Investor intention, investor behavior and crypto assets in the framework of decomposed theory of planned behavior

Abstract

The interest in crypto assets, known as an extremely volatile, risky and digital currency that first emerged in 2009, continued to increase day by day. Crypto assets, especially Bitcoin, have become very valuable and are now seen as an investment tool. Online survey data of 1,222 individuals were used in the study. The data were analyzed through the structural equation model. With the Decomposed Theory of Planned Behavior used in the research, the dimensions affecting Attitude, Subjective Norms, Perceived Behavioral Control variables and the effect of Intention on the behavior of investors, namely crypto asset investment, were investigated. According to the Standardized Regression Weights, a one-unit change in attitude affects intention 0.822, a one-unit change in subjective norms 0.048, and a one-unit change in perceived behavioral control affects intention 0.117. In addition, it has been concluded that the most important determinant of the actual behavior that reveals the investment is the intention with 0.754, while the PBC effect is 0.144. The study is a comprehensive study on crypto asset investments in Turkey, a developing country. It is aimed that the results obtained will contribute to researchers, crypto asset companies, policy makers and researchers who want to increase their market share in the sector.