Analysis of the Negative Relationship between Blockchain Application and Corporate Performance

Table 6

The effect of blockchain on corporate performance.

	(1)	(2)	(3)	(4)	(5)	(6)
	All the samples			PSM
Treat × Time	−0.017	−0.015		−0.017	−0.014
	(0.000)	(0.001)		(0.001)	(0.002)
Treat × Year 2011			−0.003			−0.003
			(0.328)			(0.465)
Treat × Year 2012			−0.003			−0.002
			(0.368)			(0.648)
Treat × Year 2013			0.001			0.002
			(0.879)			(0.642)
Treat × Year 2014			−0.002			0.000
			(0.669)			(0.977)
Treat × Year 2015			−0.001			0.001
			(0.896)			(0.827)
Treat × Year 2016			−0.012			−0.011
			(0.009)			(0.015)
Treat × Year 2017			−0.009			−0.009
			(0.046)			(0.051)
Treat × Year 2018			−0.017			−0.014
			(0.006)			(0.032)
Treat × Year 2019			−0.006			−0.005
			(0.195)			(0.368)
Size		0.018	0.015		0.018	0.015
		(0.000)	(0.000)		(0.000)	(0.000)
State		−0.006	−0.008		−0.005	−0.008
		(0.269)	(0.103)		(0.450)	(0.194)
Lev		−0.202	−0.180		−0.202	−0.178
		(0.000)	(0.000)		(0.000)	(0.000)
Largest		0.041	0.040		0.051	0.045
		(0.000)	(0.000)		(0.000)	(0.000)
Firmage		0.004	0.003		0.014	0.015
		(0.793)	(0.803)		(0.399)	(0.261)
Growth		0.019	0.019		0.019	0.019
		(0.000)	(0.000)		(0.000)	(0.000)
MS		0.294	0.286		0.293	0.269
		(0.002)	(0.001)		(0.004)	(0.003)
Constant	0.036	−0.309	−0.217	0.037	−0.344	−0.245
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Year	Control	Control	Control	Control	Control	Control
Fixed effects	Control	Control	Control	Control	Control	Control
Number	20695	20695	24489	14768	14768	17579
R^2	0.025	0.213	0.213	0.028	0.217	0.212
F value	29.369	82.384	64.662	22.968	63.752	49.131