Corporate Capture of Blockchain Governance

• 成果类型: Article
• 署名作者: Ferreira, Daniel; Li, Jin; Nikolowa, Radoslawa
• 署名单位: University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London Business School; University of Hong Kong; University of London; London School Economics & Political Science; University of London; Queen Mary University London
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhac051
• 发表日期: 2023
• 页码: 1364
• 关键词: large shareholders; Ownership structure; liquidity

摘要

We develop a theory of blockchain governance. In our model, the proof-of-work system, the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the interactions between blockchain governance and the market structure of the industries in the blockchain ecosystem. We show that the proof-of-work system may lead to a situation in which some large firms in the blockchain industrial ecosystem-blockchain conglomerates-capture the governance of the blockchain.