Understanding platform market value through decentralization governance — An integrative model from signaling and mechanism design theory

Nguyen P.T.; Nguyen L.T.M.

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Understanding platform market value through decentralization governance — An integrative model from signaling and mechanism design theory

机译：Understanding platform market value through decentralization governance — An integrative model from signaling and mechanism design theory

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? 2022 Elsevier Inc.Although previous research has provided insights into the direct effects of platform decentralization governance on market value, scholars have failed to theorize and empirically examine the mediating mechanisms through which platform decentralization governance transfers into increased or decreased market value. This article draws on signaling (Spence, 1973) and mechanism design theory (Hurwicz, 1973) to provide a theoretical understanding of how voluntary disclosures and developers' activities mediate the relationship between platform decentralization and market value. We test our model with a sample of 682 largest market capitalization blockchain platforms. The results confirm our proposed mediation relationships that (1) centralization (or low decentralization) governance enhances platform market value via more voluntary disclosures, (2) decentralization enhances platform market value via facilitating developers' activities, and (3) centralization enhances market value via more voluntary disclosures that in turn facilitate developers' activities. Overall, our study offers both theoretical and practical implications regarding the governance structures that drive value for digital and blockchain platforms.

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《Technological forecasting and social change》 |2022年第10期|1-14|共14页
作者
Nguyen P.T.; Nguyen L.T.M.;
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作者单位

The University of New South Wales||School of Business and Management RMIT UniversitySchool of Business and Management RMIT University||RMIT University;

||RMIT University;

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收录信息美国《科学引文索引》(SCI);美国《工程索引》(EI);
原文格式 PDF
正文语种英语
中图分类
关键词
Blockchain; Developers' activities; Mechanism design theory; Platform decentralization governance; Platform market value; Signaling theory; Voluntary disclosures;

Understanding platform market value through decentralization governance — An integrative model from signaling and mechanism design theory

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