Analysis of the Negative Relationship between Blockchain Application and Corporate Performance

Table 9

The effect of blockchain implementation on corporate’s stock.

	(1)	(2)	(3)	(4)	(5)	(6)
	CAR		Stock_Turnover		M/B ratio
	Full sample	PSM	Full sample	PSM	Full sample	PSM
Treat × Time	0.009	0.009	27.332	27.622	−0.368	−0.458
	(0.047)	(0.038)	(0.020)	(0.020)	(0.029)	(0.008)
Size	−0.003	−0.003	−52.153	−54.650	−1.993	−2.010
	(0.075)	(0.176)	(0.000)	(0.000)	(0.000)	(0.000)
State	0.006	0.008	41.171	16.988	−0.583	−0.277
	(0.233)	(0.180)	(0.008)	(0.340)	(0.094)	(0.471)
Lev	−0.001	0.002	108.560	116.840	5.158	5.683
	(0.859)	(0.747)	(0.000)	(0.000)	(0.000)	(0.000)
Largest	0.010	0.011	−198.987	−205.433	0.004	0.022
	(0.371)	(0.365)	(0.000)	(0.000)	(0.994)	(0.977)
Firmage	0.005	0.012	66.712	54.331	−1.163	−0.137
	(0.758)	(0.531)	(0.157)	(0.315)	(0.129)	(0.866)
Growth	0.001	0.001	5.018	6.933	0.247	0.275
	(0.625)	(0.399)	(0.109)	(0.066)	(0.000)	(0.000)
MS	0.127	0.099	328.705	256.640	17.471	18.135
	(0.255)	(0.425)	(0.266)	(0.424)	(0.024)	(0.028)
Constant	0.054	0.023	1322.697	1431.795	49.044	46.114
	(0.369)	(0.745)	(0.000)	(0.000)	(0.000)	(0.000)
Year	Control	Control	Control	Control	Control	Control
Fixed effect	Control	Control	Control	Control	Control	Control
Number	15053	10714	20653	14737	20658	14741
R^2	0.003	0.004	0.380	0.388	0.228	0.232
F value	2.353	2.099	420.770	319.937	137.441	96.850