Drivers of Blockchain Adoption in Dividend Distribution in the Nigerian Exchange Group

Abstract

This research investigates the factors influencing the Adoption of Blockchain Technology for Dividend Distribution (ABT) within firms in the Nigerian context. Utilizing a survey-based approach with a sample of 182 respondents, the study employs a comprehensive set of predictors including Stakeholders' Perceptions (SP), Perceived Ease of Use (PEU), Perceived Usefulness (PU), Institutional Pressures (IP), and Regulatory Support (RS). Methodologically, the research addresses the issue of multicollinearity through Ridge Regression, offering a robust technique for more reliable estimates. Our findings reveal that SP, PEU, PU, and RS are significant positive drivers for ABT, while IP was not significant. Interestingly, the interaction of RS and SP was also significant, indicating a moderating effect. The research contributes to the theoretical landscape by highlighting the nuanced role of institutional and regulatory factors in technology adoption. On a practical level, the study suggests that policymakers, particularly the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX), should reevaluate existing regulations to foster technology adoption. Moreover, stakeholders, such as the Association for the Advancement of the Rights of Nigerian Shareholders, should engage more in influencing positive perceptions. This study fills an important gap in the literature by being among the first to explore these dynamics within the African context, specifically focusing on dividend distribution.