Cryptocurrencies have arrived, but are we ready? Unveiling cryptocurrency adoption recipes through an SEM-fsQCA approach

Purpose: The purpose of this study is to investigate consumers’ cryptocurrency adoption through the unified theory of acceptance and use of technology (UTAUT) and complexity theory. Design/methodology/approach: By using a purposive sampling method, a configurational model was developed and a questio...

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出版年:Bottom Line
第一著者: 2-s2.0-85161437202
フォーマット: 論文
言語:English
出版事項: Emerald Publishing 2023
オンライン・アクセス:https://www.scopus.com/inward/record.uri?eid=2-s2.0-85161437202&doi=10.1108%2fBL-01-2022-0010&partnerID=40&md5=259dddddbb902cdba70673be8a9f624d
id Sham R.; Aw E.C.-X.; Abdamia N.; Chuah S.H.-W.
spelling Sham R.; Aw E.C.-X.; Abdamia N.; Chuah S.H.-W.
2-s2.0-85161437202
Cryptocurrencies have arrived, but are we ready? Unveiling cryptocurrency adoption recipes through an SEM-fsQCA approach
2023
Bottom Line
36
2
10.1108/BL-01-2022-0010
https://www.scopus.com/inward/record.uri?eid=2-s2.0-85161437202&doi=10.1108%2fBL-01-2022-0010&partnerID=40&md5=259dddddbb902cdba70673be8a9f624d
Purpose: The purpose of this study is to investigate consumers’ cryptocurrency adoption through the unified theory of acceptance and use of technology (UTAUT) and complexity theory. Design/methodology/approach: By using a purposive sampling method, a configurational model was developed and a questionnaire-based survey was conducted to gather responses from a Malaysian sample. A total of 223 responses were obtained. Partial least square structural equation modeling (PLS-SEM) and fuzzy set qualitative comparative analysis (fsQCA) were adopted to analyze the data. Findings: The PLS-SEM indicated that performance expectancy, effort expectancy, social influence and affinity for technology interaction were positive cryptocurrency adoption predictors, whereas regulation was a negative predictor. Based on the fsQCA, cryptocurrency adoption could be explained by six configurational paths, which comprised combinations of the proposed causal conditions: the UTAUT factors (performance expectancy, effort expectancy, facilitating condition and social influence), environmental factor (regulation) and individual factors (financial knowledge and affinity for technology interaction). Research limitations/implications: This study offers contributions to the theoretical body of knowledge by articulating the relevance of extended UTAUT and extending the established UTAUT model by integrating external environment and personal factors, also showing the linear and nonlinear interplays of performance expectancy, effort expectancy, facilitating conditions, social influence, regulation, financial knowledge and affinity for technology interaction. Practical implications: The findings facilitated practitioners’ (cryptocurrency brokers, governments and businesses) fostering of cryptocurrency adoption through the joint consideration of different factors. The factors spanned technological attributes and individual characteristics to regulation. Practitioners should acknowledge that different combinations of the aforementioned antecedents can be equally effective to increase cryptocurrency adoption. The findings suggested that these causal conditions should be considered holistically and that there is no best predictor. Social implications: In social terms, the research is expected to contribute to the dissemination of cryptocurrencies and help governments and central banks to develop, regulate and supervise digital currencies, as well as in the implementation of a digital currency ecosystem aligned with sustainable development goals. Economically, the results might foster a high cryptocurrency adoption rate and stimulate crypto-token-based business models and investment opportunities that present new means of revenue generation at individual, organizational and national levels. Originality/value: This study offers unique perspectives for the body of knowledge and practice in the cryptocurrency domain, using both symmetric and asymmetric methodologies, by delineating the configurational logic involving technological capabilities, social influences, regulation and individual characteristics in facilitating more efficacious dissemination of cryptocurrencies. © 2023, Emerald Publishing Limited.
Emerald Publishing
0888045X
English
Article

author 2-s2.0-85161437202
spellingShingle 2-s2.0-85161437202
Cryptocurrencies have arrived, but are we ready? Unveiling cryptocurrency adoption recipes through an SEM-fsQCA approach
author_facet 2-s2.0-85161437202
author_sort 2-s2.0-85161437202
title Cryptocurrencies have arrived, but are we ready? Unveiling cryptocurrency adoption recipes through an SEM-fsQCA approach
title_short Cryptocurrencies have arrived, but are we ready? Unveiling cryptocurrency adoption recipes through an SEM-fsQCA approach
title_full Cryptocurrencies have arrived, but are we ready? Unveiling cryptocurrency adoption recipes through an SEM-fsQCA approach
title_fullStr Cryptocurrencies have arrived, but are we ready? Unveiling cryptocurrency adoption recipes through an SEM-fsQCA approach
title_full_unstemmed Cryptocurrencies have arrived, but are we ready? Unveiling cryptocurrency adoption recipes through an SEM-fsQCA approach
title_sort Cryptocurrencies have arrived, but are we ready? Unveiling cryptocurrency adoption recipes through an SEM-fsQCA approach
publishDate 2023
container_title Bottom Line
container_volume 36
container_issue 2
doi_str_mv 10.1108/BL-01-2022-0010
url https://www.scopus.com/inward/record.uri?eid=2-s2.0-85161437202&doi=10.1108%2fBL-01-2022-0010&partnerID=40&md5=259dddddbb902cdba70673be8a9f624d
description Purpose: The purpose of this study is to investigate consumers’ cryptocurrency adoption through the unified theory of acceptance and use of technology (UTAUT) and complexity theory. Design/methodology/approach: By using a purposive sampling method, a configurational model was developed and a questionnaire-based survey was conducted to gather responses from a Malaysian sample. A total of 223 responses were obtained. Partial least square structural equation modeling (PLS-SEM) and fuzzy set qualitative comparative analysis (fsQCA) were adopted to analyze the data. Findings: The PLS-SEM indicated that performance expectancy, effort expectancy, social influence and affinity for technology interaction were positive cryptocurrency adoption predictors, whereas regulation was a negative predictor. Based on the fsQCA, cryptocurrency adoption could be explained by six configurational paths, which comprised combinations of the proposed causal conditions: the UTAUT factors (performance expectancy, effort expectancy, facilitating condition and social influence), environmental factor (regulation) and individual factors (financial knowledge and affinity for technology interaction). Research limitations/implications: This study offers contributions to the theoretical body of knowledge by articulating the relevance of extended UTAUT and extending the established UTAUT model by integrating external environment and personal factors, also showing the linear and nonlinear interplays of performance expectancy, effort expectancy, facilitating conditions, social influence, regulation, financial knowledge and affinity for technology interaction. Practical implications: The findings facilitated practitioners’ (cryptocurrency brokers, governments and businesses) fostering of cryptocurrency adoption through the joint consideration of different factors. The factors spanned technological attributes and individual characteristics to regulation. Practitioners should acknowledge that different combinations of the aforementioned antecedents can be equally effective to increase cryptocurrency adoption. The findings suggested that these causal conditions should be considered holistically and that there is no best predictor. Social implications: In social terms, the research is expected to contribute to the dissemination of cryptocurrencies and help governments and central banks to develop, regulate and supervise digital currencies, as well as in the implementation of a digital currency ecosystem aligned with sustainable development goals. Economically, the results might foster a high cryptocurrency adoption rate and stimulate crypto-token-based business models and investment opportunities that present new means of revenue generation at individual, organizational and national levels. Originality/value: This study offers unique perspectives for the body of knowledge and practice in the cryptocurrency domain, using both symmetric and asymmetric methodologies, by delineating the configurational logic involving technological capabilities, social influences, regulation and individual characteristics in facilitating more efficacious dissemination of cryptocurrencies. © 2023, Emerald Publishing Limited.
publisher Emerald Publishing
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