina in
Northwestern Nigeria. Four hypotheses found to be significant and one is not significant. The paper
recommended that, actors in crowdfunding industry should use Social media channels to communicate
the benefit of crowdfunding service in financing SMEs, because finding indicates that, used of social
media and information are key variable in influencing SMEs intention to adopt crowdfunding services.
The study has some limitation; cross-sectional approach was use in the current study, in which the data
were collected at a single point of time. Consequently, it is recommended for the future research to
employ longitudinal study.
Keywords: Crowdfunding, SMEs, Crowdfunding information, Use of social media, TPB
Introduction
In Nigeria, the origins of small and medium-sized enterprises can be traced back to the year 1945 when
the important paper number 24 of 1945 was published, entitled "A Ten Year Plan for Nigeria
Development and Welfare 1946." Small and Medium-sized businesses have since become more popular
over the years, and their prominence is expect to increase.
SMEs contributed to the global economic growth and job creation (Cyprain, Tony & Camillus 2019). The
sector play an important role in the cycle of industrialization and economic growth for both developing
and developed countries. In addition to increasing per capita income and production, SMEs generate
employment opportunities, boost regional economic balance through industrial dispersal and generally
promote efficient use of resources considered critical to economic development and growth in technology
(Solomon 2018). For example in China SMEs increased the economic status of nearly 200 million people
from severe poverty as the result of the economic reform in 1979. In the case of Singapore, SMEs account
for more than 50 per cent of the economic output and contributed 70 per cent of total employment
(Ojochide et al., 2018).
Similarly, SMEs in developed countries, particularly in Europe, have been reported to be playing a steady
important role in the growth of the European economy, constituting more than 98% of all the businesses,
generating 67% of the total employment, and 58% of the gross value added in 2012 (Solomon 2018). In
Nigeria SMEs counting to 96% of Nigerian businesses (Igwe et al., 2018) and contributed to the Nigerian
GDP by economic sector, See figure 1.1 below, further, the sector employed 59,647,954 people,
representing 76.5% of the total labour force (National Bureau of Statistics 2017).

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Manufacturing
12%

Agriculture
42%

Services
46%

Figure 1.1. SMEs contribution to Nigerian GDP by economic sector

Sources: NBS (2017)

Scholars acknowledge that, steady growth of individual firms forms a strong basis for overall industrial
development in a country and access to financial resources is the major factor driving firm growth over
time (Adegboye & Iweriebor 2018).
Commercial banks credit is one of the major sources of funds for the SMEs survival to fulfill their
planned, position of rapid industrialization and economic growth. Commercial banks are supposed to
provide financial advantage for small and medium-sized businesses through their financial intermediation
positions. Formal Financial Institution shun SMEs due the associate cost and risk are consider quite high
relate to the large business. Hence, Informal Financial Sector became the main sources of SMEs finance
in Nigeria (Hussaini & Mu’azu 2017; Ahmed & Rashid 2018; Cyprain, Nkemakolam & Camillus 2019;
Ikon & Paul 2019).
Similarly, a report by NBS (2017) indicated that 94% of Nigerian SMEs sources of fund are from
personal serving, family and friend while banks provides only 6% of the SMEs total capital. Nigerian
government established Micro-finance banks in 2005, with the main aimed of easing SMEs access to
credit but the aim was not achieved due to the higher interest rate charged by the micro-finance banks.
The banks charge more than 22% and the loan is short-term in nature (John 2018; Ukpong & Acha, 2019;
Bello 2019).
Statement of Problem
The structural problem is seriously affecting the small-scale business sub-sector. These include
insufficient resources, shortcomings in infrastructure, lack of technological knowledge, access to credit
facilities and local market. Such issues have hindered the growth and development of SME in Nigeria
(Ojochide 2018). As a result, of lack of access to credit for Nigerian SMEs affected their capacity to
make a significant contribution to Nigeria's economic growth. Still 80% to 90% of Nigerian SMEs faced
with financial challenges (Cyprain, Tony & Camillus 2019; Adelekan, Eze & Samuel 2019). Researchers
such as (Unido 2017; Ikon and Paul 2019; Cyprain, Tony &Camillus 2019; Saidi, Benneth & Samuel
2019) focus their researched on the financial option to the Nigerian SMEs. This is among the first

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research to focus on crowdfunding as financial options to SMEs in Nigeria. Therefore, the main objective
of this research is to determine the influence of TPB variables on SMEs intention to adopt online
crowdfunding service Nigeria.
2.0. Review of the related literature
2.1 Small and Medium-sized Enterprises (SMEs)
Small and Medium-sized enterprises have a crucial role to play in developing countries economic
development and diversification of the country resources. Usually, these firms account for more than 90%
of all businesses outside the white-collar job market, which is a major source of employment, generates
substantial domestic, and export earnings (Ojochide 2018; Ikon & Poul 2019).
There is no commonly definition for the term Small and Medium Scale Enterprises (SMEs). SMEs are
term that seeks to describe company sizes in an economy (Ikon & Paul 2019). For example, a small
business to one country could be a big business to another. SMEs in Nigeria, as described by the Small
and Medium Industries Equity Investment Scheme (SMIEIS), are firms with a total capital employed not
less than 1.5 million Naira, but not more than 200 million Naira including working capital, but excluding
land and/or staff costs of not less than 10 and not more than 300 jobs. The Nigerian Industrial Policy
described small-scale enterprises as industries with total investment ranging from around 100,000
thousand to 2,000,000 million Naira excluding cost of land but including working capital. Further
National Bureau for Statistics (2017) defined MSMEs based on the following measures as tabulated in the
Table 1 below
Table 1 MSMEs Classification
S/N Size Category Employment Assets (=N= Million) (excl. land and
buildings
1 Micro enterprises Less than 10 Less than 10
2 Small enterprises 10 to 49 10 to less than 100
3 Medium enterprises 50 to 199 100 to less than 1,000
Sources: NBS (2017)
2.2. Online Crowdfunding and SMEs Finance
Recently, Online Crowdfunding has emerged as a new way to fund new projects. The idea of
crowdfunding is still open for discussion in academia as a new and emerging term of business investment
(Forbes & Schaefer 2017). Amuna (2019) defined crowdfunding as a process of sourcing money by firms
and business organizations through internet whether charitable or investment by various people. It is an
avenue for an entrepreneur to sources fund without having to look for professional lenders or other
traditional sources of finance (Saiti, Hamal &Ensari 2019). The concept emergent as one of the most
effective sources of financing SMEs as well as marketing techniques used by various individuals to fund
and market business ideas and products by reaching out to stockholders at fairly small levels but on an
enormous scale (Sahaym, Datta &Brooks 2019). It is a funding model that offers funding backing from
different investors or a pool of shareholders to entrepreneurs of various new business projects
(Hendratmi, Nafik, & Ryandono, 2019).
Recently, the use of crowdfunding to finance SMEs project has increased intensely, in 2015, the value hit
$34 billion and projected to continuing increasing yearly (Gafni, Marom & Sade 2019; Biancone,
Secinaro, & Kamal 2019). Generally, since it is emergence, the crowdfunding industry has grown-up
extremely around the globe. The volume of monies raised increase from US$1.5 billion in 2011 to over
US$100 billion in 2015 (Jenik, Lyman & Nava 2017) and estimated to worth $ 59.564 billion in 2017
(Amuna 2019) See figure below 2.1

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Figure 2.1. Crowdfunding around the world.

Source: Jenik, Lyman & Nava (2017)
Scholars have examined the reasons behind individual decision to invest in crowdfunding model.
Zvilichovsky et al., (2018) reported that, factors that motivate individual to finance a project is rely on the
desire of the investor to make the product materialize. Additionally, Forbes and Schaefer (2017) stated
that tangible reward are the main motivation factor of donor investment in crowdfunding project. In
addition, Bento, Gianfrate & Groppo (2018) reported that anticipating of the economic benefit respect to
his investment are the motivational factor of the investor’s investment decision.
However, Riley-Huff et al., (2016) reported that project campaign that center around realistic objectives,
with public interest, good planning and regular communication are likely to motivate donor to invest in
the project. Nevertheless, Steigenberger (2016) has the opinions that the aspiration of the product
consumption and wish to make the product happen are the key motivational factors for donor investment
in crowdfunding project not physical or any valuable rewards. Donor invested in a project when they have
self-confidence that their donations will make a significant impact on the project (Kuppuswamy & Bayus
2016). Similarly, Roma et al., (2017) found that demanding a higher amount of fund could motivate the
donor to invest in a project especially if the new project was protect by patents. However, researched by
Davis et al., (2016) mention that perceived product innovativeness is the main motivational factors of
backer investment in a business idea. Maier (2016) concluded that transparency is more significant than
financial reward.
Furthermore, Bretschneider & leimeister (2017) stated that perceived profit, self-esteems, and backer
image development are the vital variable that motivating the donor to invest in a business idea. However,
Hornuf and Schwienbacher (2017) has a contrary view, they mention that platform security are the main
motivational factor of backer investment in a crowdfunding project. Consequently, Perceived risk, social
networking risk and attitude toward crowdfunding platform moderate the individual willingness to invest
in a crowdfunding project (Lacan and Desmet 2017). While, Kang et al., (2016) stated that trust and
perceived in formativeness, perceived accreditation, third party seal and social interface has significant
influence on individual investment intention in crowdfunding project.

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Types of Crowdfunding model

Communally, there are four main types of crowdfunding models: Equity, Debt or Peer to Peer lending
(financial models), Reward and Donation based Crowdfunding (non-financial models).
Financial Crowdfunding Models:
Equity based model: In this crowdfunding model, the financiers have share of property rights or
participate in the profits sharing as formerly agreed with the owner of the project.
Lending or Peer-to-Peer Model: the idea behind this type of Lending model is to remove the formal
intermediaries and get loans at cheaper rate or as a shareholder, get better interest rates.
Non-Financial Crowdfunding Model
Reward Base Crowdfunding Model: This type of crowdfunding is common in funding a product or
project, which is still in developing stages. A form of reward for the financier is having the right to pre-
order or get the product sent when it is fully processed and before launching into the market.
Donation Based Crowdfunding Model: In this model, people contribute to the project without expecting
any financial return from the project owner. On the other hand, the model known as charity model for
humanity purpose (health cases, natural disasters, poverty, conflicts and other charity activities).
2.3. Theoretical Framework
One of the most used theory in studying human behavior is Theory of planned behavior (TPB) by Ajzen
1991. Based on the theory assumption human behavior is direct by three kinds of beliefs. Primarily,
behavioral beliefs means that the beliefs about the likely outcome of the participating behavior.
Additionally, beliefs about the normative belief of other people, lastly, control belief means beliefs about
the presence of influences that may stimulate or obstruct performance of the behavior (Ajzen 1991).
In grouping them, Ajzen come up with three antecedent of individual behavioral belief. The antecedent
include attitude toward the behavior, subjective norm and perceived behavioral control. Based on the
theory assumption the combination of Attitude, perceived behavioral control and subjective norms result
to the formation of a behavioral intention.
Many researchers proven strong predicting power of the theory in many field of studies such as in Health
care (quitting smoking, Weight loss) Career choice (Kolver and Kolveried 1996) and Safety (seat belt
usage). Marketing (Coupon usage) (Ajzen, 1987; Ajzen and Fishbein 1980; Sheppard, Hartwick and
Warshawa 1988). In this paper, the researcher is extending the theory by adding two variable in the
theory (used of social media and information on crowdfunding).
2.3. Conceptual framework and Hypotheses development
After reviewed the related literature a model indicating the intention of SMEs to adopt crowdfunding
services was developed (see figure 2.1). The model has four independent variables (attitude, subjective
norms and perceived behavioral control, used of social media and information crowdfunding services)
and one dependent variable (SMEs crowdfunding intention).
Attitude towards SMEs intention to adopt online crowdfunding services
Attitude has been defined as positive or negative emotion perceived by individual in execution specific
behavior (Fishbein and Ajzen, 1975). It is measured using individual’s belief in the performing of
particular behavior and costs that will follow the performing of such action. Individual assessment of
desirability or otherwise of execution certain act is what defined his/her attitude. In line with this, the
paper proposes that:

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H1: entrepreneurial attitude positively influence SMEs intention to adopt crowdfunding services
Subjective norms and SMEs intention to adopt crowdfunding services
Influence of subjective norms in this study is intellectualize as a social influence on individual’s intention
to adopt or not to adopt crowdfunding services. Subjective norms has been defined by Fishbein and
Ajzen (1975) as person’s belief that friend and relatives would also join the similar action. Persons who
perceived that, their peer-group; individuals operating in the same business, family and friend is adopting
crowdfunding will likely to influence him to use the model as well. Based on this, the paper proposes
that:
H2: Subjective norm positively influence SMEs intention to adopt crowdfunding services
Perceived behavioral control and SMEs intention to adopt crowdfunding services
The efficacy and capacity of an individual to perform certain act is what defined his/her perceived
behavioral control (Ajzen, 1991). This perception has two dimensions covering the level of person’s
control in execution an action as well as the level of his/her self-confidence in accomplishing such action.
This brought the issue of effect of internal confidence and situational confidence of individuals. Some
researchers such as (Armitage & Conner, 2001; Godin & Kok, 1996; Kidwell & Jewell, 2003) has
affirmed the influence of perceived behavioral control on intention. In line with this, the paper suggested
that:
H3: Perceived behavioral control positively influence SMEs intention to adopt crowdfunding services.
Information on Crowdfunding Services
Information on crowdfunding services in this paper represent the awareness of crowdfunding model as
well as the advantage and disadvantage of using crowdfunding to sources fund among the SMEs in
Nigeria. Research by Al-Somali et al (2009) has found that awareness of internet banking among the
customers has a direct impact on its intention adoption among the banking customers. However, Laforet
and Li (2005) reported that, lack of proper information and benefits of online transaction is the key
obstacles that obstruct its adoption intention.
Hence the Hypotheses are:
H3: Information on crowdfunding positively influence SMEs intention to adopt online crowdfunding
services
Use of Social Media
Used of social networking especially Face-book is the important variable in predicting the adoption of
crowdfunding services in any country. Conversely, in order for the crowdfunding activities to work
successfully people must involve in using social media, as this is the vital variable in crowdfunding
adoption. Choy & Schlagwein (2015) stated that crowdfunding takes the benefit of the social networking
to raise funds from individual around the globe. Additionally, Wang et al., (2018) mention that
crowdfunding comprises three ways communication; entrepreneurs, web platform and the investor which
will takes place using social networking.
Hence the hypotheses are:
H4: Use of social media positively influence SMEs intention to adopt crowdfunding services

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Figure 1: Research Framework

3.0. Research Methodology
The paper adopted the quantitative research method. Creswell (2009) stated that, quantitative technique is
a survey into a societal problem by developing and testing a model in terms of hypothesis. Additionally,
the study has a geographical coverage of three state in Northwestern Nigeria (Kaduna, Kano, and
Katsina). The Justification of selected three state is that, the area has the largest number of the SMEs in
the zones (NBS 2013). In addition, they are among the top 10 internet users in Nigeria (NCC 2018).
Subjects and Samples
The subjects of the study are entrepreneurs who operate SMEs in three-selected state of Northwestern
Nigeria. Proposed area of study and the number of the SME’s is contained in Table 3.1 below:
Table 3.1 Population of SMEs Enterprises in three state of Northwestern Nigeria
No. State No. Enterprises
1 Kano 8,286
2 Kaduna 2,882
3 Katsina 1,355
Total 12,523
Sources: SMEDAN Report (2013)
In line with Krejcie and Morgan (1970) any population above 10,000 will have an approximate sample of
370 subjects. So, with about 12,523 populations, the sample size in this study will also, be 370. Yet in
order to minimize errors in completing and returning the questionnaire 5% were added (Yan 2017), which
make the 389 total questionnaires were distribute among the participate base on the number of enterprises
in each of state as contained in Table 3.2
Table3.2: Population SMEs of Enterprises in three state of Northwestern Nigeria
No. State No. of SMEs Enterprises Sample
1 Kano 8,286 248
2 Kaduna 2,882 89
3 Katsina 1,355 42
Total 12,523 389
Sources NBS 2013
Sampling Techniques
The paper is going to adopt non-probability sampling technique. The justification for using non-
probability sampling instead of simple random sampling can be justified by the fact, that, the sampling
frame of 12,523 small and medium enterprises are not obtainable. However, the researcher is going to

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adopt convenience sampling in which the researcher will use the owner of SMEs who will be reachable at
the time of conducting the research. These owners will serve as proxies of individuals.
4. RESULTS AND ANALYSIS
A total of 389 copies of questionnaire were distributed and 385 completed copies were returned
indicating that non-response bias is not an issue in the research. The data then keyed in into SPSS version
25 for demographic analysis and imported the data to SmartPLS 3 for the model measurement analysis
and structural analysis.
4.1 Demographic
The demographic variable of the current research comprise gender, age, marital status, business sector,
and position in the business, and number of employee, year of your business and education qualification.
The finding indicates that, males are the majority of the respondents with 76.4 % and female with 23.6%,
and most of them are within the age group of 40-49 years (i.e. 33.2%). Similarly, 67% of the respondents
are married. In addition, the paper showed that, most of the respondents are business owners with 79.1%
and ordinarily operate within service industry 44.7%. Concerning the respondents educational
qualification, majority has a bachelors’ degree/Higher-National Diploma (i.e., 56.1), then NCE (18.2%),
Secondary (4.2%) then PhD/DBA (2.3%) and others (i.e. 1.8%).
4.1.2 Measurement model
The results indicate that, all the five reflective construct achieved the satisfactory loading value of >0.5.,
all the construct has the loading ranged from 0.727 to 9.14 (Hair et al 2017). Except, USM1 with loading
of (0.387) which is loading below > 0.5 were deleted see figure 4.1 for graphical display of the
measurement model. However, table 4.1 displays the result of the measurement model through
convergent validity (average variance extracted [AVE], and composite reliability [CR]).
Table 4.1. Convergent Validity
Construct AVE CR Cronbach's Alpha
Attitude 0.785 0.936 0.908
Subjective norms 0.756 0.925 0.892
Perceived beh. control 0.705 0.905 0.858
Crowdfunding information 0.779 0.946 0.929
Used of social media 0.790 0.938 0.911
Intention 0.751 0.938 0.917
Source: Survey 2019
Assessment of discriminant validity: it assess the variance between one construct to the other
constructs in terms of its connection and the depiction of the indicators in a construct (Hair et al., 2018). It
assess by means of linking the square root of AVE with dependent variable relationship. The square root
of AVE must exceed all the relationships in order to attain the satisfactory discriminant validity in the
constructs (Chin, 2010). The result indicates that, the values of the construct are lower than the required
threshold value of HTMT.90 (Gold et al, 2001). See table below 4.2
Table 4.2 Discriminant Validity-HTMT Criterion
Heterotrait-Monotrait
Ratio (HTMT)
Attitud INF Intentio Perch.beh.contr Subjective US
e n ol Norm M
Attitude
INF 0.722

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Intention 0.804 0.72

3
Perch.beh.control 0.812 0.67 0.770
1
Subjective Norm 0.801 0.66 0.720 0.814
9
USM 0.725 0.60 0.709 0.715 0.746
7

Figure 4.1. Measurement model

4.2 Assessment of Structural Model
Before assessing the structural model, it is vital to confirm that, there is no lateral collinearity issue in the
structural model (Kock & Lynn 2012). Table 4.4 display the test of lateral collinearity, all the Inner VIF
values for the latent variables (ATT, SN, PBC, INF and USM) that need to be verified for lateral
multicollinearity the value are less than 5, validating that lateral multicollinearity is not an issued in the
studies (Hair et al., 2018; Ramayah et al., 2017)
Table 4.4 Collinearity issue
Construct Crowdfunding Intention (VIF)
Attitude 2.933
Subjective norms 2.807
Perceived beh. control 2.626
Crowdfunding information 1.986
Used of social media 2.170
Sources: Survey 2019

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Therefore, after confirming that, the entire construct pass the collinearity test, the next stage is
assessment of the structural model. In this study, five direct hypotheses were develop between the
constructs, to test the significance level; t-statistics for all paths are generate through Smart PLS 3.0
bootstrapping function. The results indicate that four hypothesis has found to be significant and one
hypothesis is not significant. Table 4.5 summarizes the results of the hypotheses
Table 8 Hypothesis Testing
Hypothesis Relationship Std. Beta Std. Error t-value p-value Decision F2
H1 ATT=>INT 0.298 0.070 4.259 0.000** Supported 0.086
H2 SN=>INT 0.051 0.671 0.251 Not 0.002
0.065
Supported
H3 PBC=>INT 0.194 0.058 3.257 0.001** Supported 0.038
H4 INF=>INT 0.231 0.053 4.356 0.000** Supported 0.077
H5 USM=>INT 0.167 0.074 2.325 0.010*** Supported 0.039
Note: *p<0.05, **P<0.01 and ***P <0.010
However, the model R2 (0.645) indicating that, the research model has substantial predictive accuracy
(Cohen, 1988). Additionally, the predictive relevance of the study model is assess using the blindfolding
procedure. If the Q2 value is more than zero, the research model has predictive relevance (Hair et al.
2017; Fornell & Cha, 1994). The Q2 value of crowdfunding intention (0.396) indicting that the model has
sufficient predictive relevance.

Figure: Structural Model

5. Discussions, Conclusions and Recommendation
The present study aims to investigate the influence of TPB variable on SMEs intention to adopt
crowdfunding services in Nigeria. The study findings indicated that attitude directly influences SMEs
behavioral intention to adopt crowdfunding services. The finding is in line with previous researched
(Rehman et al., 2019; Abbas, Abdullah & Mohd 2018; Awiagah, Kang & Lum 2015). As well as
ideologies of TPB theory (Ajzen 1991). Similarly, the finding indicates that there is no significant
relationship between subject norm and SMEs intention to adopt crowdfunding services. The result
contradicts with (Rehman et al., 2019; Awiagah, Kang & Lim 2015; Zaryab et al., 2017) finding.
Moreover, based on the results from the study show that perceived behavioral control has significant
influence on SMEs intention to adopt crowdfunding service. The result is consistency with prior finding

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of (Rehman et al., 2019; Awiagah, Kang & Lin 2015; Yuling 2015), also with assumption of TPB theory
(Ajzen 1991). Furthermore, crowdfunding information and use of social media positively influence the
SMEs intention to adopt the crowdfunding services. The finding is consistent with previous studies
(Salim et al., 2018; Hua et al., 2017; Jalilvand & Samiei 2012; Choy & Schalagwein 2015, Wang et al.,
2018).
Generally, the proposed model of the present research established that with additional two variable the
predictive relevance of TPB model on behavioral intention of individual was confirm. Particularly, the
theoretical relationships empirically supported. The study positively confirmed the factors that influenced
SMEs intention to adopt crowdfunding services. Notably, the findings put emphasis precisely on the role
of attitude, perceived behavioral control, information on crowdfunding and used of social media on SMEs
behavioral intention. The results of the present study might be consider as one of the emerging attempts to
empirically investigate the influence of TPB variable in adoption intention in crowdfunding literature.
In relation to practical contribution, upon knowing the factors that influence the SMEs behavior intention
the actors in crowdfunding industry may then take the initiatives to plan a sustainable marketing strategy,
which may attract the SMEs intention to adopt the crowdfunding services. Since use of social media and
information is significant in attracting SMEs intention the crowdfunding platforms should advertised
through social media channels by producing social media pages for crowdfunding campaign and linking
the pages to all social networking channels. Moreover, the government should increase the crowdfunding
awareness to SMEs across the country through seminar and other relative devices.
Notwithstanding, the present research has some limitations. This research was conducted in three state of
Northwestern Nigerian setting, and therefore, the study findings may not represent respondents from other
geographical zones. Therefore, there is a need for replicate of this kind research in other geographical
locations in order to enrich the literature. Future research should expanded to a wider geographical region
to examine the differences between the findings established in other geographical locations. In addition, a
cross-sectional approach was use in the current study, in which the data were collected at a single point of
time. Consequently, it is also recommended for the future research to employ longitudinal study. Further,
the future research should extend the research model by adding moderator or mediator in the framework.
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