The moderating role of blockchain technology in ESG disclosure and operational efficiency: evidence from the banking sector in ASEAN and European stock market

This paper aims to examine further how blockchain technology (BT) and ESG disclosure (ESGD) may be able to affect operational efficiency (OE). Additionally, examines BT as a moderating variable between ESGD and operational efficiency in the banking industry. The Weighted Least Square (WLS) regression method is used to test the hypotheses in the current study. This study sample consists of banking firms in ASEAN and the European stock exchange. The results revealed that BT positively affect OE. Moreover, one ESG pillar, governance (GOV) has a significant influence on OE. In terms of the moderation effects of BT, this paper shows that BT could moderate the relationship between social (SOC) and governance (GOV) on OE. The applications of BT have proven to benefit firms in information transparency, financial performance, and stability, hence creating operational efficiency. Limited previous studies have examined the relationship between BT to ESGD or OE separately, and none considered BT as a moderating variable. This paper contributes to the roles of BT, whether as an independent or as a moderating variable that could strengthen the relationship between ESGD and OE. The research also aligns with UN Sustainability Development Goals (SDG) numbers 9 and 12