The Impact of Blockchain Adoption and Tokenisation on the Financial Security of Kazakhstani Enterprises
DOI:
https://doi.org/10.57125/FEL.2025.09.25.01Keywords:
Blockchain adoption, financial security, Kazakhstan, Quantile regression, tokenisation.Abstract
This study quantitatively examines the effects of blockchain adoption and tokenised financial processes on the financial security of enterprises in Kazakhstan, focusing on heterogeneous impacts across different levels of financial vulnerability. Specifically, the study aims to (i) measure the extent of blockchain adoption and tokenisation in Kazakhstani firms, (ii) assess their impacts on enterprise financial security across financial stress quantiles, and (iii) identify key financial determinants of these effects. Using a balanced panel sample of 200 publicly listed firms from 2017 to 2023, selected based on the availability of audited financial statements and digital technology disclosures, the study constructed a composite Financial Security Index (FSI) through principal component analysis. Financial and blockchain adoption data were collected from audited financial reports, Kazakhstan Stock Exchange filings, and the Kazakhstan National Blockchain Adoption Index. Employing quantile regression analysis, the study investigates how blockchain adoption and tokenisation influence financial security under varying degrees of economic stress. Results indicate that both blockchain and tokenisation have statistically significant positive effects on financial security, with coefficients increasing from 0.062 and 0.054 at the 0.25 quantile to 0.124 and 0.098 at the 0.75 quantile, respectively, demonstrating greater benefits for financially vulnerable firms. Key control variables such as the debt-to-equity ratio and inflation sensitivity index exert adverse effects, while return on assets positively correlates with financial resilience. These findings highlight the adaptability and strategic value of digital financial technologies in enhancing enterprise resilience. Business practitioners and policymakers can leverage the implications to design targeted interventions aimed at strengthening financial stability in transitional economies. Future research should explore the impacts of blockchain and tokenisation on small- and medium-sized enterprises, the effects of longitudinal technology adoption, and the role of regulatory frameworks in fostering digital transformation.
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