Analysis of the Negative Relationship between Blockchain Application and Corporate Performance

Table 7

Adverse selection test.

	(1)	(2)	(3)	(4)
	Logit		Probit
ROA	−2.179		−1.093
	(0.000)		(0.001)
L.ROA		−1.570		−0.685
		(0.052)		(0.092)
Size	0.187	0.171	0.091	0.082
	(0.001)	(0.003)	(0.001)	(0.003)
State	−0.437	−0.453	−0.214	−0.220
	(0.003)	(0.002)	(0.002)	(0.002)
Lev	−0.815	−0.615	−0.386	−0.277
	(0.023)	(0.087)	(0.027)	(0.105)
Largest	−2.032	−2.127	−0.994	−1.042
	(0.000)	(0.000)	(0.000)	(0.000)
Firmage	−0.425	−0.437	−0.223	−0.226
	(0.052)	(0.045)	(0.037)	(0.034)
Growth	−0.078	−0.153	−0.036	−0.071
	(0.429)	(0.146)	(0.451)	(0.163)
MS	5.209	5.236	2.725	2.725
	(0.126)	(0.122)	(0.120)	(0.118)
Constant	−3.773	−3.453	−1.978	−1.817
	(0.006)	(0.012)	(0.003)	(0.007)
Year	Control	Control	Control	Control
Number	10857	10857	10857	10857
R^2	0.076	0.074	0.077	0.074
Chi^2value	298.423	283.482	322.278	310.039