{"title":"Is crypto legitimate? Study on the relationship between legitimacy and public engagement on crypto market in Indonesia","authors":"R. Almahendra, Ari Okta Viyani, Muhammad Nabawi","doi":"10.3926/ic.2425","DOIUrl":null,"url":null,"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.","PeriodicalId":45252,"journal":{"name":"Intangible Capital","volume":null,"pages":null},"PeriodicalIF":1.0000,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Intangible Capital","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3926/ic.2425","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"MANAGEMENT","Score":null,"Total":0}
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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.
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.
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