We investigate the impact of the announcements by firms to adopt blockchain technology on stock prices and the different characteristics of stock prices under different types of blockchain technologies. Simultaneously, we propose two impact mechanisms: one is investor sentiment, and the other is the firm's governance of social media. We find that the firm's stock price has shown an increasing trend since the release of the announcement of the adoption of blockchain technology. At the same time, firms engaged in blockchain research, development and investment, and that simultaneously deploy other financial technologies, as well as firms that deploy blockchain technology for non‐speculative purposes, have better stock prices. In addition, the layout of a firm's blockchain may affect its stock price by influencing investor sentiment and public opinion.
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Li et al. (2024) studied this question.
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