Is crypto legitimate? Study on the relationship between legitimacy and public engagement on crypto market in Indonesia

IF 1 Q4 MANAGEMENT

Intangible Capital Pub Date : 2024-07-11 DOI:10.3926/ic.2425

R. Almahendra, Ari Okta Viyani, Muhammad Nabawi

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引用次数: 0

Abstract

Purpose: In recent years, the development of the crypto market has grown exponentially compared to other investment assets. Using the lens of institutional entrepreneurship theory, our research seeks to understand the antecedents of public engagement on crypto market in Indonesia.Design/methodology/approach: To capture this phenomenon, we use institutional and legitimacy theories to explain how social constructs toward cryptocurrency can be formed and accepted by society. Based on the survey of 213 individuals actively engaging in the crypto market, we confirm that public engagement in the crypto market is associated with three different types of legitimacyFindings: The main contribution of this research is that it shows that normative and cognitive legitimacies play a big role in public engagement in the crypto market. This study also found that, in general, individuals engaged in crypto are individuals who only focus on personal gain. They can engage with the crypto market if their personal goals are met.Research limitations/implications: This research is only carried out within the geographical boundaries of Indonesia. It is imperative to conduct investigations in various contexts in order to comprehend how diverse cultural contexts can potentially impact public engagement in the crypto market. Practical implications: This study provides support for the notion that public engagement in the crypto market is correlated with different levels of legitimacy. The results of this study show that public participation in the crypto market is significantly influenced by normative and cognitive legitimacies.Social implications: This research can be helpful for policymakers and industries able to consider the institutional development of crypto ecosystems and will generate fresh insight into our understanding of the nature of legitimacy-seeking behavior among cryptocurrency adoptersOriginality/value: We propose a new mechanism explaining how institutional frameworks could help explain the emergence of public engagement on Crypto Market.

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加密货币合法吗？印度尼西亚加密货币市场的合法性与公众参与之间的关系研究

目的：近年来，与其他投资资产相比，加密货币市场的发展呈指数级增长。我们的研究以制度创业理论为视角，试图了解印度尼西亚公众参与加密货币市场的前因：为了捕捉这一现象，我们使用制度和合法性理论来解释社会如何形成和接受对加密货币的社会建构。基于对 213 名积极参与加密货币市场的个人的调查，我们证实公众参与加密货币市场与三种不同类型的合法性有关：这项研究的主要贡献在于，它表明规范合法性和认知合法性在公众参与加密货币市场的过程中发挥着重要作用。本研究还发现，一般来说，参与加密货币的个人都是只关注个人利益的人。如果个人目标得到满足，他们就能参与加密货币市场：本研究仅在印度尼西亚的地理范围内进行。当务之急是在不同背景下开展调查，以了解不同的文化背景如何对公众参与加密货币市场产生潜在影响。实际意义：本研究为公众参与加密货币市场与不同程度的合法性相关这一观点提供了支持。研究结果表明，公众参与加密货币市场受到规范合法性和认知合法性的显著影响：这项研究有助于政策制定者和行业考虑加密生态系统的制度发展，并将为我们理解加密货币采用者寻求合法性行为的本质提供新的见解：我们提出了一种新机制，解释了制度框架如何有助于解释公众参与加密货币市场的兴起。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Intangible Capital MANAGEMENT-

CiteScore

1.50

自引率

16.70%

发文量

审稿时长

33 weeks

期刊介绍： The aim of Intangible Capital is to publish theoretical and empirical articles that contribute to contrast, extend and build theories that contribute to advance our understanding of phenomena related with management, and the management of intangibles, in organizations, from the perspectives of strategic management, human resource management, psychology, education, IT, supply chain management and accounting. The scientific research in management is grounded on theories developed from perspectives taken from a diversity of social sciences. Intangible Capital is open to publish articles that, from sociology, psychology, economics and industrial organization contribute to the scientific development of management and organizational science. Intangible Capital publishes scholar articles that contribute to contrast existing theories, or to build new theoretical approaches. The contributions can adopt confirmatory (quantitative) or explanatory (mainly qualitative) methodological approaches. Theoretical essays that enhance the building or extension of theoretical approaches are also welcome. Intangible Capital selects the articles to be published with a double bind, peer review system, following the practices of good scholarly journals. Intangible Capital publishes three regular issues per year following an open access policy. On-line publication allows to reduce publishing costs, and to make more agile the process of reviewing and edition. Intangible Capital defends that open access publishing fosters the advance of scientific knowledge, making it available to everyone. Intangible Capital publishes articles in English, Spanish and Catalan.