Abstract
The purpose of this study was to develop and validate the Coin Engagement Scale (CES) which measures the degree of investors' engagement to coin investment. For this purpose, the concept was set based on open-ended question responses for 219 people with coin investment experience and the literature review of behavioral addiction and stock investment, and a total of 58 preliminary questions were selected through content validation. 191 coin investors were collected to select the final items, and exploratory factor analysis and reliability analysis were conducted. As a result, a total of 23 items were extracted with the structure of 4 factors (Dysfunctional aspects: Negative emotions, Daily living disturbance, Over engagement; Functional aspects: Positive function). In addition, confirmatory factor analysis and validity analysis were conducted, as a result, it was supported that the CES was a reliable and valid scale. These results support that the CES can serve as a tool for multidimensional measurements of the coin investor's engagement. This study could be provided as an important foundation for the study of coin investment and behavioral addiction.
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