OLS analysis results
| Dependent variable = ROA (t-2 to t+1) | OLS regression (n = 128) | ||
|---|---|---|---|
| Estimated coefficients (Robust standard errors) | Statistical significance | VIF | |
| Independent variables | |||
| Regulation | 0.024 (0.040) | 0.5516 | 1.5274 |
| Industry competition | −0.437 (0.854) | 0.6096 | 2.0182 |
| Supply chain position | 0.047 (0.014) | 0.0012*** | 1.4788 |
| Control variables | |||
| Firm size | 0.022 (0.023) | 0.3265 | 2.1962 |
| Year | 0.014 (0.014) | 0.3394 | 1.2435 |
| Pre-adoption ROA | −0.668 (0.318) | 0.0379** | 2.0022 |
| Capital intensity | −0.002 (0.003) | 0.5475 | 1.4339 |
| Industry efficiency | 0.182 (0.353) | 0.6068 | 2.2698 |
| Industry size | −0.023 (0.035) | 0.5125 | 2.8672 |
| Physical object | −0.043 (0.038) | 0.2608 | 1.3697 |
| Smart contract | 0.064 (0.035) | 0.0747* | 1.3680 |
| Industry dummies | Included | ||
| Adjusted R2 | 19.69% | ||
| Dependent variable = | OLS regression ( | ||
|---|---|---|---|
| Estimated coefficients (Robust standard errors) | Statistical significance | VIF | |
| Regulation | 0.024 (0.040) | 0.5516 | 1.5274 |
| Industry competition | −0.437 (0.854) | 0.6096 | 2.0182 |
| Supply chain position | 0.047 (0.014) | 0.0012*** | 1.4788 |
| Firm size | 0.022 (0.023) | 0.3265 | 2.1962 |
| Year | 0.014 (0.014) | 0.3394 | 1.2435 |
| Pre-adoption ROA | −0.668 (0.318) | 0.0379** | 2.0022 |
| Capital intensity | −0.002 (0.003) | 0.5475 | 1.4339 |
| Industry efficiency | 0.182 (0.353) | 0.6068 | 2.2698 |
| Industry size | −0.023 (0.035) | 0.5125 | 2.8672 |
| Physical object | −0.043 (0.038) | 0.2608 | 1.3697 |
| Smart contract | 0.064 (0.035) | 0.0747* | 1.3680 |
| Industry dummies | Included | ||
| Adjusted R2 | 19.69% | ||
| OLS regression (n = 118) | |||
|---|---|---|---|
| Dependent variable = ROA (t-2 to t+2) | Estimated coefficients (Robust standard errors) | Statistical significance | VIF |
| Independent variables | |||
| Regulation | 0.053 (0.026) | 0.0393** | 1.5930 |
| Industry competition | −0.687 (0.434) | 0.1163 | 1.9832 |
| Supply chain position | 0.047 (0.014) | 0.0008*** | 1.5755 |
| Control variables | |||
| Firm size | 0.005 (0.011) | 0.6217 | 2.3321 |
| Year | −0.006 (0.013) | 0.6203 | 1.1827 |
| Pre-adoption ROA | −0.203 (0.101) | 0.0462** | 2.0355 |
| Capital intensity | 0.000 (0.002) | 0.9492 | 1.6795 |
| Industry efficiency | −0.323 (0.281) | 0.2534 | 2.9306 |
| Industry size | 0.006 (0.014) | 0.6977 | 2.8469 |
| Physical object | 0.005 (0.029) | 0.8725 | 1.4404 |
| Smart contract | 0.046 (0.023) | 0.0459** | 1.3268 |
| Industry dummies | Included | ||
| Adjusted R2 | 15.93% | ||
| OLS regression ( | |||
|---|---|---|---|
| Dependent variable = | Estimated coefficients (Robust standard errors) | Statistical significance | VIF |
| Regulation | 0.053 (0.026) | 0.0393** | 1.5930 |
| Industry competition | −0.687 (0.434) | 0.1163 | 1.9832 |
| Supply chain position | 0.047 (0.014) | 0.0008*** | 1.5755 |
| Firm size | 0.005 (0.011) | 0.6217 | 2.3321 |
| Year | −0.006 (0.013) | 0.6203 | 1.1827 |
| Pre-adoption ROA | −0.203 (0.101) | 0.0462** | 2.0355 |
| Capital intensity | 0.000 (0.002) | 0.9492 | 1.6795 |
| Industry efficiency | −0.323 (0.281) | 0.2534 | 2.9306 |
| Industry size | 0.006 (0.014) | 0.6977 | 2.8469 |
| Physical object | 0.005 (0.029) | 0.8725 | 1.4404 |
| Smart contract | 0.046 (0.023) | 0.0459** | 1.3268 |
| Industry dummies | Included | ||
| Adjusted R2 | 15.93% | ||
Note(s): *p < 0.1, **p < 0.05, ***p < 0.01
Source(s): Author’s own creation
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