Table 9

Blockchain technology and earnings management

Variables(1)(2)(3)
absDACabsDACabsDAC
BT_Adoption−0.021***  
(−5.46)  
BT_Disclosure_Proportion −0.010** 
 (−2.42) 
BT_Disclosure_Only  −0.012***
  (−5.45)
Size−0.002**−0.002**−0.001
(−2.09)(−2.14)(−1.06)
ROA−0.012−0.011−0.004
(−0.72)(−0.68)(−0.23)
Cash0.046***0.045***0.033**
(3.48)(3.40)(2.22)
Lev0.027***0.028***0.032***
(5.23)(5.35)(5.53)
MTB−0.021***−0.021***−0.020***
(−6.90)(−6.84)(−5.54)
Netloss0.021***0.021***0.021***
(7.63)(7.54)(6.88)
Top10.020***0.021***0.028***
(3.67)(3.87)(4.24)
SOE−0.014***−0.014***−0.014***
(−8.21)(−8.21)(−6.95)
Subsidiary−0.002***−0.002***−0.003***
(−6.37)(−6.48)(−6.08)
AuditorChange0.004***0.004***0.003**
(2.91)(2.95)(2.42)
Audtenure−0.001***−0.001***−0.001***
(−6.43)(−6.39)(−5.62)
Restate0.006***0.005***0.006***
(3.65)(3.58)(3.22)
Big4−0.003−0.004−0.004
(−1.03)(−1.11)(−0.98)
Constant0.158***0.159***0.134***
(7.51)(7.56)(5.35)
Year fixed effectYESYESYES
Industry fixed effectYESYESYES
N25,33925,33919,739
Adj_R20.0500.0490.051

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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