The effect of the Implementation of Blockchain Technology on the Financial Performance of Companies in the Indxx Blockchain Index

Original title: Efecto de la Implementación de Tecnología Blockchain en el Desempeño Financiero de las Empresas que componen el Indxx Blockchain Index

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.