Influence of Manager Capability on Firms' Adoption Intention of Central Bank Digital Currency: An Empirical Study Based on TOE Framework

Central bank digital currency (CBDC) serves as a transformative instrument for advancing digital strategies within enterprises, increasingly becoming an integral component of organizational digital initiatives. Nevertheless, the current adoption rate of CBDC among firms remains notably low, highlighting the significant practical importance of examining the factors that influence the intention to utilize CBDC from the corporate perspective. This article focuses on CBDC as the subject of investigation and, utilizing the Technology-Organization-Environment (TOE) framework in conjunction with managerial capabilities, develops a theoretical model to understand the intention to adopt CBDC. Furthermore, the Partial Least Squares Structural Equation Modeling (PLS-SEM) method is employed to empirically analyze the determinants influencing firms’ intentions to adopt the e-CNY, using data collected from pilot cities involved in China’s CBDC initiative. The findings reveal that the adoption of CBDC issued by central banks is primarily driven by organizational factors, such as organizational readiness and top-management support, while environmental factors, including vendor partnerships and market uncertainty, exert a secondary influence. Technical considerations appear to have minimal impact on the intention to adopt CBDC, with complexity identified as the sole factor negatively associated with this intention. Although managerial attributes do not directly affect a firm’s propensity to use CBDC, both technical and organizational elements can exert indirect influence. This study provides valuable insights to assist firms in making informed decisions and strategically allocating resources in the context of utilizing central bank digital currency.