Analysis of the Negative Relationship between Blockchain Application and Corporate Performance

Table 12

The effect of adverse selection in different external macroenvironment.

	(1)	(2)	(3)	(4)
	Market high	Market low	Law high	Law low
ROA	−0.848	−3.039	−1.969	−2.389
	(0.384)	(0.000)	(0.237)	(0.000)
Size	0.161	0.208	0.109	0.254
	(0.063)	(0.006)	(0.151)	(0.001)
State	−0.085	−0.635	−0.329	−0.537
	(0.724)	(0.001)	(0.077)	(0.005)
Lev	−0.250	−1.196	−0.703	−0.851
	(0.691)	(0.006)	(0.176)	(0.038)
Largest	−2.275	−1.848	−2.145	−1.946
	(0.001)	(0.004)	(0.000)	(0.001)
Firmage	−0.492	−0.467	−0.457	−0.403
	(0.142)	(0.099)	(0.115)	(0.144)
Growth	−0.043	−0.098	−0.180	−0.047
	(0.751)	(0.480)	(0.272)	(0.677)
MS	9.360	0.408	7.191	4.470
	(0.040)	(0.926)	(0.226)	(0.238)
Constant	−3.310	−3.894	−1.909	−5.374
	(0.117)	(0.032)	(0.279)	(0.005)
Year	Control	Control	Control	Control
Number	4581	6276	5321	5536
R^2	0.072	0.087	0.082	0.074
Chi^2Value	129.229	188.345	138.134	144.010