An ISM-DEMATEL analysis of blockchain adoption decision in the circular supply chain finance context

Purpose This study aims to provide a series of drivers that prompt the blockchain technology (BT) adoption decisions in circular supply chain finance (SCF) and also assesses their degrees of influence and interrelationships, which leads to the construction of a theoretical model depicting the influence mechanism of BT adoption decisions in circular SCF. Design/methodology/approach This study mainly uses the technology-organization-environment (TOE) framework, which focuses on the aspects based on the nature of innovation, intra-organizational characteristics and extra environmental consideration, to identify the drivers of blockchain adoption in circular SCF context, while the significance and causality of the drivers are explained using interpreting structural models (ISMs) and the decision-making trial and evaluation laboratory (DEMATEL) method. Findings The findings of this study indicate that government policy and technological comparative advantage are the underlying reasons for BT adoption decisions, management commitment and financial expectations are the critical drivers of BT adoption decisions while other factors are the receivers of the mechanism. Practical implications This study provides theoretical references and empirical insights that influence the technology adoption decisions of both BT and circular SCF by practitioners. Originality/value The theoretical research contributes significantly to current research and knowledge in both BT and circular SCF fields, especially by extending the existing TOE model by combining relevant enablers from technological, organizational and external environmental aspects with the financial performance objectives of circular SCF services, which refer to the optimization of the financial resources flows and financing efficiency.