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Blockchain technology, information asymmetry and corporate ESG performance: Evidence from China

Author

Listed:
  • Zhang, Yijun
  • Yu, Jiajun
  • Wang, Jiale
  • Song, Yi

Abstract

ESG, as an emerging framework for assessing corporate sustainability, encounters challenges related to information asymmetry during its development. This issue can be tackled with innovative solutions derived from blockchain technology; however, limited research has investigated its effects on corporate ESG performance. This study analyzes the impact of blockchain technology on corporate ESG performance and explores its potential mechanisms, utilizing unbalanced panel data from Chinese A-share listed companies spanning from 2009 to 2023. The findings suggest that: (1) Blockchain technology significantly improves corporate ESG performance, a conclusion that persists through stability and endogeneity tests. (2) Heterogeneity analysis reveals that blockchain technology leads to more substantial enhancement in ESG performance for smaller firms, companies located in eastern China, and non-heavy polluting enterprises. (3) Mechanism analysis suggests that blockchain technology improves ESG performance through enhanced corporate information disclosure and heightened spatial location competition. (4) Corporate financial risk and verification processes have a negative moderating effect on the positive influence exerted by blockchain technology on ESG performance. (5) In the process of enhancing ESG performance driven by blockchain technology, the most significant improvement is observed in the social dimension. This research offers theoretical support and empirical evidence regarding the influence of blockchain technology on enhancing firms' sustainable development.

Suggested Citation

  • Zhang, Yijun & Yu, Jiajun & Wang, Jiale & Song, Yi, 2026. "Blockchain technology, information asymmetry and corporate ESG performance: Evidence from China," Energy Economics, Elsevier, vol. 155(C).
    • Handle: RePEc:eee:eneeco:v:155:y:2026:i:c:s0140988326000290
    DOI: 10.1016/j.eneco.2026.109150
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