Nazir, Muhammad ORCID: https://orcid.org/0000-0001-5416-9010, Roomi, Muhammad Azam and Khan, Mohsin Raza (2025) Entrepreneurial firms in the crypto era: adoption trajectories and innovation dynamics. Journal of Small Business and Enterprise Development, 32 (8). pp. 18-53. ISSN 1462-6004 (Print), 1758-7840 (Online) (doi:10.1108/JSBED-11-2024-0580)

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Abstract

Purpose
This study explores the dynamics of cryptocurrency adoption in entrepreneurial firms, focusing on how entrepreneurial traits, innovation dynamics and adoption challenges shape crypto-driven innovation. Unlike prior research on consumer adoption, this study examines unique factors influencing the adoption of small and medium entrepreneurial firms.
Design/methodology/approach
Based on the experiences of firm owners (entrepreneurs), managers and key stakeholders, a phenomenological qualitative approach investigates factors driving cryptocurrency adoption within entrepreneurial firms in Pakistan. The study is framed by the extended Technology-Organization-Environment-Innovation (TOE-I) framework and social cognitive theory (SCT). Semi-structured interviews and narrative analysis uncover key determinants and adoption trajectories.
Findings
Thematic analysis identifies critical factors influencing cryptocurrency adoption, including technological aspects (e.g. Know Your Customer (KYC) protocols, cybersecurity risks), organizational components (e.g. digital transformation assets) and environmental factors (e.g. the role of national and local government institutions and industry transitions). It also highlights the importance of innovation characteristics of entrepreneurs such as digital literacy, strategic networking and collaboration, adaptability and flexibility, and senior management (older employees) education. Additionally, the study outlines limitations and directions for future research about the conceptual framework.
Originality/value
This research enhances the understanding of crypto-driven innovation in entrepreneurial firms by integrating the TOE-I and SCT frameworks, offering a deeper theoretical perspective on technology adoption. It highlights how regulatory frameworks, cultural-religious considerations (e.g. Islamic rulings—fatwa and haram aspects of cryptocurrency), and social stigma intersect with SCT factors to influence adoption. Furthermore, the extended factor of entrepreneurial innovation characteristics within the TOE framework intersects with the self-efficacy and observation dimensions of SCT. The study provides actionable recommendations for policymakers, entrepreneurs and stakeholders to address adoption barriers, foster innovation and accelerate cryptocurrency integration.

Item Type:	Article
Uncontrolled Keywords:	entrepreneurial characteristics, entrepreneurial firms, cryptocurrency adoption, innovation factors, blockchain technology, qualitative analysis
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory
Faculty / School / Research Centre / Research Group:	Greenwich Business School Greenwich Business School > Executive Business Centre
Last Modified:	26 Mar 2025 11:04
URI:	http://gala.gre.ac.uk/id/eprint/50115

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