Factors influencing cryptocurrency investment decision of the Generation Z in Hanoi

Abstract

This study applies the Theory of Planned Behavior (TPB) to investigate determinants and their degree of effect on the cryptocurrency investment decision of Generation Z in Hanoi. We propose a model with five groups of factors, including (1) Attitude, (2) Subject norms, (3) Perceived Behavioral Control, (4) Herd Behavior, (5) Perceived Risks. Through the process of analyzing survey data collected from 112 generation Z people in Hanoi in early 2022, by using SPSS 20.0 our empirical results from regression models provide some practical implications. We find that factors related to attitude, subject norms, perceived behavioral control, and herd behavior have positive effects on investment decision. In contrast, factors related to perceived risks negatively affect the investment decision-making process. In terms of their effects on investment decision, our study evidences that the subject norms factor have the strongest effect, meanwhile perceived risks factors have the modest effect.