Investigating the Functions of Blockchain Technology in Improving the Corporate Governance of Listed Companies

Vahid Ahmadian () and Roghayeh Namvar ()
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Vahid Ahmadian: Assistant Professor, Department of Economics, Management and Accounting, University of Tabriz
Roghayeh Namvar: Master of Business Administration, Faculty of Economics, Management and Accounting, University of Tabriz

Quarterly Journal of Applied Theories of Economics, 2024, vol. 11, issue 2, 135-166

Abstract: Technological advances indicate a new era of analysis and data-driven decision-making in capital markets. Blockchain, which is the main technology of digital currency markets, is being introduced as a disruptive technology, especially in the stock market. Today, there is a broad consensus among the majority of stock market actors about the significant power of blockchain technology in the position of a new approach to managing and exchanging data in financial markets, and especially maintaining reliable and transparent data records in stock markets, considering the huge volume of transactions that are carried out in them. has it. On the other hand, the two main factors that cause representation problems in the corporate governance of traditional stock exchanges are the difference in the interests of investors and representatives and the complexity of the investment chain. The purpose of this study is to investigate the benefits of implementing blockchain technology as a basis for stock transactions in order to improve the corporate governance of publishers through a two-stage review consisting of a systematic review and an online Delphi. The findings of the research show that compared to traditional stock trading systems, blockchain technology has several advantages, including high transparency of information, improvement of stock liquidity, high monitoring by different parties, availability of real-time information, reduction of price divergence from stock value, provision of accounting comparability. And it is preventing profit management, the final output of which will be the creation of better corporate governance. The implementation of blockchain technology will be able to reduce the information asymmetry in the relationship between the manager and the owner, which in turn can improve the quality of corporate governance due to transparency, accountability and high trust between all parties involved in the network

Keywords: Blockchain; Stock Market; Corporate Governance; Financial Reporting Quality (search for similar items in EconPapers)
JEL-codes: M40 (search for similar items in EconPapers)
Date: 2024
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