Blockchain Technology Spillovers on Stock Market Fluctuations in the Pandemic of Covid - 19; Evidence from Iran`s Stock Markets

One of the most important topics in the capital market is understanding the level of risk, which can affect the return on company stocks and play a significant role in decision-making. In this regard, the Capital Asset Pricing Model (CAPM) has been introduced and attracted the attention of researchers. These models are influenced by various internal company factors and macroeconomic variables. However, one variable that has a close relationship with financial markets is blockchain technology. Therefore, this study examines the impact of blockchain technology on overall risk volatility in 84 selected companies listed on the country's stock exchange from April 2011 to August 2021, using a system generalized method of moments (GMM) approach. The study results show that the spillover effects of market value, blockchain technology, economic growth, exchange rates, and oil prices on overall risk are positive, while the effects of return on assets, financial companies, research and development costs, and inflation rates on overall risk are negative.