Analysis of the Negative Relationship between Blockchain Application and Corporate Performance

Table 11

The effect of adverse selection in a different corporate governance environment.

	(1)	(2)	(3)	(4)	(5)	(6)
	Largest high	Largest low	EQ high	EQ low	State = 1	State = 0
ROA	−1.269	−2.519	−1.969	−2.389	0.971	−2.297
	(0.257)	(0.001)	(0.237)	(0.000)	(0.646)	(0.000)
Size	0.020	0.324	0.109	0.254	0.129	0.174
	(0.822)	(0.000)	(0.151)	(0.001)	(0.232)	(0.011)
State	−0.072	−0.776	−0.329	−0.537
	(0.727)	(0.000)	(0.077)	(0.005)
Lev	0.661	−1.756	−0.703	−0.851	−0.296	−0.784
	(0.240)	(0.000)	(0.176)	(0.038)	(0.677)	(0.054)
Largest	−3.222	−4.836	−2.145	−1.946	−0.480	−2.701
	(0.001)	(0.000)	(0.000)	(0.001)	(0.565)	(0.000)
Firmage	−0.457	−0.397	−0.457	−0.403	−0.504	−0.411
	(0.113)	(0.222)	(0.115)	(0.144)	(0.321)	(0.093)
Growth	−0.017	−0.148	−0.180	−0.047	−0.316	−0.056
	(0.893)	(0.321)	(0.272)	(0.677)	(0.117)	(0.613)
MS	6.505	2.320	7.191	4.470	2.595	6.618
	(0.126)	(0.626)	(0.226)	(0.238)	(0.663)	(0.092)
Constant	0.013	−6.086	−1.909	−5.374	−3.215	−3.498
	(0.995)	(0.000)	(0.279)	(0.005)	(0.329)	(0.023)
Year	Control	Control	Control	Control	Control	Control
Number	5409	5448	5321	5536	3638	7219
R^2	0.087	0.091	0.082	0.074	0.104	0.068
Chi^2Value	158.061	157.644	138.134	144.010	91.233	195.415