Modeling the adoption enablers of blockchain technology–based supply chain financing: An integrative dual DOI–TOE analysis

Elijah Asante Boakye, Hongjiang Zhao, Bright Nana Kwame Ahia and Millicent Adu-Damoah

Journal of the International Council for Small Business, 2025, vol. 6, issue 4, 843-864

Abstract: This study focuses on the adoption enablers of blockchain technology–based supply chain financing (BcTSCF) using an integrative dual diffusion of innovation theory and technology–organization–environment (DOI–TOE) analysis. As a quantitative correlational study, the purposive sampling technique is used to collect data from 522 manufacturing small and medium-sized enterprises in Ghana. Employing partial least squares–structural equation modeling, the results show relative advantage, compatibility, trialability, regulatory support, and market dynamics are positive and statistically significant enablers. Complexity and cost negatively impact BcTSCF. Observability, competitive pressures, and manager/owner support, while positively influencing BcTSCF, are not statistically significant. From an importance–performance analysis, cost, trialability, competitive pressure, observability, and manager/owner support are low-importance, high-performance attributes. Compatibility, complexity, and relative advantage are high-importance, high-performance attributes. Theoretically, the DOI–TOE framework is integrated to propose a model to explain BcTSCF enablers from the perspectives of developing countries, especially in sub-Saharan Africa. Practically, this will help the government and other manufacturing-sector stakeholders to make corresponding policy arrangements.

Date: 2025
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DOI: 10.1080/26437015.2024.2448980

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