Effect of blockchain technology initiatives on firms’ market value

Financial Innovation

Table 10 Control adjusted percentage changes in Sales

Event Year	Obs	Mean	Median	Standard Dev	t-test	Wilcoxon test
Panel A changes in performance on an annual basis
Year − 1	77	− 0.44	− 0.04	1.62	− 2.38*	861***
Year 0	79	− 0.43	− 0.10	1.66	− 2.29*	687***
Year + 1	71	− 0.47	− 0.03	2.32	− 1.73^a	870*
Year + 2	41	− 0.39	− 0.04	2.09	− 1.19	268*
Panel B changes in performance over varying time period
[Years − 1 and 0]	77	− 0.87	− 0.16	2.30	− 3.33***	605***
[Years 0 and 1]	71	− 0.89	− 0.16	2.83	− 2.64**	522***
[Years 1 and 2]	41	− 0.75	− 0.09	2.39	− 2.01^a	200**
[Years 0–2]	41	− 1.03	− 0.22	3.81	− 1.72^a	153***