International Review of Management and

Marketing
ISSN: 2146-4405

available at http: [Link]

International Review of Management and Marketing, 2020, 10(6), 13-21.

Understanding the Factors Driving Farmers to Adopt

Peer-to-Peer Lending Sharing Economy

Hera Laxmi Devi Septiani1*, Ujang Sumarwan2, Lilik Noor Yuliati3, Kirbrandoko Kirbrandoko1

School of Business, IPB University, Indonesia, 2Faculty of Human Ecology, IPB University, Indonesia, 3Department of Family and
1

Consumer Sciences, IPB University, Indonesia. School of Business IPB University, Indonesia. *Email: deardevi@[Link]

 DOI: [Link]

ABSTRACT
Peer-to-peer (P2P) lending is one of the forms of sharing economy offered by Fintech as an alternative solution to address the limited access of
smallholder farmers to financing sources but its adoption is relatively low despite its numerous benefits. It is, however, important to understand the
factors driving farmers to adopt this system. Therefore, this study was conducted to investigate the factors influencing the behavioral intention of
farmers to adopt farming financing P2P lending using UTAUT2 and Theoretical Model of Participation variables as well as other variables in the
form of values in the Sharing Economy. Data was collected from 371 farmers in West Java, Indonesia that has not adopted farming financing P2P
lending and analyzed using Structural Equation Modelling (SEM). The results showed eight variables have significant correlation and they include
effort expectancy, social influence, hedonic motivation, price value, habit, perceived risk, values, and trust through the application of perceived risk as
an intervening variable. This means it is important for the P2P lending provider to educate the farmers on the easiness of using the platform, provide
evidence for its legitimacy, and show that its security is guaranteed. It is also important to share the success story of the adopter farmers to encourage
the non-adopters to embrace P2P lending.
Keywords: Consumer Behavior, Peer-to-peer Lending, Sharing Economy, Technology Adoption, UTAUT2
JEL Classification: M31

1. INTRODUCTION (2007) described the concept as a phenomenon of technology

which enables connectivity through the mobile device while it was
Sharing economy has been existing for approximately 10 years explained by Hamari et al. (2015) to consist of four elements which
in Indonesia. It was initiated in the marketplace, introduced into are social commerce, online collaboration, consumer ideology,
the transportation sector with a ride-sharing application, and is and online sharing. Some activities observed to be in sharing
currently being implemented in the agribusiness sector through economy include goods and services exchange, social connection
the use of peer-to-peer (P2P) lending to finance farming activities. as well as an increase in the utilization and sharing of productive
Agribusiness has been growing rapidly globally over the last assets (Codagnone and Martens, 2016). Moreover, Bardhi and
decade but is still reported to be below other sectors (Goodman Eckhardt (2012) showed that sharing of tangible and intangible
and Goodman, 2009; Mount, 2012; Si et al., 2015; Migliore et al., assets through digital platform changes “assets ownership” to
2015; Forssell and Lankoski, 2015). “the access to the assets” while collaborative consumption was
described as the rapid explosion in terms of exchange, share,
Several definitions and synonyms have been associated with the barter, sell, and rent which is enabled by the latest technology and
concept of sharing economy such as connected consumption P2P marketplace using method and scale previously considered
(Schor, 2016), a collaborative economy (Botsman and Rogers, impossible (Botsman and Rogers, 2010). These definitions are
2010), and an access-based economy (Belk, 2014). Benkler similar in their presentation of sharing economy or collaborative
This Journal is licensed under a Creative Commons Attribution 4.0 International License

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 Septiani, et al.: Understanding the Factors Driving Farmers to Adopt Peer-to-Peer Lending Sharing Economy

consumption with continuous reference to online devices and technology adoption rate in agribusiness by farmers and Boswell
the latest technology and this establishes a connection between (2004) findings that technological development is not always well
collaborative consumption and digitalization (John, 2013). accepted by everyone. Meanwhile, information technology is
reported to be an inseparable part of the sharing economy (Benkler,
Several benefits have been attributed to the use of collaborative 2007; John, 2013; Codagnone and Martens, 2016). According
consumption and these include the economic advantages such as to the Central Bureau of Statistics or BPS-Statistics Indonesia
cost efficiency and service quality as well as psychological benefits (2018), only 6.60% of households have accessed the internet to
such as the sense of community belonging (Möhlmann, 2015). Hira find new financial facilities. The limitation of farmers in using
and Reilly (2017) also showed its ability to reduce transactional information and communication technology (ICT) is, therefore,
cost by excluding the activities of middleman in the process of a related to the lack of ability, low awareness of its benefits, difficulty
transaction between producers and consumers and this, in addition in usage, lack of technology infrastructure, inadequate training on
to the affordability of mobile phones, increases the access to the application, cost of technology, and availability of software
products and services and eliminate the needs for economies of (Taragola et al., 2005; Duerfeldt, 2014).
scale for a marginal group without or with limited access to capital
and infrastructure. According to Retamal and Dominish (2017), The low adoption rate of farming financing P2P lending among
the main benefit of sharing economy in developing countries is Indonesian farmers requires understanding the factors influencing
the increment in consumption sustainability and support provided the adoption of the platform. This study was, therefore, conducted
to entrepreneurship through its implementation and regulations. to investigate the factors driving the farmers in Indonesia to adopt
An academic study on industrial countries discovered that farming financing P2P lending.
businesses sharing access to goods have the potentials to reduce
the environmental impact of the production process due to the 2. THEORETICAL REVIEW
utilization of available goods thereby leading to a decrease in
new productions. 2.1. Theoretical Model of Participation in the Sharing
Economy
The benefits of sharing economy in agribusiness have been The participation model in the sharing economy was adopted
established in some countries as observed in Farm Backup from Social Exchange Theory (Homans, 1958; Thibaut and
in Denmark and Machinery Link Sharing in America. These Kelley, 1959; Blau, 1964) and reported to have proposed trust and
platforms offer P2P service through the lending of very useful perceived usefulness to be contributing to the behavioral intention
farming machinery equipment to farmers thereby reducing their towards participating in the sharing economy. The model also
need to buy for themselves (Grigoras, 2017). Sharing economy proposes systemic support such as reputation, social presence,
has also been reported by Wineka (2019) to have assisted farmers and benevolence as the factors used in building trust while the
through the provision of access to a wider market, fair price, fast strongest factor influencing active participation has been reported
payment, and easy way of selling farm produce. This means the by previous studies on online networks to be reputation (Wasko and
implementation of the concept in the Indonesian agribusiness Faraj, 2005; Slee, 2013). Moreover, the application of websites as
sector becomes is important considering the fact that the country the main factor in sharing economy leads to the development of
is agricultural and a large part of its population work in the social presence based on the online interaction among the users
agricultural sector. of the platform (Pavlou et al., 2007). Meanwhile, benevolence is
defined as the confidence in the ability of the commercial sharing
One of the forms of sharing economy observed to be growing economy to increase consumers’ wealth (Ba and Pavlou, 2002).
rapidly in the agribusiness sector is the P2P lending farming
funding. This service makes it easy for borrowers and lenders to The participation model proposes trust to have the ability to reduce
connect via Internet through the use of either a mobile application the perceived risk in the sharing economy (Lamberton and Rose,
or website and has also been reported to have provided new 2012) while the perceived risk is also used as the intermediary
financial effectiveness for farmers (Bachmann et al., 2011). This variable between trust and participation intention. Previous
concept is different from banking institutions lending due to its studies have reported the negative effects of perceived risk among
ability to assist farmers without the need for any collateral and consumers on their online shopping behavior (Hoffman et al.,
the use of a profit-sharing scheme instead of interest which is 1999; Salam et al., 2003, Park et al., 2004; Almousa, 2011), and
considered favorable for the condition of smallholder farmers. this further makes consumers stay away from online shopping.
P2P lending also provides an online marketing channel for farmers Pallab (1996) further showed worrisome on the part of consumers
to sell their crops and this is not available in formal banking on internet security, especially as regards the use of credit cards,
institutions. Some of the other benefits of this platform include sharing of personal information, and ordering without seeing the
the availability of field agents to assist farmers process funding real product. Moreover, Masoud (2013) also reported financial,
proposals as well as professional agricultural advisors to advise product, delivery, and information security risks to have negative
on the best farming methods. effects on online shopping behavior.

The acceptance rate of peer to peer lending is observed to be This model also shows the influence of unique variables of
relatively low among farmers despite these numerous benefits. sharing economy such as social, economic, and epistemic benefits
This was associated by Sembiring (2019) to the relatively minimal on perceived usefulness. The emergence of sharing economy

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 Septiani, et al.: Understanding the Factors Driving Farmers to Adopt Peer-to-Peer Lending Sharing Economy

has increased the need to understand consumer’s participation 2.3. The Unified Theory of Acceptance and Use of
intention. Kim et al. (2015) theoretically validated Social Technology (UTAUT2)
Exchange Theory’s value in explaining the shift of consumer Technology is considered a major part of P2P lending and this
tendency from the traditional transaction, in which handing over led to the adoption of The Unified Theory of Acceptance and
the ownership of commercial goods, to the tendency to share. Use of Technology (UTAUT) 2 variables to investigate the
This theory also observes the factor of trust in sharing economy factors influencing farmers to adopt P2P lending in this research
and explains the antecedent of behavioral intention in adopting (Venkatesh et al., 2012). This model studies the acceptance and
sharing economy, which is a relative advantage. use of technology in the context of mobile application from
consumer’s point of view using hedonic motivation, price value,
2.2. P2P Lending and habit as additional factors with direct or indirect impact on
The concept of personal lending is not a new business model behavioral intention and use behavior. Moreover, price value is
and has been defined as the conventional method of lending or considered important due to the need for the consumers to bear
borrowing money only without a mediator (Everett, 2010; Herrero- the cost of purchasing the technology while voluntariness of use
Lopez, 2009) but online P2P lending is tagged a new phenomenon variable in prior theory, UTAUT (Venkatesh and Zhang, 2010),
due to the integration of the Internet in the transaction. Indonesian is removed and replaced with a new linkage between facilitating
Financial Service Authority (OJK) regulation no. 77, year 2016 conditions and behavioral intention. UTAUT2 has a more in-depth
explained P2P lending as a financial service operation used in explanatory ability in explaining behavioral intention and the use
mediating the lender and borrower to have a lending agreement of technology more than UTAUT due to the fact that it does not
in Indonesian Rupiah directly via an electronic system using an only inherit the UTAUT structure but also adds new factors and
internet network. The motive of this system is closely related to relationships.
internet banking where transactions are mostly through the use of
mobile applications and websites. 2.4. Schwartz Theory of Basic Values
Values are considered relevant to the study on farmers’ behavior
The analytical approach implemented in previous studies includes due to their use in identifying cultural groups, society, and
combining Technology Acceptance Model (TAM) and Theory individuals and also in tracing and explaining the underlying
of Planned Behavior (TPB) with the indicators being perceived motivation of an attitude or behavior (Schwartz, 2012). The latest
security risk, social influence, trust, perceived financial cost, theory on values identifies ten kinds of motivation and these
perceived ease of use, previous experience, perceived usefulness, include stimulation, self-direction, universalism, benevolence,
and compatibility (Tan et al., 2017; Nisar and Prabhakar, 2017). tradition, conformity, security, power, achievement, and hedonism
The criteria used by consumers in selecting the preferred lending (Schwartz, 2012).
provider include interest rate, service fee, provider reputation,
religion, facilities offered, security guarantee, compatibility, 2.5. The Research Model of Factors Influencing
social influence, information availability, trustworthiness, and Behavioral Intention to Adopt P2P Lending
convenience (Ringim, 2014; Obeid and Kaabachi, 2016; Sayani The literature review led to the development of the model
and Miniaoui, 2013; Usman et al., 2017). for this research as presented in Figure 1 with ten variables

Figure 1: Research model

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 Septiani, et al.: Understanding the Factors Driving Farmers to Adopt Peer-to-Peer Lending Sharing Economy

adopted from Theoretical Model of Participation in The Sharing 4. RESULTS AND DISCUSSIONS
Economy, UTAUT2, and Schwartz Theory of Basic Values which
hypothetically influence the farmers’ behavioral intention to adopt 4.1. Respondent Characteristics
farming funding P2P lending. The attributes of respondents presented in Table 2 shows majority
represented by 91.47% are male while the average age with the
2.6. Research Hypotheses most dominance is 40 years and above and this is in line with the
The research hypotheses formulated include the following: agricultural survey by BPS-Statistics Indonesia (2018) which
H1: Performance expectancy has a positive effect on behavioral showed the majority of farmers’ age in Indonesia are above 35
intention to adopt P2P lending years old. Meanwhile, age has been reported to be one of the
H2: Effort expectancy has a positive effect on behavioral intention factors affecting the level of technology adoption (Martins et al.,
to adopt P2P lending 2018). Moreover, male dominance is associated with the fact that
H3: Facilitating condition has a positive effect on behavioral farming is the main source of livelihood, and being a father makes
intention to adopt P2P lending an individual the decision-maker in the family.
H4: Social influence has a positive effect on behavioral intention
to adopt P2P lending The farmers were found to be mostly senior high school
H5: Hedonic motivation has a positive effect on behavioral graduates as observed with 39.08% followed by elementary
intention to adopt P2P lending school graduates with 30.73%, junior high school graduates
H6: Price value has a positive effect on behavioral intention to were 16.17% while only 12% were college graduates.
adopt P2P lending Moreover, most of the respondents already own a smartphone
H7: Habit has a positive effect on behavioral intention to adopt
P2P lending Table 1: Variable operationalization
H8: Trust has a positive effect on behavioral intention to adopt Variable Definition Source
P2P lending Performance A level at which an Venkatesh et al.
H9: Trust has a negative effect on perceived risk expectancy individual believes using a (2012); Botsman and
H10: Perceived risk has a negative effect on behavioral intention system is beneficial in work Rogers, (2010); Kim
to adopt P2P lending performance et al. (2015)
H11: Basic values have a positive effect on behavioral intention Effort The perceived easiness of Venkatesh et al.
expectancy using a technology (2012); Koufaris and
to adopt P2P lending. Hampton-Sosa (2004);
Cao et al., (2005)
3. METHODS Facilitating The availability of resources Venkatesh et al.
conditions perceived to have the ability (2012); Khalifa and
to make farmers adopt Kathi (2008); Davis
This research was conducted quantitatively using a confirmatory technology easier (1989)
approach with 371 farmers in West Java, Indonesia as respondents Social The level at which Venkatesh et al. (2012)
with the samples used selected through purposive sampling method influence individual perceive the
while questionnaire was applied as the survey instrument. people around influences
the use of a new system
Hedonic Perception towards Venkatesh et al.
This research was conducted using dependent and independent motivation enjoyment to be felt when (2012); Van der
variables with the dependent variable being behavioral intention using technology Heijden et al., (2003)
while the independent variables are performance expectancy, Price value Perception of benefits Venkatesh et al.
effort expectancy, facilitating conditions, social influence, hedonic compared to cost (2012); Chen and
motivation, price value, habit, trust, values, and perceived risk Salmanian (2017);
Uenlue (2017)
adopted from UTAUT2 theory, Theoretical Model of Participation
Habit Perception of automatic Venkatesh et al. (2012)
in The Sharing Economy, and Schwartz theory of basic values. behavior
The summary of variable operationalization is, therefore, presented Trust • Perceived trustworthiness Todd (2007); Gefen
in Table 1. of the platform’s vendor (2000); Kim et al.
• External environment (2015); Ba and Pavlou
A SEM technique was used to test the relationship between (2002),
Basic values Tradition Schwartz (2012)
research variables with the hypotheses tested using the farmers Achievement
as the analysis unit. This technique was implemented due to its Benevolence
capability to investigate and test the hypothesis involving multiple Stimulation
regression analysis between a single dependent variable and a Perceived Uncertainty and worry due Bhatnagar and Ghose
group of independent variables (Bentler and Chou, 1987). risk to the adoption of the P2P (2002); Cases (2002);
lending sharing economy Forsythe and Shi
(2003)
According to Ghozali and Fuad (2008), SEM is an evolution Behavioral Tendency to adopt P2P Venkatesh et al.
from multiple linear regression developed from econometric intention lending (2012); Davis (1989);
principles combined with the regulation principles of psychology Fishbein and Ajzen
and sociology and has improved to be an integral part of academic (1975)
managerial research. P2P: Peer-to-peer

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 Septiani, et al.: Understanding the Factors Driving Farmers to Adopt Peer-to-Peer Lending Sharing Economy

but some of them do not have as observed from the 24% borrowing funds using offline conventional lending sources
recorded. This is also in line with the findings from BPS – have a bigger tendency to adopt P2P lending, especially
Statistics Indonesia (2018) which showed only 13.4% of the for children education followed by purchasing a vehicle
total number of farmers in Indonesia use the internet and this and household equipment. The results also showed 59.75%
means information technology adoption is low among farmers borrow from a conventional bank and 32.08% from an
and this was found by Galloway and Mochrie (2005) due to the informal financial entity such as moneylender, loan shark, and
inappropriate supply and demand of technology infrastructure middleman which are usually patronized due to their much
in suburban areas and low perception of the farmers towards simpler requirements compared to formal financial institutions.
the need for ICT. Moreover, financial institutions, formal or informal, are highly
needed by farmers for farming production and daily living
Table 3 shows borrowing experience is one of the considerations cost before the crops are sold due to the current very limited
in P2P lending adoption. The farmers with experience in access to the sources of capital or funding, particularly for
Table 2: Respondent characteristics smallholder farmers which make up the largest percentage of
Respondent profile Amount Percentage
the society (Hermawan and Adrianyta, 2013; Mulyaqin et al.,
Age 2016; Nurmanaf, 2007). Middlemen play several roles such as
<30 53 14.2 the provision of capital as well as the formation of networks
30–39 78 21.02 between different parties ranging from the farmers to traders
40–49 113 30.46 and these have made the farmers to be highly dependent on
50–59 93 25.07
them (Megasari, 2017).
≥60 34 9.16
Gender
Male 332 89.49 4.2. Validity and Reliability Test
Female 39 10.51 Reliability test was conducted to measure the consistency level of
Education the research instrument which is considered reliable at composite
Elementary school 114 30.73
reliability (CR) higher than 0.70. The results presented in Table 4
Junior high school 60 16.17
Senior high school 145 39.08 shows all the indicators are reliable.
Diploma 6 1.62
Graduate 45 12.13% The validity test was used to determine the validity of the
Post graduate 1 0.27 questionnaire using a loading factor >0.50 and all the indicators
Mobile phone ownership
were observed in Table 5 to be valid by having loading factor
Own a mobile phone 320 86.25
Does not own a mobile phone 51 13.75 >0.50 and this means no variable was eliminated.
Type of farmer
Farmer rent land 118 31.81 4.3. Hypotheses Verification Results
Farmer own land 209 56.33 The factors affecting behavioral intention to adopt P2P lending
Breeder 44 11.86 were analyzed using farmers without prior experience in adopting

Table 3: Experience in borrowing fund from conventional/offline provider

Borrowing experience Amount Percentage LVS
Ever borrowed funds for non-farming purposes?
Yes 159 42.86 –0.21
No 212 51.14 –0.78
Objectives of borrowing
Children education 71 44.65 –0.17
Buy vehicle 33 20.75 –0.37
Buy electronic goods including mobile phone 22 13.84 0.09
Buy a house 3 1.89 –0.40
Buy household equipment 24 15.09 –0.05
Others 6 3.77 –0.24
Lender
Conventional bank 95 59.75 –0.06
Sharia bank 2 1.26 –0.67
Cooperation 11 6.92 –0.54
Others 51 32.08 –0.11
Consideration of borrowing fund
Low interest 54 6.15 –0.37
Profit–sharing system 16 3.08 –0.75
Low obligation 26 12.31 –0.30
Confidence of the ability to pay back 38 6.15 –0.67
Easy requirements 98 43.08 –0.52
No interest, in accordance with religion 11 18.46 –0.83
Bigger benefits 11 4.62 –0.62
Not required to own land 4 6.15 –0.44

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 Septiani, et al.: Understanding the Factors Driving Farmers to Adopt Peer-to-Peer Lending Sharing Economy

Table 4: Reliability test result (CR) Table 6: Path coefficient score of structural model
Dimension CR Result Relationship Path coefficient t-value Significance
X1 Performance expectancy 0.92 Reliable X1 → Y1 0.04 0.91
X2 Effort expectancy 0.93 Reliable X2 → Y1 0.12 2.28 *
X3 Facilitating conditions 0.88 Reliable X3 → Y1 0.03 0.6
X4 Social influence 0.89 Reliable X4 → Y1 0.09 2.21 *
X5 Hedonic motivation 0.93 Reliable X5 → Y1 0.19 3.03 *
X6 Price value 0.88 Reliable X6 → Y1 0.16 2.82 *
X7 Habit 0.90 Reliable X7 → Y1 0.18 2.16 *
X8 Trust 0.95 Reliable X8 → Y1 0.02 0.22
X9 Perceived risk 0.91 Reliable X8 → X9 −0.32 −6.09 *
X10 Basic values 0.89 Reliable X9 → Y1 −0.06 −2.13 *
Y1 Behavioral intention 0.92 Reliable X10 → Y1 0.30 4.69 *
*Reliable if CR>0.70. CR: Composite reliability Symbol (*) Path coefficient significant at error rate 5%, in which the absolute score of
t-count >1.96

Table 5: Validity test results (average variance extracted)

Dimension AVE Result farmers’ perception towards the implementation and service of P2P
X1 Performance expectancy 0.66 Valid lending to provide an exciting experience and easy accessibility.
X2 Effort expectancy 0.76 Valid This means there is a need for the farmers to enjoy using the
X3 Facilitating conditions 0.65 Valid technology and create an exciting experience in order to drive the
X4 Social influence 0.74 Valid P2P lending adoption process.
X5 Hedonic motivation 0.65 Valid
X6 Price value 0.72 Valid
X7 Habit 0.83 Valid Hypothesis 6 proposes price value has a positive effect on
X8 Trust 0.64 Valid behavioral intention to adopt P2P lending and a significant
X9 Perceived risk 0.83 Valid correlation was discovered based on a t-value of 2.82, therefore,
X10 Basic Values 0.68 Valid the hypothesis is accepted. The result aligns with the findings
Y1 Behavioral intention 0.73 Valid of a previous study by Tak and Panwar (2017) which showed a
*Valid if AVE >0.50
positive correlation between price value and behavioral intention
to adopt online shop application technology. This means farmers
P2P lending and the results showed eight significant correlations are sensitive to the costs they have to spend and possible benefits
as presented in Table 6. from using any technology.

Hypothesis 2 proposes that effort expectancy has a positive effect According to Tak and Panwar (2017), the use of online media
on behavioral intention to adopt P2P lending and a t-value of is considered by several people as a habit and this submission
2.28 indicated the existence of a significant correlation between was observed to be in line with hypothesis 7 test which showed
the two variables, therefore, hypothesis 2 is accepted. This is in a significant correlation between habit and behavioral intention
agreement with the findings of Tak and Panwar (2017) and Chen to adopt P2P lending as indicated with a t-value of 2.16. This is
et al. (2017) and the reasonable explanation is due to the exposure consistent with the theory of UTAUT2 developed by Venkatesh
of the respondents to the easiness of participating in P2P lending. et al. (2012) which shows the ability of the repeated use of a
technology to form knowledge and eventually drive people to
Hypothesis 4 proposes social influence has a positive effect adopt such innovation. Therefore, the P2P lending provider has to
on behavioral intention to adopt P2P lending and a significant educate and allow farmers to try the use of the platform regularly
correlation was found as indicated by the t-value of 2.21. The result to make them familiar with the service.
is consistent with the findings of a previous study by Venkatesh
et al. (2012) and this means farmers are interested in listening to the The analysis also showed that trust does not show direct significant
advice from reference groups such as farmers’ community, family, effect on behavioral intention to adopt P2P lending but has indirect
or friends. Therefore, a community of farmers involving those that influence through the use of perceived risk as a mediating variable,
have adopted P2P lending needs to be built by the facilitators to therefore, hypothesis 9 is also accepted with an absolute t-value
allow the exchange of experience and knowledge and accelerate score of 6.09. According to Kim et al. (2015), risk in the model
the adoption process. refers to the subjective beliefs of users concerning the potential loss
from a transaction. For example, an increase in consumers’ trust
A significant positive correlation was also discovered between in P2P lending reduces the perceived risk and this subsequently
hedonic motivation and behavioral intention with a t-value of increases the propensity for adoption.
3.03 and this means hypothesis 5 is also accepted. The result
is consistent with the findings of most preceding studies which The risk in online platforms exists due to information asymmetry
showed hedonic motivation to have a positive effect on behavioral which produces uncertainty of identity and product and worrisome
intention in adopting technology (Leong et al., 2017; Yapp et al., concerning the possibility of opportunistic behavior and these
2018; Martins et al., 2018; Lin et al., 2017; Tak and Panwar, further reduce transactional intention (Pavlou and Gefen, 2004).
2017). The hedonic motivation was defined in this study based on This argument is consistent with the result of hypothesis 10 which

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 Septiani, et al.: Understanding the Factors Driving Farmers to Adopt Peer-to-Peer Lending Sharing Economy

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