Cryptocurrency legitimation through rhetorical strategies: an institutional entrepreneurship approach

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Author(s)Phillips, Duygu
Author(s)Bylund, Per L.
Author(s)Rutherford, Matthew W.
Author(s)Moore, Curt B.
Date Accessioned2023-01-05T16:02:08Z
Date Available2023-01-05T16:02:08Z
Publication Date2022-10-28
DescriptionThis 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.
AbstractHow 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.
CitationDuygu 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
ISSN1464-5114
URLhttps://udspace.udel.edu/handle/19716/31983
Languageen_US
PublisherEntrepreneurship and Regional Development
Keywordscryptocurrency
Keywordslegitimacy
Keywordsinstitutional uncertainty
Keywordsevasive entrepreneurial action
Keywordsrhetoric
TitleCryptocurrency legitimation through rhetorical strategies: an institutional entrepreneurship approach
TypeArticle
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