Accountants’ acceptance of a cashless monetary system using an implantable chip
Antony Michael Young
Bachelor of Business (Accounting), Swinburne Institute of Technology
Post Graduate Diploma of Education, Latrobe University
Master of Accounting, University of New England
A thesis submitted to RMIT University for the fulfilment
of the degree of Doctor of Philosophy (PhD.)
July 2007
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Acknowledgements
Firstly I want to give a special thanks to my loving wife Ann for her sacrifices during the
duration of my PhD and her support, especially her interest in the issues of the thesis. I also
want to thank my children, Jacinta, Kurtis and Chontelle who never complained when I
worked on the thesis rather than played with them. I want to acknowledge my appreciation to
my Father and Mother for the loving way they supported my intellectual inquiry as I grew.
Academically I want to thank Professor Robert Clift for the support he showed me in the
development of this thesis. His direction and support was fundamental in its development. I
also want to thank my second supervisor Doctor David Gowland for his valuable
contributions, support and patience. A special note of thanks to Professor Clive Morley who
generously devoted time and effort to provide guidance on the statistical interpretations
contained within this PhD.
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Abstract
A logical control extension surrounding cashless means of exchange is a permanent personal
verification mark. An implanted micro chip such as ones that have been successfully
implanted into humans could identify and store information. Connected with global
positioning satellites and a computer system, a cashless monetary system could be formed in
the future. The system would provide complete and continual real time records for
individuals, businesses and regulators. It would be possible for all trading to occur in this way
in the future. A modified Technology Acceptance Model was developed based on Davis’
(1989) model and Fishbein and Ajzen’s (1975) theory to test the acceptance level of the new
monetary system by professional accountants in Australia. The model includes perceived ease
of use, perceived usefulness, perceived risk, and a subjective norm component. 523
accountants were surveyed in December 2003 with a response rate of 27%. 13% either
strongly agreed or agreed that they would accept the implantable chip. The analysis showed
that Perception of Risk, Subjective Norm and Perception of Usefulness were all significant in
explaining the dependent variable at the 95% confidence level for all responses. The
Perception of Ease of Use was not proved to be significant. In consideration of response bias,
it was found that with respect to the perception of usefulness at the 0.01 level, two elements
were not significant, those being “not having cards” and “having medical information”. The
difference here was not seen as fundamental for the credibility of the research given the main
theme of the research is a monetary system based on the “mark” rather than the convenience
factors of the two elements where there were differences. The perceived risk variable was not
significant for early responders. The responses were also used to analyse the Technology
Acceptance Model developed by Davis (1989). The model had a significance of 0.327
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compared to 0.000 giving validation to the contributions of the modified Technology
Acceptance Model. Davis’ (1989) model found Perception of Ease of Use was significant at
the 95% confidence level and Perception of Usefulness was not proven to be significant. In
further analyzing the developed model, each of the elements in the model used as independent
variables were separately regressed against contributions established in open questions
relating to them. Subjective norm had a regression R-squared of 0.403 and of the thirty-four
explanatory variables the only significant contribution, at the 95% confidence level was
“clients”. Significant at the 10% level, were religion, public figures and friends. The
professional bodies variable was not significant in determining the subjective norm. Perceived
Ease of Use and the nine explanatory variables had an R-squared of 0.143. There were only
two significant contributions for ease of use, at the 95% confidence level being “privacy” and
“technology”. Perceived Usefulness and the eleven explanatory variables had an R-squared of
0.205. There were only two significant contributions for usefulness, at the 95% confidence
level being “privacy” and “easy”. Perceived Risk and the eleven explanatory variables had an
R-squared of 0.054 and no significant contributions.
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Declaration
Except where reference is made in the text, this thesis contains no material published
elsewhere or extracted in whole or in part from this thesis presented by me for another degree
or diploma.
No other person’s work has been used without acknowledgment in the main text of this thesis.
This thesis has not been submitted for the award of any degree or diploma in any other tertiary
institution.
Antony Young