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The mediating role of corporate governance in the relationship between blockchain technology and firm value: international evidence

Ikram Ben Salah & Aïda Kammoun

Corporate Governance2026https://doi.org/10.1108/cg-04-2025-0275article
AJG 2ABDC B
Weight
0.50

Abstract

Purpose The aim of this paper was to investigate the impact of blockchain technology on firm value, using the mediating role of corporate governance. Design/methodology/approach To test the hypotheses, the authors applied linear regression with panel data using the Thomson Reuters ASSET4 on a sample of 197 companies selected from the environmental, social and governance index over the period 2010–2023. To estimate the econometric models, the feasible generalised least squares regression method was employed. To enhance the robustness of the results, alternative measures of the mediating variable and sample heterogeneity are employed. Furthermore, a structural equation model was employed for additional analysis. Findings The empirical results indicate a positive impact of blockchain technology on firm value. Furthermore, the results suggest that corporate governance positively mediates the relationship between blockchain technology and firm value. Originality/value This paper investigates this relationship through the mediating role of corporate governance, where previous studies have explored the direct relationship between blockchain technology and firm value. The study highlights the importance of corporate governance and technological advancement and argues that regulators and service providers should promote the integration of blockchain technology to enhance firm value.

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https://doi.org/https://doi.org/10.1108/cg-04-2025-0275

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@article{ikram2026,
  title        = {{The mediating role of corporate governance in the relationship between blockchain technology and firm value: international evidence}},
  author       = {Ikram Ben Salah & Aïda Kammoun},
  journal      = {Corporate Governance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1108/cg-04-2025-0275},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.