Table 1 Measurement of independent variables and dependent variable

Perceived attractiveness of lending in crowdfunding

‘Please indicate the reasons for choosing crowdfunding platforms rather than lend your money elsewhere’.

Dummy variable assigned 1 if individuals select ‘higher expected financial return’, 0 otherwise;

Dummy variable assigned 1 if individuals select ‘interest/excitement/curiosity about specific companies or start-ups’, 0 otherwise;

Dummy variable assigned 1 if individuals select ‘disappointment/mistrust of traditional finance’, 0 otherwise;

Dummy variable assigned 1 if individuals select ‘taking advantage of a new form of investment (increased diversification)’, 0 otherwise

Pranjivan [21]

Perceived development and innovation of crowdfunding

‘What do you hope from crowdfunding developments and innovations in Malaysia?’

Dummy variable assigned 1 if individuals select ‘to become alternative source of financing for start-ups and SME in various sectors’, 0 otherwise;

Dummy variable assigned 1 if individuals select ‘to offer better interest rate compare to the existing financing’, 0 otherwise;

Dummy variable assigned 1 if individuals select ‘to have Islamic-compliant financing option’, 0 otherwise;

Dummy variable assigned 1 if individuals select ‘to have an easy investment process’, 0 otherwise;

Dummy variable assigned 1 if individuals select ‘to have a robust or strong investor protection’, 0 otherwise;

Modified from Ghazali and Yasuoka [17]

Perceived risk of crowdfunding

‘Please rate the following risks associated with crowdfunding lending’

The borrower may prove to be fraudulent

The platform may prove to be fraudulent

Poor ongoing information about the borrower

Poor returns or losses on the money lent

Measured on a 5-point scale, where 1 = ‘no risk’, 2 = ‘low risks’, 3 = ‘some risks’, 4 = ‘important risks’, 5 = ‘high risks’;

Pranjivan [21], Cronbach’s alpha is 0.778;

Financial training

‘Have you attended any financial education course?’

Dummy variable assigned 1 if respondents select ‘yes’, 0 otherwise

Managing a bank account

‘Do you have responsibility for managing a bank account?’

Dummy variable assigned 1 if respondents select ‘yes’, 0 otherwise

Willingness to fund a crowdfunding project

‘How much money are you willing to invest in a crowdfunding project (equity or debt crowdfunding) in the next 12 months?’ 1 =  < RM1000, 2 = RM1000-RM5000, 3 =  > RM5000;

Preference for a crowdfunding model

‘Assume you prefer to invest in a Crowdfunding platform, which model you will be considered to invest?’

Dummy variable assigned 1 if respondents select ‘equity-based crowdfunding model’, 0 otherwise;

Dummy variable assigned 1 if respondents select ‘debt-based crowdfunding model’, 0 otherwise;

Dummy variable assigned 1 if respondents select ‘other types of crowdfunding models (reward or donation based)’, 0 otherwise;

Meyskens and Bird [20]

Gender

Male, female

Age

18–20 years old, 21–24 years old, 25–28 years old, 29 years old, and above

Ethnicity

Malay, Chinese, Indian

Educational level

Diploma, degree, master, PhD

Regional residence

A city, a town, a village