Table 12 DID analysis.

From: Opportunity or opportunism? Blockchain technology adoption and corporate default risk

 

EDP

 

(1) DID

(2) Event study

DID

0.003**

 
 

(2.118)

 

pre3

 

0.003

  

(0.478)

pre2

 

0.007

  

(1.206)

current

 

0.005*

  

(1.698)

post1

 

0.007**

  

(2.206)

post2

 

0.005

  

(1.489)

post3

 

0.008**

  

(2.345)

Size

0.012***

0.012***

 

(12.709)

(17.096)

Lev

0.078***

0.078***

 

(15.416)

(16.263)

Roa

−0.156***

−0.156***

 

(−12.580)

(−7.891)

Cash

0.019***

0.018***

 

(3.221)

(2.685)

Fixed

−0.005

−0.005

 

(−0.885)

(−0.975)

Growth

−0.397***

−0.404***

 

(−3.221)

(−3.046)

Soe

0.004**

0.004**

 

(2.330)

(2.368)

Dual

0.006

0.007

 

(0.672)

(0.751)

Hold1

−0.014***

−0.015***

 

(−2.774)

(−2.961)

Firmage

−0.003***

−0.003**

 

(−3.301)

(−2.222)

_cons

−0.281***

−0.271***

 

(−14.748)

(−19.033)

Year FE

YES

YES

Industry FE

YES

YES

N

22,567

22,567

Adj R2

0.108

0.108

  1. Note: DID is one or more years after the first year of using blockchain technology.
  2. The t -values are reported in the parentheses. *, **, and *** indicate the significance at the 10%, 5%, and 1% levels, respectively.