Analysis of the Negative Relationship between Blockchain Application and Corporate Performance

Table 1

Variable definition table.

Explained variable	Corporate performance	ROA	Net profit/total assets
Explanatory variables	Blockchain dummy variable	Treat	If the company uses the blockchain technology during the sample period, we take 1, otherwise 0
	Time dummy variable	Time	The year after the company adopts the blockchain technology is 1, otherwise 0
Control variables	The company size	Size	The natural logarithm of the total assets at the end of the year
	State-owned property right	State	State-owned enterprises take 1, and non-state-owned enterprises take 0
	Capital structure	Lev	Total liabilities/total assets
	The proportion of the largest shareholder	Largest	Number of shares held by the most significant shareholder/total number of shares
	Firm age	Firmage	The natural logarithm of the company’s age after established
	Income growth rate	Growth	The growth rate of revenue
	Market share	MS	The proportion of corporate income in the industry
	Year dummy variable	Year	Annual dummy variable