Effect of blockchain technology initiatives on firms’ market value

Abstract

Despite blockchain’s potential to transform corporations by providing new ways of organizing business processes and handling information, extant research pays inadequate attention to how and under what conditions blockchain technology provides additional financial value for shareholders. Drawing on the efficient market hypothesis and signaling theory, we examined the relationship between firms’ blockchain use, development announcements, and stock market reactions. We used the event study methodology to analyze a sample of blockchain projects initiated by US firms between 2016 and 2019. The sample contains 114 firm-event observations. The findings show that the average abnormal return over a 2 days event period (including the day of the announcement and the day after the announcement) was positive. This positive stock market reaction is even more substantial when firms announce blockchain projects that focus on saving cost or time. Our findings also indicate that blockchain announcements tend to elicit more positive market reactions from smaller firms. We analyzed 249 firm-event observations containing firms from around the world and conclude that blockchain technology has a non-significant long-term impact on operating performance. The contingency approach adopted in our research provides advice for selecting the right mix of blockchain investment initiatives that is most suitable for a given organizational context.

Apakah Technological Capital Disclosure Memberikan Keuntungan Bagi Perusahaan?

“…Selain pendidikan, perusahaan yang mengimplementasikan teknologi big data juga berpengaruh positif signifikan terhadap nilai perusahaan karena membantu perusahaan melakukan inovasi dengan mengintegrasikan manusia (human), institusi, entitas dan proses (Muchlis et al, 2021). Contoh lain yaitu perusahaan yang mengumumkan menggunakan teknologi Blockchain direspon positif oleh pasar karena meningkatkan waktu kerja dan mengurangi biaya contohnya dalam sektor perbankan untuk kegiatan otomatisasi clearing dan settlement, pembayaran cross-border serta perdagangan keuangan (Ali et al, 2023). Perusahaan yang mengimplementasikan teknologi 3D printing juga direspon positif oleh pasar karena perusahaan dianggap mampu mengurangi biaya dibandingkan secara manual (Goldberg et al, 2021).…”

“…Detail pengukuran ke empat variabel dijabarkan dalam tabel berikut : (Muchlis et al, 2021), blockchain (Ali et al, 2023), 3D printing (Goldberg et al, 2021) dan saat mengungkapkan adanya direksi dengan latar belakang engineering (Celikyurt & DÖNMEZ, 2017). Hasil ini justru sejalan dengan Lui et al, (2022) setara dengan yang terjadi di China ketika penerapan green technology yaitu kesulitan melakukan perhitungan, standarisasi dan perputarannya hingga menghasilkan keuntungan (Mansour, 2023;Song et al, 2023)…”

The Impact of 2023 Kahramanmaraş Earthquakes on Real Estate Related Sectors: An Event Study Analysis

“…Event study analysis in the literature typically examines abnormal changes in stock returns in response to corporate announcements (Dos Santos, Peffers & Mauer, 1993;Çavuşoğlu, Mishra & Raghunatran, 2004;Norden & Weber, 2004;Capron & Shen, 2007;Flammer, 2013;Ardia, Bluteau & Boudt, 2022;Ali, Jia, Lou & Xie, 2023;Li, Wang, Jia, Chen & Meng, 2023;Rudkin & Cai, 2023). More recently, studies have investigated the changes in stock prices due to shocks such as Covid-19 (Bento et al, 2020;Maneenop & Kotcharin, 2020;Varma, Venkataramani, Kayal & Maiti, 2021;Thukral, Singh, Ghosh & Pant, 2022;Mohammed, 2023).…”