Table 6 Mechanism: the effect of the power consolidation.
From: Opportunity or opportunism? Blockchain technology adoption and corporate default risk
EDP | EDP | |
|---|---|---|
(1) | (2) | |
Dual *Blockchain | 0.009* | |
(1.812) | ||
Dual | 0.005 | |
(1.208) | ||
Internal_Control *Blockchain | 0.039*** | |
(3.188) | ||
Internal_Control | −0.033*** | |
(−3.700) | ||
Blockchain | 0.001 | 0.004** |
(0.266) | (2.438) | |
Size | 0.021*** | 0.012*** |
(12.173) | (10.756) | |
Lev | 0.074*** | 0.079*** |
(9.384) | (13.107) | |
Roa | −0.125*** | −0.163*** |
(−4.614) | (−11.921) | |
Cash | 0.000 | 0.024*** |
(0.038) | (3.614) | |
Fixed | 0.003 | 0.000 |
(0.370) | (0.014) | |
Growth | −0.539*** | −0.433** |
(−3.728) | (−2.283) | |
Soe | 0.012** | 0.004* |
(2.463) | (1.793) | |
Dual | 0.052*** | 0.003 |
(2.953) | (0.253) | |
Hold1 | −0.014 | −0.018*** |
(−1.253) | (−2.882) | |
Firmage | −0.032*** | −0.004*** |
(−8.709) | (−3.189) | |
_cons | −0.436*** | −0.282*** |
(−11.978) | (−12.602) | |
Year FE | YES | YES |
Industry FE | YES | YES |
N | 22,567 | 22,567 |
Adj R2 | −0.079 | 0.113 |
