Semester

Spring

Date of Graduation

2026

Document Type

Dissertation

Degree Type

DBA

College

Chambers College of Business and Economics

Department

Management

Committee Chair

Ryan Angus

Committee Member

Tianxu Chen

Committee Member

Hyeonsuh Lee

Committee Member

Matthew A Barlow

Abstract

ii ABSTRACT Survival in the Stigmatized Industry (Bitcoin ATM) Brooks McAdam This paper examines how companies can survive in a stigmatized industry where the same message may attract customers while simultaneously generating skepticism. The study posed the following research question using the Bitcoin ATM industry as the context: Does the message presented on company websites influence the degree of exit risk in a market characterized by moral concerns, exposure to fraud, and unstable regulation? The answer is clear. Messaging is important; however, not every message is equally important. Fee-related messaging emerged as the most consistent predictor of exit risk. Messaging emphasizing ease of use showed a recurring but less consistent association with elevated exit risk, while security messaging demonstrated only limited evidence of a protective effect among the 71 operators analyzed. The message about freedom or privacy did not have a significant impact. These findings change the agenda of the survival research not only to the broad characteristics of firms but also to the assertions that firms wish to make publicly.

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