Determinants of blockchain technology adoption
| Variables | (1) | (2) |
|---|---|---|
| BT_Adoption | Variables importance | |
| AI | 0.072** | 0.11% |
| (2.23) | ||
| Compete | 0.042** | 6.43% |
| (2.13) | ||
| Create | 0.068* | 3.35% |
| (1.74) | ||
| HHI | −0.058*** | 1.34% |
| (−3.82) | ||
| Subsidy | 0.001*** | 2.34% |
| (3.27) | ||
| DFI | 0.040** | 2.18% |
| (2.09) | ||
| Size | 0.010*** | 38.41% |
| (4.79) | ||
| ROA | −0.063** | 0.33% |
| (−2.06) | ||
| Cash | −0.035* | 0.27% |
| (−1.89) | ||
| Growth | −0.008*** | 0.23% |
| (−3.51) | ||
| Lev | −0.013 | 0.00% |
| (−1.06) | ||
| MTB | 0.000 | 0.00% |
| (0.29) | ||
| Netloss | 0.007 | 0.00% |
| (1.21) | ||
| Top1 | −0.070*** | 4.15% |
| (−5.69) | ||
| Agescale | 0.001 | 0.00% |
| (0.32) | ||
| SOE | −0.011** | 0.58% |
| (−2.45) | ||
| HTT | 0.002 | 0.00% |
| (0.46) | ||
| Big4 | 0.006 | 0.00% |
| (0.68) | ||
| Constant | −0.243*** | 40.28% |
| (−4.69) | ||
| Year fixed effect | YES | |
| Industry fixed effect | YES | |
| N | 27,400 | |
| Adj_R2 | 0.118 |
| Variables | (1) | (2) |
|---|---|---|
| Variables importance | ||
| 0.072** | 0.11% | |
| (2.23) | ||
| 0.042** | 6.43% | |
| (2.13) | ||
| 0.068* | 3.35% | |
| (1.74) | ||
| −0.058*** | 1.34% | |
| (−3.82) | ||
| 0.001*** | 2.34% | |
| (3.27) | ||
| 0.040** | 2.18% | |
| (2.09) | ||
| 0.010*** | 38.41% | |
| (4.79) | ||
| −0.063** | 0.33% | |
| (−2.06) | ||
| −0.035* | 0.27% | |
| (−1.89) | ||
| −0.008*** | 0.23% | |
| (−3.51) | ||
| −0.013 | 0.00% | |
| (−1.06) | ||
| 0.000 | 0.00% | |
| (0.29) | ||
| 0.007 | 0.00% | |
| (1.21) | ||
| −0.070*** | 4.15% | |
| (−5.69) | ||
| 0.001 | 0.00% | |
| (0.32) | ||
| −0.011** | 0.58% | |
| (−2.45) | ||
| 0.002 | 0.00% | |
| (0.46) | ||
| 0.006 | 0.00% | |
| (0.68) | ||
| −0.243*** | 40.28% | |
| (−4.69) | ||
| YES | ||
| YES | ||
| 27,400 | ||
| 0.118 |
Note(s): *** indicates significance at the 1% level (p < 0.01); ** indicates significance at the 5% level (p < 0.05); * indicates significance at the 10% level (p < 0.1). Standard errors are adjusted for firm-level clustering. Variable definitions are presented in Appendix III
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