5.3.2. Corporate Governance Theories Relevant to Blockchain Adoption

One contribution of our study is to survey prior literature on corporate governance theories and identify theories that are related to blockchain adoption and explore their subsequent impact. Table 3 explains these theories and impact of blockchain adoption in more detail. Identification of such theories is important to fully understand the potential and implications of blockchain adoption and develop new theories related to blockchain adoption in corporate governance. To this end, we have identified these key theories in corporate governance. 1. Goals of stewards as part of the firm (Davis et al. 1997, Stewardship Theory). 2. Role of stewards providing access to resources (Hillman and Dalziel 2003, Dependency Theory). 3. Determining allocation of resources (Coase 1937, Transaction Cost Theory). 4. Relationships with many groups for individual benefit. (Stakeholder Theory). 5. Centralized decision making (Fama and Jensen 1983 Agency Costs).


**Table 3.** Blockchain Adoption Implications and Corporate Governance Theories.
