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

Xiaoling Yuan, Shi Shi and Qing Di ()
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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

Sustainability, 2025, vol. 17, issue 14, 1-20

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.

Keywords: blockchain; sustainable development goals; corporate sustainable development performance; difference-in-differences model; propensity score matching (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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