The larger compensation for miners, the higher positive effect on the financial performance of cryptocurrencies

Une meilleure rémunération des mineurs: un effet positif sur la performance financière des cryptomonnaies

Élise Alfieri () and Yann Ferrat ()
Additional contact information
Élise Alfieri: IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel
Yann Ferrat: CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes, OFI Asset Management

Post-Print from HAL

Abstract: To cope with the weakened financial system, the innovative ecosystem of cryptocurrencies and the blockchain seem to emerge as alternative solutions. While they offer a decentralized governance, cryptocurrencies also provide exposure to social dimensions. We thus pose the following research question: is there a virtuous circle between extra-financial and financial performance for cryptocurrencies? To answer this question, we analyze the social performance, an extra-financial dimension, through miners' compensation. Using a sample of cryptocurrencies between 2015 and 2021, we follow two econometric modeling approaches, namely portfolios constituted based on miner compensation and a panel regression model. This dual approach allows an analysis of the relationship at the macro and microeconomic level as well as enhancing the robustness of our inferences. Our results show that the social and financial performance relationship is positive. Thus, enhanced value sharing in the cryptocurrency landscape appears synonymous of greater financial performance.

Keywords: Bitcoin; Cryptomonnaies; Partage de la valeur ajoutée; Performance sociale; Rendements boursiers (search for similar items in EconPapers)
Date: 2022-04-04
New Economics Papers: this item is included in nep-fdg and nep-pay
Note: View the original document on HAL open archive server: https://hal.science/hal-03670074v1
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Innovations - Revue d’économie et de management de l'innovation, 2022, pp.I129-XXVI. ⟨10.3917/inno.pr2.0129⟩

Downloads: (external link)
https://hal.science/hal-03670074v1/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03670074

DOI: 10.3917/inno.pr2.0129

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().