IDEAS home Printed from https://ideas.repec.org/a/eme/mrrpps/mrr-06-2021-0493.html
   My bibliography  Save this article

Behavior or culture? Investigating the use of cryptocurrencies for electronic commerce across the USA and China

Author

Listed:
  • Matteo Cristofaro
  • Pier Luigi Giardino
  • Sanjay Misra
  • Quoc Trung Pham
  • Hai Hiep Phan

Abstract

Purpose - This paper claims to identify the behavioral and cultural features that push to use, or not, cryptocurrencies for electronic commerce. Indeed, despite the use of cryptocurrencies for electronic commerce spreading worldwide at a fast and growing pace, there are supporters and detractors among their users. The analysis of what distinguish these two groups of users is fundamental for understanding their different intention to use cryptocurrencies for electronic commerce. Design/methodology/approach - A survey has been administered to 2,532 cryptocurrencies’ users across the USA and China, collecting data on their behavioral predispositions and cultural features. Results were then analyzed through structured equation modeling. Findings - Results showed that while attitude, subjective norms, perceived behavioral control and herding behavior have a positive impact on the intention to use cryptocurrencies for electronic commerce, financial literacy has no influence. Cultural dimensions amplified or reduced the discovered relationships and caused different effects: positive for the USA and negative for China when considering illegal attitude and perceived risk. Originality/value - Theory of planned behavior, financial behavior and cultural factors can, all together, represent a useful framework for envisioning the behavior of users in adopting cryptocurrencies for electronic commerce purposes through a test of all its elements. To the best of the authors’ knowledge, this is the first study considering behavior and cultural variables on the intention to use cryptocurrencies for electronic commerce as well as being the largest carried out, in terms of sample, on the cryptocurrency topic.

Suggested Citation

  • Matteo Cristofaro & Pier Luigi Giardino & Sanjay Misra & Quoc Trung Pham & Hai Hiep Phan, 2022. "Behavior or culture? Investigating the use of cryptocurrencies for electronic commerce across the USA and China," Management Research Review, Emerald Group Publishing Limited, vol. 46(3), pages 340-368, May.
    • Handle: RePEc:eme:mrrpps:mrr-06-2021-0493
    DOI: 10.1108/MRR-06-2021-0493
    as

    Download full text from publisher

    File URL: https://www.emerald.com/insight/content/doi/10.1108/MRR-06-2021-0493/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: no
    File URL: https://www.emerald.com/insight/content/doi/10.1108/MRR-06-2021-0493/full/pdf?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: no
    File URL: https://libkey.io/10.1108/MRR-06-2021-0493?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. da Gama Silva, Paulo Vitor Jordão & Klotzle, Marcelo Cabus & Pinto, Antonio Carlos Figueiredo & Gomes, Leonardo Lima, 2019. "Herding behavior and contagion in the cryptocurrency market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 41-50.
    2. Domenico Sardanelli & Agostino Vollero & Alfonso Siano & Gianmaria Bottoni, 2019. "Lowering the pirate flag: a TPB study of the factors influencing the intention to pay for movie streaming services," Electronic Commerce Research, Springer, vol. 19(3), pages 549-574, September.
    3. Yukun Liu & Aleh Tsyvinski, 2018. "Risks and Returns of Cryptocurrency," NBER Working Papers 24877, National Bureau of Economic Research, Inc.
    4. Claus Dierksmeier & Peter Seele, 2018. "Cryptocurrencies and Business Ethics," Journal of Business Ethics, Springer, vol. 152(1), pages 1-14, September.
    5. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    6. Bullmann, Dirk & Klemm, Jonas & Pinna, Andrea, 2019. "In search for stability in crypto-assets: are stablecoins the solution?," Occasional Paper Series 230, European Central Bank.
    7. Zlatko BEZHOVSKI & Ljupco DAVCEV & Mila MITREVA, 2021. "Current adoption state of cryptocurrencies as an electronic payment method," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 13(1), pages 44-50, March.
    8. repec:cup:judgdm:v:3:y:2008:i::p:317-324 is not listed on IDEAS
    9. Anas A. Al-Bakri & Marios I. Katsioloudes, 2015. "The factors affecting e-commerce adoption by Jordanian SMEs," Management Research Review, Emerald Group Publishing Limited, vol. 38(7), pages 726-749, July.
    10. Aloosh, Arash & Ouzan, Samuel, 2020. "The psychology of cryptocurrency prices," Finance Research Letters, Elsevier, vol. 33(C).
    11. Zhunzhun Liu & Shenglin Ben & Ruidong Zhang, 2019. "Factors affecting consumers’ mobile payment behavior: a meta-analysis," Electronic Commerce Research, Springer, vol. 19(3), pages 575-601, September.
    12. Gurdgiev, Constantin & O’Loughlin, Daniel, 2020. "Herding and anchoring in cryptocurrency markets: Investor reaction to fear and uncertainty," Journal of Behavioral and Experimental Finance, Elsevier, vol. 25(C).
    13. Matthias Pelster & Bastian Breitmayer & Tim Hasso, 2019. "Are cryptocurrency traders pioneers or just risk-seekers? Evidence from brokerage accounts," Papers 1906.11968, arXiv.org.
    14. Valeriia Dyntu & Oleh Dykyi, 2018. "Cryptocurrency In The System Of Money Laundering," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 4(5).
    15. Justine S. Hastings & Brigitte C. Madrian & William L. Skimmyhorn, 2013. "Financial Literacy, Financial Education, and Economic Outcomes," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 347-373, May.
    16. Lynn Batten & Xun Yi, 2019. "Off-line digital cash schemes providing untraceability, anonymity and change," Electronic Commerce Research, Springer, vol. 19(1), pages 81-110, March.
    17. Pelster, Matthias & Breitmayer, Bastian & Hasso, Tim, 2019. "Are cryptocurrency traders pioneers or just risk-seekers? Evidence from brokerage accounts," Economics Letters, Elsevier, vol. 182(C), pages 98-100.
    18. Chenglong Cao & Xiaoling Zhu, 2019. "Strong anonymous mobile payment against curious third-party provider," Electronic Commerce Research, Springer, vol. 19(3), pages 501-520, September.
    19. Ender Demir & Mehmet Huseyin Bilgin & Gokhan Karabulut & Asli Cansin Doker, 2020. "The relationship between cryptocurrencies and COVID-19 pandemic," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 10(3), pages 349-360, September.
    20. Baumöhl, Eduard & Vyrost, Tomas, 2020. "Stablecoins as a crypto safe haven? Not all of them!," EconStor Preprints 215484, ZBW - Leibniz Information Centre for Economics.
    21. Oscar A. Stolper & Andreas Walter, 2017. "Financial literacy, financial advice, and financial behavior," Journal of Business Economics, Springer, vol. 87(5), pages 581-643, July.
    22. Bannier, Christina & Meyll, Tobias & Röder, Florian & Walter, Andreas, 2019. "The gender gap in ‘Bitcoin literacy’," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 129-134.
    23. Anas A. Al-Bakri & Marios I. Katsioloudes, 2015. "The factors affecting e-commerce adoption by Jordanian SMEs," Management Research Review, Emerald Group Publishing Limited, vol. 38(7), pages 726-749, July.
    24. Shahzad, Fakhar & Xiu, GuoYi & Wang, Jian & Shahbaz, Muhammad, 2018. "An empirical investigation on the adoption of cryptocurrencies among the people of mainland China," Technology in Society, Elsevier, vol. 55(C), pages 33-40.
    25. Benedikt Lebek & Jörg Uffen & Markus Neumann & Bernd Hohler & Michael H. Breitner, 2014. "Information security awareness and behavior: a theory-based literature review," Management Research Review, Emerald Group Publishing Limited, vol. 37(12), pages 1049-1092, November.
    26. Sean Foley & Jonathan R Karlsen & Tālis J Putniņš, 2019. "Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1798-1853.
    27. Anas A. Al-Bakri & Marios I. Katsioloudes, 2015. "The factors affecting e-commerce adoption by Jordanian SMEs," Management Research Review, Emerald Group Publishing Limited, vol. 38(7), pages 726-749, July.
    28. Chun-Chen Huang & Long-Chuan Lu, 2017. "Examining the Roles of Collectivism, Attitude Toward Business, and Religious Beliefs on Consumer Ethics in China," Journal of Business Ethics, Springer, vol. 146(3), pages 505-514, December.
    29. Baur, Dirk G. & Hoang, Lai T., 2021. "A crypto safe haven against Bitcoin," Finance Research Letters, Elsevier, vol. 38(C).
    30. Corbet, Shaen & Cumming, Douglas J. & Lucey, Brian M. & Peat, Maurice & Vigne, Samuel A., 2020. "The destabilising effects of cryptocurrency cybercriminality," Economics Letters, Elsevier, vol. 191(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Paul-Emmanuel Pichon & Denis Bories & Christian Laborde, 2023. "The determinants of the adoption of cryptocurrencies in the tourism industry : Application to the case of hotel room reservations [Les déterminants de l'adoption des cryptomonnaies : application au," Post-Print hal-04398288, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mario Arias-Oliva & Jorge de Andrés-Sánchez & Jorge Pelegrín-Borondo, 2021. "Fuzzy Set Qualitative Comparative Analysis of Factors Influencing the Use of Cryptocurrencies in Spanish Households," Mathematics, MDPI, vol. 9(4), pages 1-19, February.
    2. McMorrow Jake & Esfahani Mona Seyed, 2021. "An Exploration into People’s Perception and Intention on using Cryptocurrencies," HOLISTICA – Journal of Business and Public Administration, Sciendo, vol. 12(2), pages 109-144, August.
    3. Li, Yi & Urquhart, Andrew & Wang, Pengfei & Zhang, Wei, 2021. "MAX momentum in cryptocurrency markets," International Review of Financial Analysis, Elsevier, vol. 77(C).
    4. Díaz, Antonio & Esparcia, Carlos & Huélamo, Diego, 2023. "Stablecoins as a tool to mitigate the downside risk of cryptocurrency portfolios," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    5. Georgios A. Panos & Tatja Karkkainen & Adele Atkinson, 2020. "Financial Literacy and Attitudes to Cryptocurrencies," Working Papers 2020_26, Business School - Economics, University of Glasgow.
    6. Vesa Pursiainen & Jan Toczynski, 2023. "Retail Investors’ Cryptocurrency Investments," Swiss Finance Institute Research Paper Series 23-51, Swiss Finance Institute.
    7. Cahill, Daniel & G. Baur, Dirk & (Frank) Liu, Zhangxin & W. Yang, Joey, 2020. "I am a blockchain too: How does the market respond to companies’ interest in blockchain?," Journal of Banking & Finance, Elsevier, vol. 113(C).
    8. Pavel Ciaian & Andrej Cupak & Pirmin Fessler & d'Artis Kancs, 2022. "Environmental-Social-Governance Preferences and Investments in Crypto-Assets (Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs)," Working Papers 243, Oesterreichische Nationalbank (Austrian Central Bank).
    9. Gerrans, Paul, 2021. "Undergraduate student financial education interventions: Medium term evidence of retention, decay, and confidence in financial literacy," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    10. Adriana Dima & Elena Radu & Ecaterina Milica Dobrota & Adrian Otoiu & Alina Florentina Saracu, 2023. "Sustainable Development of E-commerce in the Post-COVID Times: A Mixed-Methods Analysis of Pestle Factors," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 25(S17), pages 1095-1095, November.
    11. Hyesun Hwang & Hyung In Park, 2023. "The relationships of financial literacy with both financial behavior and financial well‐being: Meta‐analyses based on the selective literature review," Journal of Consumer Affairs, Wiley Blackwell, vol. 57(1), pages 222-244, January.
    12. Bennett, Donyetta & Mekelburg, Erik & Williams, T.H., 2023. "BeFi meets DeFi: A behavioral finance approach to decentralized finance asset pricing," Research in International Business and Finance, Elsevier, vol. 65(C).
    13. Untung Rahardja & Shih-Chih Chen & Yu-Chun Lin & Tsung-Chieh Tsai & Qurotul Aini & Asif Khan & Fitra Putri Oganda & Elisa Royani Dewi & Ying-Chieh Cho & Chung-Hao Hsu, 2023. "Evaluating the Mediating Mechanism of Perceived Trust and Risk toward Cryptocurrency: An Empirical Research," SAGE Open, , vol. 13(4), pages 21582440231, December.
    14. Luc Arrondel, 2018. "Financial Literacy and Asset Behaviour: Poor Education and Zero for Conduct?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 144-160, March.
    15. Almeida, José & Gonçalves, Tiago Cruz, 2023. "A systematic literature review of investor behavior in the cryptocurrency markets," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    16. Huynh, Nhan & Phan, Hoa, 2023. "Emotions in the crypto market: Do photos really speak?," Finance Research Letters, Elsevier, vol. 55(PB).
    17. Manuel Salas‐Velasco & Dolores Moreno‐Herrero & José Sánchez‐Campillo, 2021. "Teaching financial education in schools and students' financial literacy: A cross‐country analysis with PISA data," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4077-4103, July.
    18. Chunling Li & Nosherwan Khaliq & Leslie Chinove & Usama Khaliq & József Popp & Judit Oláh, 2023. "Cryptocurrency Acceptance Model to Analyze Consumers’ Usage Intention: Evidence From Pakistan," SAGE Open, , vol. 13(1), pages 21582440231, March.
    19. Kliber, Agata, 2022. "Looking for a safe haven against American stocks during COVID-19 pandemic," The North American Journal of Economics and Finance, Elsevier, vol. 63(C).
    20. Zhang, Wei & Li, Yi & Xiong, Xiong & Wang, Pengfei, 2021. "Downside risk and the cross-section of cryptocurrency returns," Journal of Banking & Finance, Elsevier, vol. 133(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eme:mrrpps:mrr-06-2021-0493. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Emerald Support (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.