Author ORCID Identifier
Semester
Spring
Date of Graduation
2026
Document Type
Dissertation
Degree Type
PhD
College
College of Business and Economics
Department
Accounting
Committee Chair
Jiwoo Ryou
Committee Member
Ruiyuan Chen
Committee Member
Romina Rakipi
Committee Member
John S. Treu
Abstract
This dissertation consists of three studies that primarily delve into the factors influencing and outcomes of firms’ crypto assets. The first paper examines the association between corporate crypto assets and firms’ credit ratings. Using a large sample of U.S. public firms, we find that firms holding crypto assets receive significantly better future credit ratings, particularly when their activities are related to crypto mining, which generates relatively stable cash flows. However, crypto exposure also increases disagreement among credit rating agencies, reflecting the uncertainty associated with evaluating crypto-related risks. This effect is more pronounced when firms operate in less transparent information environments or during periods of high crypto market volatility. The second paper investigates whether corporate crypto assets increase firms’ cybersecurity risk. We document that firms with crypto exposure are significantly more likely to experience cybersecurity breaches, with the effect being stronger for firms engaged in crypto mining or payment activities. The results further suggest that such risks are largely driven by internal vulnerabilities, including weak internal controls and a lack of IT expertise within top management, highlighting the operational challenges associated with crypto adoption. The third paper explores how managerial characteristics shape firms’ crypto-related decisions. Focusing on CEOs’ intrinsic risk preferences, we find that risk-tolerant CEOs are more likely to engage in high-risk crypto investment activities, while showing no significant association with general crypto adoption or payment usage.
Recommended Citation
Zheng, Qiu, "Exploring the Determinants and the Effects of Crypto Assets" (2026). Graduate Theses, Dissertations, and Problem Reports. 13244.
https://researchrepository.wvu.edu/etd/13244