Stock price relevance of voluntary disclosures about blockchain technology and cryptocurrencies

IF 4.1 3区管理学 Q2 BUSINESS International Journal of Accounting Information Systems Pub Date : 2021-03-01 DOI:10.1016/j.accinf.2021.100499

Ju-Chun Yen, Tawei Wang

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Abstract

This study examines the value relevance of blockchain and cryptocurrency disclosures in firms’ 10-K filings, which act as proxies for the firms’ involvement in this trending technology and its applications. Using textual analysis to quantify blockchain and cryptocurrency disclosures, the study first shows that these disclosures overall are value relevant. However, when the disclosures are further categorized into cryptocurrency and blockchain disclosures, the result only holds for blockchain disclosures, not for cryptocurrency disclosures. To further identify the topics and themes of these disclosures, we adopt latent Dirichlet allocation (LDA) topic modeling. Among the five topics that are identified from the blockchain and cryptocurrency disclosures through LDA (blockchain technology solutions, risk factors, general business descriptions, payment services, and bitcoin transactions), we find that only the disclosures about blockchain technology solutions and risk factors have positive value relevance, while the disclosures about bitcoin transactions are negative. The results indicate that investors positively value the involvement of blockchain technology applications in business operations or solutions and not cryptocurrency-related issues.

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区块链技术和加密货币自愿披露的股价相关性

本研究考察了公司10-K文件中区块链和加密货币披露的价值相关性，这些信息作为公司参与这一趋势技术及其应用的代理。该研究使用文本分析来量化区块链和加密货币披露，首先表明这些披露总体上与价值相关。然而，当披露进一步分类为加密货币和区块链披露时，结果仅适用于区块链披露，而不适用于加密货币披露。为了进一步确定这些披露的主题和主题，我们采用了潜在的狄利克雷分配(LDA)主题建模。在通过LDA(区块链技术解决方案、风险因素、一般业务描述、支付服务和比特币交易)从区块链和加密货币披露中确定的五个主题中，我们发现只有区块链技术解决方案和风险因素的披露具有正价值相关性，而比特币交易的披露具有负价值相关性。结果表明，投资者积极评价区块链技术应用在业务运营或解决方案中的参与，而不是加密货币相关问题。

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来源期刊

International Journal of Accounting Information Systems Multiple-

CiteScore

9.00

自引率

6.50%

发文量

期刊介绍： The International Journal of Accounting Information Systems will publish thoughtful, well developed articles that examine the rapidly evolving relationship between accounting and information technology. Articles may range from empirical to analytical, from practice-based to the development of new techniques, but must be related to problems facing the integration of accounting and information technology. The journal will address (but will not limit itself to) the following specific issues: control and auditability of information systems; management of information technology; artificial intelligence research in accounting; development issues in accounting and information systems; human factors issues related to information technology; development of theories related to information technology; methodological issues in information technology research; information systems validation; human–computer interaction research in accounting information systems. The journal welcomes and encourages articles from both practitioners and academicians.