Purpose

Ethereum-based blockchain technology (EBT) affords members of the Enterprise Ethereum Alliance (EEA) a market advantage in deploying blockchain within their organizations, including cybersecurity and operational benefits, that leads firms to strategically invest in this nascent technology. However, the impact of such strategic investments in EBT has yet to be explored in the context of its relationship to firm value. Therefore, this study explores EBT-specific firm-level characteristics that result in a stock market reaction to announcements of strategic investments.

Design/methodology/approach

The authors use the event study methodology, strategic investment literature and signaling theory as contextualizing frameworks for their study. Additionally, the authors explore a new method for examining technology investments as a strategic counter to cybersecurity threats.

Findings

Firms that signal to the market their strong commitment to their strategic investment by developing an EBT proof of concept see significantly higher market returns. Firms that have had prior cybersecurity incidents are rewarded by the market for strategically investing in EBT, and when firms with large undistributed free cash flows utilize this cash for strategic EBT investment, the market is more likely to reward these firms, indicating the market views EBT investment positively in these circumstances.

Originality/value

The results of this study provide new evidence of the value impact of EBT for firms that suffered cybersecurity events in the past. The authors provide empirical evidence of firm-level characteristics that investors use to discern whether a strategic investment in EBT will drive organizational value. Likewise, the authors demonstrate how signaling affects investor perceptions of strategic information technology (IT) investments in EBT.

中文翻译：

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公司战略技术投资的财富效应：来自以太坊区块链的证据

目的

基于以太坊的区块链技术 (EBT) 为企业以太坊联盟 (EEA) 的成员提供了在其组织内部署区块链的市场优势，包括网络安全和运营优势，从而引导企业对这一新兴技术进行战略投资。然而，此类战略投资对 EBT 的影响仍有待在其与公司价值的关系中进行探讨。因此，本研究探讨了 EBT 特定的公司层面特征，这些特征导致股票市场对战略投资公告的反应。

设计/方法论/途径

作者使用事件研究方法、战略投资文献和信号理论作为研究的背景框架。此外，作者还探索了一种检查技术投资的新方法，将其作为应对网络安全威胁的战略手段。

发现

通过开发 EBT 概念验证向市场表明其对战略投资的坚定承诺的公司会获得显着更高的市场回报。之前发生过网络安全事件的公司会因为战略性投资 EBT 而获得市场奖励，而当拥有大量未分配自由现金流的公司利用这些现金进行战略性 EBT 投资时，市场更有可能奖励这些公司，这表明了市场对 EBT 的看法在这种情况下积极投资。

原创性/价值

这项研究的结果提供了新的证据，证明 EBT 对过去遭受网络安全事件的公司的价值影响。作者提供了公司层面特征的经验证据，投资者可以利用这些特征来辨别 EBT 的战略投资是否会推动组织价值。同样，作者展示了信号如何影响投资者对 EBT 战略信息技术 (IT) 投资的看法。