Blockchain technology enterprises’ ownership structure and cash holdings

IF 3.3 2区社会学 Q2 ENVIRONMENTAL SCIENCES

Sustainable Futures Pub Date : 2024-06-04 DOI:10.1016/j.sftr.2024.100229

Tahir Akhtar , Liqian Chen , Mohammad Ali Tareq

{"title":"Blockchain technology enterprises’ ownership structure and cash holdings","authors":"Tahir Akhtar , Liqian Chen , Mohammad Ali Tareq","doi":"10.1016/j.sftr.2024.100229","DOIUrl":null,"url":null,"abstract":"<div><p>This study examines blockchain technology (BCT) firms’ ownership structure and cash holding (CH). Using GMM on a sample of firms indexed on Blockchain50 in China during 2009–2022, findings show that Largest-shareholders minimise CH, indicating corporate expansion. Due to their monitoring motive, Top10-shareholders allow corporations to maintain large cash. To prevent currency misuse, institutional ownership and CH are negatively related. Managerial ownership favours, while the chairman ownership lowers CH, supporting the interest alignment theory. Pre- and post-BCT index period analyses demonstrate a weak post-index period influence. The BCT adaptation lessens information asymmetry and aids in reducing agency issues through quick information flow, limiting owners’ influence. This study adds empirical evidence on ownership structure and CH. The study's findings may apply to developing market enterprises employing BCT's corporate governance structures.</p></div>","PeriodicalId":34478,"journal":{"name":"Sustainable Futures","volume":"8 ","pages":"Article 100229"},"PeriodicalIF":3.3000,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666188824000790/pdfft?md5=a6ec3156ed24ac431253400e5e022df8&pid=1-s2.0-S2666188824000790-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Sustainable Futures","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2666188824000790","RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ENVIRONMENTAL SCIENCES","Score":null,"Total":0}

引用次数: 0

Abstract

This study examines blockchain technology (BCT) firms’ ownership structure and cash holding (CH). Using GMM on a sample of firms indexed on Blockchain50 in China during 2009–2022, findings show that Largest-shareholders minimise CH, indicating corporate expansion. Due to their monitoring motive, Top10-shareholders allow corporations to maintain large cash. To prevent currency misuse, institutional ownership and CH are negatively related. Managerial ownership favours, while the chairman ownership lowers CH, supporting the interest alignment theory. Pre- and post-BCT index period analyses demonstrate a weak post-index period influence. The BCT adaptation lessens information asymmetry and aids in reducing agency issues through quick information flow, limiting owners’ influence. This study adds empirical evidence on ownership structure and CH. The study's findings may apply to developing market enterprises employing BCT's corporate governance structures.

查看原文本刊更多论文

区块链技术企业的所有权结构和现金持有量

本研究探讨了区块链技术（BCT）公司的所有权结构和现金持有（CH）。通过对2009-2022年中国区块链50指数样本企业进行GMM分析，研究结果表明，最大股东将现金持有量降到最低，这表明企业在扩张。出于监督动机，Top10 股东允许企业保持大量现金。为防止货币滥用，机构所有权与 CH 呈负相关。经理持股有利于降低 CH，而董事长持股则会降低 CH，这支持了利益一致理论。对 BCT 指数期前和期后的分析表明，指数期后的影响较弱。BCT适应性降低了信息不对称，通过快速的信息流动减少了代理问题，限制了所有者的影响力。本研究增加了有关所有权结构和 CH 的经验证据。研究结果可能适用于采用 BCT 公司治理结构的发展中市场企业。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Sustainable Futures Social Sciences-Sociology and Political Science

CiteScore

9.30

自引率

1.80%

发文量

审稿时长

71 days

期刊介绍： Sustainable Futures: is a journal focused on the intersection of sustainability, environment and technology from various disciplines in social sciences, and their larger implications for corporation, government, education institutions, regions and society both at present and in the future. It provides an advanced platform for studies related to sustainability and sustainable development in society, economics, environment, and culture. The scope of the journal is broad and encourages interdisciplinary research, as well as welcoming theoretical and practical research from all methodological approaches.