IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v92y2026ics154461232600067x.html

Blockchain Investment, dual-class share structure, and asset pricing efficiency

Author

Listed:
  • Qiu, Yueyang
  • Yin, Xuebao
  • Hu, Nan

Abstract

This study empirically analyzes data from Chinese A-share listed companies between 2006 and 2023 to explore the relationship between blockchain investment, dual-class share structures, and asset pricing efficiency. The findings indicate that blockchain investment significantly enhances asset pricing efficiency; dual-class share structures play a moderating role between blockchain investment and asset pricing efficiency; the impact of blockchain investment on asset pricing efficiency exhibits heterogeneity between state-owned enterprises and non-state-owned enterprises; and there is also heterogeneity in the effects of blockchain investment on asset pricing efficiency between southern enterprises and non-southern enterprises. Based on these conclusions, this study suggests that policymakers should further promote the adoption and application of blockchain technology, optimize corporate governance structures, and strengthen regional digital infrastructure development to improve the overall market's asset pricing efficiency.

Suggested Citation

  • Qiu, Yueyang & Yin, Xuebao & Hu, Nan, 2026. "Blockchain Investment, dual-class share structure, and asset pricing efficiency," Finance Research Letters, Elsevier, vol. 92(C).
    • Handle: RePEc:eee:finlet:v:92:y:2026:i:c:s154461232600067x
    DOI: 10.1016/j.frl.2026.109536
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S154461232600067X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2026.109536?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. Du, Puliang & Gu, Runsheng & Luo, Ling & Xie, Fei & Zhang, Chenyang, 2025. "The enhanced gain effects of ESG's non-linearity on portfolios: An asset pricing tree model perspective," International Review of Financial Analysis, Elsevier, vol. 99(C).
    2. Ugur Lel & Jeff Netter & Annette Poulsen & Zhongling Qin, 2025. "Dual‐Class Shares and Firm Valuation: Market‐Wide Evidence from Regulatory Events," The Financial Review, Eastern Finance Association, vol. 60(4), pages 1251-1275, November.
    3. Yizhou Cao & Min Dai & Steven Kou & Lewei Li & Chen Yang, 2025. "Designing stablecoins," Mathematical Finance, Wiley Blackwell, vol. 35(1), pages 263-294, January.
    4. Martijn Cremers & Beni Lauterbach & Anete Pajuste, 2024. "The Life Cycle of Dual-Class Firm Valuation," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(2), pages 459-493.
    5. Ferdaws Ezzi & Maher Abida & Anis Jarboui, 2023. "The Mediating Effect of Corporate Governance on the Relationship Between Blockchain Technology and Investment Efficiency," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(2), pages 718-734, June.
    6. Gao, Bin & Zhang, Jinlong & Xie, Jun & Zhang, Wenjie, 2023. "The impact of carbon risk on the pricing efficiency of the capital market: Evidence from a natural experiment in china," Finance Research Letters, Elsevier, vol. 57(C).
    7. Harakeh, Mostafa & Diri, Malek El & Lambrinoudakis, Costas & Tsileponis, Nikolaos, 2024. "The impact of blockchain adoption on corporate investment efficiency," Economics Letters, Elsevier, vol. 236(C).
    8. Eduardo Amorim Vilela de Salis & Leandro dos Santos Maciel, 2023. "How does price (in)efficiency influence cryptocurrency portfolios performance? The role of multifractality," Quantitative Finance, Taylor & Francis Journals, vol. 23(11), pages 1637-1658, November.
    9. Shiyuan Zhang & Xiao-Xue Zheng & Fu Jia & Zhi Liu, 2025. "Pricing strategy and blockchain technology investment under hybrid carbon trading schemes: a biform game analysis," International Journal of Production Research, Taylor & Francis Journals, vol. 63(14), pages 5336-5357, July.
    10. Zhujia Yin & Luqing Shi & Yiwei Wu & Jiejin Xia, 2024. "Dual-class share structures and financial outcomes in high-tech firms: evidence from US-listed China concept stocks," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 22(4), pages 509-530, October.
    11. Jonathan J. Burson & Marlin R.H. Jensen, 2021. "Institutional ownership of dual-class companies," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 13(2), pages 206-222, February.
    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. Maciel, Leandro S. & Kayo, Eduardo K., 2026. "When climate extremes shake equity markets: Evidence from multifractal analysis," Finance Research Letters, Elsevier, vol. 87(C).
    2. Zhang, Jinlong & Qi, Fengyu & Wu, Mingyue, 2025. "Market-oriented environmental regulation and ESG rating divergence," Research in International Business and Finance, Elsevier, vol. 79(C).
    3. Huang, Jiangrui, 2025. "Executive risk appetite, investment efficiency, and financial misallocation in film and television enterprises," Finance Research Letters, Elsevier, vol. 86(PF).
    4. Yang, Wen & Zhao, Keqing, 2024. "Cross-border capital flows and low-carbon economic development: Examining the impact of foreign shareholding," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    5. Lan, Yuan & Xian, Jinkun & Bai, Nannan, 2024. "Digital technology adoption and investment sensitivity to stock price," Economics Letters, Elsevier, vol. 243(C).
    6. Gao, Bin & Song, Tao & Han, Xiao & Zhang, Jinlong, 2026. "Reducing stock price synchronicity: How government-driven long-term capital cultivation improves market efficiency in China," Pacific-Basin Finance Journal, Elsevier, vol. 95(C).
    7. Zhao, Xin & Zhai, Guoqing & Charles, Vincent & Gherman, Tatiana & Lee, Hyoungsuk & Pan, Tuan & Shang, Yuping, 2024. "Enhancing enterprise investment efficiency through artificial intelligence: The role of accounting information transparency," Socio-Economic Planning Sciences, Elsevier, vol. 96(C).
    8. de La Bruslerie, Hubert, 2026. "Dual class shares design in corporate firms: An endogenous governance model of the optimal “wedge”," Economic Modelling, Elsevier, vol. 154(C).
    9. Liu, Yingyuan & Chen, Wenhui & He, Xinyu, 2025. "Substantive innovation or strategic catering: Capital market pressure and corporate green innovation structure," International Review of Economics & Finance, Elsevier, vol. 97(C).
    10. Cabezon, Felipe, 2025. "Executive compensation: The trend toward one-size-fits-all," Journal of Accounting and Economics, Elsevier, vol. 79(1).
    11. Lo Monaco, Valerio & Momtaz, Paul & Vismara, Silvio, 2025. "Distributed governance and value creation in decentralized autonomous organizations: Evidence from a regression discontinuity design," Economics Letters, Elsevier, vol. 248(C).
    12. Haibo Yi, 2024. "RETRACTED ARTICLE: An Efficient E-Voting System for Business Intelligence Innovation Based on Blockchain," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 11533-11547, September.
    13. Yuan, Xue & Dong, Yu & Liang, Liang & Wei, Yuting, 2025. "The impact of carbon emission trading scheme policy on information asymmetry in the stock market: Evidence from China," Energy Policy, Elsevier, vol. 198(C).
    14. Owusu, Freeman Brobbey & Abdullah, Mohammad & Lee, Chi-Chuan & Gyeke-Dako, Agyapomaa, 2025. "Firm carbon risk exposure and financial stability," Finance Research Letters, Elsevier, vol. 78(C).
    15. Qiuyue Zhang & Yu Cao, 2023. "Revolutionizing Chinese Manufacturing: Uncovering the Nexus of Intelligent Transformation and Capital Market Information Efficiency," Sustainability, MDPI, vol. 15(19), pages 1-19, October.
    16. Lyócsa, Štefan & Todorova, Neda, 2024. "What drives the uranium sector risk? The role of attention, economic and geopolitical uncertainty," Energy Economics, Elsevier, vol. 140(C).
    17. Alexander A. Muravyev & Nikolay S. Telyatnikov, 2024. "Dual Class Stock Companies: Global Experience and Russian Practice," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 23(3), pages 801-832.
    18. Sridhar Manohar, 2025. "Cryptocurrency as a Slice in Investment Portfolio: Identifying Critical Antecedents and Building Taxonomy for Emerging Economy," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 32(4), pages 1357-1382, December.
    19. Wang, Liang & Liu, Shuang & Wang, Yuanfei, 2026. "Heterogeneous capital of founding shareholders, dual-class share structure choice motivation, and firm value: Evidence from China's sci-tech innovation companies listed in the U.S," Economic Analysis and Policy, Elsevier, vol. 89(C), pages 107-133.
    20. Lin, Xiaolan & Wang, Li, 2025. "How do enterprise big data applications mitigate asset mispricing?," Finance Research Letters, Elsevier, vol. 79(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:92:y:2026:i:c:s154461232600067x. 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.