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The Effect of Blockchain Adoption on Corporate Sustainable Development Performance: Evidence from Chinese Listed Firms

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  • Xiaoling Yuan

    (School of Economics and Finance, Xi’an Jiaotong University, Xi’an 710069, China)

  • Shi Shi

    (School of Economics and Finance, Xi’an Jiaotong University, Xi’an 710069, China)

  • Qing Di

    (School of Public Policy and Administration, Xi’an Jiaotong University, Xi’an 710069, China
    Institute of “Belt and Road” Pilot Free Trade Zone, Xi’an Jiaotong University, Xi’an 710069, China)

Abstract

To respond to China’s sustainable development goals, this study uses a dynamic panel data set (2009–2023) and the PSM-DID model to examine how blockchain adoption impacts corporate sustainable development performance (CSDP). The results show that blockchain significantly enhances CSDP by 9.8–12.3%, primarily through two channels (reducing financing constraints by improving transparency and decreasing chairman-CEO duality) to optimize governance. Regional environmental regulation strengthens this relationship. Heterogeneity analysis reveals stronger impacts in unregulated industries, private firms, and central–western regions, while state-owned firms show policy-driven governance improvements. The study enriches the understanding of blockchain’s dual role in balancing efficiency and sustainability, offering insights for integrating digital technology into green policy frameworks.

Suggested Citation

  • Xiaoling Yuan & Shi Shi & Qing Di, 2025. "The Effect of Blockchain Adoption on Corporate Sustainable Development Performance: Evidence from Chinese Listed Firms," Sustainability, MDPI, vol. 17(14), pages 1-20, July.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:14:p:6631-:d:1705946
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