Blockchain Technology Adoption and Firm Performance in Chinese Cross-Border Digital Trade: Ecosystem Pressure and Governance Risk

International trade has become increasingly digital, yet cross-border transactions remain document-heavy and fragmented across organizations. Blockchain offers a possible response, but firm-level implementation in Chinese cross-border digital trade remains uneven. Prior research often treats blockchain adoption as a binary decision, leaving limited understanding of how implementation varies among adopters and relates to performance. This study examines the extent of blockchain technology adoption (BTA) among adopting firms, jointly analyzing its antecedents and performance outcomes. Adoption extent refers to the degree to which a firm commits resources, integrates blockchain into operations, and applies it across key cross-border trade functions. Drawing on the Technology–Organization–Environment framework, Diffusion of Innovation theory and the Resource-Based View, the study links eight antecedents to adoption extent and adoption extent to firm performance. Survey data from 438 blockchain-adopting import and export firms across nine Chinese provincial-level regions were analyzed using partial least squares structural equation modeling. Trading partner pressure shows the strongest positive association with BTA, whereas insecurity shows the strongest negative association. Indirect associations run through BTA between five antecedents and both performance dimensions, with a stronger association for operational than financial performance. The study shows how ecosystem pressure and governance risk relate to blockchain implementation and performance among adopters.