An Empirical Study on the Drivers of Financial Market Entity Behavior in Guangxi: A MOA Theory Perspective_Vol. 2 No. 1 (JBM 2025)_Journal of Business and Marketing (ISSN: 3005-5717)

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An Empirical Study on the Drivers of Financial Market Entity Behavior in Guangxi: A MOA Theory Perspective

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DOI: https://doi.org/10.62517/jbm.202509110

Author(s)

Ludan Yu, Yang Li, Hao Zhang, Yakun Wang*, Yanjuan Xiong

Affiliation(s)

College of Digital Economics, Nanning University, Nanning, Guangxi, China *Corresponding Author.

Abstract

Based on the Motivation-Opportunity-Ability (MOA) theory, this study explores the mechanism through which external environmental factors—including service accessibility, legal institutionalization, market environment perception, and institutional environment quality—affect the behavior of financial market participants via enterprise capability development (i.e., managerial capability, technological innovation capability, and financial capability). An empirical analysis of market participants in Guangxi reveals that service accessibility and legal institutionalization significantly and positively predict Market Entity Behavior, with the impact of service accessibility being stronger. Additionally, both market environment perception and institutional environment quality have significant influences on Market Entity Behavior, with institutional environment quality exerting the most substantial effect. Further analysis indicates that service accessibility indirectly promotes Market Entity Behavior by enhancing firms’ managerial and technological innovation capabilities, whereas the indirect effect of legal institutionalization on Market Entity Behavior is not statistically supported. Moreover, market environment perception and institutional environment quality effectively drive Market Entity Behavior by fostering the three core enterprise capabilities. Notably, institutional environment quality plays a crucial role in enhancing technological innovation capability. The findings highlight that strengthening enterprise capabilities is a key pathway to optimizing Market Entity Behavior. Therefore, it is recommended to further optimize market service systems, deepen legal institutional reforms, improve market environment perception, enhance institutional reforms, promote enterprise capability development, and strengthen financial support to enhance the competitiveness and vitality of market participants.

Keywords

MOA Theory; Market Entity Behavior; Service Accessibility; Legal Institutionalization; Market Environment Perception; Institutional Environment; Enterprise Capability

References

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