Title: The mediating effects of the decision to purchase initial coin offering (ICO) in Thailand

Authors: Sasivimol Meeampol; Bordin Rassameethes

Addresses: Faculty of Business Administration, Department of Accounting, Kasetsart University, Bangkok, 10900, Thailand ' Faculty of Business Administration, Department of Accounting, Kasetsart University, Bangkok, 10900, Thailand

Abstract: This study examines the advantages and challenges of initial coin offerings (ICOs), focusing on how market volatility and token non-acceptance affect investor behaviour in Thailand. Using the technology acceptance model (TAM) and structural equation modelling (SEM), the study surveyed 400 Thai investors. Findings indicate that ease of use significantly enhances the perceived usefulness of ICOs. Furthermore, investors' intention to use ICOs increases perceived ease of use (PEOU) and usefulness, highlighting the role of external factors, including market conditions, regulations, and technology. These external factors further strengthen the perceived effectiveness of ICOs. The study identifies intention to use ICOs as a key intermediary linking ease of use to perceived usefulness, with external factors actively influencing this relationship. It recommends that startups create adaptable platforms to meet regulatory demands, fostering investor confidence and enhancing ICO success in Thailand. This research provides valuable insights for developing user-centric ICO strategies in regulated markets.

Keywords: external factors; ICO; initial coin offerings; PEOU; perceived ease of use; perceived intention of usage; perceived usefulness; TAM; technology acceptance model.

DOI: 10.1504/IJVCM.2026.153337

International Journal of Value Chain Management, 2026 Vol.15 No.3, pp.267 - 293

Received: 24 Oct 2023
Accepted: 30 Jun 2024
Published online: 01 May 2026 *

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