Adoption of Blockchain Technology in Accounting: Examining Organizational Decision-Making Factors

Abstract

This study aims to identify and analyze individual, organizational, technological, and social factors influencing organizational decisions to adopt blockchain technology in accounting. This research employed a mixed-methods design. In the qualitative phase, data were collected through semi-structured interviews with five experts in financial management and information technology and analyzed via thematic analysis using NVivo. In the quantitative phase, data from 384 financial managers, accounting experts, and system specialists from firms listed on the Tehran Stock Exchange were analyzed using structural equation modeling in Smart PLS. The instrument’s reliability and validity were confirmed through KMO, Cronbach’s alpha, composite reliability, and convergent and discriminant validity tests. Qualitative findings revealed four main themes—institutional distrust, the role of modern governance tools, enhancement of social capital, and rebuilding trust through transparency—as key influencers of blockchain adoption. Quantitative results showed that perceived ease of use (β=0.948; t=93.533), perceived usefulness (β=0.448; t=4.835), user attitude (β=0.619; t=5.990), managerial self-efficacy (β=0.676; t=7.599), and firm strategic orientation (β=0.812; t=20.764) had significant positive effects on intention and ultimately on blockchain usage. The GOF index value of 0.567 indicated strong model fit. The findings suggest that adopting blockchain in accounting requires simultaneous attention to technical, organizational, individual, and cultural factors. Enhancing perceived usefulness and ease of use, alongside managerial support, positive organizational culture, and human capital development, can facilitate successful adoption, thereby improving transparency, security, and efficiency in accounting processes.