When is blockchain worth it? Value and risk drivers of corporate blockchain announcements

IF 7.1 3区 管理学 Q1 BUSINESS Electronic Markets Pub Date : 2024-08-02 DOI:10.1007/s12525-024-00718-y
Timo Rogalski, Dirk Schiereck
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Abstract

In the era of emerging technologies, many firms explore the role of blockchain technology and its impact on corporate market value. Past research has shown that companies benefit from executing blockchain projects, but little is known about specific value and risk drivers. Hence, we provide evidence for several conditions under which blockchain provides additional firm market value. Moreover, we test whether blockchain announcements lead to changes in the systematic risk of firms. Theoretically founded on the resource-based view, we utilize the event study methodology, supplemented by a multivariate regression and a firm’s beta analysis. We find that stock markets react positively to corporate blockchain news if the announcement is related to a blockchain consortium or partnership, is declared by a tech company, or if the announcement is a follow-up announcement to initial blockchain news. Moreover, our findings show that blockchain announcements do not lead to significant changes in a firm’s systematic risk.

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区块链何时值得投资?企业区块链公告的价值和风险驱动因素
在新兴技术时代,许多公司都在探索区块链技术的作用及其对企业市场价值的影响。过去的研究表明,公司可以从执行区块链项目中获益,但对具体的价值和风险驱动因素却知之甚少。因此,我们为区块链提供额外公司市场价值的几个条件提供了证据。此外,我们还检验了区块链公告是否会导致企业的系统性风险发生变化。在基于资源的理论基础上,我们采用了事件研究方法,并辅以多元回归和公司贝塔分析。我们发现,如果公告与区块链联盟或合作伙伴关系有关,由科技公司宣布,或者公告是最初区块链新闻的后续公告,那么股市就会对企业区块链新闻做出积极反应。此外,我们的研究结果表明,区块链公告不会导致公司的系统性风险发生重大变化。
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来源期刊
Electronic Markets
Electronic Markets Multiple-
CiteScore
14.80
自引率
15.30%
发文量
85
期刊介绍: Electronic Markets (EM) stands as a premier academic journal providing a dynamic platform for research into various forms of networked business. Recognizing the pivotal role of information and communication technology (ICT), EM delves into how ICT transforms the interactions between organizations and customers across diverse domains such as social networks, electronic commerce, supply chain management, and customer relationship management. Electronic markets, in essence, encompass the realms of networked business where multiple suppliers and customers engage in economic transactions within single or multiple tiers of economic value chains. This broad concept encompasses various forms, including allocation platforms with dynamic price discovery mechanisms, fostering atomistic relationships. Notable examples originate from financial markets (e.g., CBOT, XETRA) and energy markets (e.g., EEX, ICE). Join us in exploring the multifaceted landscape of electronic markets and their transformative impact on business interactions and dynamics.
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