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

Ozlem Sayilir (), Ahmet Semih Ozkul, Mehmet Balcilar and Ronald Kuntze
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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
Ronald Kuntze: Pompea College of Business, University of New Haven, West Haven, CT 06516, USA

Sustainability, 2025, vol. 17, issue 7, 1-25

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.

Keywords: blockchain adoption; environmental performance; social performance; governance performance; regression (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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