The Addition of New Payment Method and Shareholder Value: Evidence From Cryptocurrency Adoption

【Author】 Eshghi, Kamran; Farivar, Samira

【Source】JOURNAL OF ORGANIZATIONAL COMPUTING AND ELECTRONIC COMMERCE

【影响因子】2.237

【Abstract】Despite the growing adoption of cryptocurrencies as a payment method, the literature lacks a comprehensive exploration of its performance outcome. To address this gap, authors examine the impact of firms' adoption of cryptocurrencies as a payment method on shareholder value. Employing event study methodology, authors analyze the effect of cryptocurrency adoption announcements made by 27 U.S. firms between 2013 and 2020 on shareholder value. The results indicate that cryptocurrency adoption leads to positive abnormal returns, with an average of 0.65% on the announcement day. Further analysis reveals that firms' advertising intensity amplifies the positive impact of cryptocurrency adoption on shareholder value. Additionally, non-retail firms tend to receive greater benefits from cryptocurrency adoption compared to retail firms.

【Keywords】Cryptocurrency; blockchain; payment method; bitcoin; event study

【发表时间】2024 2024 OCT 21

【收录时间】2024-10-27

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-数字货币