Cryptocurrency legitimation through rhetorical strategies: an institutional entrepreneurship approach

【Author】 Phillips, Duygu; Bylund, Per L.; Rutherford, Matthew W.; Moore, Curt B.

【Source】ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT

【影响因子】6.408

【Abstract】How can cryptocurrency gain legitimacy in the eyes of users? Drawing upon the theories of institutional uncertainty and legitimacy, we propose a process model in which legitimacy for cryptocurrencies acquired at the market level via rhetorical strategies (i.e. evasive action) will reduce uncertainty in the formal institutional environment. This reduction in institutional uncertainty will beget additional legitimacy, and thus higher performance for individual crypto firms, on average. This study (1) advances institutional entrepreneurship research by investigating the legitimation process of cryptocurrency; (2) extends our understanding of the evolution of an innovation and its diffusion under institutional uncertainty; (3) contributes to the development of institutional theory by elucidating how cryptocurrencies can change existing institutions, and even create new ones, through evasive entrepreneurship; and (4) provides an overall theoretical rationale for how cryptocurrency can become more widely accepted.

【Keywords】Cryptocurrency; legitimacy; institutional uncertainty; evasive entrepreneurial action; rhetoric

【发表时间】

【收录时间】2022-11-14

【文献类型】理论模型

【主题类别】

区块链治理-市场治理-企业创新