Open Access
Article
SciPap-2136
Embracing Intelligent Insights: Unveiling Investor Adoption of AI Advice And Risk Appetite
1 Faculty of Economics and Finance, HUFLIT, 828 Su Van Hanh, Ho Chi Minh 700000, Viet Nam
2 Faculty of Management and Economics, Department of Business Administration, Tomas Bata University in Zlín, Mostní 5139, Zlín 760 01, Czechia
3 School of Business, International University, Linh Trung, Thu Duc, Ho Chi Minh 700000, Viet Nam
* Authors to whom correspondence should be addressed.
Abstract: This paper aims to reveal the factors influencing investors' intention to accept AI advice in financial decision-making. By integrating the Theory of Planned Behavior (TPB) and the Technology Acceptance Model (TAM), it proposes a comprehensive model that elucidates the intricate relationships between social norms, attitude, perceived behavioral control, and the intention to accept AI advice, with a particular focus on examining risk tolerance as a moderating factor. A questionnaire survey was conducted with 569 Vietnamese investors to collect data in three different times. Partial least squares structural equation modeling (PLS-SEM) was utilized to analyze the measurement model and test the hypotheses. Results indicate that perceived usefulness, perceived ease of use, attitude, subjective norms, and perceived behavioral control positively influence the intention to accept AI advice. Furthermore, risk tolerance significantly moderates the link between attitude, subjective norms, perceived behavioral control, and intention to accept AI advice. This pioneering study introduces a comprehensive model unveiling the dynamics of AI advice acceptance in finance. It explores the novel concept of risk tolerance as a moderator, marking an important step in understanding human-AI interaction for financial decisions. Findings provide valuable insights into evolving AI adoption, especially in high-risk contexts.
Keywords: Tam, Risk Tolerance, Ai Advice, Tpb, Financial Decision Making
JEL classification: G11 - Portfolio Choice • Investment Decisions, G15 - International Financial Markets, G4 - Behavioral Finance
Received: 16 November 2024 / Revised: 16 February 2025 / Accepted: 13 March 2025 / Published: 30 March 2025
