Gold or gild: Does blockchain attention improve the efficiency of supply chain?

Blockchain technology has garnered significant attention in recent years, with the belief that it can enhance the efficiency of corporate supply chain management. Numerous Chinese listed companies have disclosed the application of supply chain technologies through their financial reports. This study explicitly addresses the research question: Does blockchain attention genuinely improve supply chain efficiency, or is it merely a symbolic response to institutional pressures? Using data from Chinese A-share listed firms from 2013 to 2021, we empirically examine the relationship between blockchain attention and supply chain efficiency (SCE), and test moderating effects of blockchain implementation cost and managers’ digital background. The findings reveal that: (1) blockchain attention is significantly negatively correlated with supply chain efficiency measured by inventory turnover rate, indicating that corporate technology disclosure is a gild disclosure under institutional pressure rather than substantive technological application; (2) the above correlated mechanism is also affected by the experience of executives in supply chain management, supply chain intensity, and the regional supply chain efficiency. This study challenges the optimistic expectations of blockchain technology, uncovers the dissipative path of technological alienation under institutional pressure. It also provides a theoretical basis for regulatory authorities to identify “fake innovation” disclosures and for enterprises to prudently implement digital transformation.