Abstract

This study examined the determinants of intentions to participate in digital asset investment among Thai mutual fund investors with medium-to-high risk tolerance by extending the Theory of Planned Behavior (TPB) to include financial literacy and trust. A quantitative survey was conducted with 360 respondents, and the proposed model was analyzed using structural equation modeling. The results indicate that attitudes toward behavior, subjective norms, and perceived behavioral control are positively associated with the intention to invest. Financial literacy and trust also demonstrate direct and indirect effects, with financial literacy emerging as the strongest overall predictor. In addition, perceived behavioral control and attitudes toward behavior serve as important mediating mechanisms linking cognitive and social factors to the intention to invest. The model explains 52% of the variance in investment intention, indicating moderate explanatory power. These findings suggest that intention to invest in digital assets among Thai mutual fund investors with medium-to-high risk tolerance is shaped by a combination of financial capability, social influence, perceived control, and evaluative judgment. However, these findings should be interpreted cautiously due to the purposive sampling approach and the fact that they are primarily applicable to financially experienced and relatively risk-tolerant investors rather than the broader Thai population.

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