This study investigates the financial behavior of Thai investors in equity crowdfunding (ECF), focusing on the factors that influence their investment intentions. Drawing upon the Information System Success Model (ISSM), the Theory of Diffusion of Innovations, and the Technology Acceptance Model 3 (TAM3), the research examines the platform quality (PQ), platform characteristics (PC), and social influence (SI) as independent variables, with the perceived usefulness (PU) and perceived ease of use (PEOU) acting as mediators. Data were gathered from 275 Thai investors and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that the PU significantly influences investment decisions both directly and indirectly through the PEOU, which also directly affects investment intention. Furthermore, SI, PC, and PQ have indirect effects on investment decisions via the PU and PEOU, with SI being the most influential factor. This study provides valuable insights into optimizing ECF platform design, fostering investor trust, and enhancing regulatory frameworks to facilitate financial inclusion and innovation in the Thai crowdfunding landscape.

Hybrid cultural-sporting events are increasingly global, yet spectator satisfaction in this context remains undertheorized. This research develops and empirically tests a causal model of spectator satisfaction (SS) for Thai Fight, Thailand's premier Muay Thai soft-power spectacle. The model positions Service Experience Innovation (SEI) and Digital Media Engagement (DME) as antecedents of Visitor Motivation (VMT), which, in turn, together with SEI, predicts SS. Data were collected from 380 returning spectators at two Thai Fight events in 2025 and analyzed using structural equation modeling in LISREL. All six hypotheses were supported. The final model explained 70% of the variance in satisfaction, with SEI showing the strongest total effect (β = 0.67). SEI directly influenced both VMT (β = 0.44) and SS (β = 0.51), while DME influenced SS only indirectly via VMT (β = 0.47 → VMT). These findings demonstrate that authentic, innovative experience design rooted in cultural ritual matters more than digital media alone. For practitioners, investing in immersive, ritual-rich event staging yields higher spectator satisfaction and loyalty. The model offers a new paradigm for understanding spectator behavior in hybrid cultural-sport events globally.

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.

This study investigates Thai investors’ intentions to invest in financially innovative digital assets by extending the Theory of Planned Behavior (TPB) with financial literacy and trust to better reflect the context of emerging digital asset ecosystems. Using a quantitative survey design, data were collected from 360 mutual fund investors who were transitioning from traditional investment instruments to digital assets, and the hypothesized relationships among latent constructs were analyzed using structural equation modeling to assess both measurement properties and structural paths. The results indicate that attitude toward behavior, subjective norms, and perceived behav-ioral control all exert significant positive effects on investment intention, consistent with TPB. In addition, financial literacy and trust are identified as important contextual determinants: higher financial literacy is associated with greater perceived capability to evaluate risk and return, while trust in platforms, technologies, and regulatory safe-guards is linked to lower psychological barriers to participation. Among the examined factors, financial literacy and subjective norms show the strongest combined influence on investment intention. These findings suggest that, in the Thai digital asset market, intention formation is shaped not only by classical behavioral antecedents but also by investors’ knowledge levels and the social and institutional environment supporting digital financial innovations.