Blockchain technology has the potential to revolutionize various industries by enhancing efficiency, reducing costs, and fostering transparency. While prior studies have examined the relationship between Blockchain technology implementation and financial performance, findings remain inconclusive. This study aims to investigate the impact of Blockchain technology adoption on firm performance, measured using ROA, ROE, and Tobin's Q, for a sample of 89 companies listed in the Indxx Blockchain Index over a five-year period. Employing a panel data regression model, the findings reveal a positive and significant association between Blockchain technology implementation and financial performance. Additionally, larger firms tend to make higher investments in Blockchain technology, while semiconductor, software and technology services firms exhibit the most intensive Blockchain investment patterns. No significant relationship is found between the level of leverage and Blockchain technology investment.
- Blockchain technology, Innovation Investment, Business performance, and Firm value.