Blockchain and the Future of Sustainable Corporate Accounting: A Behavioral Perspective from Vietnam’s Manufacturing Industry

Abstract

Blockchain technology has recently emerged as a transformative innovation with the potential to enhance transparency, accountability, and efficiency, key pillars of sustainable financial and accounting systems. Despite its relevance to sustainable digital transformation, the adoption of blockchain in accounting practices remains limited, particularly in developing economies such as Vietnam. This study investigates the behavioral factors influencing the intention to adopt blockchain in financial accounting among manufacturing enterprises, drawing on the Unified Theory of Acceptance and Use of Technology (UTAUT) and the Theory of Planned Behavior (TPB). Survey data from 320 Vietnamese manufacturing firms were analyzed using Cronbach’s Alpha, exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM) to examine both direct effects and mediating pathways. The results reveal that performance expectancy, effort expectancy, social influence, facilitating conditions, and perceived cost significantly affect attitudes, which in turn strongly predict intentions to adopt blockchain. Attitudes also partially mediate these relationships, underscoring their central role in shaping sustainable technology adoption behavior. Notably, trust in technology does not exert a significant influence, suggesting that practical and organizational enablers outweigh individual-level trust in this context. This study contributes to the emerging literature on blockchain-enabled sustainable accounting by extending the UTAUT–TPB framework and offering insights for policymakers, technology providers, and managers aiming to foster sustainability-driven digital transformation in financial practices.

1. Introduction

In the era of increasing demand for corporate sustainability and financial accountability, the integration of emerging digital technologies into accounting systems has become a strategic imperative [1,2]. Among these technologies, blockchain stands out as a disruptive force with the potential to transform traditional accounting practices by ensuring transparency, immutability, traceability, and operational efficiency [3]. These characteristics make blockchain particularly relevant to the development of sustainable corporate accounting systems that support responsible governance, ethical reporting, and real-time auditability [4,5].

Blockchain is a distributed ledger technology (DLT) that can record, store, and verify data in a transparent, secure, and immutable manner [6,7]. It works on the basis of encryption and consensus algorithms, eliminating the need for an intermediary, thereby increasing transparency and minimizing fraud in the field of corporate accounting [8,9]. In accounting, blockchain brings many important benefits, including automating the transaction recording process, reducing human errors, enhancing the reliability of accounting data, and improving audit efficiency [10]. One of the prominent applications of blockchain in accounting is the ability to perform real-time auditing, helping businesses and regulatory agencies to track transactions as soon as they are recorded [8,10,11].

Currently, many large companies in the world are implementing blockchain solutions to improve accounting systems in general and financial accounting in particular. Leading auditing corporations such as PwC, Deloitte, and EY have developed blockchain-based platforms to optimize accounting processes, reduce operating costs, and increase accuracy in financial reporting [12,13]. Blockchain also supports the implementation of smart contracts, allowing the automation of financial obligations between stakeholders without the need for a third-party intermediary, helping to reduce costs and risks in accounting transactions [14]. In addition, blockchain is also applied in accounting supply chain management, helping businesses track detailed flows of goods, costs, and cash flows with a higher level of transparency [10,14,15]. The trend of applying blockchain in corporate accounting is growing strongly thanks to its ability to improve transparency and data security and automate accounting processes. Many countries and financial institutions are considering integrating blockchain into financial reporting systems to reduce fraud and enhance compliance with accounting regulations [16,17]. However, there are still a number of challenges that need to be addressed before blockchain can be widely deployed, including initial investment costs and scalability of the blockchain system, as well as issues related to legality and international accounting standards [18,19,20]. However, with the development of technology and increasing interest from businesses, blockchain is expected to continue to play an important role in modernizing accounting systems, bringing revolutionary changes to the finance and accounting industry in the future.

Vietnam is a transitional country with a dynamic economy and one of the fastest growing in Asia [21,22]. The manufacturing sector plays an important role in the Vietnamese economy, accounting for a large proportion of GDP and creating many jobs for workers [23]. According to the General Statistics Office (2023), the processing and manufacturing industry is the main driver of economic growth, accounting for about 25–30% of GDP annually [24]. Manufacturing enterprises in Vietnam are mainly in the fields of textiles, electronics, food processing, mechanics, and chemicals, with the participation of both domestic enterprises and foreign-invested enterprises (FDI), of which FDI enterprises contribute significantly to export turnover, especially in high-tech industries such as electronic components manufacturing and technology equipment assembly [22,25]. However, manufacturing enterprises in Vietnam are also facing many challenges, including increasing production costs, international competition pressure and higher requirements for financial transparency. The application of technology in management and accounting is considered a solution to help businesses improve operational efficiency, reduce costs, and improve compliance with financial regulations [25,26]. In that context, blockchain is emerging as a potential technology to help manufacturing businesses innovate their accounting and auditing systems [27]. Blockchain, with its ability to store transparent, highly secure, immutable data, is being researched and applied in accounting at many Vietnamese businesses [28,29]. This technology helps automate the transaction recording process, minimize financial fraud, and increase transparency in financial reporting [30]. Some large enterprises in the manufacturing sector, especially FDI companies and listed enterprises, have begun testing blockchain in accounting supply chain management and internal auditing. Currently, large auditing firms in Vietnam such as PwC Vietnam and Deloitte Vietnam are consulting businesses on blockchain applications in accounting, especially in transaction verification and real-time auditing processes [31]. According to the World Bank (2022), blockchain can help manufacturing enterprises in Vietnam reduce auditing costs by up to 30% and speed up financial transaction processing [32]. Some enterprises in the textile and food processing industries are also testing blockchain to track the flow of raw materials, ensuring compliance with environmental standards and origin [33]. Despite many benefits, the implementation of blockchain in accounting in Vietnam still faces a number of barriers, including high investment costs, a shortage of human resources with expertise in blockchain technology, and the lack of a specific legal framework for this application in the accounting field. However, with the trend of digitalization and increasing requirements for financial transparency, blockchain is expected to play an important role in improving accounting efficiency in Vietnamese manufacturing enterprises in the future [32,33,34].

In recent years, studies on factors affecting the intention to adopt blockchain in corporate accounting have attracted the attention of many scholars around the world [8,10,11,12,14]. Studies are mainly based on technological behavior theories such as the Technology Acceptance Model (TAM) of Davis (1989) [35], the Theory of Reasoned Action (TRA) of Fishbein and Ajzen (1975) [36], the Theory of Planned Behavior (TPB) of Ajzen (1991) [37], and the Unified Model of Acceptance and Use of Technology (UTAUT) of Venkatesh et al. (2003) [38]. In addition, some studies incorporate innovation theories, such as the Diffusion of Innovation (DOI) of Rogers (1995) [39], to assess the factors affecting the adoption of blockchain in corporate accounting. Studies have shown that many factors influence the intention to adopt blockchain in accounting, including perceived benefits and risks, investment costs, organizational support, and regulatory factors. Perceived usefulness (PU) and perceived ease of use (PEOU) are two important factors from the TAM model, which strongly influence the intention to use blockchain in accounting [40]. In addition, organizational factors such as enterprise size, technological capabilities, and support from senior management also have a significant impact on the decision to adopt blockchain [41,42]. Regulatory factors and the policy environment are a major barrier to blockchain implementation in accounting, especially in developing countries [3]. In addition, external factors such as competitive pressure and partner support also influence the decision to adopt blockchain. According to Sheela and Sneha (2023), businesses tend to adopt blockchain if they perceive that their competitors or business partners have implemented this technology [43]. Finally, trust in data security and transparency in financial reporting is also important drivers of blockchain adoption in accounting [44]. Currently, research on factors influencing the intention to adopt blockchain in accounting is still developing, with many different approaches to better understand businesses’ technology decisions in this field.

While numerous studies have investigated the factors influencing the intention to adopt blockchain technology in corporate accounting, further research is needed to delve into the specific motivations and barriers that exist within the accounting context. First, most of the existing studies focus on developed economies or large enterprises with high technology adoption capabilities, while small- and medium-sized enterprises (SMEs)—which make up the majority of the economic ecosystem in developing countries—have not been fully studied [40,41]). More research is needed on how SMEs perceive and adopt blockchain in accounting, especially in unique contexts such as Southeast Asia or Vietnam. Second, most of the existing studies apply traditional models such as TAM, TPB, and DOI to explain the intention to adopt blockchain in accounting. However, blockchain has different characteristics compared to conventional accounting technologies, requiring a more multidimensional approach, including trust, cybersecurity, and legal risks [10,13,43]. Incorporating additional theories of technological trust, institutional theory, or transaction cost theory could provide a more comprehensive view of the influencing factors. Third, one of the main barriers to blockchain adoption in accounting is the lack of a clear regulatory framework. However, most studies have not delved into how regulatory regulations influence blockchain adoption intentions, especially in the accounting and auditing fields [12,14]. Potential studies could focus on the impact of policy environment, financial regulation, and government support on blockchain adoption. In addition, although organizational factors such as firm size and technological capabilities have been studied, the mediating role of firm attitudes toward blockchain, readiness to innovate, and firm perceptions of blockchain adoption in financial accounting has not been fully analyzed [17,19]. Some studies suggest that accountants and financial managers’ attitudes toward new technologies can significantly influence their decisions to adopt blockchain [17,18,43]. In summary, expanding research in the above directions can help to better understand the technological transformation process in accounting and generate useful recommendations for firms and policy makers.

This study aims to analyze the factors affecting the behavior of applying blockchain in financial accounting at manufacturing enterprises in Vietnam. The study integrates UTAUT and TPB to build an empirical model of the influencing factors, and at the same time examines the mediating role of attitude in connecting UTAUT and TPB factors to the intention of applying BC of enterprises. In terms of novelty, compared to the above works, this study contributes in three distinct ways. First, the study integrates the UTAUT and TPB models to both exploit the technology awareness factor and analyze the behavioral mechanism through attitudes, something that few studies in the current accounting field have clarified. Second, attitudes are included as an intermediary variable and thoroughly tested using the Bootstrap method, showing a clearer explanatory value for behavioral intentions. Third, the study is conducted in the context of the manufacturing industry in Vietnam, where blockchain is not yet popular, the legal corridor is not yet complete, and accounting personnel are not yet deeply trained in technology; this is a unique context, different from studies in developed countries. The application of the integrated model in this transitional environment not only tests the adaptability of international behavioral theories, but also provides an empirical basis for blockchain policies and deployment strategies suitable to the internal conditions of Vietnamese enterprises.

2. Theoretical Foundation and Literature Review

2.1. Blockchain Concept and Blockchain in Accounting Context

Blockchain is a distributed ledger that allows transactions to be recorded and stored in a secure, transparent, and immutable manner [2,4]. In the context of accounting, blockchain serves as a decentralized accounting system where all financial transactions are recorded in a block chain and authenticated through a consensus mechanism, replacing traditional centralized accounting systems [9]. With its high transparency and security, blockchain has the potential to improve the reliability of financial reporting and reduce fraud in corporate accounting [12]. In financial accounting, blockchain has many important applications, including automating accounting processes, reducing human errors, and improving the accuracy of financial data. According to Smith (2017), blockchain can help businesses record financial transactions in real time, reducing their dependence on intermediaries such as banks or auditing organizations [13]. One of the most important applications of blockchain in financial accounting is smart contracts, which help automate financial transactions such as payments, debt reconciliation, and internal audits [11,12,15]. In addition, blockchain also supports improving the auditing process by providing instantly auditable transaction records, reducing audit costs and time [16]). However, the application of blockchain in financial accounting still faces a number of challenges, including high implementation costs, technological capacity requirements, and legal barriers [17,42]. Therefore, while blockchain has the potential to improve financial accounting systems, businesses need to have the right strategy to integrate this technology into traditional accounting processes [2,3,5].

2.2. Theory of Planned Behavior (TPB) and Application in Studies About Application of Blockchain Behavior in Accounting

TPB, developed by Ajzen (1991), is one of the popular models to predict and explain human behavior [37]. According to TPB, the intention to engage in a particular behavior is determined by three key factors: individual attitude, subjective social norms, and perceived behavioral control. Among these factors, attitude reflects the level of positivity or negativity of an individual toward the behavior; subjective norm refers to social pressure from people around; and perceived behavioral control represents the level of ease or difficulty an individual feels when performing that behavior. When the behavioral intention is strong enough, the individual is highly likely to perform that behavior [37].

In the context of blockchain adoption behavior research in accounting, TPB has been applied by many scholars to identify factors influencing the intention to use this technology. For example, Harris et al. (2020) showed that attitudes toward blockchain, including perceived benefits such as increased transparency, reduced fraud, and automation of accounting processes, have a positive influence on adoption intention [7]. In addition, subjective norms, especially pressure from regulators, customers, or competitors, are also important factors motivating accounting firms to implement blockchain [3]. In addition, perceived behavioral control plays an important role in the decision to adopt blockchain. Han et al. (2021) pointed out that if accountants feel that blockchain is too complicated or lack resources to implement, their intention to use it will decrease significantly [8]. Some studies also extend the TPB by incorporating other factors such as risk perception, investment costs, and regulatory framework to further analyze the barriers and drivers of blockchain adoption in accounting [9,10]. TPB has essentially provided a solid theoretical framework to understand the factors that influence blockchain adoption behavior in accounting, helping researchers and businesses have a more comprehensive view of this technological transformation process [8,9].

2.3. Unified Theory of Acceptance and Use of Technology (UTAUT) and Application in Studies About Application of Blockchain Behavior in Accounting

UTAUT, developed by Venkatesh et al. (2003), is one of the popular models used to analyze the factors affecting technology acceptance behavior. UTAUT synthesizes eight previous theories of technology acceptance behavior, including TAM, TPB, and DOI, to create a more comprehensive theoretical framework [38,45]. This model identifies four main factors that influence the intention and behavior to use technology: performance expectancy, effort expectancy, social influence, and facilitating conditions. In addition, moderating factors such as gender, age, experience, and willingness to use may also influence the impact of the above four factors [45].

In the study of blockchain adoption intentions in accounting, UTAUT has been used by many scholars to analyze the motivations and barriers to this technology [36]. AlSheibani et al. (2020) found that efficiency expectancy is the most important factor motivating accountants and accounting firms to adopt blockchain, as this technology can increase transparency, reduce fraud, and automate accounting processes [40]. At the same time, effort expectancy plays an important role, because if blockchain is too complex or requires high technological knowledge, accountants may hesitate to adopt it [3,5]. In addition, social influence is also considered a significant factor, especially from regulators, customers, and business partners. Wang et al. (2021) shows that if businesses feel pressured by accounting regulations or market trends, they are more likely to adopt blockchain [4]. In addition, favorable conditions such as organizational support, financial resources, and technological infrastructure are also important factors determining the ability to deploy blockchain in accounting firms [5]. Some studies extend UTAUT by incorporating additional factors such as risk perception, implementation costs, and legal frameworks to further analyze the barriers and drivers affecting blockchain adoption [5,7,36,45,46]. These studies show that while blockchain has the potential to improve accounting systems, technological barriers, costs, and regulatory policies remain important factors to consider [39].

This study integrates the UTAUT and TPB models to clarify the mediating role of attitude, an important but rarely examined behavioral psychology factor in blockchain accounting research. One of the important innovations of this study lies in the specific application context: manufacturing enterprises in Vietnam, where blockchain is still a new technology with no clear legal corridor and limited digital readiness. Most previous studies on blockchain adoption behavior mainly focus on developed countries with mature technological infrastructure and specific legal regulations (e.g., the USA, Europe, Singapore), or in sectors such as banking and finance, where the need for automation and security is higher. Meanwhile, the financial accounting sector in Vietnamese manufacturing enterprises has its own characteristics such as limited technological resources, a cautious mentality toward innovation and high pressure to comply with regulations, requiring an appropriate adjustment approach. The application of the combined theoretical framework (UTAUT and TPB) in this context not only shows the scalability of traditional behavioral models, but also contributes to creating a new perspective on the barriers and motivations of local characteristics in the process of digital transformation of the accounting sector. This is the “contextual innovation” contribution that this study aims to make.

3. Hypotheses Development

3.1. Performance Expectancy

Performance expectancy refers to the extent to which an individual believes that using a technology will help them achieve better job performance [47]. In the context of financial accounting, blockchain offers many potential benefits such as increased transparency, reduced fraud, automation of accounting processes, and improved accuracy of financial reporting [9,10]. These benefits may increase accountants’ and firms’ performance expectations for blockchain adoption.

Many studies have shown that performance expectancy is an important factor driving the intention to adopt new technology, including blockchain in accounting. According to AlSheibani et al. (2020), the perception of blockchain’s benefits in improving the accuracy and security of accounting data has a positive impact on the intention to use this technology [40]. Similarly, Wang et al. (2021) also asserted that firms are more likely to adopt blockchain if they believe that the technology can help reduce audit costs, optimize accounting processes, and improve operational efficiency [4]. In addition, Chang et al. (2020) emphasized that efficiency expectancy has a particularly strong impact in large firms, where the need to improve performance and comply with accounting regulations is a top priority [3]. However, the influence of efficiency expectancy may vary depending on organizational characteristics and individual perceptions of blockchain [48].

Hypothesis H1a. 

Efficiency expectancy has a positive impact on attitudes toward blockchain in financial accounting.

Hypothesis H1b. 

Efficiency expectancy has a positive impact on intentions to adopt blockchain in financial accounting.

3.2. Effort Expectancy

Effort expectancy refers to the degree of ease or difficulty individuals perceive when using a new technology [38]. In financial accounting, blockchain is considered an innovative technology with the potential to improve the accuracy and transparency of transaction recording, but the implementation and use of blockchain can be accompanied by technical challenges and require high levels of technical competence [7,9]. If accountants and firms perceive blockchain as too complex to implement or use, they may reduce their intention to adopt the technology [40]. Previous studies have shown that effort expectancy has a significant impact on the intention to adopt technology in the accounting field. Rober and Clark (2023) showed that when accountants believe that blockchain has a friendly interface, is easy to use, and is fully supported by the training system, they tend to be more willing to accept this technology [5]. In addition, Chang et al. (2020) also emphasized that businesses with available technological infrastructure and policies to support employees in accessing blockchain will have a higher adoption rate [3]. However, if accountants and businesses perceive that blockchain requires a large investment in training and changes to current accounting processes, the intention to adopt may be negatively affected [17,18]. This is especially important for small businesses where technological and human resources may be limited.

Hypothesis H2a. 

Effort expectancy has a positive impact on attitudes toward blockchain in financial accounting.

Hypothesis H2b. 

Effort expectancy has a positive impact on intention to adopt blockchain in financial accounting.

3.3. Social Influence

Social influence refers to the extent to which an individual believes that people important to them (peers, superiors, customers, regulators) think they should use a new technology [38,39,46]. Blockchain adoption in financial accounting depends not only on the personal perceptions of accountants or firms but is also influenced by external environmental pressures, including incentives from regulators, business partners, and market trends [40,41]. If accountants perceive that blockchain is becoming an industry standard and is supported by stakeholders, they tend to increase their intention to adopt the technology [12,14].

Several authors have pointed out that social influence plays an important role in the decision to adopt technology. AlSheibani et al. (2020) found that support from senior management in a firm can strongly promote accountants’ intention to adopt blockchain [40]. Similarly, Aderson and Martinez (2022) showed that pressure from customers and business partners, who demand greater transparency and data security, can also encourage firms to implement blockchain in their financial accounting systems. In addition, the influence of legal regulations and professional associations can also play an important role in the decision to adopt blockchain [44]. When financial regulators issue guidelines or requirements related to the application of blockchain in accounting, firms may view this as an important motivation to implement this technology [17,19].

Hypothesis H3a. 

Social influence has a positive impact on attitudes toward blockchain in financial accounting.

Hypothesis H3b. 

Social influence has a positive impact on intentions to adopt blockchain in financial accounting.

3.4. Facilitating Conditions

Facilitating conditions refer to the extent to which an individual believes that the necessary organizational and technical infrastructure is available to support the use of a new technology [23,40]. In fact, blockchain adoption depends not only on accountants’ perceptions but also on the availability of resources such as software systems, information technology infrastructure, corporate support policies, and training programs [5,7]. If organizations provide sufficient resources and necessary support, accountants will tend to accept the technology more easily [3,5]. Facilitating conditions are one of the important factors influencing the intention to adopt technology in some recent studies. AlSheibani et al. (2020) found that when firms have digitalized accounting systems and the ability to integrate blockchain with existing accounting software, their intention to adopt the technology increases significantly [40]. Similarly, Sheela and Sneha (2023) emphasized that support from business leaders and blockchain training programs can help reduce technical and psychological barriers, thereby encouraging accountants to use the technology [43]. In addition, Pimentel and Boulianne (2020) found that the availability of legal policies and accounting standards guidance related to blockchain also plays an important role in promoting firms to adopt the technology [15]. If financial regulators provide a clear legal framework and technical support, firms will feel more secure in investing in blockchain [18].

Hypothesis H4a. 

Favorable conditions have a positive impact on attitudes toward blockchain in financial accounting.

Hypothesis H4b. 

Facilitating conditions have a positive impact on the intention to adopt blockchain in financial accounting.

3.5. Trust in Technology

Trust in technology refers to the extent to which an individual believes that a new technology is trustworthy, secure, and can deliver the desired benefits [12,13]. Blockchain has the potential to improve the transparency, security, and accuracy of accounting data in financial accounting [9]. However, the willingness of accountants and businesses to adopt blockchain depends on their trust in the integrity and security of the blockchain system [4]. If they believe that blockchain can protect financial data from fraud and errors, they will be more inclined to adopt this technology [3]. Harris and Lewis (2020) found that accountants and financial managers who have high confidence in the security and immutability of blockchain are more likely to adopt the technology [7]. Additionally, Han et al. (2021) highlighted that firms with high confidence in blockchain’s ability to comply with accounting and auditing regulations are more likely to implement the technology in practice [8]. However, confidence in blockchain technology can be influenced by factors such as perceived security risks, the possibility of cyberattacks, and the complexity of implementation [9]. If firms are concerned about these risks, their intention to adopt blockchain may be reduced.

Hypothesis H5a. 

Trust in technology has a positive impact on attitudes toward blockchain in financial accounting.

Hypothesis H5b. 

Trust in technology has a positive impact on intention to adopt blockchain in financial accounting.

3.6. Perceived Cost

Perceived cost refers to the extent to which an individual or organization believes that the costs associated with implementing a new technology are significant and may influence the decision to adopt that technology [38,45]. The application of blockchain in financial accounting requires businesses to make significant investments in information technology infrastructure, employee training, and integration of existing accounting systems with the blockchain platform [39,46,47]. Therefore, if accountants or financial managers perceive that the costs of implementing blockchain are too high compared to the potential benefits; their intention to adopt the technology may be reduced [3,5]. According to AlSheibani et al. (2020), the initial investment cost and maintenance cost of blockchain systems are important factors influencing the decision to adopt this technology [40]. Similarly, Schmitz and Leoni (2019) found that SMEs are often hesitant to implement blockchain due to concerns about high costs, while large corporations tend to be less affected by this factor due to their stronger financial capabilities [42]. In addition, Anderson and Martinez (2022) emphasized that cost perception includes not only financial costs but also the cost of time and effort to adapt to new technology [44]. If businesses perceive that switching to a blockchain system requires a long time to deploy and operate effectively, they may hesitate to adopt [41,42,44].

Hypothesis H6a. 

Cost perception has a negative impact on blockchain attitudes in financial accounting.

Hypothesis H6b. 

Perceived cost has a negative impact on the intention to adopt blockchain in financial accounting.

3.7. Attitude and Intention to Adopt Blockchain

Attitude is defined as the degree of positive or negative evaluation of an individual toward the use of a new technology [37]). Accountants and financial managers’ attitudes toward blockchain play an important role in determining whether they are willing to adopt this technology [35,38]. If accountants perceive blockchain to bring significant benefits, such as increased transparency, data security, and automation of accounting processes, they will have a more positive attitude and thus have a higher intention to adopt this technology [9,45]. Several authors have asserted that attitude is an important factor influencing the intention to use technology in the accounting field. Wang et al. (2021) found that accountants with positive attitudes toward blockchain tend to believe that the technology can improve work efficiency and reduce financial fraud [4]. Similarly, Dai and Vasarhelyi (2017) emphasized that positive attitudes toward blockchain are closely related to the level of perceived benefits and the level of trust in the technology [9]. In addition, King et al. (2021) indicated that positive attitudes toward blockchain can be reinforced through training programs and dissemination of knowledge about this technology [14]. When accountants have a better understanding of how blockchain works and perceive its potential for practical applications, they tend to accept the technology more [15].

Hypothesis H7. 

Attitude has a positive impact on the intention to adopt blockchain in financial accounting.

3.8. The Mediating Effect of Attitude on the Relationship Between UTAUT Factors and Blockchain Adoption Intention

The UTAUT of Venkatesh et al. (2003) proposed that the main factors influencing the intention to use a technology include performance expectancy, effort expectancy, social influence, and facilitating conditions [39,46]. However, many studies have shown that attitude plays an important mediating role in the relationship between these factors and the intention to adopt the technology [36,37,39]. In businesses, accountants’ attitudes toward blockchain may be a mediating mechanism that clarifies how UTAUT factors influence the intention to adopt this blockchain technology. First, performance expectancy can influence attitudes when accountants believe that blockchain can improve work performance, making accounting processes more transparent and trustworthy [9,39,47]. When attitudes toward blockchain become positive, they will have a higher tendency to adopt this technology. Second, effort expectancy refers to the ease of using a technology. If accountants perceive blockchain to be accessible and easy to use, they will form more positive attitudes, thereby increasing their intention to adopt [3,4,48]. Third, social influence plays an important role when accountants are influenced by colleagues, managers, or audit agencies to adopt new technology [46]. When stakeholders support blockchain, accountants’ attitudes may become more positive, thereby increasing their intention to use the technology [40]. Finally, facilitating conditions such as technical support, training, or corporate policies may help accountants feel more secure about implementing blockchain. This may change their attitudes in a more positive direction, thereby promoting their intention to use [3,4,47].

Hypothesis H8. 

Attitude plays a mediating role in the relationship between performance expectancy and intention to adopt blockchain in financial accounting.

Hypothesis H9. 

Attitude plays a mediating role in the relationship between effort expectancy and intention to adopt blockchain in financial accounting.

Hypothesis H10. 

Attitude plays a mediating role in the relationship between social influence and intention to adopt blockchain in financial accounting.

Hypothesis H11. 

Attitude plays a mediating role in the relationship between favorable conditions and intention to adopt blockchain in financial accounting.

Hypothesis H12. 

Attitude plays a mediating role in the relationship between trust in technology and intention to adopt blockchain in financial accounting.

Hypothesis H13. 

Attitude plays a mediating role in the relationship between perceived cost and intention to adopt blockchain in financial accounting.

Figure 1 below presents the study model.

4. Methodology

The research process was conducted by the research team following a rigorous methodology to ensure the reliability and objectivity of the results. This study aims to identify factors affecting the intention to apply blockchain in financial accounting of manufacturing enterprises in Vietnam. The research steps are carried out in the following order.

4.1. Desk Study

The first phase of the study focuses on a literature review to build a theoretical foundation and identify appropriate research models, research variables, and measurement methods. The goal of this step is to build a solid theoretical foundation to serve as the basis for designing qualitative and quantitative research. The literature review was conducted through: (i) Collecting previous studies, searching for scientific articles from prestigious international journals such as the Journal of Accounting Research, Accounting Horizons and the Journal of Information Systems, and conferences on accounting and financial technology. (ii) Determining appropriate theoretical models, researching based on theoretical models such as UTAUT, TPB, and TAM and studies on blockchain in accounting. (iii) Analyzing research gaps, identifying factors that have not been studied in depth and limitations in previous studies to serve as a basis for the proposed research model.

4.2. Focus Group Discussion (FGD) and Pilot Survey

After identifying the theoretical factors, the study conducted a focus group discussion with experts in the fields of accounting, finance, and blockchain technology to test the suitability of the variables in the real context, while ensuring that the survey questionnaire was designed to be practical, using easy-to-understand terminology and highly applicable in Vietnamese enterprises. The FGD participants included 8 experts, including chief accountants, auditors, financial directors, blockchain technology experts, and scholars specializing in accounting and finance. The FGD was conducted in November 2024 with the following process: Introducing the research objectives and related theoretical models, followed by asking experts to assess the suitability of the factors in the theoretical model with the reality of Vietnamese manufacturing enterprises. After that, the experts discussed the factors that could be added or adjusted. The research team took note of the comments and adjusted the survey questionnaire based on the feedback.

Before conducting a large-scale survey, the study conducted a pilot survey on a small group of manufacturing enterprises to check the clarity of the questionnaire and the appropriateness of the questions for the research subjects and to determine whether to adjust or remove unreasonable questions. We tested the pilot with 15 accountants and financial managers from manufacturing enterprises through direct surveys at manufacturing enterprises in Hanoi.

4.3. Questionnaire and Measuring the Observed Variables

To construct the questionnaire, we used the theories of TPB, UTAUT, and TAM, as well as some previous studies, to develop statements measuring the observed variables. Each factor was measured by many different observed variables. A total of 36 observed variables were developed.

Table 1. Factors and observed variables in model.

Factors	Observed Variables
Performance Expectancy (PE)	PE1: Blockchain helps increase accuracy and transparency in financial reporting. PE2: Blockchain can reduce fraud and accounting errors. PE3: Using blockchain helps increase the efficiency of accountants. PE4: Blockchain helps save time processing accounting transactions. PE5: Blockchain supports real-time financial data integration. PE6: Applying blockchain helps reduce accounting operating costs.
Effort Expectancy (EE)	EE1: Blockchain is easy to integrate with existing accounting software. EE2: The accounting process using blockchain is not too complicated. EE3: I believe I can master blockchain with adequate guidance. EE4: The operations on the blockchain system are designed to be user-friendly. EE5: Using blockchain in accounting does not require many complex technological skills.
Social Influence (SI)	SI1: My colleagues support the adoption of blockchain in accounting. SI2: Business leaders encourage the use of blockchain in accounting. SI3: Business partners and customers demand the adoption of blockchain. SI4: I know many other businesses have implemented blockchain in accounting.
Facilitating Conditions (FC)	FC1: My business has enough financial resources to implement blockchain. FC2: The business provides technical support for accountants when using blockchain. FC3: Accountants are fully trained in blockchain. FC4: The government and regulatory agencies have policies to support the application of blockchain in accounting.
Technology Trust (TT)	TT1: I believe that blockchain is a secure technology for financial accounting. TT2: I believe that blockchain has the ability to protect accounting data from fraud and unauthorized access. TT3: I believe that transactions on blockchain are recorded transparently and cannot be edited illegally. TT4: I believe that blockchain can maintain the integrity and reliability of accounting data in the long term.
Perceived Cost (PC)	PC1: The cost of implementing blockchain is high for my business. PC2: The cost of training employees to use blockchain is a big barrier. PC3: I am concerned about the cost of maintaining and upgrading the blockchain system.
Attitude (ATT)	ATT1: I have a positive attitude towards the application of blockchain in accounting. ATT2: I think blockchain brings long-term benefits to financial accounting. ATT3: The application of blockchain in accounting will improve the quality of work. ATT4: I am interested in learning about blockchain in accounting. ATT5: I believe that blockchain is a technology worth implementing in accounting. ATT6: Blockchain will help financial accounting develop in a more modern and transparent direction.
Blockchain Adoption Intention (BI)	BI1: I plan to apply blockchain in financial accounting. BI2: I am willing to recommend my company to use blockchain. BI3: I believe that blockchain will become an inevitable trend in accounting. BI4: If given the opportunity, I will use blockchain in my daily accounting work.

Source: Research design (2024).

shows the factors, observed variables, and measuring statements.

4.4. Sampling and Data Collection

The study used a sampling method that combines stratified sampling and convenience sampling. Stratified sampling is the division of manufacturing enterprises by size (small, medium, large enterprises) and manufacturing sector (food processing, mechanical engineering, textiles, electronics, etc.), while convenience sampling involves approaching available enterprises through industry associations, professional relationships, and professional conferences. To determine the sample size, the study applied the suggestion of Hair et al. (2017) on the minimum sample size, in which if the questionnaire has 36 observed variables, the minimum sample size is 300 samples [49]. To ensure representativeness and higher accuracy, the study collected data through questionnaires with 320 enterprises.

With the aim of ensuring representativeness and diversity in terms of enterprise types, industries and geographical areas, the research sample was distributed as follows. In terms of size, the survey sample included 76 small businesses (23.8%), 142 medium-sized businesses (44.4%), and 102 large businesses (31.8%). In terms of ownership, there were 144 domestic private businesses (45%), 98 foreign-invested businesses (FDI—30.6%), and 78 state-owned or state-dominated businesses (24.4%). By production sector, the businesses were distributed as follows: food and beverage processing accounted for 27.5%, mechanics—electricity—electronics accounted for 22.5%, garment—footwear accounted for 20%, construction materials—chemicals accounted for 16.3%, and other manufacturing industries accounted for 13.7%. In terms of geographical distribution, 122 enterprises came from the Northern region (38.1%), 68 from the Central region (21.3%), and 130 from the Southern region (40.6%). In addition, the respondents’ positions in the enterprises were also diversified, including CEOs, CFOs, chief accountants, accountants, or senior managers. The distribution of the sample according to many characteristics as above is to increase the generalizability of the research results.

Data were collected through direct surveys, in which the research team distributed survey forms and interviewed at manufacturing enterprises in Vietnam. Businesses were contacted to discuss the purpose of the study and how to collect data. The research team planned and scheduled meetings with businesses that agreed. We provided a consent form before conducting the survey for each business. In it, respondents were asked if they were willing to participate in the survey. If they agreed, they would sign a consent form. The survey forms were kept confidential and used for research purposes only. The official survey was conducted from November 2024 to January 2025.

Since this study used a self-administered questionnaire, a common risk that may occur is social desirability bias, when respondents choose the “correct” answer according to social expectations rather than reflecting their actual thoughts or behaviors. In the context of studying blockchain adoption intentions in accounting, this is likely to occur because blockchain is perceived as a modern, positive technology, which may lead respondents to value it more highly than it actually is to demonstrate their or their organization’s progress. To mitigate this issue, the study ensured anonymity and confidentiality of personal information, creating a sense of security when answering. In addition, the design of the questions was neutral, non-leading, and incorporated reverse questions to help detect or reduce bias. Furthermore, the introduction of the survey clearly stated a commitment to research ethics, ensuring that the information was for academic purposes only and did not affect individuals or businesses. Furthermore, to enhance the reliability and comprehensiveness of the data, the study incorporated additional data sources such as FGDs with chief accountants and technology experts to gain deeper insights into the actual influencing factors. The combination of quantitative and qualitative data helps to validate the model more comprehensively, minimizing errors due to social desirability bias.

5. Data Analysis

After collection, the data were coded and entered into SPSS 25.0 and SmartPLS4 software, then cleaned, removing survey forms with invalid answers (answering the same for all questions). There were 12 rejected ballots and the number of valid ballots was 308. The data were analyzed through the following steps: (i) Testing the reliability and validity of the scale, Cronbach’s Alpha values > 0.7 are considered acceptable, and factor loading values > 0.5 means the observed variables meet the requirements. At the same time, testing the convergent validity with indicators with acceptable thresholds such as AVE (Average Variance Extracted) > 0.5, CR (Composite Reliability) > 0.7. (ii) Exploratory factor analysis (EFA) was used to determine the latent structure of the observed variables and test the convergence, as well as distinguish between groups of variables. Evaluation criteria include the KMO coefficient (Kaiser–Meyer–Olkin) to test the suitability of EFA (KMO > 0.5 is satisfactory), Bartlett’s Test of Sphericity to test the existence of a relationship between variables (Sig < 0.05 is significant), and Eigenvalue > 1 to ensure the Factor is retained. EFA results help eliminate inappropriate observed variables and ensure that the scale has a good structure before continuing analysis. (iii) Confirmatory factor analysis (CFA) was used to test the measurement model, confirm the factor structure of the research variables, and test unidimensionality, convergent validity, and discriminant validity. The following indices were used: Chi-square/df (CMIN/df) < 5 was acceptable, GFI (Goodness-of-Fit Index) and AGFI (Adjusted GFI) > 0.8 was satisfactory, CFI (Comparative Fit Index) and TLI (Tucker-Lewis Index) > 0.9 were good, and RMSEA (Root Mean Square Error of Approximation) < 0.08 was acceptable. If CFA meets the standards, the measurement model is confirmed to be appropriate, from which the structural model can be further tested using SEM. (iv) SEM analysis was performed to examine the direct relationship between factors. In SEM analysis, the path coefficients indicate the level of influence of the independent variable on the dependent variable (if p < 0.05, the relationship is statistically significant). Standardized beta coefficients were used to compare the level of influence between factors. To test the mediating role of attitude toward the relationship between UTAUT factors and intention to adopt blockchain, the study used the mediation test method of Hair et al. (2019), including testing the effect of the mediating variable on the dependent variable; if adding the mediating variable to the model reduces or eliminates the impact of the independent variable on the dependent variable, the mediation role is confirmed [50].

In addition to using the SEM model, the study also conducted Bootstrap analysis to check the reliability of the analysis results, while emphasizing the technical innovation aspect, focusing on the methodological suitability for the research objectives. SEM allows simultaneous testing of multiple relationships between latent variables, which is very suitable for the theoretical integration model of UTAUT and TPB with multivariate structure and the participation of mediating variables [51]. However, when analyzing indirect effects through attitude variables, the use of Bootstrap becomes especially important because this method does not depend on normal distribution and can provide accurate confidence intervals for indirect estimates. In the context of studying technology acceptance behavior in a developing country like Vietnam—where psychological factors such as attitudes play an important but easily overlooked role—the combination of SEM and Bootstrap helps ensure higher reliability in identifying the mediating mechanism and better understanding the causal relationships in the theoretical model. Therefore, this approach is not only suitable for the goal of hypothesis testing but also contributes to improving the empirical quality and explanatory value of the study.

6. Results

6.1. Sample Characteristics

The valid sample consisted of 308 people, with a fairly balanced gender ratio (57.14% male, 42.86% female). The age of the sample was mainly concentrated in the 41–50 age group (43.75%) and 31–40 age group (28.57%), indicating that the majority of participants had extensive work experience. In terms of educational level, 74.18% had a university degree, 16.56% had a master’s degree, and only 1.62% had a doctorate, reflecting the common characteristics of workers in the accounting and finance sector. When considering work experience, the group with 11–20 years of experience accounted for the highest proportion (42.46%), followed by the group with over 20 years (20.79%). This indicates that the sample mainly consisted of people with deep expertise in corporate accounting. In terms of positions, chief accountants (28.57%) and accountants (29.22%) had the highest proportion, which is reasonable because they are the ones directly involved in accounting activities and making decisions about financial technology. Overall, the characteristics of the research sample ensure reliability and good representation of the research field (

Table 2. Respondent characteristics.

Characteristics	Category	N	%
Gender	Male	176	57.14
	Female	132	42.86
Age (years)	20–30	21	6.81
	31–40	88	28.57
	41–50	135	43.75
	Above 50	64	20.87
Education	University	229	74.18
	Masters	51	16.56
	Ph.D.	5	1.62
	Other	23	7.64
Experience (years)	Less than 5	29	9.41
	6–10	83	27.34
	11–20	131	42.46
	Above 20	65	20.79
Job position	Board of management	51	16.55
	CEO	46	14.93
	Chief accountant	88	28.57
	CFO	33	29.22
	Accountant	90	10.73

Source: Study results (2025).

).

6.2. Reliability and Validity Analysis

To test the consistency and reliability of the scale, the study used Cronbach’s Alpha, CR, and AVE. The results showed that all variables had Cronbach’s Alpha > 0.7, indicating that the scale had high reliability. The results of convergent validity analysis showed that all factor loadings were > 0.7, indicating that the observed variables contributed well to the factors. CR ranged from 0.79 to 0.86, exceeding the threshold of 0.7, indicating that the scales had high stability. With this result, it can be concluded that the scales in the model had good convergent validity, meaning that the observed variables truly reflected the theoretical concepts they measured. To test the discriminant validity, the study compared the AVE of each factor with the square of the correlation coefficient between that factor and other factors. The analysis showed that all AVEs (0.54 to 0.68) were greater than the square of the correlation coefficients, demonstrating that the factors in the model were clearly differentiated. This means that the observed variables measured each specific factor without being confused with other factors, ensuring the independence of the concepts in the research model. In addition, the VIF index was < 2.0 in all variables, which proves that there is no problem of multicollinearity, ensuring that the measured factors are independent and do not affect each other. The above results confirm that the research variables have high reliability and validity, and are eligible for further analysis (

Table 3. Reliability and validity analysis results.

Factors	Cronbach’s Alpha	CR	AVE	VIF
PE	0.81	0.82	0.62	1.434
EE	0.83	0.79	0.57	1.845
SI	0.85	0.80	0.68	1.956
FC	0.78	0.81	0.61	1.445
TT	0.76	0.83	0.54	1.743
PC	0.82	0.84	0.58	1.634
ATT	0.85	0.85	0.63	1.736
BI	0.84	0.86	0.68	1.634

PE—performance expectancy, EE—efforts expectancy, SI—social influence, FC—facilitating condition, TT—technology trust, PC—perceived cost, ATT—attitude, BI—blockchain adoption intention.

).

7. Exploratory Factor Analysis

EFA was used to determine convergent validity and discriminant validity, and reduce estimated parameters for groups of variables. The results of EFA showed that the KMO index = 0.812, indicating that the data were suitable for further analysis. The Bartlett test had a p-value < 0.000, confirming that there was a link between the observed variables. The total variance extracted reached 70.04%, meaning that the factors explained the collected data well. In addition, all factor loading coefficients were > 0.7, meaning that each observed variable contributed significantly to the factor it measured. This showed that no variable was eliminated during the analysis, ensuring that the scale had a high fit with the actual data (

Table 4. Exploratory factor analysis results.

Factors	Items	Factors
		1	2	3	4	5	6	7	8
PE	PE2	0.835
	PE3	0.809
	PE1	0.784
	PE5	0.753
	PE4	0.721
	PE6	0.705
EE	EE1		0.806
	EE3		0.788
	EE2		0.743
	EE4		0.731
	EE5		0.717
SI	SI2			0.815
	SI4			0.788
	SI1			0.757
	SI3			0.715
FC	FC1				0.787
	FC3				0.764
	FC2				0.738
	FC4				0.711
TT	TT4					0.821
	TT1					0.807
	TT2					0.762
	TT3					0.718
PC	PC1						0.792
	PC2						0.758
	PC4						0.721
ATT	ATT1							0.814
	ATT2							0.795
	ATT4							0.752
	ATT3							0.736
	ATT6							0.722
	ATT5							0.708
BI	BI1								0.811
	BI3								0.780
	BI2								0.741
	BI4								0.719

PE—performance expectancy, EE—efforts expectancy, SI—social influence, FC—facilitating condition, TT—technology trust, PC—perceived cost, ATT—attitude, BI—blockchain adoption intention. KMO = 0.812; Significant Bartlett’s test < 0.000; Total variance extracted = 70.04% Source: Research result (2025).

).

7.1. Confirmatory Factor Analysis (CFA)

After performing EFA to check the data structure, the study continued to perform CFA analysis to assess the suitability of the measurement model and test the convergent validity, discriminant validity, and unidimensionality of the scales. CFA analysis also helps confirm that the observed variables actually measure the theoretical concepts in the model. The results of CFA analysis show that the measurement model has a good fit with the collected data. The indicators assessing the suitability of the model include: CMIN/df = 1.375, less than the threshold of 3.0, meaning that the model has a good fit; GFI = 0.846 and AGFI = 0.821, both greater than 0.8, proving that the model has an acceptable fit; CFI= 0.893 and TL = 0.855, all close to 0.9, indicating that the model has a good fit; and RMSEA = 0.047, less than the threshold of 0.08, indicating that the model does not have significant deviations from the actual data. In general, all indexes are at the standard or acceptable level, which confirms that the measurement model is suitable for the research data.

7.2. Direct Relationships

After performing CFA, the study moved to SEM analysis to test the hypotheses about the relationships in the model. The results of SEM analysis showed that all hypotheses from H1a to H6a were accepted with statistical significance level p < 0.05, except H5a (trust in technology → attitude). Specifically, performance expectancy (H1a: β = 0.212, p = 0.000), effort expectancy (H2a: β = 0.187, p = 0.000), social influence (H3a: β = 0.155, p = 0.016), facilitating conditions (H4a: β = 0.167, p = 0.024), and perceived cost (H6a: β = 0.208, p = 0.000) all have significant effects on attitudes toward blockchain. The strongest relationship is between performance expectancy and attitude (β = 0.212), indicating that if accountants believe that blockchain can improve work performance, they will have a more positive attitude toward this technology. In contrast, the weakest relationship was between social influence and attitude (β = 0.155), suggesting that although the influence from peers, superiors, or external stakeholders is significant, it is not the most important factor determining accountants’ attitudes. However, trust in technology (H5a: β = 0.133, p = 0.143) was not statistically significant, meaning that this hypothesis was rejected. This suggests that although blockchain is highly regarded for its security and transparency, accountants’ trust in this technology is not strong enough to influence their attitudes.

Regarding the relationship between the research factors and blockchain adoption intention, the results showed that most of the hypotheses from H1b to H6b were accepted (p < 0.05), except for H5b (trust in technology → blockchain adoption intention). Among them, attitude has the strongest impact on intention to adopt blockchain (H7: β = 0.389, p = 0.000), which confirms that once accountants have a positive attitude toward blockchain, they are highly likely to adopt this technology. In addition, performance expectancy (H1b: β = 0.283, p = 0.000) also has a significant effect, indicating that if accountants perceive blockchain to improve work performance, they will tend to be more willing to implement this technology. Furthermore, the weakest relationship is between facilitating conditions and intention to adopt blockchain (H4b: β = 0.209, p = 0.031), which suggests that despite the technological and policy support from businesses, this only plays a supporting role and is not the main determinant in whether accountants accept blockchain or not. Notably, trust in technology (H5b: β = 0.153, p = 0.175) was not statistically significant, leading to the rejection of this hypothesis. This means that respondents may still be skeptical and not fully confident about the practical application of this technology in financial accounting.

The analysis results also show that attitude has a strong and statistically significant impact on the intention to adopt blockchain (H7: β = 0.389, p = 0.000). With the path coefficient (β = 0.389), this is the strongest relationship in the research model, indicating that when businesses have a positive attitude toward blockchain, they are significantly more likely to accept and implement this technology into their financial accounting practices. This result is consistent with previous studies that attitude plays a central role in the acceptance of new technology. When businesses believe that blockchain can bring practical benefits such as increased transparency, reduced fraud, and improved work performance, they will form a positive attitude, which will lead to a higher intention to adopt blockchain. In addition, the influence level (β = 0.389) of attitude on intention to adopt blockchain is stronger than all other factors in the research model. This demonstrates that although factors such as efficiency expectancy, social influence, and facilitating conditions have indirect effects, it is the attitude of accountants that is the leading determinant of the implementation of this technology. Overall, the analysis results emphasize that attitude is the most important factor determining the intention to adopt blockchain, while factors such as efficiency expectancy, social influence, facilitating conditions, and perceived cost play a supporting role. Meanwhile, trust in the technology did not have a significant impact, suggesting that businesses need to focus on raising awareness of the practical benefits of blockchain rather than simply improving accessibility or emphasizing the technology’s safety (

Table 5. Direct relationship results.

Hypotheses	β Coefficients	Mean	p-Values	Decision	R2
H1a: Performance expectancy → attitude	0.212	0.18	0.000 ***	Approved	0.376
H2a: Effort expectancy → attitude	0.187	0.24	0.000 ***	Approved
H3a: Social influence → attitude	0.155	0.19	0.016 **	Approved
H4a: Facilitating condition → attitude	0.167	0.15	0.024 **	Approved
H5a: Technology trust → attitude	0.133	0.26	0.143	Rejected
H6a: Perceived cost → attitude	–0.208	0.27	0.000 ***	Approved
H1b: Performance expectancy → blockchain adoption intention	0.283	0.13	0.000 ***	Approved	0.391
H2b: Effort expectancy → blockchain adoption intention	0.167	0.11	0.029 **	Approved
H3b: Social influence → blockchain adoption intention	0.178	0.25	0.000 ***	Approved
H1b: Facilitating condition → blockchain adoption intention	0.209	0.21	0.031 **	Approved
H5b: Technology trust → blockchain adoption intention	0.153	0.16	0.175	Rejected
H6b: Perceived cost → blockchain adoption intention	–0.214	0.24	0.000 ***	Approved
H7: Attitude → blockchain adoption intention	0.389	0.31	0.000 ***	Approved	0.468

***: sig at 1%, ** sig at 5%. Source: Research result (2025).

).

7.3. Mediating Relationships

To test the mediating role of attitude on the relationship between UTAUT factors and blockchain adoption intention, the study used the mediation test method in SEM. The results showed that attitude has a partial mediation effect in most relationships, except for the relationship between trust in technology and blockchain adoption intention. Specifically, performance expectancy has a partial mediation effect through attitude (β = 0.205, p = 0.000), meaning that when accountants perceive blockchain to improve work performance, they form more positive attitudes, thereby increasing their intention to adopt blockchain. Similarly, social influence (β = 0.114, p = 0.000) and facilitating conditions (β = 0.128, p = 0.000) also had a mediating effect on attitude, indicating that when accountants perceived organizational support or external pressure, they tended to form a positive attitude before deciding to adopt blockchain. Perceived cost also had a significant mediating effect (β = −0.142, p = 0.000), indicating that when accountants perceived the cost of implementing blockchain to be high, they would have a more negative attitude, thereby reducing their intention to adopt this technology. However, trust in the technology did not have a mediating effect (p = 0.237), which reinforces the conclusion from the direct relationship analysis that the level of trust in blockchain is not an important factor determining the intention to adopt this technology in financial accounting. This result emphasizes that attitude acts as an important bridge between factors such as performance expectations, social influence, facilitating conditions, and perceived costs with the intention to adopt blockchain. Therefore, to promote the adoption of blockchain in financial accounting, enterprises need to focus on improving the attitudes of business managers, as well as finance and accounting departments about the benefits of this technology, minimizing cost barriers, and creating a favorable environment for them to easily access and use blockchain (

Table 6. Mediating relationship results.

Relationships	β Coefficient	t-Value	p-Value	Result
H8: Performance expectancy → attitude → blockchain adoption intention	0.205	2.663	0.000 ***	Partial mediation
H9: Effort expectancy → attitude → blockchain adoption intention	0.131	3.17	0.015 **	Partial mediation
H10: Social influence → attitude → blockchain adoption intention	0.114	2.866	0.000 ***	Partial mediation
H11: Facilitating condition → attitude → blockchain adoption intention	0.128	2.376	0.000 ***	Partial mediation
H12: Technology trust → attitude → blockchain adoption intention	0.113	1.246	0.237	No mediation
H13: Perceived cost → attitude → blockchain adoption intention	-0.142	3.046	0.000 ***	Partial mediation

***: sig at 1%, ** sig at 5%. Source: Research result (2025).

).

In addition to SEM analysis, the study conducted Bootstrap analysis with 5000 replicates to test the mediating role of attitude variables in the relationship between independent factors and intention to apply blockchain in financial accounting. The results showed that attitude had a partial and statistically significant mediating effect in most of the tested relationships (p < 0.05, confidence interval did not contain 0). Specifically, variables such as performance expectancy, effort expectancy, social influence, favorable conditions, and cost perception all indirectly affected intention through attitude. Among these, the strongest indirect relationship was from performance expectancy → attitude → intention, followed by social influence and effort expectancy. This shows that behavioral attitude is an important psychological bridge, transmitting influence from perception to behavior of accepting new technology. In contrast, for trust in technology, the Bootstrap results showed that the indirect effect through attitude was not significant (p > 0.05), implying that attitude does not play a mediating role in this relationship. Overall, the results support the hypothesis from the TPB model that behavioral attitudes play an important mediating role, thereby clarifying the influence mechanism of cognitive factors on blockchain adoption behavior in financial accounting.

8. Discussions

First, the results of the study show that performance expectancy, effort expectancy, social influence, facilitating conditions, and cost perception are all positively and statistically significant with attitudes toward blockchain in financial accounting. This means that when accountants and financial managers perceive that blockchain can bring practical benefits, is easy to use, receives encouragement from colleagues, has sufficient resources to implement, and is cost-effective, they will have a more positive attitude toward this technology. This result is consistent with Ajzen’s (1991) TPB model, in which attitudes play a central role in forming behavioral intentions [37]. According to TPB, an individual will tend to perform a behavior when they have a positive attitude, feel social pressure, and believe that they have adequate control over that behavior. In this study, performance expectancy and effort expectancy can be compared to the concepts of perceived benefits and ease of use in models such as TAM (Davis, 1989), in which the more useful and easier to use a technology is, the more positive the user’s attitude toward it is [35,36].

When compared to previous studies, this study’s results are similar to the findings of Venkatesh et al. (2003) in UTAUT, which found that performance expectancy and effort expectancy have a significant impact on attitudes toward technology [38,39,46]. Specifically, performance expectancy has the strongest influence on attitudes, suggesting that when accountants believe that blockchain can help improve work performance, accuracy, and transparency in accounting, they will have a more positive attitude toward this technology [39,47,48]. This result is similar to the study by Dai and Vasarhelyi (2017), in which blockchain is evaluated as a technology that helps reduce errors, increase data security, and improve accounting performance [9]. In addition, the results also show that effort expectancy has a positive impact on attitude, suggesting that if accountants perceive blockchain as easy to use and do not require too many complex technological skills, they will have a more positive attitude. This result is similar to the study by AlSheibani et al. (2020), in which businesses with a team of accountants with experience using technology will have an easier time accessing blockchain [40]. Moreover, social influence has an impact on attitude, suggesting that if accountants receive encouragement from superiors, colleagues, customers, or legal regulations, they will have a more positive attitude toward blockchain. This result is consistent with TPB, in which subjective norms influence attitudes and behavioral intentions. Wang et al. (2021) also found that firms are more likely to adopt blockchain if they perceive that their competitors or business partners have implemented the technology [4]. Another notable factor is that facilitating conditions also have a positive impact on attitudes, suggesting that when firms provide sufficient financial, technical, and employee training resources on blockchain, accountants will have a more positive attitude toward the technology. This is consistent with the study by Pimentel and Boulianne (2020), which found that one of the biggest barriers to blockchain adoption in accounting is the lack of training and organizational support [19]. Finally, the results show that cost perception affects attitudes, meaning that if accountants perceive the cost of blockchain implementation as too high, including software costs, technology infrastructure, and staff training, they will have a more negative attitude. This result is similar to the study by Schmitz and Leoni (2019), in which SMEs had difficulty implementing blockchain due to cost concerns [42]. In summary, the above results confirm that to change accountants’ attitudes toward blockchain in a positive direction, businesses need to raise awareness of the benefits of this technology, ensure that blockchain systems are easy to use, facilitate technology infrastructure and staff training, and find ways to minimize implementation costs [12]. This will help increase the acceptance of blockchain in financial accounting, supporting the digital transformation process in this field.

Second, the results of the study show that performance expectancy, effort expectancy, social influence, facilitating conditions, and cost perception are all positively and statistically significant with the intention to adopt blockchain in financial accounting. This means that when accountants and financial managers perceive blockchain to have high practical benefits, be easy to use, receive support from the organization, have reasonable costs, and are encouraged by stakeholders, they will have a higher tendency to apply this technology in practice. First, performance expectancy has a strong impact on the intention to adopt blockchain, which is consistent with UTAUT that the perceived benefits of a behavior are an important factor determining the intention to perform that behavior [38,46]. When accountants believe that blockchain helps increase transparency, reduce accounting errors, automate processes, and improve work efficiency, they will have a higher intention to use this technology. This result is similar to the study by Dai and Vasarhelyi (2017), which emphasized that blockchain has the potential to change the way accountants operate by enhancing real-time audit capabilities and reducing reliance on third parties [9]. In addition, effort expectancy also had a positive impact on the intention to adopt blockchain, suggesting that if accountants perceive blockchain to be easy to use and do not require high technical skills, they will have greater motivation to implement this technology. This is consistent with Davis’s TAM model (1989), in which perceived ease of use is one of the key factors determining the intention to use technology [35]. AlSheibani et al. (2020) also showed that if blockchain is designed with a friendly interface and clear instructions, accountants will more easily access and accept this technology [40]. Moreover, social influence has a positive impact on the intention to adopt blockchain, which is consistent with TPB when emphasizing the role of subjective norms in forming behavioral intentions [9,10,12]. If accountants perceive that their colleagues, senior leaders, or customers appreciate and encourage the use of blockchain, they will have a higher tendency to adopt this technology. Wang et al. (2021) also supports this result, arguing that pressure from the market and business partners can motivate businesses to deploy blockchain to improve transparency in financial reporting [4]. Another important factor is favorable conditions, in which if businesses provide sufficient financial resources, technological infrastructure, and staff training on blockchain, accountants will have a higher intention to adopt this technology. This result is similar to the UTAUT of Venkatesh et al. (2003), which emphasized that enabling conditions play an important role in determining whether an individual is willing to adopt the technology or not [36,38,39]. Pimentel and Boulianne (2020) also found that one of the major barriers to blockchain adoption in accounting is the lack of training and support from businesses [19]. Furthermore, the study confirmed that cost perception has a significant impact on blockchain adoption intention, i.e., if accountants perceive the cost of blockchain implementation to be reasonable, they will be more inclined to adopt the technology. This is consistent with the study by Schmitz and Leoni (2019), which found that high costs, including hardware, software, system maintenance, and staff training, are among the major factors that deter businesses from implementing blockchain [42]. Therefore, finding ways to optimize implementation costs and providing blockchain solutions suitable for SMEs can help increase the acceptance of this technology in the accounting industry.

Third, the research results confirm that attitude is not only a direct determinant of the intention to adopt blockchain, but also plays an important mediating role in the relationship between UTAUT factors and the intention to use this technology. This means that improving factors such as performance expectancy, effort expectancy, social influence, facilitating conditions, and cost perception not only directly increases the intention to adopt blockchain, but also indirectly affects accountants’ attitudes. Therefore, to promote the implementation of blockchain in financial accounting, enterprises need to facilitate accountants to have practical experience with blockchain, provide training courses on this technology, minimize the cost of adoption, and increase communication about the benefits of blockchain in accounting. This not only helps to improve accountants’ positive attitudes toward blockchain but also contributes to accelerating digital transformation in the field of financial accounting [39,46].

Specifically, performance expectancy had a partial mediating effect through attitude, suggesting that when accountants believe that blockchain can improve work performance, increase accounting accuracy and transparency, they will form more positive attitudes, which in turn lead to higher intentions to adopt the technology. This is also similar to the study by Dai and Vasarhelyi (2017), which emphasized that blockchain has the potential to change the way accounting operates, but the adoption of this technology depends largely on accountants’ attitudes [9]. Similarly, effort expectancy also had a partial mediating effect through attitude, suggesting that if accountants perceive blockchain to be easy to use and does not require complex technological skills, they will have more positive attitudes, which in turn increase their intentions to adopt the technology. AlSheibani et al. (2020) also showed that in enterprises with good training policies and user-friendly blockchain technology, accountants’ attitudes toward blockchain were significantly improved, thereby promoting adoption intentions [40]. In addition, social influence also had a partial mediating effect through attitudes, which means that if accountants receive encouragement from their leaders, colleagues, or customers about using blockchain, they will form more positive attitudes, which in turn leads to higher adoption intentions. This finding is consistent with TPB, in which subjective norms play an important role in forming attitudes and behavioral intentions. Wang et al. (2021) also showed that pressure from the business environment, especially from customers and competitors, can motivate enterprises to adopt blockchain to enhance competitive advantage and comply with international accounting standards [4]. Another important factor is that facilitating conditions have a partial mediating effect through attitude, suggesting that if the firm provides sufficient financial, technical, and staff training resources, accountants will have a more positive attitude, thereby promoting the intention to adopt blockchain. This result is consistent with the UTAUT of Venkatesh et al. (2003), in which facilitating conditions affect the usability of technology through user attitudes and perceptions [38]. Anderson and Martinez (2022) also emphasized that one of the biggest barriers to blockchain adoption in accounting is the lack of training and support from the organization, which negatively affects accountants’ attitudes toward this technology [44]. Finally, cost perception has a partial mediating effect through attitude, suggesting that if accountants perceive the cost of implementing blockchain as reasonable, they will have a more positive attitude toward this technology, thereby increasing the intention to adopt. This is consistent with the study by Schmitz and Leoni (2019), which highlighted that high costs, including software, technology infrastructure, and employee training, are among the main barriers that prevent businesses from implementing blockchain [42].

A notable point in the research results is that trust in technology does not have a significant relationship with attitude, and attitude does not play a mediating role in the relationship between trust in technology and intention to adopt blockchain in financial accounting. This means that the level of trust in blockchain technology of accountants does not significantly affect the way they evaluate blockchain, nor does it indirectly affect the intention to adopt this technology through attitude. One of the possible reasons for this result is that the awareness of blockchain in the field of financial accounting in Vietnam is still limited. Currently, most Vietnamese enterprises, especially SMEs, do not have much practical experience with blockchain in accounting. Therefore, trust in technology does not have a solid enough practical basis to affect the attitude of accountants. This is consistent with the study by Schmitz and Leoni (2019), which shows that in markets where blockchain applications in accounting are not yet widespread, trust in technology is not a major determinant of technology adoption [42]. Second, the above results can be explained by the fact that blockchain in financial accounting is not popular in Vietnam. Unlike fields such as decentralized finance (DeFi) or supply chain, blockchain in financial accounting in Vietnam is still in its infancy. Most businesses have not yet implemented blockchain in practice to record accounting transactions, audit or prepare financial statements. Therefore, accountants may believe that blockchain is a trustworthy technology, but due to lack of practical experience, this trust does not translate into a positive attitude toward this technology. This is consistent with the study by Pimentel and Boulianne (2020), which highlighted that in markets where blockchain has not yet been implemented in accounting, trust in the technology is not strong enough to drive adoption [19]. Another reason could be the lack of a clear legal framework for blockchain in accounting in Vietnam. Currently, Vietnamese accounting standards (VAS) provide specific guidance on how to apply blockchain in recording financial transactions or auditing. This lack of clarity may leave accountants without a legal basis to believe that blockchain is a suitable technology for financial accounting, leading to trust in the technology not having a significant impact on attitudes toward blockchain. The study by Wang et al. (2021) also highlighted that in countries where there are no clear regulations on blockchain in accounting, accountants’ attitudes are more influenced by policy uncertainty than trust in the technology [4].

Although the research model has included many important factors, it may still miss some variables that have a significant impact on the intention to adopt blockchain in financial accounting. First, perceived risk is an important factor because blockchain is a new technology, which may raise security, legal, and technical concerns. Second, the level of organizational readiness such as IT infrastructure, human resources capacity, and support from leaders may determine the possibility of successful implementation. Third, the legal and policy framework is a key factor in the context of Vietnam, where there is a lack of clear regulations guiding the implementation of blockchain in accounting. The omission of these variables may lead to incomplete results and/or distort the influence of factors in the model. Future studies should incorporate the above factors to increase the reliability and generalizability of the model, and more fully reflect the barriers and conditions necessary for blockchain adoption in business practice.

Finally, the above findings were conducted in the context of manufacturing industries in Vietnam. If the study were conducted in industries other than manufacturing or in regions other than Vietnam, the results may be different in terms of both the influencing factors and the level of impact of each factor on the intention to adopt blockchain in financial accounting. In highly digitized industries such as finance and banking, factors such as trust in technology, data security, and the ability to integrate new technology may play a more prominent role than the expectation of effort or cost of implementation. Meanwhile, in public service or education industries—where public budgets are often limited—the perception of cost and favorable conditions may become the main barriers. In particular, in industries with distributed accounting systems such as logistics or construction, blockchain may be highly appreciated for its ability to integrate and make data transparent, making the expectation of efficiency a dominant factor in adoption behavior. Regionally, in developed countries with strong technological foundations and clear policy support, trust in technology and social influence from accounting professionals or associations may play a larger role in driving adoption behavior. Meanwhile, in developing countries where technology investment and legal frameworks for blockchain are lacking, factors such as implementation costs, technical support, and internal training become top priorities. These differences suggest that theoretical models such as UTAUT or TPB need to be flexibly adjusted according to the industry context and applicable region. Blockchain implementation in financial accounting should not follow a “one-size-fits-all” model, but should be based on industry specificity, technological maturity, and regulatory environment.

9. Theoretical Contributions and Managerial Implications

9.1. Theoretical Contributions

This study provides some theoretical contributions in the field of blockchain technology acceptance in financial accounting, especially in the context of manufacturing enterprises in Vietnam. The research results help to expand and adjust existing theories on technology acceptance behavior, such as TPB and UTAUT, by examining the role of influencing factors in a new context. The study has confirmed the importance of attitude in determining the intention to adopt blockchain, in line with Ajzen’s TPB (1991), in which attitude is the central factor affecting behavioral intention [37]. The results show that attitude not only has a direct impact on the intention to adopt blockchain but also plays a partial mediating role in the relationship between UTAUT factors (performance expectancy, effort expectancy, social influence, facilitating conditions, and perceived cost) and the intention to use blockchain. This finding adds empirical evidence to the TPB, confirming that attitude is an important mechanism that helps to transform the impact of external factors into behavioral intentions in the context of financial accounting. In addition, the study also strengthens the applicability of UTAUT in blockchain research, confirming that efficiency expectancy, social influence, facilitating conditions, and cost perception all have significant impacts on blockchain adoption intentions. In particular, efficiency expectancy is the most important factor, emphasizing that accountants are only willing to adopt blockchain when they believe that this technology can enhance work performance, improve transparency, and reduce fraud risks. This finding is consistent with the study of Venkatesh et al. (2003) on UTAUT, in which efficiency expectancy is the strongest factor influencing the intention to use new technology [38]. Another important contribution is the role of perceived cost, which has not been widely studied in traditional technology acceptance models such as TAM or UTAUT. The study found that perceived cost has a negative impact on intention to adopt blockchain, meaning that when accountants perceive the cost of implementing blockchain as too high, they tend to be less willing to adopt the technology. This suggests that current technology acceptance models may need to be adjusted to better reflect the impact of cost on accounting technology adoption decisions in manufacturing firms. In addition, we also found that trust in technology does not have a significant effect on attitude, nor does attitude play a mediating role in the relationship between trust in technology and intention to adopt blockchain. This is in contrast to many previous studies on financial technology (FinTech), in which trust in technology is often considered an important factor determining the intention to use [5,9,42,46,47]. This result may reflect the fact that in the context of corporate accounting in Vietnam, accountants are more concerned with practical factors such as work efficiency, cost, and support from the business rather than the level of trust in technology. This finding opens up new research directions on the differences in the way accountants evaluate technology compared to other fields, and emphasizes the need for further research on user psychology in blockchain acceptance in Vietnam.

9.2. Management Implications

The findings of this study provide several critical implications for managers, policymakers, and technology providers aiming to leverage blockchain as a strategic enabler for sustainable corporate accounting in manufacturing enterprises. By understanding the behavioral factors that influence adoption—particularly performance expectancy, effort expectancy, social influence, and perceived cost—organizations can design more effective implementation strategies that align technological transformation with sustainability goals.

Firstly, it is necessary to raise awareness about the benefits of blockchain in financial accounting to promote blockchain adoption. The results show that performance expectancy is the factor that has the strongest impact on the intention to adopt blockchain, which means that accountants and financial managers are only willing to use this technology when they see clear benefits from it. Therefore, businesses and professional organizations need to strengthen communication and training to help accountants understand that blockchain can automate accounting processes, reduce fraud, and increase transparency and accuracy of financial data. Specifically, specialized seminars, practical training courses, and specific guidance documents on blockchain applications in accounting should be deployed to raise accountants’ awareness of this technology.

Secondly, it is necessary to improve ease of use and provide technical training on blockchain. The findings show that effort expectancy has a significant impact on attitudes and intentions to use blockchain, which means that if accountants perceive blockchain as complex and difficult to use, they will be less likely to implement this technology. Therefore, blockchain software developers in the accounting field need to design user-friendly interfaces that are easy to use and integrate well with existing accounting systems. At the same time, businesses should organize in-depth blockchain training courses for accountants, helping them to become familiar with how blockchain operates and applies to actual accounting processes.

Thirdly, it is critical to continue to create a favorable environment and improve the legal framework to promote the application of blockchain in enterprises. The study also emphasized that favorable conditions play an important role in forming the intention to apply blockchain. This indicates that enterprises need to provide adequate financial resources, technological infrastructure, and supporting policies to facilitate accountants to effectively apply blockchain. In addition, a major barrier to the application of blockchain in financial accounting in Vietnam is the lack of clarity in the legal framework and accounting standards related to this technology. Therefore, financial management agencies such as the Ministry of Finance and the Vietnam Association of Accountants and Auditors (VAA) need to develop specific regulations on the use of blockchain in transaction recording, financial reporting and auditing. Establishing accounting standards that are compatible with blockchain technology will help businesses and accountants have a clearer direction when implementing this technology, while minimizing legal risks when applying blockchain in practice.

Fourth, it is a must to continue to reduce the cost barrier of blockchain implementation to increase adoption. Perception of cost has a negative impact on attitudes and intentions to adopt blockchain in this study, meaning that if accountants and businesses perceive the implementation cost as too high, they will be less motivated to use this technology. Therefore, blockchain solution providers need to develop more flexible deployment models, such as software as a service (SaaS), which allows businesses to access blockchain at a lower cost. At the same time, businesses can seek financial support or cooperate with technology companies to pilot blockchain before applying it widely.

Fifth, there is also a need for specific solutions to encourage the application of blockchain in financial accounting according to the characteristics of enterprises to ensure effective implementation in diverse practices. For SMEs that often face many limitations in finance, technology human resources and infrastructure, managers should prioritize Blockchain-as-a-Service (BaaS) solutions that are low-cost, quick to deploy, and easy to integrate into existing accounting systems. At the same time, authorities can consider providing financial or technical support to SMEs during the technology testing phase. Meanwhile, large enterprises should focus on comprehensive implementation, can integrate blockchain into the financial value chain, and invest in in-depth training and develop internal teams to self-manage the system. In terms of industry, for manufacturing and logistics businesses with long supply chains and distributed data, blockchain should be prioritized for traceability, cost transparency, and internal control goals. In contrast, financial services, auditing, or information technology businesses can apply blockchain to enhance transaction authentication, prevent fraud, and automate audit processes. Businesses in the public service or education sectors should aim to pilot implementation in highly standardized processes (such as asset management, budget control) before expanding. For small businesses, the focus should be on Blockchain-as-a-Service solutions and practical training packages. Conversely, large enterprises should be encouraged to build internally integrated blockchain systems with internal audit processes. The manufacturing industry should focus on traceability and cost control, while the financial services industry should prioritize authenticity, security, and transparent audit trails.

Last but not least, the analysis shows that trust in technology does not have a significant impact on attitudes and intentions to adopt blockchain. This may stem from the fact that accountants are more concerned about practical efficiency, cost, and organizational support than about trust in the security or reliability of blockchain. Therefore, instead of focusing solely on building trust in technology, businesses and management organizations should focus on demonstrating the practical effectiveness of blockchain through practical experiments, case studies, and evidence from pioneering businesses.

10. Limitations of the Study

Although this study has provided empirical results and made meaningful contributions to explaining the intention to apply blockchain in financial accounting in Vietnam, there are still some limitations.

First, the representativeness of the survey sample is not particularly high. Although 308 valid samples were collected from manufacturing enterprises, the combined sampling method of stratification and convenience can still lead to bias in sample distribution. Future studies should apply the probability sampling method, and expand the scope of the survey to other industries (such as services, finance, and information technology) to test the stability of the model in many different contexts.

Second, the study was conducted using a cross-sectional design at one point in time, thus not reflecting the changes in users’ behaviors, perceptions, and attitudes toward blockchain over time. Given the rapid technological change and the potential for adoption to progress in stages (from awareness to actual behavior), prospective studies can be conducted in a longitudinal manner to track changes in blockchain adoption behavior in different stages: before, during, and after implementation. Qualitative designs such as in-depth interviews with chief accountants or technology experts can also be applied to explore intrinsic motivations and barriers that have not been reflected in quantitative surveys. In addition, behavioral observation can be combined with accounting blockchain system access data to compare with self-reported data and check for consistency.

Third, the theoretical model integrating UTAUT and TPB, although meaningful, does not really demonstrate theoretical academic innovation. Future studies could extend the model by incorporating additional background variables such as digital maturity, institutional environment, corporate culture, or innovation readiness to increase comprehensiveness and better reflect the organizational and institutional context in developing countries.

Fourth, the study results show that the variable “trust in technology” does not have a significant effect, which calls for a review of the role and theoretical position of this variable. Future studies could test this variable as a moderator, or include it in the model in the form of interactions with other factors (e.g., trust × perceived risk) to better assess the impact under unclear legal and risk perception conditions.

Finally, the study data is entirely self-reported, which may be subject to social desirability bias. Therefore, future studies should incorporate more qualitative data (in-depth interviews, focus groups) or empirical data (level of blockchain implementation, feedback from accounting systems) to increase the validity and objectivity of the research model.