The Impact of Blockchain Technology Adoption Announcements on Firm?s Market Value

【Author】 Jeong, Anna Y.; Lim, Jee-Hae

【Source】JOURNAL OF INFORMATION SYSTEMS

【影响因子】2.308

【Abstract】Despite the growing interest in blockchain (BC) technology, recent research shows mixed perceptions due to its risks , returns. We utilize event study methodology to examine overall market reactions and to delineate how specific contexts associated with BC technology influence the market reactions. Using 149 BC technology adoptions announced between January 2015 and December 2019, we find positive abnormal returns, reflecting investors' optimistic perception toward BC technology adoption. Specifically, we find that abnormal returns from BC technology are higher when used in a transformative strategic role and offered by leading vendors, suggesting that investors view this adoption as a value-enhancing activity. Our results are robust to the use of an alternative sample and different methods of measuring variables. Overall, our study provides insights for academics and practitioners to better understand the market value of BC technology adoptions.

【Keywords】blockchain (BC); transformative strategic role; leading vendors; event study; market reactions

【发表时间】2023

【收录时间】2023-06-24

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-技术采用