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Blockchain Adoption and Corporate Sustainability Performance: An Analysis of the World’s Top Public Companies

Author

Listed:
  • Ozlem Sayilir

    (Faculty of Business Administration, Anadolu University, Eskisehir 26470, Turkey)

  • Ahmet Semih Ozkul

    (Pompea College of Business, University of New Haven, West Haven, CT 06516, USA)

  • Mehmet Balcilar

    (Pompea College of Business, University of New Haven, West Haven, CT 06516, USA
    Department of Economics, OSTIM Technical University, Ankara 06374, Turkey)

  • Ronald Kuntze

    (Pompea College of Business, University of New Haven, West Haven, CT 06516, USA)

Abstract

Using blockchain adoption (BCA) data for 81 leading public companies in 2021, this study examines the impact of blockchain adoption on organizations’ environmental, sustainability, and governance performance. Employing the 2022 ESG scores from LSEG (Refinitiv) Database, which assess corporate sustainability performance across environmental, social, and governance dimensions, we regress ESG scores against blockchain adoption levels, company size, and various financial performance metrics. The results from the regression analysis reveal that blockchain adoption is significantly and positively associated with two sub-dimensions of environmental sustainability performance: resource usage and emissions. Additionally, firms exhibiting higher profitability and greater financial leverage appear to more effectively control blockchain adoption to enhance their corporate sustainability performance. These findings support the notion that blockchain adoption offers eco-efficient solutions that contribute to improved corporate sustainability performance, particularly through improved resource management and emissions control, while also offering actionable recommendations for policymakers and industry leaders.

Suggested Citation

  • Ozlem Sayilir & Ahmet Semih Ozkul & Mehmet Balcilar & Ronald Kuntze, 2025. "Blockchain Adoption and Corporate Sustainability Performance: An Analysis of the World’s Top Public Companies," Sustainability, MDPI, vol. 17(7), pages 1-25, March.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:7:p:2855-:d:1618887
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    References listed on IDEAS

    as
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    1. Samiran Sardar & Partho Das Antor & Kazi Md Tanvir Anzum & Ann Nazmus Shakib & Kazi Md. Shahriar, 2026. "Role of Blockchain Capabilities on Sustainable Performance: The Mediating Role of Circular Economy Practices and Green Innovation," Circular Economy and Sustainability, Springer, vol. 6(2), pages 1-36, April.

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