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Online social networks (OSNs) are a terrifically emerging platform for information dissemination around the world. Like other settings, acceptance and adoption of OSNs among the individual capital market investors are extensive. The study developed a conceptual model for behavioural finance integrating a technology acceptance model (TAM) and valence framework from the information systems and marketing disciplines, respectively. The integrated model added some persuasive constructs from social capital and diffusion innovation theory with a view to explore the key factors swaying investors’ intention to adopt and use the OSN’s services. By using an online and offline structured questionnaire, 510 data were collected from individual capital market investors in Bangladesh. Structural Equation Modelling (SEM) was used for data analysis. The study determined that the proposed integrated model with additional constructs outperformed other models. Perceived usefulness (PU), perceived enjoyment (PE), trust and personal innovativeness in IT (PIIT) had a substantial sway on the investor’s intention to use OSNs. Hedonic value is more robust predictor of intention to use OSNs than utilitarian value. Intention to use properly mediated the relationships and had strong significant impact on investor’s investment decision. But perceived ease of use (PEOU) and perceived risk had no direct significant effect on intention to use. PEOU had significant impact on intention to use through PU and PE. Gender moderated the relationships of different constructs with the intention to use OSNs for investment decisions in the capital market. It contributes knowledge by including the integration of different models in stock market perspectives and the inclusion of technological aspect in the behavioural finance literature. The findings of the study will also succor different firms and regulatory authorities to adopt OSNs as an information dissemination platform.

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The COVID-19 epidemic has hastened the growth of Virtual Communities and is affecting virtually every part of work in the public and business sectors. Virtual communities, popular forums for communication and entertainment, increasingly affected the users’ decisions. Though many technology adoption models/theories are available, a distinctive model for decision-making in a virtual environment is scarce. This research developed the virtual communities’ decision model and empirically tested its performance. This study examined 16 well-established theories/models of information technology, social science, marketing, and behavioral finance and extracted nine constructs from 58 identified constructs considering theoretical cohesiveness along with the three-stage method proposed by Moore and Benbasat. A unified model for virtual communities’ decisions (VCDM) is developed and validated using the data collected from individual capital market investors in Bangladesh. The structural equation modeling technique is used to analyze the data. The upshot implies that VCDM performs adequately and explains the maximum variances in intention to decision and investment. VCDM also outperforms the majority of the related theoretical models. The acceptance levels of fit indices and all significant relationships among different constructs are also empirically validated. The moderating effect of the virtual group use experience is also confirmed. Future research can use VCDM in marketing, behavioral finance, ecommerce, information systems and social science context. VCDM thus facilitates a beneficial tool for managers, service providers, and other users to assess the likelihood of effectiveness for decisions in a virtual environment.

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