Table 5 Preference for a crowdfunding model

Perceived attractiveness of lending in crowdfunding (Ref: Advantage of a new form of investment)

 Higher financial return

0.064

(0.026)

0.074

(0.033)

0.261

(0.395)

0.201

(0.224)

 Interest about specific companies or start-ups

− 0.147

(0.143)

− 0.230

(0.339)

0.534

(1.871)

0.562

(1.993)

 Disappointment of traditional finance

− 0.102

(0.062)

− 0.202

(0.231)

− 0.252

(0.307)

− 0.206

(0.197)

Perceived development and innovation of crowdfunding (Ref: offer better interest rate compare to the existing financing)

 Become an alternative source of financing for start-ups and SME in various sectors

0.306

(0.523)

0.378

(0.757)

0.005

(0.000)

0.037

(0.008)

 Islamic-compliant financing option

0.152

(0.059)

0.253

(0.156)

0.427

(0.538)

0.494

(0.690)

An easy investment process

0.523

(1.371)

0.474

(1.080)

− 0.358

(0.589)

− 0.261

(0.299)

 A strong investor protection

0.060

(0.018)

− 0.063

(0.019)

0.015

(0.001)

0.060

(0.019)

Perceived risk of crowdfunding

− 0.047

(0.144)

− 0.039

(0.092)

0.022

(0.031)

0.036

(0.071)

Financial training

0.418

(0.681)

0.477

(0.807)

− 0.076

(0.027)

− 0.101

(0.043)

Managing a bank account

− 0.136

(0.057)

− 0.169

(0.084)

1.800*

(2.930)

1.758*

(2.744)

Demographic controls

 Gender

0.066

(0.056)

− 0.517*

(3.297)

 Age

0.068

(0.177)

− 0.055

(0.118)

 Ethnicity

  Malay

− 0.815**

(4.101)

0.534

(1.397)

  Chinese

− 0.458

(1.346)

0.185

(0.170)

 Education level

− 0.316

(1.389)

0.233

(0.751)

 Regional residence

  A city

− 0.275

(0.258)

0.058

(0.010)

  A town

− 0.002

(0.000)

0.195

(0.101)

 − 2 Log likelihood

342.185

336.637

331.582

325.612

 R-square (Nagelkerke)

0.019

0.045

0.060

0.088

 Observations

297

297

297

297