Blockchain Development and Corporate Performance in China: The Role of Ownership

Shuangyan Li, Dan Wang, Hao Dong and Qiang Fu

Emerging Markets Finance and Trade, 2022, vol. 58, issue 11, 3090-3102

Abstract: This research investigates the short-term and long-term performance and volatility of publicly traded firms engaged in blockchain business. In particular, it examines how ownership structure impacts performance and volatility in such firms. We manually collected the data of Chinese A-listed companies participating in blockchain development during 2013–2018 as samples, and find that both short- and long-term performance and volatility significantly decrease among these firms after involvement in blockchain business. Ownership concentration has a positive correlation with stock returns, return on assets, and volatilities, whereas the state as a controlling shareholder strengthens these positive links.

Date: 2022
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DOI: 10.1080/1540496X.2022.2026770

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