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Blockchain technology, macroeconomic uncertainty and investment efficiency

Wanyi Chen (SILC Business School, Shanghai University, Shanghai, China)
Kang He (School of Accounting, Southwestern University of Finance and Economics, Chengdu, China)
Lanfang Wang (SILC Business School, Shanghai University, Shanghai, China)

International Journal of Emerging Markets

ISSN: 1746-8809

Article publication date: 21 June 2021

Issue publication date: 27 June 2023




In addition to leading a new tide of global financial technology, blockchain delivers advantages in terms of risk control compared to traditional financial systems. By exploring the relationship between blockchain technology and macroeconomic uncertainty, this study aims to identify the hedge risk attribute of blockchain technology.


From a data set comprising 6,323 Chinese firms with A-shares listed on the Shenzhen and Shanghai Stock Exchanges in 2015–2018, the authors obtain the use of blockchain technology by listed companies on the basis of annual reports, news reports, search engines and prospectuses. These documents are then subjected to text analyses based on computer technology. Cross-sectional and propensity score matching analyses are used to ensure robustness.


The empirical results show that with an increase in macroeconomic uncertainty, blockchain technology can potentially enable companies to reduce their systemic risks and enhance their investment efficiency.


This study expands the literature on the application of blockchain technology, offers references for enterprises to address future risks based on specific macroeconomically uncertain environments and provides guidelines for governments to maintain financial market stability.



Funding: The authors disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: National Science Foundation of China (Project No. 71672106).


Chen, W., He, K. and Wang, L. (2023), "Blockchain technology, macroeconomic uncertainty and investment efficiency", International Journal of Emerging Markets, Vol. 18 No. 7, pp. 1493-1514.



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