Institutional pressures driving blockchain adoption for sustainable competitive advantage and performance

Purpose This study investigates how institutional pressures (mimetic, coercive and normative isomorphism) influence blockchain technology adoption (BCTA) and its effects on business value creation, competitive advantage and sustainable business performance. It also examines business value creation and competitive advantage as mediators, and managerial risk-taking tendency as a moderator, providing a comprehensive view of blockchain-driven transformation in emerging-market manufacturing firms. Design/methodology/approach A time-lagged, survey-based quantitative design was used, with data collected in two waves from top management of manufacturing firms. A total of 374 valid responses were analyzed using partial least squares structural equation modeling (PLS-SEM) with SmartPLS 4. Importance–performance map analysis (IPMA) was also conducted to identify key areas requiring managerial attention. Findings The findings show that all three types of institutional pressures positively influenced BCTA, with normative isomorphism being the strongest. The BCTA has a positive impact on business value creation, competitive advantage and sustainable business performance. Meanwhile, the findings reveal that business value creation and competitive advantage partially mediate the relationship between BCTA and sustainable business performance. Furthermore, risk-taking tendency plays a significant moderating role on all paths, highlighting the role of managerial disposition in performance improvements. IPMA identified BCTA and normative isomorphism as high-importance constructs with moderate performance, emphasizing key strategic areas. Originality/value This study enhances institutional theory by combining it with behavioral and technological adoption perspectives over time. It offers insights into how institutional forces and risk-focused leadership affect the performance of emerging technologies, such as blockchain, in developing economies. The results provide actionable insights for business leaders, technology managers and policymakers to implement and scale blockchain technologies effectively.