IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT (IJEFM )

E-ISSN 2545-5966
P-ISSN 2695-1932
VOL. 8 NO. 8 2023
DOI: https://doi.org/10.56201/ijefm.v8.no8.2023.pg1.18

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Drivers of Blockchain Adoption in Dividend Distribution in the Nigerian Exchange Group

Akpadaka, Ovbe Simon, Edeh, Onyinyechi Precious

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Abstract

This research investigates the factors influencing the Adoption of Blockchain Technology for Dividend Distribution (ABT) within firms in the Nigerian context. Utilizing a survey-based approach with a sample of 182 respondents, the study employs a comprehensive set of predictors including Stakeholders' Perceptions (SP), Perceived Ease of Use (PEU), Perceived Usefulness (PU), Institutional Pressures (IP), and Regulatory Support (RS). Methodologically, the research addresses the issue of multicollinearity through Ridge Regression, offering a robust technique for more reliable estimates. Our findings reveal that SP, PEU, PU, and RS are significant positive drivers for ABT, while IP was not significant. Interestingly, the interaction of RS and SP was also significant, indicating a moderating effect. The research contributes to the theoretical landscape by highlighting the nuanced role of institutional and regulatory factors in technology adoption. On a practical level, the study suggests that policymakers, particularly the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX), should reevaluate existing regulations to foster technology adoption. Moreover, stakeholders, such as the Association for the Advancement of the Rights of Nigerian Shareholders, should engage more in influencing positive perceptions. This study fills an important gap in the literature by being among the first to explore these dynamics within the African context, specifically focusing on dividend distribution.

keywords:

blockchain technology, Unclaimed Dividend, Technology Acceptance Model, Ridge Regression

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References:

Adeoye, E. A. (2023). E-Dividend and investment performance in stock market among the
Nigeria deposit money banks. International Journal of Science and Research, 12(3),
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Awa, M. U., Osuka, B., & Otiwu, K. C. (2023). Unclaimed dividends and performance of the
fixed income market in Nigeria. IIARD International Journal of Banking And Finance
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Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social
psychological research: Conceptual, strategic, and statistical considerations. Journal of
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