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This paper investigates the factors influencing blockchain adoption and its impact on firm performance using a panel dataset of NASDAQ-listed companies. Drawing on the Resource-Based View and Transaction Cost Theory, we employ an Endogenous Treatment Effects model to address self-selection bias. The results reveal that organisational capabilities, such as firm size and sales growth, enable blockchain adoption, while intangible intensity and capital expenditure intensity act as barriers. Industry-wide adoption shows limited influence, suggesting underdeveloped network effects. Blockchain adoption significantly improves operational performance, as measured by Return on Assets (ROA), but has no significant effect on Tobin’s Q, a market-based performance measure. This result highlights investor scepticism and delayed value realisation. The study argues for strategic communication to bridge this perception gap and calls for policy initiatives to address adoption barriers and promote blockchain’s widespread implementation.

Keywords: blockchain technology; technology adoption; profitability; Tobin’s Q