Citation

Tan, Su Mae and Liew, Tze Wei and Khan, Mohammad Tariqul Islam and Teo, Siew Chein and Lee, Yi Yong and Lim, Zi Chi (2025) The Moderating Role of Risk Aversion in an Extended UTAUT Cryptocurrency Adoption Model. In: 18th International Conference on Information Technology and Applications, ICITA 2024, 17 October 2024 - 19 October 2024, Sydney.

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Abstract

Cryptocurrencies, leveraging blockchain technology, promise decentralization, reduced transaction costs, and enhanced privacy, yet their adoption remains limited in Malaysia. This study expands the Unified Theory of Acceptance and Use of Technology (UTAUT) model by integrating FinTech awareness, regulatory support, perceived risk, and the moderating role of risk aversion in exploring cryptocurrency adoption. Through a survey involving 593 valid respondents in Malaysia, structural equation modeling (SEM) revealed that social influence, facilitating conditions, FinTech awareness, and regulatory support significantly influence cryptocurrency adoption, while perceived risk negatively affects behavioral intention. Risk aversion moderates the effects of performance and effort expectancies on adoption intention: High-risk-aversion individuals exhibit a positive correlation between performance expectancy and behavioral intention but a negative correlation between effort expectancy and behavioral intention, whereas low-risk-averse individuals demonstrate the opposite pattern, with a negative correlation between performance expectancy and behavioral intention, and a positive correlation between effort expectancy and behavioral intention. The model explains 46% of the variance in the adoption intention of cryptocurrency. The findings offer insights into fostering cryptocurrency adoption while accounting for diverse technological aspects tailored to individuals with different risk aversion traits.

Item Type:	Conference or Workshop Item (Paper)
Uncontrolled Keywords:	Cryptocurrency
Subjects:	H Social Sciences > HG Finance > HG1501-3550 Banking
Divisions:	Faculty of Business (FOB)
Depositing User:	Ms Rosnani Abd Wahab
Date Deposited:	29 Jul 2025 06:14
Last Modified:	29 Jul 2025 06:14
URII:	http://shdl.mmu.edu.my/id/eprint/14396

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