IDEAS home Printed from https://ideas.repec.org/a/gam/jfinte/v4y2025i3p37-d1716029.html

SEP and Blockchain Adoption in Western Balkans and EU: The Mediating Role of ESG Activities and DEI Initiatives

Author

Listed:
  • Vasiliki Basdekidou

    (Department of Balkan, Slavic & Oriental Studies, University of Macedonia, Egnatia Str. 156, 546 36 Thessaloniki, Greece)

  • Harry Papapanagos

    (Department of Balkan, Slavic & Oriental Studies, University of Macedonia, Egnatia Str. 156, 546 36 Thessaloniki, Greece)

Abstract

This paper explores the intervening role in SEP performance of corporate environmental, cultural, and ethnic activities (ECEAs) and diversity, equity, inclusion, and social initiatives (DEISIs) on blockchain adoption (BCA) strategy, particularly useful in the Western Balkans (WB), which demands transparency due to extended fraud and ethnic complexities. In this domain, a question has been raised: In BCA strategies, is there any correlation between SEP performance and ECEAs and DEISIs in a mediating role? A serial mediation model was tested on a dataset of 630 WB and EU companies, and the research conceptual model was validated by CFA (Confirmation Factor Analysis), and the SEM (Structural Equation Model) fit was assessed. We found a statistically sound (significant, positive) correlation between BCA and ESG success performance, especially in the innovation and integrity ESG performance success indicators, when DEISIs mediate. The findings confirmed the influence of technology, and environmental, cultural, ethnic, and social factors on BCA strategy. The findings revealed some important issues of BCA that are of worth to WB companies’ managers to address BCA for better performance. This study adds to the literature on corporate blockchain transformation, especially for organizations seeking investment opportunities in new international markets to diversify their assets and skill pool. Furthermore, it contributes to a deeper understanding of how DEI initiatives impact the correlation between business transformation and socioeconomic performance, which is referred to as the “social impact”.

Suggested Citation

  • Vasiliki Basdekidou & Harry Papapanagos, 2025. "SEP and Blockchain Adoption in Western Balkans and EU: The Mediating Role of ESG Activities and DEI Initiatives," FinTech, MDPI, vol. 4(3), pages 1-48, August.
    • Handle: RePEc:gam:jfinte:v:4:y:2025:i:3:p:37-:d:1716029
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2674-1032/4/3/37/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2674-1032/4/3/37/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Yong Geng & Joseph Sarkis & Raimund Bleischwitz, 2019. "How to globalize the circular economy," Nature, Nature, vol. 565(7738), pages 153-155, January.
    2. Danhong Fu & Tingting Chen & Wei Lang, 2025. "Evolutionary Patterns and Mechanism Optimization of Public Participation in Community Regeneration Planning: A Case Study of Guangzhou," Land, MDPI, vol. 14(7), pages 1-25, July.
    3. Albérico Travassos Rosário & Paula Rosa Lopes & Filipe Sales Rosário, 2025. "How Digital Development Leverages Sustainable Development," Sustainability, MDPI, vol. 17(13), pages 1-34, July.
    4. Iqbal, Sana & Nawaz, Ahmad & Ehsan, Sadaf, 2019. "Financial performance and corporate governance in microfinance: Evidence from Asia," Journal of Asian Economics, Elsevier, vol. 60(C), pages 1-13.
    5. Fadi Ghosn & Mohamad Zreik & Hala Koleilat Al Dilby & Caroline Dib Kassably Fakhry & Fida Ragheb Hassanein, 2025. "Tokenomics and Digital Economy in China: Analyzing the Influence of Blockchain Technology Integration on Traditional Business Models," Economies, MDPI, vol. 13(7), pages 1-14, July.
    6. Tomaž Kukman & Sergej Gričar, 2025. "Blockchain for Quality: Advancing Security, Efficiency, and Transparency in Financial Systems," FinTech, MDPI, vol. 4(1), pages 1-19, February.
    7. Narendra Gariya & Anjas Asrani & Adhirath Mandal & Amir Shaikh & Dowan Cha, 2025. "A Comprehensive Analysis of Integrating Blockchain Technology into the Energy Supply Chain for the Enhancement of Transparency and Sustainability," Energies, MDPI, vol. 18(11), pages 1-24, June.
    8. Gousia Habib & Sparsh Sharma & Sara Ibrahim & Imtiaz Ahmad & Shaima Qureshi & Malik Ishfaq, 2022. "Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing," Future Internet, MDPI, vol. 14(11), pages 1-22, November.
    9. Sun, Yi & Jiang, Shiqing & Jia, Wanjiao & Wang, Yu, 2022. "Blockchain as a cutting-edge technology impacting business: A systematic literature review perspective," Telecommunications Policy, Elsevier, vol. 46(10).
    10. Dominic Deuber & Jan Gruber & Merlin Humml & Viktoria Ronge & Nicole Scheler, 2024. "Argumentation Schemes for Blockchain Deanonymisation," FinTech, MDPI, vol. 3(2), pages 1-13, March.
    11. Ahmad A. A. Khanfar & Mohammad Iranmanesh & Morteza Ghobakhloo & Madugoda Gunaratnege Senali & Masood Fathi, 2021. "Applications of Blockchain Technology in Sustainable Manufacturing and Supply Chain Management: A Systematic Review," Sustainability, MDPI, vol. 13(14), pages 1-20, July.
    12. Saleem Malik & Mehmood Chadhar & Savanid Vatanasakdakul & Madhu Chetty, 2021. "Factors Affecting the Organizational Adoption of Blockchain Technology: Extending the Technology–Organization–Environment (TOE) Framework in the Australian Context," Sustainability, MDPI, vol. 13(16), pages 1-33, August.
    13. Alnoor, Alhamzah & Abbas, Sammar & Sadaa, Abdullah Mohammed & Chew, XinYing & Bayram, Gül Erkol, 2025. "Navigating the power of blockchain strategy: Analysis of technology-organization-environment (TOE) framework and innovation resistance theory using PLS-SEM and ANN insights," Technological Forecasting and Social Change, Elsevier, vol. 214(C).
    14. Nasir Khan & Mahwish Zafar & Abiodun Funso Okunlola & Zeman Zoltan & Magda Robert, 2022. "Effects of Financial Inclusion on Economic Growth, Poverty, Sustainability, and Financial Efficiency: Evidence from the G20 Countries," Sustainability, MDPI, vol. 14(19), pages 1-19, October.
    15. Jamal Hurani & Mohammed Kayed Abdel-Haq, 2025. "Factors Influencing FinTech Adoption Among Bank Customers in Palestine: An Extended Technology Acceptance Model Approach," IJFS, MDPI, vol. 13(1), pages 1-30, January.
    16. Nikoletta Poutachidou & Alexandros Koulis, 2025. "The Investment Styles and Performance of AI-Related ETFs: Analyzing the Impact of Active Management," FinTech, MDPI, vol. 4(2), pages 1-17, May.
    17. Komulainen, Ruey & Nätti, Satu, 2023. "Barriers to blockchain adoption: Empirical observations from securities services value network," Journal of Business Research, Elsevier, vol. 159(C).
    18. Georgios Kountios & Spyridon Kanakaris & Christina Moulogianni & Thomas Bournaris, 2024. "Strengthening AKIS for Sustainable Agricultural Features: Insights and Innovations from the European Union: A Literature Review," Sustainability, MDPI, vol. 16(16), pages 1-27, August.
    19. Otilia Manta & Valentina Vasile & Elena Rusu, 2025. "Banking Transformation Through FinTech and the Integration of Artificial Intelligence in Payments," FinTech, MDPI, vol. 4(2), pages 1-28, April.
    20. Han, Myat Su & Chen, Weiming, 2021. "Determinants of eco-innovation adoption of small and medium enterprises: An empirical analysis in Myanmar," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    21. Laima Okunevičiūtė Neverauskienė & Irena Danilevičienė & Gileta Labašauskienė, 2025. "An Assessment of Lithuania’s Financial Technology Development," FinTech, MDPI, vol. 4(2), pages 1-20, May.
    22. Che-Pin Chen & Kai-Wen Huang & Yung-Chi Kuo, 2023. "Conditional Token: A New Model to Supply Chain Finance by Using Smart Contract in Public Blockchain," FinTech, MDPI, vol. 2(1), pages 1-35, March.
    23. Hiranya Dissanayake & Catalin Popescu & Anuradha Iddagoda, 2023. "A Bibliometric Analysis of Financial Technology: Unveiling the Research Landscape," FinTech, MDPI, vol. 2(3), pages 1-16, August.
    24. Nargis Mohapatra & Mousumi Das & Sameer Shekhar & Rubee Singh & Shahbaz Khan & Lalit Mohan Tewari & Maria João Félix & Gilberto Santos, 2025. "Assessing the Role of Financial Literacy in FinTech Adoption by MSEs: Ensuring Sustainability Through a Fuzzy AHP Approach," Sustainability, MDPI, vol. 17(10), pages 1-28, May.
    25. Yuliya Snihur & Christoph Zott & Raphael (Raffi) Amit, 2021. "Managing the Value Appropriation Dilemma in Business Model Innovation," Strategy Science, INFORMS, vol. 6(1), pages 22-38, March.
    26. Ibrahim Musa Unal & Ahmet Faruk Aysan, 2022. "Fintech, Digitalization, and Blockchain in Islamic Finance: Retrospective Investigation," FinTech, MDPI, vol. 1(4), pages 1-11, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dimitrios Varveris & Vasiliki Basdekidou & Chrysanthi Basdekidou & Panteleimon Xofis, 2025. "Smart Forest Modeling Behavioral for a Greener Future: An AI Text-by-Voice Blockchain Approach with Citizen Involvement in Sustainable Forestry Functionality," FinTech, MDPI, vol. 4(3), pages 1-26, September.

    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. Dimitrios Varveris & Vasiliki Basdekidou & Chrysanthi Basdekidou & Panteleimon Xofis, 2025. "Smart Forest Modeling Behavioral for a Greener Future: An AI Text-by-Voice Blockchain Approach with Citizen Involvement in Sustainable Forestry Functionality," FinTech, MDPI, vol. 4(3), pages 1-26, September.
    2. Alnoor, Alhamzah & Abbas, Sammar & Sadaa, Abdullah Mohammed & Chew, XinYing & Bayram, Gül Erkol, 2025. "Navigating the power of blockchain strategy: Analysis of technology-organization-environment (TOE) framework and innovation resistance theory using PLS-SEM and ANN insights," Technological Forecasting and Social Change, Elsevier, vol. 214(C).
    3. Yang Chao & Alireza Goli, 2024. "Integrating Blockchain Technology in Business Models for Sustainable Innovation," Sustainability, MDPI, vol. 16(16), pages 1-16, August.
    4. Nadezhda Kvasha & Olga Bolotnikova & Ekaterina Malevskaia-Malevich, 2023. "Biotechnological Basis of the Pulp and Paper Industry Circular Economic System," Economies, MDPI, vol. 11(12), pages 1-13, December.
    5. Baldwin, Carliss Y. & Bogers, Marcel L.A.M. & Kapoor, Rahul & West, Joel, 2024. "Focusing the ecosystem lens on innovation studies," Research Policy, Elsevier, vol. 53(3).
    6. Linlin Zheng & Yashi Dong & Jineng Chen & Yuyi Li & Wenzhuo Li & Miaolian Su, 2022. "Impact of Crisis on Sustainable Business Model Innovation—The Role of Technology Innovation," Sustainability, MDPI, vol. 14(18), pages 1-28, September.
    7. Aamir Aijaz Syed, 2024. "The moderating role of governance, banking regulation, and supervision on shadow economy, financial inclusion, and financial stability nexus: a case of G5 economies," Economic Change and Restructuring, Springer, vol. 57(6), pages 1-31, December.
    8. Aikaterini Papapostolou & Ioanna Andreoulaki & Filippos Anagnostopoulos & Sokratis Divolis & Harris Niavis & Sokratis Vavilis & Vangelis Marinakis, 2025. "Innovative Business Models Towards Sustainable Energy Development: Assessing Benefits, Risks, and Optimal Approaches of Blockchain Exploitation in the Energy Transition," Energies, MDPI, vol. 18(15), pages 1-45, August.
    9. Thomas, Llewellyn D.W. & Snihur, Yuliya, 2025. "Ecosystem framing and infomediary resonance: Amazon’s early years (1995–2003)," Technovation, Elsevier, vol. 140(C).
    10. Peterson K. Ozili, 2022. "Circular Economy and Central Bank Digital Currency," Circular Economy and Sustainability, Springer, vol. 2(4), pages 1501-1516, December.
    11. Rajabzadeh, Hamed & Rabiee, Meysam & Sarkis, Joseph, 2024. "Sourcing from risky reverse channels: Insights on pricing and resilience strategies in sustainable supply chains," International Journal of Production Economics, Elsevier, vol. 276(C).
    12. Peter Chipungu Silwimba, 2023. "The goal of financial inclusion in Zambia’s 8th national development plan: risks and implications to the banks," International Journal of Business Ecosystem & Strategy (2687-2293), Bussecon International Academy, vol. 5(4), pages 90-104, October.
    13. Hui-Ching Hsieh & Viona Claresta & Thi Minh Ngoc Bui, 2020. "Green Building, Cost of Equity Capital and Corporate Governance: Evidence from US Real Estate Investment Trusts," Sustainability, MDPI, vol. 12(9), pages 1-21, May.
    14. Flavia Massuga & Marcos Aurélio Larson & Marcos Roberto Kuhl & Sérgio Luis Dias Doliveira, 2024. "The influence of global governance on the sustainable performance of countries," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(11), pages 28567-28589, November.
    15. Cagno, Enrico & Accordini, Davide & Thollander, Patrik & Andrei, Mariana & Hasan, A S M Monjurul & Pessina, Sonia & Trianni, Andrea, 2025. "Energy management and industry 4.0: Analysis of the enabling effects of digitalization on the implementation of energy management practices," Applied Energy, Elsevier, vol. 390(C).
    16. Amol Adkonkar & Anand Sharma & Pooja Arora, 2024. "Validation of Instrument Measuring the Impact of SCM Practices and SCM Agility on Competitive Advantage and Organization Performance in Indian Pharmaceutical Firms," Paradigm, , vol. 28(1), pages 65-83, June.
    17. Sindhwani, Rahul & Pereira, Vijay & Sampat, Brinda & Shankar, Amit & Nigam, Achint & Salwan, Prashant, 2025. "Exploring barriers to social robot adoption: A mixed-method study in the Indian retail sector," Technological Forecasting and Social Change, Elsevier, vol. 212(C).
    18. Ashwaq Al-Sharshani & Fatma Al-Sharshani & Ali Malik, 2025. "On Fintech and Financial Inclusion: Evidence from Qatar," JRFM, MDPI, vol. 18(10), pages 1-24, October.
    19. Hery Verianto The & Marvello Yang & Syed Ali Fazal & Maran & Jingzu Gao & Qing Yang & Abdullah Al Mamun, 2023. "Modeling the significance of dynamic capability on the performance of microfinance institutions," PLOS ONE, Public Library of Science, vol. 18(5), pages 1-15, May.
    20. Wang, Huan & Zheng, Leven J. & Zhang, Justin Zuopeng & Kumar, Ajay & Srivastava, Praveen Ranjan, 2024. "Unpacking complementarity in innovation ecosystems: A configurational analysis of knowledge transfer for achieving breakthrough innovation," Technological Forecasting and Social Change, Elsevier, vol. 198(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:gam:jfinte:v:4:y:2025:i:3:p:37-:d:1716029. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    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.