Warianty tytułu
Języki publikacji
Abstrakty
Aim/purpose - Blockchain is a distributed database system widely popular in social and business spheres. As a result, interest in blockchain technology is utilised by listed companies, who, thanks to the announcement of blockchain application, record a significant increase in the share value. The aim of this publication is to analyse the situation with regard to companies listed on the New Connect market, who over the last two years, expressed an interest in blockchain technology in their communication with investors. Design/methodology/approach - Observing the range of applications of this technolo-gy in business, a study was conducted to check if and how the information on using the blockchain technology affects the quotations of the New Connect market listed compa-nies that applied it. Qualitative comparative analysis (QCA), a method developed by Ragin was chosen as a complementary research method. An underlying assumption of QCA is that social phenomena involve complex causality.Findings - In most cases, companies releasing blockchain application announcements counted on fast and high growth of the quotations. In most of the analysed cases, blockchain technology utilisation announcements were not fulfilled. This could be a result of conscious tactics towards investors, a rapid increase in quotations and/or a lack of com-petence and resources to implement blockchain technology. Investors should analyse the business activity of a company before investing. Research implications/limitations - Research is conducted with a small sample of 11 companies from the New Connect market in Poland. Consequently, to obtain more general results, it is recommended for future research to use a larger sample such as other stock exchanges in Europe and USA. Originality/value/contribution - The research revealed that new blockchain technology is used by some listed companies on the New Connect market for short-term share growth. Investors are becoming increasingly more attracted to the fashion for the new blockchain technology without understanding its mechanism. Accordingly, this study will also attempt to explain such a mechanism. (original abstract)
Rocznik
Numer
Strony
52--73
Opis fizyczny
Twórcy
autor
- AGH University of Science and Technology Kraków, Poland
Bibliografia
- Annalect. (2017). Blockchain pulls marketing into uncharted territory. Retrieved from https://www.annalect.com/blockchain-pulls-marketing-into-uncharted-territory/
- Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business, 29(5), 585-609. https://doi.org/10.1016/j.jbusvent.2013.07.003
- Catalini, Ch., & Gans, S. (2019). Initial coin offerings and the value of crypto tokens (MIT Sloan School Working Paper, No. 5347-18). https://doi.org/10.2139/ssrn.3137213
- Cooper, M. J., Dimitrov, O., & Raghavendra Rau, P. (2001). A Rose.com by any other name. The Journal of Finance, 56(6), 2371-2388. https://doi.org/10.1111/0022-1082.00408
- Cooper, M. J., Khorana, A., Osobov, I., Patel, A., & Raghavendra Rau, P. (2005, March). Managerial actions in response to a market downturn: Valuation effects of name changes in the dot.com decline. Journal of Corporate Finance, 11(1-2), 319-335. https://doi.org/10.1016/j.jcorpfin.2004.02.005
- Devey, J. (Ed.). (2019). Blockchain & cryptocurrency regulation. London: Global Legal Insides. Retrieved from https://www.acc.com/sites/default/files/resources/vl/membersonly/Article/1489775_1.pdf
- Dusa, A. (2019). QCA with R. A comprehensive resource. Berlin-Heidelberg: Springer International Publishing.
- Feng, Q., He, D., Zeadally, S., Khan, M., & Kumar, N. (2019). A survey on privacy protection in blockchain system. Journal of Network and Computer Applications, 126, 45-58. https://doi.org/https://doi.org/10.1016/j.jnca.2018.10.020
- Guo, Y., & Liang, Ch. (2016). Blockchain application and outlook in the banking industry. Financial Innovation, 2(24), 1-12. https://doi.org/10.1186/s40854-016-0034-9
- Hughes, A., Park, A., Kietzman, J., & Archer-Brown, Ch. (2019). Beyond bitcoin: What blockchain and distributed ledger technologies mean for firms. Business Horizons, 62, 273-281. https://doi.org/10.1016/j.bushor.2019.01.002
- Jain, A., & Jain, C. (2019, August). Blockchain hysteria: Adding "blockchain" to company's name. Economics Letters, 181, 178-181. https://doi.org/10.1016/j.econlet.2019.05.011
- Jayachandran, P. (2017). The difference between public and private blockchain [Blog post]. Retrieved from https://www.ibm.com/blogs/blockchain/2017/05/the-difference-between-public-and-private-blockchain/
- Josev, T., Chan, H., & Faff, R. (2004). What's in a name? Evidence on corporate name changes from the Australian capital market. Pacific Accounting Review, 16(1), 57-75. https://doi.org/10.1108/01140580410818469
- Kim, H. M., & Laskowski, M. (2018). Toward an ontology-driven blockchain design for supply-chain provenance. Intelligent Systems in Accounting, Finance, and Management, 25(1), 18-27. https://doi.org/10.1002/isaf.1424
- Karim, B. (2011). Corporate name change and shareholder wealth effect: Empirical evidence in the French stock market. Journal of Asset Management, 12(3), 203-213. https://doi.org/10.1057/jam.2011.9
- Kocór, M., & Worek, B. (2017). Porównawcza analiza jakościowa w ewaluacji wpływu opartej na teorii [Qualitative comparative analysis in theory-based impact evaluation]. Warszawa: PARP. Retrieved from https://www.parp.gov.pl/storage/publications/pdf/ewaluacja%20oparta%20na%20teorii%20w%20zoonym%20otoczeniu%20spoeczno-ekonomicznym.pdf
- Lee, L. (2016). New kids on the blockchain: How bitcoin's technology could reinvent the stock market. Hastings Business Law Journal, 12(2), 81-132. https://doi.org/10.2139/ssrn.2656501
- Lee, P. M. (2001). What's in a name.com? The effects of '.com' name changes on stock prices and trading activity. Strategic Management Journal, 22(8), 793-804. https://doi.org/10.1002/smj.177
- Luu, L., Teutsch, J., Kulkarni, R., & Saxena, P. (2015). Demystifying incentives in the consensus computer. Proceedings of the 22nd ACM SIGSAC Conference on Computer and Communications Security, 706-719, NY, USA, Retrieved from https://eprint.iacr.org/2015/702.pdf
- Mahoney, J., & Goertz, G. (2006). A tale of two cultures: Contrasting quantitative and qualitative. Research Political Analysis, 14, 227-249. https://doi.org/10.1093/pan/mpj017
- Min, H. (2019, January-February). Blockchain technology for enhancing supply chain resilience. Business Horizons, 62(1), 35-45. https://doi.org/10.1016/j.bushor.2018.08.012
- Mollick, E. (2014, January). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1-16. https://doi.org/10.1016/j.jbusvent.2013.06.005
- Morkunas, V., Paschen, J., & Boon, E. (2019, May-June). How blockchain technologies impact your business model. Business Horizons, 62(3), 295-306. https://doi.org/10.1016/j.bushor.2019.01.009
- Mougayar, W. (with the foreword by V. Buterin). (2016). The business blockchain: Promise, practice, and application of the next internet technology. Hoboken, New Jersey: John Wiley & Sons.
- Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Retrieved from https://bitcoin.org/bitcoin.pdf
- Pop, C., Pop, C., Marcel, A., Vesa A., Petrican, T., Cioara T., Anghel, I., & Salomie, I. (2018). Decentralizing the stock exchange using blockchain an ethereum-based implementation of the Bucharest Stock Exchange. In Proceedings of the 14th International Conference on Intelligent Computer Communication and Processing (ICCP) (pp. 459-466). New York: IEEE. https://doi.org/10.1109/ICCP.2018.8516610
- R Core Team. (2019). R: A language and environment for statistical computing. Vienna: R Foundation for Statistical Computing. Retrieved from https://www.gbif.org/tool/81287/r-a-language-and-environment-for-statistical-computing
- Ragin, C. C. (1987). The comparative method. Moving beyond qualitative and quantitative strategies. Berkeley/Los Angeles/London: University of California Press.
- Ragin, C. C. (2000). Fuzzy-set social science. Chicago/London: University of Chicago Press.
- Ragin, C. C. (2008). Redesigning social inquiry: Fuzzy sets and beyond. Chicago: University of Chicago Press.
- Schneider, C. Q., & Wagemann, C. (2010). Standards of good practice in qualitative comparative analysis (QCA) and fuzzy-sets. Comparative Sociology, 9(3), 397- 418. https://doi.org/10.1163/156913210X12493538729793
- Swan, M. (2015). Blockchain: Blueprint for a new economy. Sebastopol, CA: O'Reilly.
- Syeed, N. (2018). Is blockchain technology the future of voting? Retrieved from https://www.bloomberg.com/news/articles/2018-08-10/is-blockchain-technologythe-future-of-voting
- Vasek, M., & Moore, T. (2015). There's no free lunch, even using bitcoin: Tracking the popularity and profits of virtual currency scams. In Proceedings of the International Conference on Financial Cryptography and Data Security (pp. 44-61). Berlin/ Heidelberg: Springer. Retrieved from https://fc15.ifca.ai/preproceedings/paper_75.pdf
- Verschoor, C. C., & Murphy, E. A. (2002). The financial performance of large U.S. firms and those with global prominence: How do the best corporate citizens rate? Business and Society Review, 107(3), 371-380. https://doi.org/10.1111/1467-8594.00141
- Vranken, H. (2017, October). Sustainability of bitcoin and blockchains. Current Opinion in Environmental Sustainability, 28, 1-9. https://doi.org/10.1016/j.cosust.2017.04.011
- Wass, S. (2018). Trade finance blockchain platform soon available to clients of nine European banks. Retrieved from https://www.gtreview.com/news/fintech/tradefinance-blockchain-platform-soon-available-to-clients-of-nine-european-banks/
- Webley, S., & More, E. A. (2003). Does business ethics pay? Ethics and financial performance. London: Institute of Business Ethics.
- Weiser, J., & Zadek, S. (2000). Conversations with disbelievers: Persuading companies to address social challenges. New York, NY: Brody Weiser.
- Wohrer, M., & Zdun, U. (2018). Smart contracts: Security patterns in the ethereum ecosystem and solidity. In Proceedings of the International Workshop on Blockchain Oriented Software Engineering (IWBOSE). Campobasso, Italy (pp. 2-8). New York: IEEE. https://doi.org/10.1109/IWBOSE.2018.8327565
- Wright, A., & De Filippi, P. (2015). Decentralized blockchain technology and the rise of lex cryptographia. https://doi.org/10.2139/ssrn.2580664
- Zhao, J. L., Fan, S., & Yan, J. (2016). Overview of business innovations and research opportunities in blockchain and introduction to the special issue. Financial Innovation, 2(28), 1-7. https://doi.org/10.1186/s40854-016-0049-2
- Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). An overview of blockchain technology: Architecture, consensus, and future trends. In Proceedings of the IEEE Big Data Congress, Honolulu, Hawaii. New York: IEEE. https://doi.org/10.1109/ BigDataCongress.2017.85
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171593555