Title Page
Abstract
Contents
Chapter 1. Introduction to the Study 20
1.1. Background of the Study 20
1.2. Problem Statement 31
1.3. Purpose of the Study 34
1.4. Research Questions 38
1.5. Research hypothesis 39
1.6. Significance of the Study 44
1.6.1. Significance to Theory 44
1.6.2. Significance to practice 46
1.7. Summary 46
Chapter 2. Literature Review 48
2.1. Literature Search Strategy 52
2.2. Theoretical Foundation 56
2.2.1. Blockchain technology 61
2.2.2. Cryptocurrency investment 63
2.2.3. Education in investment (Blockchain, financial education) 66
2.2.4. Investment portfolio strategy 74
2.2.5. Investment risk aversion 76
2.2.6. Investment decision-making 77
2.3. Hypothesis Model 88
Chapter 3. Research Method 90
3.1. Research Design and Rationale 90
3.2. Method 92
3.2.1. Sample selection 94
3.2.2. Recruitment, Participation, and Data Collection 96
3.3 Variable Measurement 98
3.3.1. Measurement item of blockchain education background 98
3.3.2. Measurement item of risk aversion 100
3.3.3. Measurement item of investment decision-making 101
3.3.4. Measurement item of investment portfolio management 103
3.3.5. Measurement item of investment performance 103
3.4. Threats to Validity 105
3.4.1. Reliability analysis 105
3.4.2. Validity Analysis 106
3.5. Ethical Procedures 108
3.6. Summary 109
Chapter 4. Analysis Results 110
4.1. Data analysis 111
4.1.1. Demographic Statistics 111
4.1.2. Descriptive statistics analysis 117
4.1.3. Correlation analysis 118
4.1.4. Normal distribution test according to each variable and dimensions 121
4.1.5. Independent sample t-test of gender variable 123
4.1.6. One way ANOVA test result 124
4.1.7. Multiple group Structural Equation Modeling 128
4.1.8. Investment performance analysis 131
4.1.9. Tested model analysis 132
4.2. Hypothesis verification 135
4.2.1. Structural Equitation Model 135
4.2.2. Path analysis 137
4.2.3. Hypothesis results 137
4.3. Results Presented by Research Question 139
4.3.1. Research results presented by model-based research questions 140
4.3.2. Research results presented by geographic-based research questions 142
4.4. Summary 145
Chapter 5. Discussion, Recommendations, and Conclusions 146
5.1. Discussion 147
5.1.1. Discussion of the independent variable 147
5.1.2. Discussion of mediating variables 149
5.1.3. Discussion of findings 152
5.2. Limitations of the Study 158
5.3. Implications of the Findings 161
5.4. Recommendations for Future Research 164
5.5. Conclusions 166
References 169
Appendix 1. 187
Table 1. List of blockchain courses in Chinese universities 25
Table 2. Theoretical foundation 58
Table 3. Analysis of hypothesis 89
Table 4. Measurement item of blockchain education background 99
Table 5. Measurement item of risk aversion 101
Table 6. Measurement item of investment decision-making 102
Table 7. Measurement item of portfolio strategy 103
Table 8. Measurement item of investment performance 104
Table 9. Reliability analysis 105
Table 10. Exploratory factor analysis of research variables 107
Table 11. Structure matrix of all variables. 107
Table 12. Demographics of respondents 111
Table 13. Methods of access to blockchain knowledge out of university 115
Table 14. Factors affect investment success 116
Table 15. The mean scores and standard deviations of each variable and dimensions 117
Table 16. Correlation analysis according to each variable and dimensions 118
Table 17. Normal distribution test according to each variable and dimensions 122
Table 18. Independent sample t-test results according to gender variable 123
Table 19. One way ANOVA test and Post hoc test results according to age variable 126
Table 20. One way ANOVA test and Post hoc test results according to permanent address variable 127
Table 21. Multiple group Structural Equation Modeling between genders 128
Table 22. Multiple group Structural Equation Modeling between ages 129
Table 23. Multiple group Structural Equation Modeling between permanent address 131
Table 24. Investor's average annual returns 131
Table 25. Investor's satisfaction with investment performance 132
Table 26. Fitted model index 134
Table 28. Analysis result of hypothesis 138
Table 29. Research results presented by model-based research questions 140
Table 30. Research results presented by the geographic-based research question 142
Figure 1. The Estimate of total crypto asset users from 2016 to 2021. 21
Figure 2. Theoretical framework 40
Figure 3. Hypothesis model 89
Figure 4. Structural equation model of blockchain education and investment performance 137