A two-country study on the psychological antecedents to cryptocurrency investment decision-making

Osakwe, C.N., Dzandu, M.D., Amegbe, H., Warsame, M.H. and Ramayah, T. 2022. A two-country study on the psychological antecedents to cryptocurrency investment decision-making. Journal of Global Information Technology Management. 25 (4), pp. 302-323. https://doi.org/10.1080/1097198X.2022.2132087

TitleA two-country study on the psychological antecedents to cryptocurrency investment decision-making
TypeJournal article
AuthorsOsakwe, C.N., Dzandu, M.D., Amegbe, H., Warsame, M.H. and Ramayah, T.
Abstract

This study seeks to investigate the psychological antecedents toward cryptocurrencies investment decision-making. Using extended planned behavior model, data were collected from 517 sample respondents in Kenya and Ghana to test the proposed model. Specifically, we find that skepticism undermines willingness to invest in cryptocurrency via attitude toward cryptocurrency across the two countries studied. We also find that subjective norm and perceived self-efficacy positively influence attitude toward cryptocurrency that, in turn, positively influences willingness to invest in cryptocurrency. The positive relationship between trust disposition and attitude toward cryptocurrency and in turn willingness to invest in cryptocurrency is statistically valid in Kenya but not in Ghana. Contrary to expectations, no negative statistical effect of risk disposition on attitude toward cryptocurrency was found in the Kenya and Ghana sample. Overall, the presented findings in this study enrich empirical understanding about the psychological factors influencing attitude and individuals’ intentions to invest in cryptocurrencies such as Bitcoin and Litecoin.

KeywordsCryptocurrency
cross-country research
extended theory of planned behavior
fintech
skepticism
Africa
JournalJournal of Global Information Technology Management
Journal citation25 (4), pp. 302-323
ISSN2333-6846
Year2022
PublisherTaylor & Francis
Accepted author manuscript
License
CC BY-NC 4.0
File Access Level
Open (open metadata and files)
Digital Object Identifier (DOI)https://doi.org/10.1080/1097198X.2022.2132087
Publication dates
Published online21 Nov 2022

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