Cryptocurrency legitimation through rhetorical strategies: an institutional entrepreneurship approach
Date
2022-10-28
Journal Title
Journal ISSN
Volume Title
Publisher
Entrepreneurship and Regional Development
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.
Description
This is an Accepted Manuscript of an article published by Taylor & Francis in Entrepreneurship and Regional Development on 10/28/2022, available at: http://www.tandfonline.com/10.1080/08985626.2022.2121859. This article will be embargoed until 04/28/2024.
Keywords
cryptocurrency, legitimacy, institutional uncertainty, evasive entrepreneurial action, rhetoric
Citation
Duygu Phillips, Per L. Bylund, Matthew W. Rutherford & Curt B. Moore (2023) Cryptocurrency legitimation through rhetorical strategies: an institutional entrepreneurship approach, Entrepreneurship & Regional Development, 35:1-2, 187-208, DOI: 10.1080/08985626.2022.2121859