Effect of blockchain technology initiatives on firms’ market value

Financial Innovation

Table 11 Sample firm’s mean and median adjusted Return on Assets (ROA) based on portfolio of control firms

Event Year	Obs	Mean (%)	Median (%)	Standard Dev	t-test	Wilcoxon test
Panel A changes in performance on an annual basis
Year − 1	97	− 1.04	− 0.26	6.62	− 1.55	1637**
Year 0	98	− 1.2	0.01	9.26	− 1.35	2468
Year + 1	89	− 0.49	− 0.07	18.50	− 0.25	1831
Year + 2	53	0.28	0.30	5.04	0.41	974*
Panel B changes in performance over varying time period
[Years − 1 and 0]	97	− 2.34	− 0.28	15.10	− 1.52	1826
[Years 0 and 1]	89	− 1.88	0.09	0.17	− 1.05	1910
[Years 1 and 2]	53	0.06	0.11	5.71	0.07	957*
[Years 0–2]	53	− 0.37	0.27	6.34	− 0.43	873