SEP and Blockchain Adoption in Western Balkans and EU: The Mediating Role of ESG Activities and DEI Initiatives

Vasiliki Basdekidou () and Harry Papapanagos
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Vasiliki Basdekidou: Department of Balkan, Slavic & Oriental Studies, University of Macedonia, Egnatia Str. 156, 546 36 Thessaloniki, Greece
Harry Papapanagos: Department of Balkan, Slavic & Oriental Studies, University of Macedonia, Egnatia Str. 156, 546 36 Thessaloniki, Greece

FinTech, 2025, vol. 4, issue 3, 1-48

Abstract: This paper explores the intervening role in SEP performance of corporate environmental, cultural, and ethnic activities (ECEAs) and diversity, equity, inclusion, and social initiatives (DEISIs) on blockchain adoption (BCA) strategy, particularly useful in the Western Balkans (WB), which demands transparency due to extended fraud and ethnic complexities. In this domain, a question has been raised: In BCA strategies, is there any correlation between SEP performance and ECEAs and DEISIs in a mediating role? A serial mediation model was tested on a dataset of 630 WB and EU companies, and the research conceptual model was validated by CFA (Confirmation Factor Analysis), and the SEM (Structural Equation Model) fit was assessed. We found a statistically sound (significant, positive) correlation between BCA and ESG success performance, especially in the innovation and integrity ESG performance success indicators, when DEISIs mediate. The findings confirmed the influence of technology, and environmental, cultural, ethnic, and social factors on BCA strategy. The findings revealed some important issues of BCA that are of worth to WB companies’ managers to address BCA for better performance. This study adds to the literature on corporate blockchain transformation, especially for organizations seeking investment opportunities in new international markets to diversify their assets and skill pool. Furthermore, it contributes to a deeper understanding of how DEI initiatives impact the correlation between business transformation and socioeconomic performance, which is referred to as the “social impact”.

Keywords: FinTech; entrepreneurship performance; blockchain adoption; diverse workspace; national cultural values; ethnical particularities; structural equation modeling (search for similar items in EconPapers)
JEL-codes: C6 F3 G O3 (search for similar items in EconPapers)
Date: 2025
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