IDEAS home Printed from https://ideas.repec.org/p/dar/wpaper/154097.html

When is blockchain worth it? Value and risk drivers of corporate blockchain announcements

Author

Listed:
  • Rogalski, Timo
  • Schiereck, Dirk

Abstract

In the era of emerging technologies, many firms explore the role of blockchain technology and its impact on corporate market value. Past research has shown that companies benefit from executing blockchain projects, but little is known about specific value and risk drivers. Hence, we provide evidence for several conditions under which blockchain provides additional firm market value. Moreover, we test whether blockchain announcements lead to changes in the systematic risk of firms. Theoretically founded on the resource-based view, we utilize the event study methodology, supplemented by a multivariate regression and a firm’s beta analysis. We find that stock markets react positively to corporate blockchain news if the announcement is related to a blockchain consortium or partnership, is declared by a tech company, or if the announcement is a follow-up announcement to initial blockchain news. Moreover, our findings show that blockchain announcements do not lead to significant changes in a firm’s systematic risk.

Suggested Citation

  • Rogalski, Timo & Schiereck, Dirk, 2025. "When is blockchain worth it? Value and risk drivers of corporate blockchain announcements," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 154097, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    • Handle: RePEc:dar:wpaper:154097
    DOI: 10.1007/s12525-024-00718-y
    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/154097/
    as

    Download full text from publisher

    File URL: https://tuprints.ulb.tu-darmstadt.de/29174
    Download Restriction: no
    File URL: https://doi.org/10.1007/s12525-024-00718-y
    Download Restriction: no
    File URL: https://libkey.io/10.1007/s12525-024-00718-y?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
    ---><---

    References listed on IDEAS

    as
    1. Lingxiu Dong & Yunzhe Qiu & Fasheng Xu, 2023. "Blockchain-Enabled Deep-Tier Supply Chain Finance," Manufacturing & Service Operations Management, INFORMS, vol. 25(6), pages 2021-2037, November.
    2. T. Ravichandran & Simona Ileana Giura, 2019. "Knowledge Transfers in Alliances: Exploring the Facilitating Role of Information Technology," Information Systems Research, INFORMS, vol. 30(3), pages 726-744, September.
    3. Jan Heinrich Beinke & Kai Rohde & Fabian Pohl & Frank Teuteberg, 2021. "Exploring the Success Factors of Security Token Offerings: An Empirical Approach," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 20(05), pages 1339-1362, September.
    4. Hubert Pun & Jayashankar M. Swaminathan & Pengwen Hou, 2021. "Blockchain Adoption for Combating Deceptive Counterfeits," Production and Operations Management, Production and Operations Management Society, vol. 30(4), pages 864-882, April.
    5. Kobelsky, Kevin & Hunter, Starling & Richardson, Vernon J., 2008. "Information technology, contextual factors and the volatility of firm performance," International Journal of Accounting Information Systems, Elsevier, vol. 9(3), pages 154-174.
    6. Cahill, Daniel & G. Baur, Dirk & (Frank) Liu, Zhangxin & W. Yang, Joey, 2020. "I am a blockchain too: How does the market respond to companies’ interest in blockchain?," Journal of Banking & Finance, Elsevier, vol. 113(C).
    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. Timo Rogalski & Dirk Schiereck, 2024. "When is blockchain worth it? Value and risk drivers of corporate blockchain announcements," Electronic Markets, Springer;IIM University of St. Gallen, vol. 34(1), pages 1-24, December.
    2. Maximilian Klöckner & Christoph G. Schmidt & Stephan M. Wagner, 2022. "When Blockchain Creates Shareholder Value: Empirical Evidence from International Firm Announcements," Production and Operations Management, Production and Operations Management Society, vol. 31(1), pages 46-64, January.
    3. Liao, Changhua & Lu, Qihui & Ghamat, Salar & Cai, Helen Huifen, 2025. "Blockchain adoption and coordination strategies for green supply chains considering consumer privacy concern," European Journal of Operational Research, Elsevier, vol. 323(2), pages 525-539.
    4. Guo, Penghui & Feng, Gengzhong & Wang, Kai & Wei, Liqun, 2026. "Blockchain-enabled quality transparency and invoice tokenization in deep-tier supply chains," European Journal of Operational Research, Elsevier, vol. 331(1), pages 260-277.
    5. Li, Ling & Yan, Shiyi & Peng, Shuxia & Hou, Pengwen, 2025. "The interplay of blockchain and channel structure with consideration of cyber-security in a platform supply chain," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 197(C).
    6. Yan, Ji & Gui, Qinchang & Jiang, Sitong & Yu, Zihao & Fernandes, Kieran & Tian, Kun & Xia, Senmao & Gong, Yu, 2025. "How does blockchain application impact on supply chain alliance?," Technovation, Elsevier, vol. 143(C).
    7. Zhu, Shichao & Xia, Yusen & Yu, Lean & Li, Jian, 2025. "Leveraging blockchain technology to prevent deceptive disclosure of ESG compliance," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 203(C).
    8. Bongini, Paola & Osborne, Francesco & Pedrazzoli, Alessia & Rossolini, Monica, 2022. "A topic modelling analysis of white papers in security token offerings: Which topic matters for funding?," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    9. Cao, Cejun & He, Yufan & Liu, Yang & Huang, Hao & Zhang, Fanshun, 2025. "Blockchain technology adoption mechanism for semiconductor chip supply chains considering information disclosure under cost-sharing contract," International Journal of Production Economics, Elsevier, vol. 282(C).
    10. Wang, Chengfu & Chen, Xiangfeng & Xu, Xun & Jin, Wei, 2023. "Financing and operating strategies for blockchain technology-driven accounts receivable chains," European Journal of Operational Research, Elsevier, vol. 304(3), pages 1279-1295.
    11. Suyuan Luo & Tsan‐Ming Choi, 2022. "E‐commerce supply chains with considerations of cyber‐security: Should governments play a role?," Production and Operations Management, Production and Operations Management Society, vol. 31(5), pages 2107-2126, May.
    12. Jiaxin Liu & Boram Lee & Ruth Rentschler, 2025. "Leveraging entrepreneurial identity and technology: legitimacy of art securitization platforms," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 49(2), pages 327-354, June.
    13. Wang, Jianzhi & Zhu, Jinhe, 2025. "Does the application of blockchain technology enhance total factor productivity of enterprises?," Finance Research Letters, Elsevier, vol. 85(PE).
    14. Zhou, Yu & Gao, Xiang & Luo, Suyuan & Xiong, Yu & Ye, Niangyue, 2022. "Anti-Counterfeiting in a retail Platform: A Game-Theoretic approach," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 165(C).
    15. Xu, Xiaoping & He, Ping & Zhou, Li & Cheng, T.C.E., 2023. "Coordination of a platform-based supply chain in the marketplace or reselling mode considering cross-channel effect and blockchain technology," European Journal of Operational Research, Elsevier, vol. 309(1), pages 170-187.
    16. Jayashankar M. Swaminathan, 2025. "OM Forum—Operations Management Research: Relevance and Impact," Manufacturing & Service Operations Management, INFORMS, vol. 27(1), pages 1-7, January.
    17. Jia, Boxiang & Lucey, Brian & Shen, Dehua, 2026. "Market reaction to blockchain news: The role of digital transformation," Finance Research Letters, Elsevier, vol. 88(C).
    18. Mukherjee, Srabanti & Datta, Biplab, 2025. "Counterfeit conundrum: Insights into bottom of the pyramid consumer behavior in India," Journal of Retailing and Consumer Services, Elsevier, vol. 82(C).
    19. Bian, Junsong & Zhang, Guoqing & Zhou, Guanghui, 2023. "The strategic impact of vertical integration on non-deceptive counterfeiting," International Journal of Production Economics, Elsevier, vol. 260(C).
    20. Zheng, Jun & Luo, Xiao & Zhu, Feng, 2026. "Exploring the impact of blockchain technology on supply chain transparency and corporate financing costs," International Review of Financial Analysis, Elsevier, vol. 110(C).

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:dar:wpaper:154097. 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: Dekanatssekretariat (email available below). General contact details of provider: https://edirc.repec.org/data/ivthdde.html .

    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.