Does the Adoption of Blockchain Technology Necessarily Improve Firm Performance? Application of Meta-Analysis

Malaya Ranjan Mohapatra and Bijoy Rakshit

Emerging Markets Finance and Trade, 2025, vol. 61, issue 14, 4366-4383

Abstract: Although the adoption of blockchain technology (BT) has witnessed substantial growth over the years, the current literature on the impact of blockchain adoption on firm performance yields inconclusive insights. Therefore, this study uses a meta-analysis technique to investigate the effects of adopting blockchain technology on firm performance. The study advances a conceptual framework incorporating the antecedents of BT adoption and extends a comprehensive meta-analysis of BT and firm performance. The findings reveal that blockchain adoption positively impacts firm performance, and market and technological dynamism are the antecedents that affect blockchain adoption. However, the meta-analytics structural equation modeling (MASEM) shows that firms’ innovation and market and technological dynamism significantly impact blockchain adoption, resulting in better firm performance.

Date: 2025
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DOI: 10.1080/1540496X.2025.2509772

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