Table 4 Determinants of blockchain...

Table 4

Determinants of blockchain technology adoption

Variables	(1)	(2)	(3)	(4)	(5)	(6)
Variables	BT_Adoption	BT_Adoption	BT_Adoption	BT_Adoption	BT_Adoption	BT_Adoption
AI	0.074**
AI	(2.26)
Compete		0.051***
Compete		(2.62)
Create			0.095**
Create			(2.41)
HHI				−0.058***
HHI				(−3.77)
Subsidy					0.001***
Subsidy					(3.30)
DFI						0.039**
DFI						(2.02)
Size	0.010***	0.012***	0.011***	0.011***	0.010***	0.011***
Size	(4.63)	(5.30)	(4.98)	(4.84)	(4.35)	(4.77)
ROA	−0.052*	−0.058*	−0.054*	−0.055*	−0.052*	−0.053*
ROA	(−1.72)	(−1.90)	(−1.77)	(−1.82)	(−1.72)	(−1.73)
Cash	−0.039**	−0.037**	−0.037**	−0.038**	−0.041**	−0.040**
Cash	(−2.07)	(−1.98)	(−1.98)	(−2.02)	(−2.15)	(−2.11)
Growth	−0.007***	−0.008***	−0.007***	−0.007***	−0.007***	−0.007***
Growth	(−3.26)	(−3.71)	(−3.34)	(−3.31)	(−3.28)	(−3.35)
Lev	−0.018	−0.014	−0.015	−0.018	−0.018	−0.018
Lev	(−1.48)	(−1.14)	(−1.25)	(−1.49)	(−1.47)	(−1.49)
MTB	0.000	0.000	0.000	0.000	0.001	0.000
MTB	(0.13)	(0.20)	(0.24)	(0.36)	(0.38)	(0.23)
Netloss	0.006	0.006	0.006	0.006	0.006	0.006
Netloss	(1.18)	(1.15)	(1.13)	(1.10)	(1.15)	(1.09)
Top1	−0.070***	−0.070***	−0.071***	−0.070***	−0.071***	−0.070***
Top1	(−5.70)	(−5.70)	(−5.78)	(−5.70)	(−5.74)	(−5.65)
Agescale	0.000	0.000	0.000	0.000	0.000	−0.000
Agescale	(0.17)	(0.21)	(0.20)	(0.24)	(0.27)	(−0.00)
SOE	−0.013***	−0.011**	−0.011**	−0.013***	−0.012***	−0.013***
SOE	(−2.85)	(−2.49)	(−2.57)	(−2.90)	(−2.79)	(−2.88)
HTT	0.007	0.008	0.007	0.005	0.008	0.008
HTT	(1.46)	(1.52)	(1.41)	(0.85)	(1.53)	(1.57)
Big4	0.004	0.007	0.005	0.006	0.005	0.005
Big4	(0.42)	(0.71)	(0.57)	(0.62)	(0.54)	(0.50)
Constant	−0.156***	−0.241***	−0.207***	−0.162***	−0.163***	−0.179***
Constant	(−3.41)	(−4.71)	(−4.26)	(−3.46)	(−3.49)	(−3.77)
Year fixed effect	YES	YES	YES	YES	YES	YES
Industry fixed effect	YES	YES	YES	YES	YES	YES
N	27,400	27,400	27,400	27,400	27,400	27,400
Adj_R²	0.115	0.114	0.114	0.115	0.114	0.114

Variables	(1)	(2)	(3)	(4)	(5)	(6)
Variables	BT_Adoption	BT_Adoption	BT_Adoption	BT_Adoption	BT_Adoption	BT_Adoption
AI	0.074**
AI	(2.26)
Compete		0.051***
Compete		(2.62)
Create			0.095**
Create			(2.41)
HHI				−0.058***
HHI				(−3.77)
Subsidy					0.001***
Subsidy					(3.30)
DFI						0.039**
DFI						(2.02)
Size	0.010***	0.012***	0.011***	0.011***	0.010***	0.011***
Size	(4.63)	(5.30)	(4.98)	(4.84)	(4.35)	(4.77)
ROA	−0.052*	−0.058*	−0.054*	−0.055*	−0.052*	−0.053*
ROA	(−1.72)	(−1.90)	(−1.77)	(−1.82)	(−1.72)	(−1.73)
Cash	−0.039**	−0.037**	−0.037**	−0.038**	−0.041**	−0.040**
Cash	(−2.07)	(−1.98)	(−1.98)	(−2.02)	(−2.15)	(−2.11)
Growth	−0.007***	−0.008***	−0.007***	−0.007***	−0.007***	−0.007***
Growth	(−3.26)	(−3.71)	(−3.34)	(−3.31)	(−3.28)	(−3.35)
Lev	−0.018	−0.014	−0.015	−0.018	−0.018	−0.018
Lev	(−1.48)	(−1.14)	(−1.25)	(−1.49)	(−1.47)	(−1.49)
MTB	0.000	0.000	0.000	0.000	0.001	0.000
MTB	(0.13)	(0.20)	(0.24)	(0.36)	(0.38)	(0.23)
Netloss	0.006	0.006	0.006	0.006	0.006	0.006
Netloss	(1.18)	(1.15)	(1.13)	(1.10)	(1.15)	(1.09)
Top1	−0.070***	−0.070***	−0.071***	−0.070***	−0.071***	−0.070***
Top1	(−5.70)	(−5.70)	(−5.78)	(−5.70)	(−5.74)	(−5.65)
Agescale	0.000	0.000	0.000	0.000	0.000	−0.000
Agescale	(0.17)	(0.21)	(0.20)	(0.24)	(0.27)	(−0.00)
SOE	−0.013***	−0.011**	−0.011**	−0.013***	−0.012***	−0.013***
SOE	(−2.85)	(−2.49)	(−2.57)	(−2.90)	(−2.79)	(−2.88)
HTT	0.007	0.008	0.007	0.005	0.008	0.008
HTT	(1.46)	(1.52)	(1.41)	(0.85)	(1.53)	(1.57)
Big4	0.004	0.007	0.005	0.006	0.005	0.005
Big4	(0.42)	(0.71)	(0.57)	(0.62)	(0.54)	(0.50)
Constant	−0.156***	−0.241***	−0.207***	−0.162***	−0.163***	−0.179***
Constant	(−3.41)	(−4.71)	(−4.26)	(−3.46)	(−3.49)	(−3.77)
Year fixed effect	YES	YES	YES	YES	YES	YES
Industry fixed effect	YES	YES	YES	YES	YES	YES
N	27,400	27,400	27,400	27,400	27,400	27,400
Adj_R²	0.115	0.114	0.114	0.115	0.114	0.114

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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