Impact of finfluencer credibility on follower engagement and investment behaviour: a three-fold approach using PLS-SEM, ANN and fsQCA
摘要
The current research examines how various dimensions of financial influencers (finfluencers) credibility, i.e., expertise, trustworthiness, authenticity, and attractiveness, shape followers’ engagement and their investment behaviour. Guided by source credibility theory, this research attempts to conduct a cross-sectional investigation of finfluencer’s perceived credibility on followers’ engagements and their investment behaviour. Data were collected from 437 finfluencer followers (in India) through a clustered purposive sampling approach using an online questionnaire. A three-stage analytical framework was applied. Partial Least Squares-Structural Equation Modelling (PLS-SEM) is used to test proposed hypotheses, Artificial Neural Network (ANN) to determine the relative importance of predictors, and Fuzzy Set Qualitative Comparative Analysis (fsQCA) to identify alternative causal pathways. Findings reveal that expertise, trustworthiness, and attractiveness significantly enhance followers’ engagement, whereas authenticity shows no direct structural effect but emerges as critical in fsQCA combinations. Followers’ engagement strongly drives purchase intention (to invest) and actual investment, with purchase intention partially mediating this relationship. ANN results further highlight attractiveness as the most influential credibility dimension, followed by trustworthiness and expertise. The study offers valuable insights for financial firms and digital marketers engaging with finfluencers to design resilient investment strategies for mutual welfare. Additionally, it helps policymakers to ensure regulatory concerns regarding the safety of investors in the evolving digital behavioural investment space.