The impact of blockchain technology on corporate governance: empirical evidence on American firms

Abstract

Technological innovation has generated an increasing number of technologies that have transformed financial services and corporate governance structures. Among these innovations, blockchain technology represents a decentralized and transparent system capable of reshaping governance mechanisms. This study examines the relationship between blockchain technology (BT) and corporate governance (CG) using panel data from 35 U.S. firms over the period 2010–2021. The empirical analysis employs Ordinary Least Squares (OLS) and fixed-effects regression models, with the Hausman test guiding model selection. The findings reveal that blockchain adoption is significantly and positively associated with corporate governance, with larger firms being more likely to adopt such technology, thereby enhancing governance quality. In addition, corporate performance is found to have a positive and significant relationship with governance, while leverage, research intensity, and sales size do not show significant effects. These results provide important theoretical and empirical contributions by highlighting blockchain as a strategic tool for improving transparency, accountability, and trust in corporate operations. The study also offers practical implications for policymakers and regulators to develop supportive frameworks that encourage blockchain adoption while ensuring data protection, as well as for corporate decision-makers seeking to enhance governance efficiency, reduce agency conflicts, and promote long-term sustainability in an increasingly digitalized economy.