Digital Business最新文献

The manuscript investigates whether the individual personality trait, Fear of Missing Out (FOMO)—typically considered negative—influences the willingness of individuals to contribute to Initial Coin Offerings (ICOs), a phenomenon that emerged after the blockchain revolution. We conducted both qualitative and quantitative work in this space and present the results of an international survey, including a conjoint experiment. Theoretically, we anchor our study in signaling theory and propose that signal valence (the positive or negative interpretation of a signal) can diverge from signal intent. Specifically, we find that candidate ICO funders with strong FOMO behave predictably irrationally. They are more likely to invest in financially irresponsible projects and are less likely to invest in projects that have received recognition from established media sources or multinationals. While both financial responsibility and stakeholder recognition are ostensibly positive signals of team and project quality, we find that for ICO funders with high FOMO, the valence of these signals changes.

This research aims to bridge a gap in the existing literature by investigating the role of the blockchain-based metaverse in fostering decentralized sustainable management, leveraging the principles of stakeholder capitalism theory. By conducting a content analysis of thirty-two expert reports from the blockchain-based metaverse industry, the study identifies five key attributes that can potentially cultivate innovation and decentralized sustainable management within the business domain. These attributes include a creator economy, a persistent synchronous virtual environment, decentralization, an interoperable network, and a digitalized mindset. The research underscores the need for stakeholders to adopt a sustainable approach when navigating the blockchain-based metaverse, highlighting the potential benefits achievable in a decentralized, hybrid physical-digital environment. This work stands as a pioneering effort in conceptualizing a theoretical framework that encapsulates decentralized sustainable management within the blockchain-based metaverse, underpinned by the principles of stakeholder capitalism. Thus, it contributes significantly to the academic discourse on the sustainable implications of blockchain technology in new business models.

A paradox arises in platform-based open innovation, wherein digital Multi-Sided Platform (MSP) firms with little initial co-creation ability can successfully adopt an open innovation strategy that typically requires a high level of co-creation capacity. This study aims to fill this gap by theoretically exploring the connection between effectuation, which involves entrepreneurial action based on a given set of means and the selection of possible effects, and the open innovation process with co-creation capacity. The objective is to contribute to the significant growth of digital MSP startups. This study investigates the process of open innovation based on platforms in the context of resource constraints, limited knowledge, and uncertainty. The outcomes of a quantitative study including 70 digital MSP startups indicate that the most efficient route for these businesses to achieve Innovation Performance is by first developing Effectuation, followed by Integrative Capabilities and Co-Creation Capacity, and last, Innovation Performance. However, in this shortest path, the involvement of Crowds or Communities Management Practices plays a role in partially moderating the relationship between Effectuation and Integrative Capabilities. Platform-based innovation serves as the point of integration between effectuation theory in entrepreneurship research and open innovation strategy in strategic management research. The bridge connecting these two fields has significant implications for research on platform-based innovation in the field of strategic entrepreneurship.

Despite widespread academic and practitioner interest in non-fungible tokens (NFTs) as a form of digital assets, little is known about how consumers perceive NFT value. This exploratory research investigates why people create, trade or collect NFTs, what value they derive from them, and how online communities contribute to value co-creation. Over the course of two rounds, we interview 38 participants, most of whom are digital natives. We find that engaging with NFTs is the new form of day trading, reflecting financialization of everyday life. The value of NFTs is mainly speculative and utilitarian, and NFTs themselves are best thought of as derivatives. Value co-creation in NFT project communities is largely focused on gaining superior information about the project. We contribute to the crypto-marketing and web3 literature by advancing a novel model of NFT consumer value that extends Holbrook's (1999) typology and distinguishes both positive and negative aspects of consumer value that have been overlooked in mainstream literature. We shed light on the role of communities in an unusual setting: a nascent, illiquid, speculative, informationally opaque market for digital assets. Our study helps creators and brand managers to develop effective NFT strategies.

The potential of Non-Fungible Tokens (NFTs) is highly anticipated, particularly in the realm of visual arts. However, current applications within fine arts often involve trivial processes, such as creating digital versions of artworks or replicas of masterpieces as NFT images, and selling only these NFTs. To unlock the full potential of NFTs, more innovative models are needed. This paper introduces a novel model that establishes a permanent link between an NFT and a physical craft object. This linkage is utilized to orchestrate the trade workflow, ensuring a sustained connection between real and digital artifacts. A distinguishing feature is that they can be sold together or seperately and later reunited with a buyer. The NFT serves as a multifunctional certificate, tracing, and communication token.

Through a comprehensive analysis, this paper explores diverse scenarios that may arise in the relationship between the physical object and its digital twin. It presents a systematic and formal description of the proposed model and its various cases, marking a pioneering effort in the field. Noteworthy advantages include the ability to detect plagiarism and fraud. By strategically incorporating stakeholder roles, the model preserves the anonymity of art collectors while extracting valuable information about the ownership of physical artworks. The primary objective is to enhance security in the art trade and foster new business opportunities for stakeholders. As a proof-of-concept, the model was implemented in a real-world scenario on a leading NFT marketplace platform.

Many organizations tried to accelerate their digital transformation, but some of them failed, possibly due to poor governance. Previously the influence of ambidextrous IT governance mechanisms on digital transformation and organizational performance were studied. However, there is a need to investigate what are the key ambidextrous IT governance mechanisms that lead to a successful digital transformation and how they are implemented. A case study was conducted at BRI to address the problem. BRI is an incumbent bank that recently won numerous awards. The case study was chosen to investigate one instance in detail to discover contextual understanding that might not have become apparent priorly. The data was collected by semi-structured interviews triangulated with internal documents until data saturation. Subsequently, the collected data underwent thematic analysis. The findings revealed seven key ambidextrous IT governance mechanisms, encompassing board and executive, strategy and architecture, talent and culture, data and information, development and operation, internal and external collaborations, as well as risk and audit. The study also examined how BRI digital transformation dimensions (digital transformation strategy, strategic alignment, digital and IT assets, knowledge and capability, and innovation culture) impacted organizational performance. Lastly, BRI's organizational performance achievements were examined using operational excellence, customer experience, industry presence, and financial return dimensions. This study offers valuable research insights by exploring the key ambidextrous IT governance mechanisms that influence digital transformation and organizational performance. The study also provides the practical implications on how to implement key ambidextrous mechanisms toward a successful digital transformation, including its organizational performance achievements.

Business models of industries and ventures enabled by new and emerging technologies are under-developed and fragmented. The blockchain technology promises to disrupt the business models. However, the scholarly literature in blockchain research is only beginning to emerge, and the majority are focused on the technical aspect leaving aside the business model complexities for blockchain applications. This paper fills this gap and proposes a blockchain business model framework. The research utilizes a sequential exploratory research design (SERD), encompassing two key phases: an initial phase involving a literature review and interviews to delineate blockchain business model building blocks and types, followed by a subsequent survey to identify the most pertinent building blocks and types. The findings helped to formulate the framework, necessary building blocks, and block types specifically for the blockchain applications. Organizations can tailor their business model through various configuration options and mechanisms, considering the arrangement of block types within each block according to their significant score levels. By giving priority to those with scores above the block's average, organizations can evaluate the performance of their models and pinpoint areas for enhancement. The proposed framework can be considered as a reference point for developing business models for blockchain applications.

Global virtual teamwork has emerged as a cornerstone of collaborative teamwork in today's work landscape, characterized by cross-border collaboration using digital technologies. Although research has started to investigate the mechanisms underlying effective teamwork through information and communication technologies (ICTs), an often-neglected dimension is the pivotal social context within which this collaboration unfolds. To address this research gap, this study adopts a social capital lens on teamwork in proposing social capital as a multidimensional mediator between the usage of ICTs and team effectiveness. The research model was tested using questionnaire data from 271 technologically sensitive and aware companies in the DACH region (Germany, Austria, Switzerland). The findings reveal that using multiple ICTs alone does not suffice for effective global virtual teamwork. Therefore, this study highlights the significance of social capital for the effectiveness of global virtual teamwork, which holds significant implications for theory and practice.

The rising prominence of blockchain technology has spurred researchers to delve deeper into its applications through the lens of organizational and management theories. Our thematic analysis of blockchain literature reveals examination across five key areas: economic, strategic, operational, behavioral, and implementation considerations, each viewed through various theoretical perspectives. The multifaceted nature of blockchain phenomena necessitates diverse types of theory and research questions. Thus, the unique characteristics within each area stimulate the formulation of inquiries that address a system of research questions about what, how, why, when, where, what will be, and how to do. Existing literature predominantly emphasizes explanatory and predictive type of theories, notably expanding research topics such as blockchain adoption behavior. However, this singular focus limits the exploration of diverse reasoning approaches suited to blockchain's complexity. Our study illustrates how different types of theory contribute to understanding each of the identified blockchain application areas. Based on our findings, we propose pertinent questions that highlight the need for varied theoretical frameworks and address specific issues within each application area. Furthermore, we recommend appropriate type of theories to address these questions, fostering a more multi-perspective investigation across the breadth of blockchain-related research topics and areas. By embracing diverse theoretical perspectives, we aim to create a more balanced research landscape, facilitating deeper insights into blockchain phenomena.

Given that the interconnections of NFT and DeFi digital assets with other stablecoins still not sufficiently studied, this paper is two-fold. We first examine the dynamic conditional correlation between gold-backed cryptocurrencies and NFTs and DeFi assets during the period 02/11/2021-05/01/2023. We thereafter assess the diversification potential of gold-backed cryptocurrencies against NFTand DeFi. To this end, we use the time-varying Student's copula to investigate the cross-markets linkages among different assets in dynamic fashion. We afterwards compute the optimal hedging ratios and effectiveness index to better explore the effectiveness of portfolio risk management. Our findings clearly show that the degree of dependence between gold-backed cryptocurrencies and NFT and DeFi tokens tends to vary over time. Our results also display that gold-backed cryptocurrencies act as suitable hedging (or diversifying) assets during normal times. Nevertheless, such assets can be considered as robust safe havens during the 2022 bear market for the most of NFT and DeFi assets. More specifically, PAXG and PMGT are found to be the best safe haven instruments for both NFT and DeFi tokens. DGX also serves as safe-haven assets for some NFT and DeFi assets, but with a lower risk-mitigation capacity compared to PAXG and PMGT. In most cases, DGX tends to act as a strong diversifier. Its hedging feature is only recorded for the NFT Protocol (xNFT) and the DeFi token Chainlink (LINK). Our results are of particular interest to investors and portfolio managers who search for safe havens to mitigate the risk of their NFT and DeFi portfolios.