Follow blockchain research across journals, conferences, and preprint repositories.
857 results · page 9 of 36
Song Nie, Gang Zeng, Hongying Zhang, Jianwen Ji
No abstract is available for this record.
Imran Yousaf, Afsheen Abrar, Shoaib Ali, John W. Goodell
No abstract is available for this record.
Mariem Bouzguenda, Anis Jarboui
No abstract is available for this record.
Shoaib Ali, Ting Zhang, Imran Yousaf
No abstract is available for this record.
Guidong Zhang, Jianlong Wang, Yong Liu
No abstract is available for this record.
Baijun Liu, Huaichao Chen, Ying Zhang, Shan Bai
Based on the provincial panel data from China, this study explores the impact of digital finance on provincial carbon productivity. Further, the regional heterogeneity and spatial spillover effect, the moderating effects of financial supervision and environmental decentralization, and the mediating effect of green technology innovation are analyzed. The results show that digital finance can significantly improve provincial carbon productivity, and clearly promote carbon productivity in the underdeveloped provinces (i.e., central and western regions), but not in the economically developed provinces (i.e., eastern region). Digital finance has a positive spatial spillover effect on carbon productivity. In addition, financial supervision and environmental decentralization play moderating effects in the impact of digital finance on carbon productivity. Green technology innovation plays a partial mediating effect in the impact of digital finance on carbon productivity. This study provides a reference for improving carbon productivity and developing a low-carbon economy.
Imran Yousaf, Jinxin Cui, Shoaib Ali
No abstract is available for this record.
Ivan Sergio, Danilo Petti
This paper investigates the relationship between geopolitical risks (GPR) and the growth rate of Bitcoin (BTC) volume. Our analysis utilizes dynamic panel data from 33 individual countries and the European economic region. Empirical results demonstrate that GPR has a significant positive impact on BTC volume growth, particularly in developing countries. Our results are confirmed by several robustness checks, like Lagged IV, and volatility check among others. Our study offers a new perspective on BTC, as the novelty of the data used helps us understand the dynamics of BTC volume.
Walid Ben Omrane, Samir Saadi, Tanseli Savaşer
No abstract is available for this record.
Aissa Djedaiet, Hassan Guenichi, Hicham Ayad
No abstract is available for this record.
Ijaz Younis, Anna Min Du, Himani Gupta, Waheed Ullah Shah
Decentralized Finance (DeFi) assets, commodities, and Islamic stock market cointegration are affected by technological innovations, market dynamics, investor behavior, and crises. This study investigates the dynamics of returns and volatility for three DeFi assets, six commodities, and three Islamic stock markets from December 2019, to March, 2023, and identifies higher spillover effects during crises. Links among the Cross-DeFi, commodity, and Islamic markets significantly influence returns and volatility during crises. Notably, the commodities index emerged as a pivotal and substantial transmitter of risk during the Russian-Ukraine war crisis, with Emerging Markets (EM) being a key recipient. However, during the COVID-19 pandemic, livestock indices assume the role of prominent risk-return spillover receivers. The findings indicate robust returns and volatility interconnected between DeFi assets and Islamic markets with a moderate level of connectivity among commodity groups. WDI, ACWI, and EM explained 75 % of the variance observed during crisis episodes. This study formulates strategic portfolio management within and between connectedness among return volatilities by highlighting the stability of DeFi assets, the diversification potential in commodities, and a balanced option in Islamic markets. Our study provides a deep and insightful understanding of the stakeholders across markets during crises. • Notable spillovers in DeFi, commodities, and Islamic markets during crises. • Commodities drove risk during the Russian-Ukraine war, affecting Emerging Markets. • DeFi stability, commodity diversification, and Islamic market balance guide crisis management.
Jinli Wang
This paper aims to comprehensively examine the impact of China's environmental decentralization on corporate environmental, social, and governance (ESG) performance and investigate the underlying mechanisms. We analyze data from Chinese listed firms spanning from 2010 to 2020. The empirical findings demonstrate that: Firstly, environmental decentralization significantly inhibits corporate ESG performance. Secondly, fiscal decentralization acts as a moderating factor whereby an increase in its level strengthens the inhibitory effect of environmental decentralization on corporate ESG performance. Thirdly, heterogeneity analysis reveals that the impact of environmental decentralization varies across different types of firms in terms of their ESG performance. Privately-owned, high-polluting, and high-tech companies are particularly inclined to reduce their ESG performance with increasing levels of environmental decentralization. Finally, our mechanism analysis indicates that environmental decentralization curtails ESG practices by exacerbating financing constraints for firms and deregulating ecological environments. These conclusions remain robust after addressing potential endogeneity issues and conducting various sensitivity tests. These findings offer valuable insights for policymakers to promote sustainable economic development.
Ritesh Patel, Sanjeev Kumar, Shalini Agnihotri
No abstract is available for this record.
Umar Nawaz Kayani, Mirzat Ullah, Ahmet Faruk Aysan, Sidra Nazir · 5 authors
This study delves into an exploration of quantile connectedness across the domains of digital and traditional financial assets with the renewable energy prices index. The daily frequency dataset, spanning from January 02, 2018, to December 04, 2023, encapsulates diverse economic crises. Our inquiry elucidates distinctive patterns by employing empirical analyses utilizing quantile connectedness and Time-Varying Parameter Vector Autoregressive (TVP-VAR) methodologies. In this context, DeFi assets (Chain-link) emerge as the primary recipient of information shocks, while Bitcoin distinguishes itself as the preeminent transmitter of such shocks within the network. Notably, digital assets manifest heightened volatility in contrast to traditional and energy indices. Furthermore, our findings underscore that the gaming industry, specifically focusing on Non-Fungible Tokens (NFT), presents itself as the most fitting asset for portfolio inclusion. This assertion gains credence from its comparatively lower degree of connectedness with other underlying assets. These findings have significant implications for investors and portfolio managers, furnishing valuable insights into the dynamics of asset interdependencies. Consequently, this aids in cultivating a more discerning approach to investment decision-making. • Bitcoin is a significant transmitter of shocks, whereas DeFi assets like Chain-link predominantly receive them, highlighting their central roles in financial networks. • Digital assets exhibit higher volatility than traditional and energy assets. The gaming industry, notably through Non-Fungible Tokens (NFTs), offers potential for portfolio diversification due to their minimal connectedness with other asset classes. • The study provides critical insights into the interconnectedness of various assets, crucial for investors and portfolio managers to refine investment strategies and enhance decision-making.
Nevi Danila, Umara Noreen, Priyanka Aggarwal
Cryptocurrencies have exploded in popularity since the launch of Bitcoin in 2009 and are collectively worth over $1 trillion. Despite its prevalence, the impact of Bitcoin on traditional financial markets and its influence on other asset classes, such as Environmental, Social, and Governance (ESG) indices, remains unexplored. The current paper focuses on determining the impact of bitcoin prices on the volatility of ESG indices. We use data from the Dow Jones Sustainability Indices family, such as DJSI World (DW), DJSI North America (DNA), DJSI Europe (DE), DJSI Asia Pacific (DAP), and DJSI Emerging Market (DEM). Data was collected for the period from 2012 to 2023. The CBOE market volatility index (VIX) is included to increase the scope of our study. For estimation purposes, Westerlund & Narayan's (2015, 2012) distributed lag model was used to explore the relationship between the realized volatility of ESG index and bitcoin prices. Results indicate that bitcoin prices have no interconnectedness with ESG indices volatility. Further, the correlation between the volatility index (VIX) and ESG indices reveals a negative relationship, strengthening model findings. The bitcoin market is modest; however, ECG indices cover a wide range of industries and sectors, leaving it less vulnerable than the bitcoin market. The findings provide empirical bases to the investors for optimal portfolio allocation. Received: 5 May 2024 / Accepted: 22 August 2024 / Published: 05 September 2024
Feng Wang, lingrong zhang
The difficulty of regulating carbon trading due to information asymmetry and low consumer trust in low-carbon products are key factors hindering companies from reducing emissions. This paper examines a manufacturer-led secondary low-carbon supply chain consisting of a single supplier and a retailer, focusing on the impact of blockchain technology on carbon transaction costs and consumers’ low-carbon preferences. Utilizing Stackelberg game theory, the paper constructs a supply chain decision model for emission reduction, determining the payment matrix and analyzing the stable strategy for blockchain adoption through evolutionary game theory. The findings indicate that retailers’ adoption of blockchain technology significantly promotes emission reduction within the supply chain, whereas manufacturers’ adoption has minimal impact. Additionally, the study reveals that variations in blockchain adoption costs and carbon quotas result in multiple evolutionary stable strategies. Specifically, when blockchain adoption costs and carbon quotas are below certain thresholds, the system reaches a unique equilibrium where both parties adopt blockchain technology.
Ijaz Younis, Muhammad Abubakr Naeem, Waheed Ullah Shah, Xuan Tang
This study analyzes the inter-dependence of the oil, gold, Bitcoin (BTC), and Gulf Cooperation Council stock markets during the recent Russia–Ukraine and Israel–Palestine conflicts. The study found that these markets were less inter-connected during oil battles and the Russia–Ukraine conflict but more inter-connected during the COVID-19 crisis. Findings indicated that Oman, Kuwait, gold, and Qatar are the most significant spillover receivers, whereas the United Arab Emirates (UAE), Kingdom of Saudi Arabia, and West Texas Intermediate are the primary risk spillover transmitters in the Israel–Palestine conflict. Additionally, BTC and the UAE are significant transmitters, whereas Kuwait and Qatar are the highest-risk spillover receivers in the Russia–Ukraine war. Portfolio estimates revealed that gold, BTC, and/or oil are useful in various equity markets for portfolio diversification and hedging under different market conditions and time horizons. These data can guide managers in portfolio construction and risk diversification. • We examine the connectedness between oil, gold, bitcoin, and the GCC equity markets. • Gold is the net recipient in all frequencies and sub-sample periods. • Connectedness becomes lower in the oil battles, while higher in the COVID-19. • Oil (bitcoin) is the net recipient during the oil battle periods. • We estimate optimal portfolio weights and hedge ratios for portfolio strategies.
Hongjun Zeng, Qingcheng Huang, Mohammad Zoynul Abedin, Abdullahi D. Ahmed · 5 authors
We investigate the return interdependence among green bonds, cryptocurrency indices and green energy-related metals. We apply time-varying parametric vector autoregression (TVP-VAR) conenctedness, wavelet coherence, Wavelet Quantile Correlation （WQC) and Quantile on Quantile (QQR) Connectedness Methods. Our empirical findings show that return connectedness has become even stronger after the outbreak of COVID-19, with both green bonds and cryptocurrency indices acting as net receivers of return spillovers. Surprisingly, Copper functioned as a net sender of return spillovers over the entire observation period. Findings revealed that the cryptocurrency index exhibited a consistent positive correlation with the green energy-related metals market at medium to short-term frequencies, whereas green bonds showed a negative correlation with metals market at short-term frequencies and a positive correlation at long-term frequencies. • After the outbreak of COVlD-19, the return interdependence became stronger. • Copper functioned as a net sender of return spillovers throughout the entire observation period. • The green bond market led the movements in the Lead and Aluminium markets at medium to long-term frequencies. • Following the outbreak of COVlD-19, returns in the cryptocurrency market influenced the Copper and Lead markets. • The cryptocurrency index consistently showed a positive correlation with the green energy-related metals market.
Xing Fang, Yuansheng Jiang
Purpose This paper aims to address the gaps in current research by exploring how blockchain technology influences corporate green innovation. Design/methodology/approach This study investigates the potential of blockchain technology to stimulate the green innovation of companies using the difference-in-difference model with a panel data set of 1,803 Chinese listed companies from 2012 to 2019. Findings The application of blockchain significantly increases the number of green invention patents obtained by companies but has no significant impact on green utility model patents, that is, blockchain applications improve the quality rather than the quantity of green innovation. The role of blockchain in promoting green innovation is particularly pronounced in state-owned enterprises, non-heavily polluting industries and older companies. The use of blockchain technology helps reduce sales costs and boosts research and development investments, thereby encouraging green innovation. Additionally, a company’s internal control quality plays a moderating effect. Originality/value Firstly, previous research on blockchain has primarily centered on its relationship with supply chain management. This article empirically tests the impact of blockchain applications on the green innovation of companies using the DID method. Secondly, current studies mainly explore the influencing factors on green invention patents. This article examines the impact of blockchain applications on both green invention patents and green utility model patents and identifies distinct influencing effects. Finally, this article introduces the internal control mechanism of enterprises into the DID model and explores the potential impact of the quality of internal control on the relationship between blockchain and green innovation.
Firuza Khalegi, Aibek Kadyraliev, Dinara Tursunalieva, Alymbek A. Orozbekov · 5 authors
The study aimed to analyse the possibilities of using blockchain technology to increase transparency and efficiency in sustainable finance. The application of blockchain technologies and environmental and social practices in the context of sustainable finance was analysed, emphasising implementation and prospects in Kyrgyzstan. Blockchain, as an innovative decentralised data recording technology, provides a high level of security, transparency and immutability, which renders it particularly valuable for the financial sector. The study highlighted how blockchain can improve international transfer processes, increase the transparency of financial transactions and simplify the management of smart contracts, and noted existing challenges such as scalability and legal issues. The role of blockchain technologies in sustainable finance, especially in the field of green investments, was highlighted as an important aspect of the study. The introduction of blockchain in areas such as green project financing and social initiative management can help increase investor confidence and improve investment performance. Financial technology is also central in shaping new approaches to finance and investment, facilitating access to capital through crowdfunding and person-to-person (P2P) lending platforms. The introduction of environmental and social practices in financial institutions of the Kyrgyz Republic demonstrates the growing attention to corporate responsibility and sustainable development, despite the initial stage of their implementation. On international stage, successful projects such as the use of blockchain to track supply chains, green bonds and carbon credit management demonstrate the potential of technology to improve the transparency and efficiency of sustainable finance. These examples can be used by Kyrgyzstan in developing and implementing domestic blockchain and environmental and social initiatives, contributing to more sustainable economic growth and attracting international investment
Konstantinos A. Dimitriadis, Demetris Koursaros, Christos S. Savva
This study investigates whether representative sectoral stock indices, gold, oil, Bitcoin, and wheat can mitigate risk and improve portfolio performance during normal times versus crises. The cutting-edge Quantile Vector Autoregressive model and the Generalized Dynamic Conditional Correlations (Generalized-DCC) framework are adopted covering from 9 January 2017 until 30 August 2022. Econometric findings by the Q-VAR reveal that oil presents the strongest connection with commodities and stock indices and that Bitcoin and wheat despite their significant linkages with financial markets fail to act as safe havens. Moreover, GDCC-GARCH indicates that the returns of sectoral indices are weakly related but display powerful volatility co-movements. Gold serves efficiently as a hedger and oil follows and both act as better shelters during crises. Nevertheless, Bitcoin partly abides by conventional markets in stressed periods. Notably, wheat reliably works as a hedger overall but does not become a safe haven during crises.
Saliha Theiri
Purpose This study aims to examine the influence of geopolitical uncertainty on cryptocurrency markets (CM). Design/methodology/approach Utilizing two distinct sets of daily returns data spanning from January 1, 2019, to May 4, 2023, the analysis employs the geopolitical risk (GPR) index formulated by Caldara and Iacoviello (2022), which encapsulates two pivotal events: the COVID-19 pandemic and the Russia–Ukraine conflict. The cryptocurrency market (CM) encompasses Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Dogecoin (DOGE). Employing the DCC-GARCH model and supplementing it with wavelet coherence analysis to discern perceptual distinctions between short- and long-term market reactions. Findings The main findings indicate that the GPR index clearly impacts the return of CM in the short-, mid- and long-term periods. BTC exhibited the highest volatility in response to changes in the GPR index. The cryptocurrency market offers a better diversification opportunity, and the impact of geopolitical events varies across time, with their direction and magnitude closely related to the specificity of the CM. Practical implications This research is helpful for financial market investors, portfolio and risk managers, make informed decisions about including cryptocurrencies in their investment portfolios to mitigate the risks in uncertainty period. Originality/value Cryptocurrency market volatility is treated weakly during the risk period. With advanced statistical method, this study links two important events: the COVID-19 pandemic and the Russia–Ukraine conflict and selects the top four cryptocurrencies constituting 80% of the market. This study examines the impact of geopolitical risk on the cryptocurrency market and shows that this market is considered a safe haven.
Fairouz Mustafa, Chima Mordi, Ahmed A. Elamer
This study addresses the ongoing debate concerning the environmental implications of cryptocurrencies. Specifically, it investigates the impact of Bitcoin trading volume on water and sanitation (Sustainable Development Goal (SDG) 6) and climate action (SDG 13). The research employs Ordinary Least Squares (OLS) panel data analysis to examine these relationships using a sample of 32 countries with available Bitcoin trading volume data from 2013 to 2020. The findings indicate that Bitcoin trading significantly and positively impacts progress towards SDG 6, suggesting potential benefits for water and sanitation initiatives. However, the study reveals a significant negative impact of higher Bitcoin trading volume on increased carbon emissions, underscoring the environmental costs associated with cryptocurrency activities. Similar impacts are observed for gold reserves, as their mining necessitates substantial energy consumption. These results highlight the need to regulate cryptocurrency trading and promote voluntary sustainable practices, particularly given the disparities between developed and emerging markets based on their governance frameworks. Additionally, the study considers the disparities between countries based on technology exports and economic policy uncertainty as influential determinants. The study's results emphasize the importance of proactive measures to ensure the responsible and sustainable use of cryptocurrencies. While cryptocurrencies offer significant economic returns, their early adoption stage necessitates further investigation into environmentally friendly approaches. Potential strategies include directing financial returns from cryptocurrencies towards alternative energy projects and supporting other environmental SDGs, thereby fostering a positive impact on the overall ecosystem. The study's implications extend to policymakers, regulators, and stakeholders, advocating for comprehensive and collaborative efforts to integrate sustainability into the rapidly evolving cryptocurrency market. This integration is crucial to ensure that the economic benefits of cryptocurrencies do not come at the cost of our environment.
Adeolu O. Adewuyi, Bashir Adelowo Wahab, Aviral Kumar Tiwari, Hung Xuan
No abstract is available for this record.