Blockchain adoption and firm performance: The contingent roles of intangible capital and environmental dynamism

【Author】 Sharma, Prateek; Shukla, Dhirendra Mani; Raj, Alok

【Source】INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS

【影响因子】11.251

【Abstract】Despite the purported benefits of blockchain technology for business applications, it is unclear how blockchain adoption affects firm performance, and large-scale empirical evidence on this relationship remains scarce. Drawing on the dynamic capabilities perspective, we examine the relationship between blockchain adoption and firm performance using a sample of 4994 firm-year observations from 2017 to 2021. Using a dynamic System GMM approach, we show that blockchain adoption significantly increases Tobin's Q (a market-based measure of expected future earnings); however, it has no relation with the current accounting performance measured using return on equity (ROE) and return on assets (ROA). We find that a firm's intangible capital and environmental dynamism positively moderate the relationship between blockchain adoption and Tobin's Q. The former finding reflects market expectations that firms with high intangible capital are better equipped to benefit from block -chain adoption. The latter finding suggests that blockchain adoption strengthens firms' dynamic capabilities, and thus it enables firms to undertake proactive and innovative initiatives in response to an uncertain business environment.

【Keywords】Blockchain; Firm performance; Dynamic capabilities; Environmental dynamism; Intangible capital

【发表时间】2023 FEB

【收录时间】2023-05-29

【文献类型】实证数据

【主题类别】

区块链应用-实体经济-企业管理