Table 6

Results using alternative measures of blockchain technology

Variables(1)(2)
BT_Disclosure_ProportionBT_Disclosure_Only
AI0.066***0.095**
(3.49)(2.14)
Compete0.089***0.080***
(4.54)(3.26)
Create0.078**0.125**
(2.17)(2.41)
HHI−0.045***−0.081***
(−3.67)(−4.30)
Subsidy0.001***0.001**
(4.41)(2.25)
DFI0.049*0.063**
(1.95)(2.50)
Size0.013***0.011***
(6.46)(3.67)
ROA−0.048**−0.069
(−2.04)(−1.62)
Cash−0.144***−0.102***
(−8.12)(−3.72)
Growth−0.005**−0.014***
(−2.35)(−4.15)
Lev0.008−0.025
(0.74)(−1.46)
MTB0.002*−0.001
(1.82)(−0.30)
Netloss−0.015***−0.006
(−3.01)(−0.75)
Top10.004−0.029*
(0.32)(−1.81)
Agescale−0.002−0.001
(−1.63)(−0.27)
SOE−0.011***−0.001
(−2.83)(−0.24)
HTT0.014***0.011*
(2.86)(1.66)
Big4−0.018***−0.017*
(−2.97)(−1.88)
Constant−0.325***−0.305***
(−6.38)(−4.40)
Year fixed effectYESYES
Industry fixed effectYESYES
N27,40020,668
Adj_R20.1180.133

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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