Blockchain has attracted attention within business circles because it promotes secure and cost-saving transactions between anonymous parties without human mediation. This study examines the Technological Organizational and Environmental (TOE) drivers of blockchain supply chain finance adoption in Ghanaian SMEs. Specifically, this study differs from prior studies employing the United Theory of Acceptance and Use of Technology (UTAUT) and the Technology Acceptance Model (TAM) which ignores the TOE elements. Utilising the Partial Least Squares Structural Equation Modelling method (PLS-SEM) and nonlinear non-compensatory PLS-ANN approach, we provide empirical evidence using data from 214 registered SME members of the Association of Ghana Industries (AGI). Our findings suggest that relative advantage, cost, and complexity significantly influence the adoption of blockchain supply chain finance in SMEs. However, competitive pressure, market dynamics, and SME owner/manager support had no statistically significant influence on the intention of SMEs to adopt blockchain supply chain finance. This is because of the relatively low adoption rate of blockchain applications in SMEs in the country. Therefore, extensive education on the applications of blockchain technology is required to stimulate diffusion amongst SMEs.

A phenomenon-based approach is used to learn more about how blockchain technology could improve Ghana’s economic sectors in terms of cost savings, efficiency, and reliability with reduced risks. With our proposed blockchain-enabled frameworks, we describe how blockchains’ Internet-of-Things (IoTs) and Distributed Ledger Technologies (DLTs) might reduce transaction, contract, and monitoring-related costs in the Agriculture & Agro-processing sector’s supply chains. We also demonstrate how Smart Contracts (SMCs) and Distributed Ledger Technologies (DLTs) can improve time and cost-based efficiencies in local procurements, logistic contract execution, and supply chains across the Mining & Minerals processing sector. With the help of IoTs, DLTs, and SMCs, information asymmetries in the finance sector can be reduced to improve the financing for Small and Medium-sized Enterprises (SMEs). The Technological-Organizational-Environmental (TOE) elements remain crucial in the adoption of blockchain technology. As a result, it’s critical to provide adequate frameworks for blockchain adoption.

Presently, research and development (R&D) and innovation have been discussed in diverse ways. However, the nexus of subsidy was relatively unexplored in emerging economies. Furthermore, the effects of age are observed to be inconclusive. Considering 1272 selected Chinese manufacturing firms over the period 2007–2017, we employ fixed effect models to examine the effects of Subsidy on R&D and innovation and whether age was a moderating factor. Consistent with the sandwich theoretical proposition, this article found that there exists a significantly transitive relationship between government subsidy, R&D, and innovation. Whereas young firms perform better in the short-term, state-owned firms outweigh the private ones in performance. Subsequently, age alternatively moderates the R&D and innovation relationship from the perspective of subsidy. Though subsidy is a short-term determinant of R&D, it has a long-term relationship with innovation. In contrast, R&D and innovation have short-term effects based on lag computations. Overall, our findings suggest that government subsidy plays a crucial role in R&D and innovation for emerging markets. We discuss our results within the theoretical frameworks of sandwich, the economics of subsidy, and behavioral theory of R&D.