Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in Indonesia
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...
| Autores: | , , |
|---|---|
| Tipo de recurso: | artículo |
| Fecha de publicación: | 2024 |
| País: | España |
| Institución: | Universitat Politècnica de Catalunya (UPC) |
| Repositorio: | UPCommons. Portal del coneixement obert de la UPC |
| Idioma: | inglés |
| OAI Identifier: | oai:upcommons.upc.edu:2117/424844 |
| Acceso en línea: | https://hdl.handle.net/2117/424844 https://dx.doi.org/10.3926/ic.2425 |
| Access Level: | acceso abierto |
| Palabra clave: | Cryptocurrencies Intangible property Cryptocurrency Legitimacy Public engagement Intangible assets Criptomoneda Béns immaterials Àrees temàtiques de la UPC::Economia i organització d'empreses |
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Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in IndonesiaAlmahendra, RanggaViyani, Ari OktaNabawi, MuhammadCryptocurrenciesIntangible propertyCryptocurrencyLegitimacyPublic engagementIntangible assetsCriptomonedaBéns immaterialsÀrees temàtiques de la UPC::Economia i organització d'empresesPurpose: 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 legitimacy Findings: 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 adopters Originality/value: We propose a new mechanism explaining how institutional frameworks could help explain the emergence of public engagement on Crypto MarketPeer ReviewedOmniaScience20242024-07-0120252025-02-21journal articlehttp://purl.org/coar/resource_type/c_6501NAhttp://purl.org/coar/version/c_be7fb7dd8ff6fe43info:eu-repo/semantics/articleapplication/pdfhttps://hdl.handle.net/2117/424844https://dx.doi.org/10.3926/ic.2425reponame:UPCommons. Portal del coneixement obert de la UPCinstname:Universitat Politècnica de Catalunya (UPC)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc/4.0/info:eu-repo/semantics/openAccessoai:upcommons.upc.edu:2117/4248442026-05-27T15:37:01Z |
| dc.title.none.fl_str_mv |
Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in Indonesia |
| title |
Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in Indonesia |
| spellingShingle |
Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in Indonesia Almahendra, Rangga Cryptocurrencies Intangible property Cryptocurrency Legitimacy Public engagement Intangible assets Criptomoneda Béns immaterials Àrees temàtiques de la UPC::Economia i organització d'empreses |
| title_short |
Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in Indonesia |
| title_full |
Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in Indonesia |
| title_fullStr |
Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in Indonesia |
| title_full_unstemmed |
Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in Indonesia |
| title_sort |
Is crypto legitimate? Study on the relationship between legitimacy andpublic engagement on crypto market in Indonesia |
| dc.creator.none.fl_str_mv |
Almahendra, Rangga Viyani, Ari Okta Nabawi, Muhammad |
| author |
Almahendra, Rangga |
| author_facet |
Almahendra, Rangga Viyani, Ari Okta Nabawi, Muhammad |
| author_role |
author |
| author2 |
Viyani, Ari Okta Nabawi, Muhammad |
| author2_role |
author author |
| dc.subject.none.fl_str_mv |
Cryptocurrencies Intangible property Cryptocurrency Legitimacy Public engagement Intangible assets Criptomoneda Béns immaterials Àrees temàtiques de la UPC::Economia i organització d'empreses |
| topic |
Cryptocurrencies Intangible property Cryptocurrency Legitimacy Public engagement Intangible assets Criptomoneda Béns immaterials Àrees temàtiques de la UPC::Economia i organització d'empreses |
| description |
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 legitimacy Findings: 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 adopters Originality/value: We propose a new mechanism explaining how institutional frameworks could help explain the emergence of public engagement on Crypto Market |
| publishDate |
2024 |
| dc.date.none.fl_str_mv |
2024 2024-07-01 2025 2025-02-21 |
| dc.type.none.fl_str_mv |
journal article http://purl.org/coar/resource_type/c_6501 NA http://purl.org/coar/version/c_be7fb7dd8ff6fe43 |
| dc.type.openaire.fl_str_mv |
info:eu-repo/semantics/article |
| format |
article |
| dc.identifier.none.fl_str_mv |
https://hdl.handle.net/2117/424844 https://dx.doi.org/10.3926/ic.2425 |
| url |
https://hdl.handle.net/2117/424844 https://dx.doi.org/10.3926/ic.2425 |
| dc.language.none.fl_str_mv |
Inglés eng |
| language_invalid_str_mv |
Inglés |
| language |
eng |
| dc.rights.none.fl_str_mv |
open access http://purl.org/coar/access_right/c_abf2 https://creativecommons.org/licenses/by-nc/4.0/ |
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info:eu-repo/semantics/openAccess |
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open access http://purl.org/coar/access_right/c_abf2 https://creativecommons.org/licenses/by-nc/4.0/ |
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openAccess |
| dc.format.none.fl_str_mv |
application/pdf |
| dc.publisher.none.fl_str_mv |
OmniaScience |
| publisher.none.fl_str_mv |
OmniaScience |
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reponame:UPCommons. Portal del coneixement obert de la UPC instname:Universitat Politècnica de Catalunya (UPC) |
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Universitat Politècnica de Catalunya (UPC) |
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UPCommons. Portal del coneixement obert de la UPC |
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UPCommons. Portal del coneixement obert de la UPC |
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1869421996091113472 |
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15,812429 |