Abstract
Blockchain technology has been used by many companies to improve their production processes and reduce costs. However, the impacts of the adoption of these new technologies on the operating performance of large enterprises are not yet sufficiently understood. Previous studies have mostly applied technology adoption theories such as the technology, organization, and environment (TOE) framework and the technology acceptance model (TAM) and used questionnaires to collect data, which do not measure actual adoption. Therefore, this study uses the resource-based view and real data to explore whether the adoption of new technologies (using blockchain as an example) is affected by the size of the company and its investment in innovation and whether the business performance of such a company is improved by the adoption of new technologies and investment in research and development (R&D), taking country (the United States and China) as a moderator. The research sample includes US Fortune 500 and China Fortune 500 companies from 2012 to 2019. Findings show that the scale of corporate assets and R&D investment are important driving factors behind the adoption of blockchain technology, larger companies in the United States (but not China) adopt blockchain technology, enterprises’ investment in innovation and their adoption of blockchain technology help improve corporate business performance, and the improvement in operating performance in the US companies using blockchain is greater than that in Chinese enterprises.
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