This study investigates how Blockchain based Supply chain (BC-SC) announcements impact the stock market performance of the announcing firms. Using a sample of 104 news and firm announcements between 2016 and July 2021, we conduct an international event study to determine the effect of BC-SC announcements on the market performance. We find that an overall significantly positive market reaction of 1.45% to all BC-SC announcements on the announcement day. In addition, we find that the stock market reaction slightly differs when different SC challenges are targeted by the announcing firm. When blockchain is used for traceability purposes, the market response is less positive when compared to other SC challenges like resolving disputes, maintaining Cargo Integrity and Data security. We further find that firms that are part of BC industrial collaborations experience a more positive stock market response, when compared to firms using private or public BC networks. When looking into firm characteristics, we find that innovative firms experience greater positive reaction to BC-SC announcements. Interestingly, smaller firms, in terms of market capitalization, as well as early adapters of BC do not experience a strong positive market response. Leveraging the diverse industries in our sample, we investigated the market response of early & late adaptors with respect to their corresponding industry. Our findings suggest that late adaptations of BCSC in the manufacturing industry only, are received with a significant positive response on the market.


School of Business


Management Department

Degree Name

MS in Finance

Graduation Date

Fall 6-15-2022

Submission Date


First Advisor

Sherwat Elwan

Committee Member 1

Tarek Eldomiaty

Committee Member 2

Chunguang April Bai


107 p.

Document Type

Master's Thesis

Institutional Review Board (IRB) Approval

Not necessary for this item