The purpose of this study is to determine the variables that affect investors' intentions to use blockchain technology in the UAE stock market. A theoretical model was created based on the Unified Theory of Acceptance and Use of Technology (UTAUT). To test the hypotheses, a survey of 274 investors in the UAE was conducted. In the end, the results demonstrate that trust, social influence, and performance expectancy all favourably affect behavioral intention toward the usage of blockchain technology. Furthermore, the findings demonstrated that older investors and investors with more years of blockchain technology experience had a stronger relationship between facilitating conditions and behavioral intention for blockchain adoption in the stock market. Furthermore, it is concluded that for women and investors with less experience with blockchain technology, there is a larger correlation between social influence and behavioral intention toward blockchain adoption.
Abdennadher, S., Salem, M., Alkaabi, S. a. S., & Alshebli, A. S. (2022). Feasibility and Exploratory Study of Implementing the Blockchain Technology in the UAE Financial Markets. In Contemporary Research in Accounting and Finance (pp. 273–294). https://doi.org/10.1007/978-981-16-8267-4_12
Alazab, M., Alhyari, S., Awajan, A., & Abdallah, A. B. (2020). Blockchain technology in supply chain management: an empirical study of the factors affecting user adoption/acceptance. Cluster Computing, 24(1), 83–101.
https://doi.org/10.1007/s10586-020-03200-4
Albayati, H., Kim, S. K., & Rho, J. J. (2020). Accepting financial transactions using blockchain technology and cryptocurrency: A customer perspective approach. Technology in Society, 62, 101320. https://doi.org/10.1016/j.techsoc.2020.101320
AlHarbi, A., AlJojo, N., Zainol, A., & Munshi, A. (2019). Impact of effective performance expectancy, effort expectancy and social influence on students’ behavioral intention to use blackboard. Journal of Theoretical and Applied Information Technology, 97, 3136–3146.
Al Muhairi, M., Termanowski, M., Balovnev, M., & Hewett, N. (2020). Inclusive Deployment of Blockchain: Case Studies and Learnings from the United Arab Emirates. World Economic Forum. https://www3.weforum.org/docs/WEF_Inclusive_Deployment_of_Blockchain_Case_Studies_and_Learnings_from_the_United_Emirates.pdf
Altamimi, A., Al-Bashayreh, M., Al-Oudat, M., & Almajali, D. (2022). Blockchain technology adoption for sustainable learning. International Journal of Data and Network Science, 6(3), 983–994. https://doi.org/10.5267/j.ijdns.2022.1.013
Anderson, J., & Gerbing, D. (1988). Structural Equation Modeling in Practice: A Review and Recommended Two-Step Approach. Psychological Bulletin, 103(3), 411–423. https://www3.nd.edu/~kyuan/courses/sem/readpapers/ANDERSON.pdf
Antwi-Boampong, A., Boison, D., Doumbia, M., Boakye, A., Osei-Fosua, L., & Sarbeng, K. O. (2022). Factors affecting port users’ behavioral intentions to adopt financial technology (Fintech) in ports in Sub-Saharan Africa: A case of ports in Ghana. FinTech, 1(4), 362–375. https://doi.org/10.3390/fintech1040027
Arias-Oliva, M., Pelegrín-Borondo, J., & Matías-Clavero, G. (2019). Variables Influencing Cryptocurrency use: A technology acceptance model in Spain. Frontiers in Psychology, 10. https://doi.org/10.3389/fpsyg.2019.00475
Balasubramanian, S., Shukla, V., Sethi, J. S., Islam, N., & Saloum, R. (2021). A readiness assessment framework for Blockchain adoption: A healthcare case study. Technological Forecasting & Social Change/Technological Forecasting and Social Change, 165, 120536. https://doi.org/10.1016/j.techfore.2020.120536
Becker, J., Cheah, J., Gholamzade, R., Ringle, C. M., & Sarstedt, M. (2022). PLS-SEM’s most wanted guidance. International Journal of Contemporary Hospitality Management, 35(1), 321–346. https://doi.org/10.1108/ijchm-04-2022-0474
Caldarelli, A., Ferri, L., Ginesti, G., & Spanò, R. (2020). Understanding blockchain adoption in Italian firms. In Lecture notes in information systems and organisation (pp. 121–135). https://doi.org/10.1007/978-3-030-47355-6_9
Chang, C., Liu, L., Huang, H., & Hsieh, H. (2019). Factors Influencing Online Hotel Booking: Extending UTAUT2 with Age, Gender, and Experience as Moderators. Information, 10(9), 281. https://doi.org/10.3390/info10090281
Cheah, J. H., Memon, M. A., Chuah, F., Ting, H., & Ramayah, T. (2018). Assessing reflective models in marketing research: A comparison between pls and plsc estimates. International Journal of Business and Society, 19(1), 139.
http://eprints.utm.my/id/eprint/85185/
Creswell. J.W. and Creswell, J.D. (2017) Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. 4th Edition, Sage, Newbury Park.
Choubey, S. (2022). Two-thirds of UAE adults are interested in cryptocurrency, with young adults showing most interest. In YouGov. https://business.yougov.com/content/41850-two-thirds-uae-adults-are-interested-cryptocurrenc
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. Management Information Systems Quarterly, 13(3), 319. https://doi.org/10.2307/249008
Esfahbodi, A., Pang, G., & Peng, L. (2022). Determinants of consumers’ adoption intention for blockchain technology in E-commerce. Journal of Digital Economy, 1(2), 89–101. https://doi.org/10.1016/j.jdec.2022.11.001
Franke, G., & Sarstedt, M. (2019). Heuristics versus statistics in discriminant validity testing: a comparison of four procedures. Internet Research, 29(3), 430–447.
https://doi.org/10.1108/intr-12-2017-0515
Gefen, N., Karahanna, N., & Straub, N. (2003). Trust and TAM in online shopping: an integrated model. Management Information Systems Quarterly, 27(1), 51.
https://doi.org/10.2307/30036519
Gillies, F. I., Lye, C., & Tay, L. (2020). DETERMINANTS OF BEHAVIORAL INTENTION TO USE BITCOIN IN MALAYSIA. Journal of Information System and Technology Management, 5(19), 25–38. https://doi.org/10.35631/jistm.519003
Gupta, S., Gupta, S., Mathew, M., & Sama, H. R. (2020). Prioritizing intentions behind investment in cryptocurrency: a fuzzy analytical framework. Journal of Economic Studies, 48(8), 1442–1459. https://doi.org/10.1108/jes-06-2020-0285
Hahn, E. D., & Ang, S. H. (2017). From the editors: New directions in the reporting of statistical results in the Journal of World Business. Journal of World Business, 52(2), 125–126. https://doi.org/10.1016/j.jwb.2016.12.003
Hair, J., Thomas, G., Hult, M., & Ringle, C. (2022). A Primer on Partial Least Squares Structural Equation Modeling (3rd ed.). Thousand Oakes: CA: Sage.
Hayes, A. (2024, June 29). Blockchain Facts: What is it, how it works, and how it can be used. Investopedia. https://www.investopedia.com/terms/b/blockchain.asp
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
Hira, F. A., Khalid, H., Rasid, S. Z. A., & Moshiul, A. M. (2022). Blockchain Adoption Readiness Assessment Framework for Health Professionals of Malaysian Public Hospitals. International Journal of Academic Research in Business and Social Sciences, 12(5). https://doi.org/10.6007/ijarbss/v12-i5/13101
Kshetri, N., & Voas, J. (2018). Blockchain-Enabled E-Voting. IEEE Software, 35(4), 95–99. https://doi.org/10.1109/ms.2018.2801546
Khan, S., Shael, M., Majdalawieh, M., Nizamuddin, N., & Nicho, M. (2022). Blockchain for governments: The case of the Dubai Government. Sustainability, 14(11), 6576. https://doi.org/10.3390/su14116576
Kim, C., Mirusmonov, M., & Lee, I. (2010). An empirical examination of factors influencing the intention to use mobile payment. Computers in Human Behavior, 26(3), 310–322. https://doi.org/10.1016/j.chb.2009.10.013
Malik, S., Chadhar, M., Chetty, M., & Vatanasakdakul, S. (2022). Adoption of Blockchain Technology: Exploring the factors affecting organizational decision. Human Behavior and Emerging Technologies, 2022, 1–14. https://doi.org/10.1155/2022/7320526
Neggaz, A., Aissaoui, S., & Zehouani, R. (2021). An Exploratory Study of the Impact of Blockchain Technology on developing the Financial Market Infrastructure. Dirassat Journal Economic Issue (ISSN 2676-2013), 217-234.
Nuryyev, G., Wang, Y., Achyldurdyyeva, J., Jaw, B., Yeh, Y., Lin, H., & Wu, L. (2020). Blockchain Technology Adoption Behavior and Sustainability of the Business in Tourism and Hospitality SMES: An Empirical study. Sustainability, 12(3), 1256.
https://doi.org/10.3390/su12031256
Ramayah, T., Cheah, J., Chuah, F., Ting, , H., & Memon, M. (2018). Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS 3.0: An Updated Guide and Practical Guide to Statistical Analysis (2nd ed.). Kuala Lumpur: Pearson.
Ringle, C., Wende, S., & Becker, J.-M. (n.d.). "SmartPLS 4." Oststeinbek: SmartPLS GmbH. Retrieved from http://www.smartpls.com
Shrestha, A. K., Vassileva, J., Joshi, S., & Just, J. (2021). Augmenting the technology acceptance model with trust model for the initial adoption of a blockchain-based system. PeerJ Computer Science, 7, e502. https://doi.org/10.7717/peerj-cs.502
TDRA. (2022). Digital lifestyle in the United Arab Emirates. In Telecommunications and Digital Government Regulatory Authority. https://dgov.tdra.gov.ae/-/media/files/digital_lifestyle_en_471eab1f72.pdf
Venkatesh, N., Morris, N., Davis, N., & Davis, N. (2003). User acceptance of information Technology: toward a unified view. MIS Quarterly, 27(3), 425.
https://doi.org/10.2307/30036540
Venkatesh, N., Thong, N., & Xu, N. (2012). Consumer Acceptance and use of Information technology: Extending the unified theory of acceptance and use of technology. Management Information Systems Quarterly, 36(1), 157.
https://doi.org/10.2307/41410412
Wahab, S. N., Loo, Y. M., & Say, C. S. (2020). Antecedents of blockchain technology application among Malaysian warehouse industry. International Journal of Logistics Systems and Management, 37(3), 427. https://doi.org/10.1504/ijlsm.2020.111414
Wahyuni, A. E., Juraida, A., & Anwar, A. (2021). Readiness factor identification Bandung city MSMEs use blockchain technology. Jurnal Sistem Dan Manajemen Industri, 5(2), 53–62. https://doi.org/10.30656/jsmi.v5i2.2787
Wamba, S. F., & Queiroz, M. M. (2019). The role of social influence in blockchain adoption: the Brazilian supply chain case. IFAC-PapersOnLine, 52(13), 1715–1720. https://doi.org/10.1016/j.ifacol.2019.11.448
Wut, T. M., & Lee, S. W. (2021). Factors affecting students’ online behavioral intention in using discussion forum. Interactive Technology and Smart Education, 19(3), 300–318. https://doi.org/10.1108/itse-02-2021-0034
Yang, M., Mamun, A. A., Mohiuddin, M., Nawi, N. C., & Zainol, N. R. (2021). Cashless Transactions: A study on Intention and adoption of e-Wallets. Sustainability, 13(2), 831. https://doi.org/10.3390/su13020831
Yli-Huumo, J., Ko, D., Choi, S., Park, S., & Smolander, K. (2016). Where is current research on blockchain Technology?—A systematic review. PloS One, 11(10), e0163477. https://doi.org/10.1371/journal.pone.0163477
Zhang, Y., Fang, Y., Wei, K., & Wang, Z. (2012). Promoting the intention of students to continue their participation in e?learning systems. Information Technology & People, 25(4), 356–375. https://doi.org/10.1108/09593841211278776.
Hussein, J., & Azman, N. H. N. (2024). Investigating UAE Stock Market Investors’ Behavioral Intention to Use Blockchain Technology: An Application of the UTAUT Theory with Trust. International Journal of Academic Research in Business and Social Sciences, 14(7), 2000–2022.
Copyright: © 2024 The Author(s)
Published by Knowledge Words Publications (www.kwpublications.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode