Accepting Cryptocurrency as a Form of Payment and Its Impact on Firm Value
研究公司宣布接受加密货币支付对股价的影响，发现平均损失2.73%，但接受比特币或近年宣布的公司反而获利。
With the emergence of blockchain technology, many firms have approached cryptocurrency by allowing their customers to use it as a form of payment. However, little research has examined firms’ acceptance of cryptocurrency, the unique strategies that have been undertaken, or the impact on firm-level outcomes. Drawing on signaling theory, the author applies the event study methodology to learn how firm value (i.e., stock price) is impacted by firms’ announcement of cryptocurrency acceptance. The author finds that, on average, firms have lost 2.73% in firm value as a result of announcing cryptocurrency acceptance. However, a moderation analysis reveals that firms that have chosen to accept Bitcoin (as opposed to focusing exclusively on alternative cryptocurrencies) and firms that have approached cryptocurrency acceptance in more recent years experience financial gains. The geographical location (i.e., domestic or international) of cryptocurrency acceptance is not found to have a moderating impact.