Impact of blockchain technology on firm value: international evidence ESG firms

Purpose This paper aims to examine the impact of blockchain technology on firm value. Design/methodology/approach The sample for this study extends from 2010 to 2022 and includes data from 197 companies. The study uses a regression approach, using feasible generalised least squares (FGLS) estimation for linear panel data models. To analyse the robustness of the model, alternative measures of the dependent and independent variables were included. The sample was divided into financial and non-financial sectors, and the method of generalised moments (SYS-GMM) was applied for the dynamic effect. Findings The findings indicate that the implementation of blockchain technology exerts a substantial positive influence on firm value. This phenomenon can be attributed primarily to enhanced transparency and a reduction in information asymmetry. Practical implications The results of this study highlight the importance of new technology adoption and its impact on firm value. The integration of blockchain technology is examined to advance theoretical and practical understanding of how it can enable long-term market performance. Furthermore, it provides significant insights into navigating all sectors and meeting the challenges of the digital age by highlighting the synergistic relationship between blockchain technology, strategy and organisational success. Originality/value To the best of the authors’ knowledge, this is the first study that empirically examines the impact of blockchain technology adoption on firm value in the international context of ESG index. This study fills a research gap by extending the existing literature, which generally focuses on the impact of blockchain technology on firm value.