Blockchain implementation and shareholder value: a complex adaptive systems perspective

• Published in: International journal of operations & production management Vol. 44; no. 3; pp. 666 - 698
• Main Authors: Zhang, Xi, Chang, Rui, Gu, Minhao, Huo, Baofeng
• Format: Journal Article
• Language: English
• Published: Bradford Emerald Publishing Limited 15.02.2024; Emerald Group Publishing Limited
• Subjects: Adaptive systems; Blockchain; Complex adaptive systems; Complexity; Cryptography; Distributed ledger; Diversification; Information systems; Interdisciplinary research; Interdisciplinary studies; Investments; Operations management; Rates of return; Securities markets; Stockholders; Strategic management; Suppliers; Supply chains; Complex adaptive systems perspective; Event study; Supply chain complexity; Blockchain; Stock market reaction
• ISSN: 0144-3577; 1758-6593
• DOI: 10.1108/IJOPM-11-2022-0711

PurposeBlockchain is a distributed ledger technology that uses cryptography to ensure transmission and access security, which provides solutions to numerous challenges to complex supply networks. The purpose of this paper is to empirically test the impact of blockchain implementation on shareholder value varying from internal and external complexity from the complex adaptive systems (CASs) perspective. It further explores how business diversification, supply chain (SC) concentration and environmental complexity affect the relationship between blockchain implementation and shareholder value.Design/methodology/approachBased on 138 blockchain implementation announcements of listed companies on the Chinese A-share stock market, the authors use event study methodology to evaluate the impact of blockchain implementation on shareholder value.FindingsThe results show that blockchain implementation has a positive impact on shareholder value, and this impact will be moderated by business diversification, SC concentration and environmental complexity. In addition, environmental complexity exerts a moderating effect on SC concentration. In the post hoc analysis, the authors further explore the impact of blockchain implementation on long-term operational performance.Originality/valueThis is the first research empirically examining the effect of blockchain implementation on shareholder value varying from internal and external complexity from the CASs perspective. This paper provides evidence of the different effects of blockchain implementation on short- and long-term performance. It adds to the interdisciplinary research of information systems (IS) and operations management (OM).