From the introduction of Bitcoin in 2008 by Satoshi Nakamoto, the cryptocurrency ecosystem can be seen as a disintermediating and disruptive technology which has incited huge growth of the fintech space over the last decade with an estimated 12,000 currencies in circulation. The growth of cryptocurrency is unprecedented and there is a world-wide increase in the number of companies that are accepting digital assets such as crypto currencies for transactional as well as other investment purposes. Despite the innovativeness of cryptocurrencies and the use of public, decentralised ledger through the underlying blockchain technology, small and medium businesses have been slow at adopting it. While several studies have looked at uptake of cryptocurrencies by using quantitative methods, there is a lack of studies employing qualitative data for exploring concepts and themes associated with the adoption of cryptocurrencies. The aim of this study is to uncover the qualitative factors that contribute to the adoption of cryptocurrency, e.g. Bitcoin, as a payment. Furthermore, researchers have paid attention to the adoption of this technology globally and very few studies focus specifically on public adoption and not much heed is given on determinants of cryptocurrency adoption especially among Small and Medium Enterprises (SMEs) and Micro SMEs (MSMEs). Using a sample of 75 SMEs/MSMEs in the UK, this study applies Leximancer qualitative tool to analyse the narrative data and identify the pivotal technology adoption factors. The UK has been chosen for this study as the Government has an ambition to make UK the âglobal hub for cryptoassetsâ. More specifically, the report by FCA showed that 2.3 million individuals in the UK owned cryptocurrencies in 2021 and this was estimated to grow further. This research has empirical and practical contributions related to the understanding of how users adopt new technologies in their own organizations. The findings show that social influence and benefits of the technology play an important role in adoption of Bitcoin, while regulation and lack of knowledge act as detriments in the adoption decision of business users.
Mobile crowdsensing (MCS) is an efficient approach for large-scale sensing data collection by leveraging the mobility and capability of mobile devices. To avoid the weaknesses of traditional centralized crowdsensing systems, blockchain has been introduced to secure the process of MCS. This paper studies a location-aware scenario, where privacy of users are protected in a blockchain- based MCS system, and formulates an optimization problem to maximize the coverage given a budget based on reverse auction. An incentive mechanism named MMCB is further proposed and implemented as smart contracts in blockchain to solve the problem. We demonstrate that the mechanism achieves a set of desirable properties, including computation efficiency, individual rationality, truthfulness, budget feasibility, approximation, and privacy preservation. To protect the identity privacy of workers and obtain anonymity, a linkable ring signature is employed in smart contracts. In addition, a Pedersen commitment is utilized for protecting workersâ bid profile and the submitted sensing data is encrypted and only accessible to the requester. We implement a prototype system based on the Hyperledger Fabric platform, and the evaluation results show that our privacy-preserving incentive mechanism architecture improves 36.2% coverage and reduces 53.1% payment with better security level compared to the state-of-the-art schemes.
Abstract Turbulent market conditions, well-publicized advantages, and potential individual, social, and environmental risks make blockchain-based cryptocurrencies a popular focus of the public and scientific communities. This paper contributes to the literature on the future of crypto markets by analyzing a promising cryptocurrency innovation from a customer-centric point of view; it explores the factors influencing user acceptance of a hypothetical social network-backed cryptocurrency in Central Europe. The research model adapts an internationally comparative framework and extends the well-established unified theory of acceptance and use of the technology model with the concept of perceived risk and trust. We explore user attitudes with a survey on a large Hungarian sample and analyze the database with consistent partial least square structural equation modeling methodology. The results show that users would be primarily influenced by the expected usefulness of the new technology assuming it is easy to use. Furthermore, our analysis also highlights that while social influence does not seem to sway user opinions, consumers are susceptible to technological risks, and trust is an important determinant of their openness toward innovations in financial services. We contribute to the cryptocurrency literature with a future-centric technological focus and provide new evidence from an under-researched geographic region. The results also have practical implications for business decision-makers and policymakers.
Thabang Excellent Mofokeng, Steven Mbeya, Daniel K. Maduku
Abstract Online retailers in emerging markets like South Africa are adopting Bitcoin payments. This study explores factors driving consumer adoption and word-of-mouth (WOM) recommendations for Bitcoin in online transactions. Using an integrated model combining valency theory, social contagion theory, and the technology acceptance model (TAM), we analyse data from 521 South African online shoppers. Findings reveal that perceived usefulness, ease of use, social pressures, trust, and perceived risk significantly influence both adoption and WOM. Importantly, self-efficacy moderates the relationship between these factors and behaviour. This research contributes to the literature by offering a comprehensive understanding of Bitcoin adoption. For business and policy actors, enhancing consumer self-efficacy can foster trust, ease concerns, and encourage positive WOM, ultimately aiding successful Bitcoin implementation and promotion.
Vaidehi Pandurengan, Badriya Nasser Said Al Shammakhi
Purpose The current research takes a closer look at the investment intention of Generation Z and its relation to investing in a speculative market. The study applies the theory of planned behaviour (TPB) to understand the dominant factors leading to Generation Z investment decisions in speculative markets. The main objective is to identify whether these decisions are learnt decisions or herd behaviours. Design/methodology/approach Structural equation modelling is used to evaluate the research model, and examine the mediation effect of financial literacy using bootstrapping in AMOS software. Information was gathered from 271 students studying at the University of Technology and Applied Sciences. The questionnaire used for the survey was adapted from previous related studies examining the TPB. Findings The findings show financial literacy and behavioural outcome (attitude) are key components associated with investment intention. Motivation to comply (subjective norm) affects the intention to invest if mediated by financial literacy. The subjective norm has no bearing on the intention to invest in a speculative market. This implies social peers have no bearing on their intention to invest unless mediated by financial literacy. Research limitations/implications The main limitation of the study is that the group from which the sample is drawn consists of all students at a state-funded university who receive stipends. This limits the applicability of related findings. Furthermore, the variables have dynamic properties, which implies their impacts may vary over time. Practical implications Generation Z comprises a large number of small investors who can make a significant difference to the overall economic trends of the country. The digital world, which is time- and space-infinite, is shaping the next generation. It is only possible to reach and sway their opinions by conducting extensive behavioural science research. Social implications Academic institutions ought to be viewed as a resource for conducting additional in-depth research on a variety of subjects to assist and shape the current generation for a better future. Originality/value Although the TPB has been used by many researchers to explore the behavioural intention of Generation Z, very few have used financial literacy as a perceived behaviour control to study its direct and indirect effects on behaviour intention.
Decentralized autonomous organizations (DAOs) are not a novel social phenomenon; rather, they draw inspiration from self-organizing systems and are often regarded as digital counterparts of cooperatives (Co-ops), wherein members fully own and govern the organization. The advancement of digital solutions for decentralization, such as Distributed Ledger Technology (DLT), along with the emergence of the third generation of websites (Web3) and platforms, has propelled DAOs to a new echelon. As such, DAOs represent the next generation of organizations, aptly referred to as Organization 5.0 in the context of Society 5.0. The objective of this paper is to provide a comprehensive overview of the evolutionary trajectory of decentralized autonomous organizations and their classification. The advent of Ethereum in 2015 enabled the realization of DAOs, with "The DAO" being the first large-scale example established in 2016 as a decentralized venture fund within the Ethereum ecosystem. Over time, DAOs have expanded their scope beyond fundraising and have evolved to serve various purposes. To provide a comprehensive context, the paper presents background information on the evolution of blockchain applications and discusses ethical considerations related to DAOs. In order to identify the most common categories of DAOs, this paper consults various DAO explorers and include, for each identified category, a descriptive example of a DAO. Finally, the paper concludes by offering an outlook on the future of DAOs.
Purpose Blockchainâs potential is so significant that business activities across all industries can be drastically altered. Furthermore, the characteristics of blockchain appear to be well-suited to accounting requirements. However, accounting professionalsâ attitude and intention toward blockchain adoption are not clear, particularly in India. Thus, this study aims to investigate and evaluate accountantsâ intention to adopt blockchain technology in accounting activities. Design/methodology/approach This study examined and assessed accountantsâ intention to use blockchain in accounting. To effectively measure usage intention, this study extended the unified theory of acceptance and use of technology (UTAUT) model by including context-specific constructs. To empirically test and validate the proposed model, data were collected from â369â professional accountants in India. Findings The findings revealed that facilitating conditions, performance expectancy and initial trust had a significant impact on adoption. Furthermore, the regulatory framework materially moderated the association between usage intention and its predictors. Originality/value These findings provide new empirical evidence about the impact of different predictors of usage intention by extending the UTAUT model. Relevant stakeholders can refer to this pioneering study to increase the adoption of blockchain as an efficient and trustworthy system among professional accountants, particularly in developing countries such as India.
Pasquale Sarnacchiaro, Simone Luongo, Fabiana Sepe, Valentina Della Corte
Abstract Blockchain technology (BT) has attracted increasing attention in various research domains in recent years, particularly in the tourism industry where investments in blockchain-based solutions have witnessed remarkable growth. Scholars recognize BT as a disruptive innovation that has the potential to revolutionize the management of tourism processes and enhance traveler experiences. However, despite this growing interest, the literature on BT's application in the tourism sector is still in its early stages compared to other internet-related technologies. This research paper addresses the gap in understanding the challenges and opportunities of implementing and accepting BT within tourism. Specifically, it focuses on the critical aspects of security and trust, as they play pivotal roles in influencing tourists' behavioral intentions towards BT adoption. The study extends the Unified Theory of Acceptance and Use of Technology (UTAUT) model, incorporating security and trust as relevant antecedents, to comprehensively examine the dynamics driving BT adoption within the tourism context. The proposed model and findings contribute to filling the gaps in existing literature and offer valuable information for tourism players and policymakers to formulate strategies promoting BT acceptance in the tourism sector. By advancing understanding of BT adoption factors and end users' perspectives, this research facilitates the industry's transition towards integrated and seamless experiences for travelers, thus shaping the future of tourism through blockchain technology.
Mostafa Harakeh, Malek El Diri, Costas Lambrinoudakis, Nikolaos Tsileponis
This study investigates the impact of blockchain technology adoption on corporate investment efficiency. Utilizing a difference-in-differences methodology on an international sample of Forbes Global 2000 companies between 2012 and 2021, we find that firms implementing blockchain exhibit significantly higher investment efficiency post-adoption compared to non-adopters. This effect is more pronounced among ex ante informationally opaque firms. Our results suggest that blockchain adoption reduces overinvesting activities by restricting avenues for managerial discretion through enhanced transparency. Our findings contribute to the growing literature on blockchain's real economic impacts and inform blockchain adoption decisions by demonstrating investment efficiency benefits.
Purpose The proliferation of non-fungible token (NFT)-based crypto-art platforms has transformed how creators manage, own and earn money through the creation, assets and identity of their digital works. Despite this, no studies have examined the drivers of continuous content contribution behavior (CCCB) toward NFTs. Hence, this study draws on the theory of relational bonds to examine how various relational bonds affect feelings of psychological ownership, which, in turn, affects CCCB on metaverse platforms. Design/methodology/approach Using structural equation modeling and importance-performance matrix analysis, an online survey of 434 content creators from prominent NFT platforms empirically validated the research hypotheses. Findings Financial, structural, and social bonds positively affect psychological ownership, which in turn encourages CCCBs. The results of the importance-performance matrix analysis reveal that male content creators prioritized virtual reputation and social enhancement, whereas female content creators prioritized personalization and monetary gains. Originality/value We examine Web 3.0 and the NFT creatorsâ network that characterizes the governance practices of the metaverse. Consequently, the findings facilitate a better understanding of creator economy and meta-verse commerce.
Chaoyue Gao, Bin Gu, Alvin Chung Man Leung, Xianwei Liu ¡ 5 authors
The swift advancement of social technologies has created unprecedented opportunities for companies to embrace new business models or bolster their existing ones. However, the adoption of controversial technologies with social characteristics can also expose firms to risks, as these technologies may not be entirely under their operational control. In this study, our objective is to analyze the impact of the adoption of a controversial technology (i.e., cryptocurrency payment) on usersâ perception of a firm and firm performance and examine how social media influences this impact. We leverage a unique research context where an online travel agency cooperates with Travala.com for cryptocurrency payment. Using conventional and synthetic difference-in-differences and randomized experiments, we compare the general perceptions of customers towards the online travel agency before and after the cooperation and gain three main findings. First, the adoption of cryptocurrency payment generally leads to a significant decrease in revenue because of the negative associations concerning cryptocurrency. Second, the popularity of cryptocurrency payment on social media mitigates this negative effect. Third, when cryptocurrency prices rise and public opinions on cryptocurrency turn positive, the mitigation effect is more salient. Further analysis reveals that our results are robust after controlling for the seasonality effect and the nature of the collaboration and using different lags for the outcome variable. This study is among the first to empirically examine how cryptocurrency payment adoption affects firm performance, and provide important theoretical and practical implications regarding the adoption of controversial technologies and the externalities of social media.
Purpose- The purpose of this study is to examine the long and short-term relationship between Bitcoin and altcoins selected based on their market capitalization through an empirical analysis. For this purpose, the daily data of Bitcoin and nine altcoins consisting of Ether, Ripple, Tether, Litecoin, Monero, Stellar, Dash, Nem, Dogecoin for the period 07/08/2015-08/01/2020 were used. Methodology- The long-run relationship between Bitcoin and altcoins is first analyzed by Vector Autoregression (VAR) analysis. Granger causality test was utilized to determine the short-run causality relationship between the variables. The tests were conducted with the Eviews program. Findings- According to the results of the VAR analysis conducted to investigate the long-run relationship, there is a long-run relationship between Dogecoin, Dash, Litecoin, Nem, Stellar and Ripple and Bitcoin. After determining the long-run relationship between the variables, the relationships between the variables were analyzed with the help of impulse response functions. Impulse response function shows the effect of a one-unit shock to one variable on the other variable. Accordingly, when the results of impulse response functions are analyzed; it is seen that a one-unit random shock in Bitcoin has a negative effect on Ripple, Nem, Litecoin, Dash, Litecoin, Dogecoin in the first two periods, the effect decreases in the second period, and this effect disappears in the third period. A random shock to Bitcoin causes a positive effect on Stellar that lasts for two periods. This positive effect ends in the third period. After analyzing the relationship between Bitcoin and altcoins with impulse response functions, the source of the changes in the variance of the variables is analyzed through variance decomposition. According to the variance decomposition results, the effect of Bitcoin on Dogecoin is 25% in the first period and 22% in the other periods. The variance decomposition of Dash shows that approximately 18% of the change in standard deviation was caused by Bitcoin in the first period and this percentage increased to 25.5% in the following periods. Litecoin's variance decomposition results show that 33% of the change in standard deviation from the first period to the last period was caused by Bitcoin. It is observed that approximately 8% of the change in Nem's standard deviation in the first period was caused by Bitcoin, while this rate increased to 21.5% in the last period. From the first period to the last period, 13.5% of the change in Stellar's standard deviation was caused by Bitcoin. When the variance decomposition of Ripple is analyzed, it is observed that 10% of the difference in the standard deviation is due to Bitcoin. This situation continued similarly from the first period to the last period. Following the VAR analysis, Granger causality test was conducted to explain the short-term relationship between the variables. According to the test results, there is a bidirectional Granger causality between Bitcoin and all altcoins. Accordingly, when Bitcoin is taken as the dependent variable, it is the Granger cause of Ether, Ripple, Tether, Litecoin, Monero, Stellar, Dash, Nem, Dogecoin. When the Granger causality relationship between altcoins is analyzed, a causality relationship was observed from Tether to Stellar, while no causality was found from Stellar to Tether. Similarly, while Granger causality is observed from Tether to Ripple, there is no causality from Ripple to Tether. The variance decomposition of Stellar and Ripple shows that Tether does not contribute to the change in standard deviation. The variance decomposition test supports the Granger test results. All altcoin variables except these are Granger causes of each other. Conclusion- At the end of the study, according to the results of the VAR analysis to determine the long-run relationship, there is a long-run relationship between Dogecoin, Dash, Litecoin, Nem, Stellar and Ripple and Bitcoin. There is no long-run relationship between Tether, Monero, Ether and Bitcoin. According to the Granger causality analysis test results conducted to observe the short-term relationship, there is a bidirectional Granger causality between Bitcoin and all altcoins. Accordingly, when Bitcoin is taken as the dependent variable, it is the Granger cause of Ether, Ripple, Tether, Litecoin, Monero, Stellar, Dash, Nem, Dogecoin. As a result, it is observed that Bitcoin has a short-term relationship with all 9 altcoins subject to the study, and a long-term relationship with Dogecoin, Dash, Litecoin, Nem, Stellar and Ripple. These results show that the price movements in Bitcoin have an impact on altcoins. Keywords: Bitcoin, altcoin, cryptocurrency, causality analysis, VAR analysis. JEL Codes: G17, G10, C58
Zainab Amin Al-Sulami, Norâashikin Ali, Rohaini Ramli, Songfeng Lu
The fast growth and wide range of applications of blockchain (BC) technology in various industries is irrefutable. Generally, BC technology is still in at an infant stage but it has generated significant interests in many sectors and industries. Nonetheless, despite an uptake of interest on the application of BC technology, the extent of its adoption in various industries in many countries remains partially understood. This paper aims to assess the current status of research on adoption of BC technology in various industries, particularly in developing and emerging economies. This study systematically reviewed the applied theories and models, adoption factors considered in each study, benefits, barriers and challenges of BC adoption intention in different industries from 86 articles published in the past five years from 2019 to end of June 2023. Findings showed several popular adoption models such as the Technology Acceptance Model, Unified Theory of Acceptance and Use of Technology and Task Technology Fit in the reviewed articles. Benefits, barriers and challenges were evident from each of the industries, implying the need to further understand BC adoption and application in these industries. This review also identifies a few research gaps and provides recommendations for future researches.
Abstract As an emerging technology, blockchain has recently gained attention in both academic and economic fields, but its adoption is not yet widespread in the banking sector in Taiwan. As academics have paid scant attention to this topic, this study determines the critical factors affecting blockchain adoption from the organizational perspective in the banking industry. We propose hybrid methods to fill the gap in the literature. First, we apply the technology-organization-environment framework as the basis and combine relevant factors as a framework to identify the relevant evaluation factors. Second, we propose a hybrid method that integrates the decision-making trial and evaluation laboratory (DEMATEL) with the evaluation based on distance from average solution (EDAS) approach and employs DEMATEL to measure the importance of the factors and alternatives to blockchain as ranked by the EDAS method. According to the ranking results, we identify the best preference among alternatives to blockchain. The results suggest that organizational and technological aspects are the main considerations to enhance and promote the effectiveness of blockchain adoption. This study suggests valuable strategies for stimulating blockchain adoption in the banking sector in Taiwan.
Purpose This paper examines the factors which impact the behavioral intentions toward cryptocurrency based on signaling theory. Design/methodology/approach Data were collected through online questionnaire, and responses from 223 individuals in Lebanon were analyzed through SEM technique using Amos 24. Findings The outcomes portrayed the positive effect of perceived benefits and trust in cryptocurrency on behavioral intentions toward cryptocurrency; while not supporting the hypothesized influence of herd behavior and regulatory support. Originality/value This paper is among the first studies to adopt Signaling Theory (ST) in the cryptocurrency behavioral intentions research. Moreover, it is of the initial efforts in Lebanon and Middle East in evaluating behavioral intentions to use cryptocurrency, and it provide insights for future researchers, crypto project owners, crypto investors and crypto trading platforms.
Vendor capabilities development has been an important research stream in the information systems (IS) sourcing literature. The existing research, which was based on the context of implementing centralized enterprise systems, focused on the adoption of deliberate learning and implicit learning, with the assumption that effective selection between these two learning approaches is sufficient for service providers to acquire vendor capabilities. However, this assumption may not hold in implementing a decentralized system based on enterprise blockchain. Because an enterprise blockchain system affords a new way of governing transactions and demands a new governance mode, it creates an uncertain and complex landscape in which the mere selection between deliberate learning and implicit learning becomes insufficient. Addressing this gap is crucial because many enterprise blockchain projects fail due to the incompetence of service providers. By conducting an in-depth case study of a successful blockchain service provider, our study reveals a new mechanism for developing vendor capabilities: parallel play. As with parallel play by preschoolers, the service provider combines a set of learning approaches featuring borrowing from peers and learning through experimentation. Our study extends the IS sourcing literature on vendor capabilities development from the context of implementing centralized enterprise systems to the context of implementing decentralized enterprise blockchain systems. Our findings also provide guidelines for blockchain service providers to follow when acquiring vendor capabilities and for clients to use when selecting service providers.
Mary C. Lacity, Sebastian Schuetz, Le Kuai, Zachary R. Steelman
Trust is one of the most important constructs for understanding the adoption of information technologies (IT). In this paper, we review and analyze two literatures on the construct of human trust in IT artifacts and in the entities that source, operate, and govern IT. The first literature review focuses on defining of the construct of trust across a range of disciplines. Our analysis of this literature identified 13 assumptions about the nature of trust. The assumptions illustrate the complexities of human trust. The second literature review focused on 214 empirical studies of the construct of trust published in the AIS Senior Scholarsâ Basket of Eight journals. We analyze this literature to identify IS scholarâs most common assessments of trust from qualitative studies and most common measures of trust from quantitative studies. As a cumulative body of knowledge, IS scholars have deeply examined the multidimensional aspect of trust by examining different types of trust, including affective trust, cognitive trust, institutional trust, instrumental trust, intrinsic trust, knowledge-based trust, relational trust, swift trust, disposition to trust, trusting beliefs, and more. IS scholars have also extensively examined the assumption that trust is dynamic, as evidenced by the many qualitative papers that examined trust as a process. Our review also finds that IS scholars have conducted extensive research examining trust in Web2 technologies, which are characterized by centralized applications and centralized governance. While the IS scholarly community has established a substantial tradition around the construct of trust, there is still interesting work to be done. With recent releases of open generative AI and with the rise of Web3 technologies like blockchains that purport to be âtrustless,â the construct of trust in IT needs to be re-examined in these emerging contexts. We also encourage more research on trust in bi-directional relationships, on the limits of transitive trust, and on the construct of distrust.
Muhammad Farrukh Shahzad, Shuo Xu, Weng Marc Lim, Muhammad Hasnain ¡ 5 authors
Abstract Cryptocurrenciesâi.e., digital or virtual currencies secured by cryptography based on blockchain technology, such as Bitcoin and Ethereumâhave brought transformative changes to the global economic landscape. These innovative transaction methods have rapidly made their mark in the financial sector, reshaping the dynamics of the global economy. However, there remains a notable hesitation in its widespread acceptance and adoption, largely due to misconceptions and lack of proper guidance about its use. Such gaps in understanding create an opportunity to address these concerns. Using the technology acceptance model (TAM), this study develops a parsimonious model to explain the awareness, acceptance, and adoption of cryptocurrency. The model was assessed using partial least squares structural equation modeling (PLS-SEM) with a sample of 332 participants aged 18 to 40 years. The findings suggest that cryptocurrency awareness plays a direct, positive, and significant role in shaping cryptocurrency adoption and that this positive relationship is mediated by factors that exemplify cryptocurrency acceptance, namely the ease of use and usefulness of cryptocurrency. The results also reveal that trust is a significant factor that strengthens these direct and mediating relationships. These insights emphasize the necessity of fostering an informed understanding of cryptocurrencies to accelerate their broader adoption in the financial ecosystem. By addressing the misconceptions and reinforcing factors like ease of use, usefulness, and trust, policymakers and financial institutions can better position themselves to integrate and promote cryptocurrency in mainstream financial systems.
Mohammed Alshamsi, Mostafa AlâEmran, TuÄrul Daim, Mohammed A. AlâSharafi ¡ 6 authors
The increasing popularity of Blockchain technology has led to its adoption in various sectors, including higher education. However, the sustainability of Blockchain in higher education is yet to be fully understood. Therefore, this research examines the determinants affecting Blockchain sustainability by developing a theoretical model that integrates the protection motivation theory (PMT) and expectation confirmation model (ECM). Based on 374 valid responses collected from university students, the proposed model is evaluated through a deep learning-based hybrid structural equation modeling (SEM) and artificial neural network (ANN) approach. The PLS-SEM results confirmed most of the hypotheses in the proposed model. The sensitivity analysis outcomes discovered that users' satisfaction is the most important factor affecting Blockchain sustainability, with 100% normalized importance, followed by perceived usefulness (58.8%), perceived severity (12.1%), and response costs (9.2%). The findings of this research provide valuable insights for higher education institutions and other stakeholders looking to sustain the use of Blockchain technology.
This study seeks to investigate the investment persistence among individuals who have maintained cryptocurrency holdings in the previous year. Financial naivety, online compulsive buying, and excessive gaming behaviours influence continuance intention, either through overconfidence or risk tolerance. The sample comprised 1,097 participants selected from the five provinces of Indonesia's most significant internet user bases. Structural equation modeling is utilised in this study. This study demonstrates that excessive gaming behaviour and financial naivety are associated with continuance intention, either directly or indirectly, via overconfidence or risk tolerance. Investors should be cautious regarding their financial naivety and excessive gaming behaviour, as these elements increase the tendency to be overly optimistic. The findings are consistent with the Dunning-Kruger effect. Conversely, this study fail to substantiate the correlation between compulsive buying and continuance intention. The implication is to provide investors with valuable insights into the psychological effects of specific behaviors on investment decisions.