How blockchain innovation affects corporate transparency: evidence from Chinese-listed firms
Rui Chang, Kexin Sun, Renyu Zhang, Xuyan Wang, Zeshui Xu · Applied Economics · 2025
Corporate transparency is essential for effective governance, as it mitigates information asymmetry between internal and external stakeholders. Blockchain’s decentralized, immutable, and traceable features offer a novel solution for improving operational transparency. Drawing upon agency theory, this study investigates how and to what extent blockchain innovation affects corporate transparency. Based on data from firms listed on the Shanghai and Shenzhen stock exchanges (A-share market) during the period 2017–2023, the results show that blockchain innovation significantly enhances corporate transparency. Additionally, we further explore the impact mechanisms of external supervision on the relationship between blockchain innovation and corporate transparency. The results find that both media supervision and institutional investors amplify the positive effect of blockchain innovation on corporate transparency. This study contributes to interdisciplinary research at the intersection of information technology and corporate governance by demonstrating how blockchain technology can enhance corporate transparency.