IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v88y2026ics1544612325023864.html

Can blockchain technology reduce supply chain finance risk? The mediating role of information transparency

Author

Listed:
  • Bi, Tao
  • Xu, Nijie

Abstract

Against the backdrop of increasingly complex global industrial chains and frequent financial risks, supply chain finance risk has become a key constraint on the sustainable development of enterprises. Using data from listed companies for 2008–2023, this paper examines the impact of blockchain technology on supply chain finance risk. The empirical results show that blockchain technology can significantly reduce supply chain finance risk, and that information transparency plays a mediating role between blockchain technology and supply chain finance risk. Further heterogeneity analysis reveals that firms with higher governance quality and those in non–high-tech industries can better leverage blockchain's risk-mitigating effect on supply chain finance. The findings provide policy implications for financial institutions, enterprises, and regulatory authorities regarding risk governance and technological application.

Suggested Citation

  • Bi, Tao & Xu, Nijie, 2026. "Can blockchain technology reduce supply chain finance risk? The mediating role of information transparency," Finance Research Letters, Elsevier, vol. 88(C).
    • Handle: RePEc:eee:finlet:v:88:y:2026:i:c:s1544612325023864
    DOI: 10.1016/j.frl.2025.109137
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325023864
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.109137?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Yutong Sun & Shangrong Jiang & Shouyang Wang, 2024. "Contagious greenwashing investment," China Finance Review International, Emerald Group Publishing Limited, vol. 14(2), pages 201-227, May.
    2. Arief Rijanto, 2024. "Blockchain technology roles to overcome accounting, accountability and assurance barriers in supply chain finance," Asian Review of Accounting, Emerald Group Publishing Limited, vol. 32(5), pages 728-758, January.
    3. He, Wei & Zhang, Yujiao & Wang, Mingshan, 2024. "Fintech, supply chain concentration and enterprise digitization: Evidence from chinese manufacturing listed companies," Finance Research Letters, Elsevier, vol. 59(C).
    4. Atul Kumar Singh & V. R. Prasath Kumar & Muhammad Irfan & Saeed Reza Mohandes & Usama Awan, 2023. "Revealing the Barriers of Blockchain Technology for Supply Chain Transparency and Sustainability in the Construction Industry: An Application of Pythagorean FAHP Methods," Sustainability, MDPI, vol. 15(13), pages 1-27, July.
    5. Robert L. Bray & Haim Mendelson, 2012. "Information Transmission and the Bullwhip Effect: An Empirical Investigation," Management Science, INFORMS, vol. 58(5), pages 860-875, May.
    6. Luca Mattia Gelsomino & Saskia Sardesai & Miia Pirttilä & Michael Henke, 2023. "Addressing the relation between transparency and supply chain finance schemes," International Journal of Production Research, Taylor & Francis Journals, vol. 61(17), pages 5806-5821, September.
    7. Yao, Jian & Yang, Cunyi, 2025. "Financial technology and climate risks in the financial market," International Review of Financial Analysis, Elsevier, vol. 99(C).
    8. Junyu Liu & Yuan Gao & Yuping Wang & Changhua Shao, 2024. "Corporate Social Responsibility and Investor Relations Management: Evidence from China," Sustainability, MDPI, vol. 16(15), pages 1-25, July.
    9. Huida Zhao & Jiaguo Liu & Guoqing Zhang, 2024. "Blockchain-driven operation strategy of financial supply chain under uncertain environment," International Journal of Production Research, Taylor & Francis Journals, vol. 62(8), pages 2982-3002, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wang, Jianzhi & Zhu, Jinhe, 2025. "Does the application of blockchain technology enhance total factor productivity of enterprises?," Finance Research Letters, Elsevier, vol. 85(PE).
    2. Pastore, Erica & Alfieri, Arianna & Zotteri, Giulio, 2019. "An empirical investigation on the antecedents of the bullwhip effect: Evidence from the spare parts industry," International Journal of Production Economics, Elsevier, vol. 209(C), pages 121-133.
    3. Yingying Xin & Xiao Zeng & Zhengying Luo, 2022. "Customers' tone in MD&A disclosure and suppliers' inventory efficiency: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 3833-3853, December.
    4. Nikolay Osadchiy & William Schmidt & Jing Wu, 2025. "Trade Credit and Customer Portfolio Approach to Managing Cash Flow Variability," Manufacturing & Service Operations Management, INFORMS, vol. 27(3), pages 935-954, May.
    5. Hau Mike Ma & Jiazhen Huo & Yongrui Duan, 2024. "Effects of time aggregation, product aggregation, and seasonality in measuring bullwhip ratio," Papers 2412.00716, arXiv.org.
    6. Li Chen & Hau L. Lee, 2012. "Bullwhip Effect Measurement and Its Implications," Operations Research, INFORMS, vol. 60(4), pages 771-784, August.
    7. Tu, Yubo & Hu, Lingyu & Hua, Xianglu & Li, Haohui, 2025. "Supply chain stability and corporate green technology innovation," International Review of Economics & Finance, Elsevier, vol. 97(C).
    8. Arunachalam Narayanan & Brent B. Moritz, 2015. "Decision Making and Cognition in Multi-Echelon Supply Chains: An Experimental Study," Production and Operations Management, Production and Operations Management Society, vol. 24(8), pages 1216-1234, August.
    9. Andres F. Jola-Sanchez & Juan Camilo Serpa, 2021. "Inventory in Times of War," Management Science, INFORMS, vol. 67(10), pages 6457-6479, October.
    10. VASILE Adrian & BALINT Antoniu Ovidiu & COSTEA Carmen, 2013. "An Inquiry Into The Characteristics, Applicability And Prerequisites Of Intelligent Management Solutions In Logistics," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 65(6), pages 225-236.
    11. Evans Kyeremeh & Emmanuel Erastus Yamoah & Alfred Yamoah, 2025. "Enhancing pharmaceutical supply chain performance: the impact of technology integration, interorganizational trust, and collaboration in the digital age," Future Business Journal, Springer, vol. 11(1), pages 1-17, December.
    12. Wang, Mansi & Yu, Xinxin & Hong, Xinyi & Yang, Xiaotao, 2025. "Can digital finance promote green innovation collaboration in enterprises?," Global Finance Journal, Elsevier, vol. 65(C).
    13. John R. Birge, 2015. "OM Forum—Operations and Finance Interactions," Manufacturing & Service Operations Management, INFORMS, vol. 17(1), pages 4-15, February.
    14. Chen, Zhicheng & Wang, Heng & Wu, Qichun, 2025. "From data to decision: How supply chain network restructuring resolves cost stickiness?," Finance Research Letters, Elsevier, vol. 86(PA).
    15. Brent B. Moritz & Arunachalam Narayanan & Chris Parker, 2022. "Unraveling Behavioral Ordering: Relative Costs and the Bullwhip Effect," Manufacturing & Service Operations Management, INFORMS, vol. 24(3), pages 1733-1750, May.
    16. Li, Jian & Yi, Mei & Sun, Qing, 2025. "Artificial intelligence and supply chain risk: Mediating effects of supply chain efficiency and resilience," International Review of Financial Analysis, Elsevier, vol. 108(PA).
    17. Wang, YiFan, 2026. "Financial risk supervision, corruption and embezzlement crime, and the scale of shadow banking," Finance Research Letters, Elsevier, vol. 87(C).
    18. Lan, Mudan & Huang, Yuhong, 2025. "Corporate digital transformation and cash flow volatility: An empirical analysis from a supply chain perspective," Finance Research Letters, Elsevier, vol. 85(PB).
    19. Manuel Brauch & Andreas Größler, 2022. "Holistic versus analytic thinking orientation and its relationship to the bullwhip effect," System Dynamics Review, System Dynamics Society, vol. 38(2), pages 121-134, April.
    20. Song, Yuchen & Zhu, Mingqi & Wang, Ye, 2025. "Corporate financialization, digital transformation, and industrial supply chain resilience: Mechanisms based on R&D investment and financial regulation," International Review of Financial Analysis, Elsevier, vol. 102(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:88:y:2026:i:c:s1544612325023864. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.