Antecedents of E-CNY Adoption in China: A Cluster Analysis-Based UTAUT Model

The study investigated the key factors influencing the adoption of e-CNY, offering insights for its promotion and application. By first employing a text analysis approach, this research identified critical determinants and informs subsequent modeling and questionnaire design. Then, based on the text analysis results, we constructed a Unified Theory of Acceptance and Use of Technology (UTAUT) model to identify important antecedents of e-CNY adoption. This study contributes to the literature by bridging gaps in understanding e-CNY adoption at the microlevel, integrating large-scale text mining techniques (including LDA theme analysis and TF-IDF) with traditional research methods. The findings provide a robust theoretical and empirical foundation for advancing e-CNY’s development.