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Blockchain Development and Corporate Performance in China: The Role of Ownership

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  • Shuangyan Li
  • Dan Wang
  • Hao Dong
  • Qiang Fu

Abstract

This research investigates the short-term and long-term performance and volatility of publicly traded firms engaged in blockchain business. In particular, it examines how ownership structure impacts performance and volatility in such firms. We manually collected the data of Chinese A-listed companies participating in blockchain development during 2013–2018 as samples, and find that both short- and long-term performance and volatility significantly decrease among these firms after involvement in blockchain business. Ownership concentration has a positive correlation with stock returns, return on assets, and volatilities, whereas the state as a controlling shareholder strengthens these positive links.

Suggested Citation

  • Shuangyan Li & Dan Wang & Hao Dong & Qiang Fu, 2022. "Blockchain Development and Corporate Performance in China: The Role of Ownership," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(11), pages 3090-3102, September.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:11:p:3090-3102
    DOI: 10.1080/1540496X.2022.2026770
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    Cited by:

    1. Huang, Lingyu & Zhou, Tingyuan, 2024. "How does blockchain technology enhance firm operation and cooperation?," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 34-49.
    2. Wang, Kaike & Zhang, Xin & Wang, Shuhong, 2024. "Blockchain technology concerns and corporate financial risk prevention—A quasi-natural experiment for Chinese listed A-share companies," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 1496-1512.
    3. Haji Suleman Ali & Feiyan Jia & Zhiyuan Lou & Jingui Xie, 2023. "Effect of blockchain technology initiatives on firms’ market value," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-35, December.
    4. Aharon, David Y. & Demir, Ender & Siev, Smadar, 2022. "Real returns from unreal world? Market reaction to Metaverse disclosures," Research in International Business and Finance, Elsevier, vol. 63(C).

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