The impact of blockchain adoption on corporate investment efficiency

被引：4

作者：

Harakeh, Mostafa ^{[1
]}

El Diri, Malek ^{[2
]}

Lambrinoudakis, Costas ^{[3
]}

Tsileponis, Nikolaos ^{[4
]}

机构：

[1] Amer Univ Beirut, Olayan Sch Business, Bliss St,POB 11-0236, Beirut, Lebanon

[2] Univ York, Sch Business & Soc, Church Lane Bldg,York Sci Pk, York YO10 5ZF, England

[3] Univ Leeds, Leeds Univ Business Sch, Maurice Keyworth Bldg, Leeds LS2 9JT, England

[4] Univ Bristol, Univ Bristol Business Sch, Priory Rd, Bristol BS8 1TN, England

来源：

ECONOMICS LETTERS | 2024年 / 236卷

关键词：

Blockchain technology; Investment efficiency; Corporate overinvestment; COSTS;

D O I：

10.1016/j.econlet.2024.111603

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigates the impact of blockchain technology adoption on corporate investment efficiency. Utilizing a difference-in-differences methodology on an international sample of Forbes Global 2000 companies between 2012 and 2021, we find that firms implementing blockchain exhibit significantly higher investment efficiency post-adoption compared to non-adopters. This effect is more pronounced among ex ante informationally opaque firms. Our results suggest that blockchain adoption reduces overinvesting activities by restricting avenues for managerial discretion through enhanced transparency. Our findings contribute to the growing literature on blockchain's real economic impacts and inform blockchain adoption decisions by demonstrating investment efficiency benefits.

引用

页数：4

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