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Blockchain technology and environmental efficiency: Evidence from US‐listed firms

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  • Vincent Tawiah
  • Abdulrasheed Zakari
  • Guo Li
  • Anthony Kyiu

Abstract

This study examines the relationship between the adoption of blockchain technology and environmental efficiency by using a sample of US firms over the 2015–2019 period. Our results indicate that the adoption of blockchain technology is positively and significantly associated with environmental efficiency, suggesting that blockchain improves environmental sustainability. In further analyses, we determine that the relationship between blockchain and environmental efficiency is more pronounced for firms in financial and technological industries than for those in other industries. Our findings are also robust to other methods that control for endogeneity, including difference in difference regressions and propensity score matching. Overall, we provide empirical evidence to incentivize business leaders and policymakers to adopt innovative technologies, such as blockchain.

Suggested Citation

  • Vincent Tawiah & Abdulrasheed Zakari & Guo Li & Anthony Kyiu, 2022. "Blockchain technology and environmental efficiency: Evidence from US‐listed firms," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3757-3768, December.
    • Handle: RePEc:bla:bstrat:v:31:y:2022:i:8:p:3757-3768
    DOI: 10.1002/bse.3030
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    2. Aditi S. Saha & Rakesh D. Raut & Vinay Surendra Yadav & Abhijit Majumdar, 2022. "Blockchain Changing the Outlook of the Sustainable Food Supply Chain to Achieve Net Zero?," Sustainability, MDPI, vol. 14(24), pages 1-21, December.
    3. Zhang, Jianhua & Liu, Yushan & Zhang, Weihua & Ma, Xinyuan, 2023. "Role of green technologies in enhancing the efficiency of natural resources," Resources Policy, Elsevier, vol. 83(C).
    4. Yu, Zhichao & Youn, Ik Joong & Alessa, Noha & Borgi, Hela, 2023. "Does natural-resource-dependency create the need of green innovation?," Resources Policy, Elsevier, vol. 85(PA).
    5. Li, Zengrong & Wu, Yanqiu & Rasoulinezhad, Ehsan & Sheng, Yishen & Bi, Chunyu, 2023. "Green economic recovery in central Asia by utilizing natural resources," Resources Policy, Elsevier, vol. 83(C).
    6. Jianhua Zhu & Taiwen Feng & Ying Lu & Wenbo Jiang, 2024. "Using blockchain or not? A focal firm's blockchain strategy in the context of carbon emission reduction technology innovation," Business Strategy and the Environment, Wiley Blackwell, vol. 33(4), pages 3505-3531, May.
    7. Hu, Xiaofeng, 2023. "Green economic recovery in Central Asia by utilizing natural resources," Resources Policy, Elsevier, vol. 83(C).
    8. Shahzad, Umer & Ghaemi Asl, Mahdi & Tedeschi, Marco, 2023. "Is there any market state-dependent contribution from Blockchain-enabled solutions to ESG investments? Evidence from conventional and Islamic ESG stocks," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 139-154.

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