Blockchain applications and corporate green development: evidence from China

The green development of enterprises holds significant importance in protecting the environment, achieving sustainability, and enhancing competitiveness. It also serves as a crucial means for businesses to fulfill their social responsibility, showcasing their commitment and contribution to society and future development. With the advancement of digital technology, the emergence and widespread application of blockchain have provided robust support for enterprise green development. This study employs data from Chinese listed companies and adopts the entropy method to establish a set of green development indicators from eight aspects. Using the difference-in-difference (DID) model, we investigate the impact of blockchain applications on enterprise green development. The conclusions drawn are as follows: the application of blockchain technology significantly enhances the level of enterprise green development, a result supported by a series of robustness tests. The promotion of green development through blockchain applications is particularly pronounced among state-owned enterprises, large enterprises, and businesses in heavy-polluting industries. Further research reveals that blockchain application facilitates enterprise green development through three channels: cost savings, R&D improvement, and digital transformation. The proportion of female executives exhibits a negative moderating effect on promoting corporate green development through blockchain technology applications.