Table 16 Results of fixed effects regression models
From: Effect of blockchain technology initiatives on firms’ market value
Model 1 (SD) | Model 2 (SD) | |
|---|---|---|
Const | − 0.06 (0.03) | 0.06 (0.04) |
Explanatory variables | ||
Time/cost saving | 0.07*** (0.00) | |
Firm size | − 0.02** (0.01) | |
Control variables | ||
First announcement | 0.05 (0.03) | 0.03 (0.03) |
Planning STAGE | 0.06 a (0.03) | 0.05 a (0.03) |
User | 0.05* (0.02) | 0.05 (0.02) |
D/E ratio | − 0.01 (0.00) | − 0.00 (0.00) |
ROA | − 0.13 (0.12) | − 0.08 (0.11) |
Year fixed effects (2016) | ||
2017 | 0.14* (0.04) | 0.15*** (0.03) |
2018 | 0.01 (0.03) | − 0.03 (0.03) |
2019 | 0.04a (0.02) | 0.01 (0.02) |
Industry fixed effects (Service) | ||
Manufacturing | − 0.02 (0.04) | 0.01 (0.03) |
Logistics | 0.01 (0.08) | 0.07 (0.07) |
Wholesaling | − 0.04 (0.03) | 0.03 (0.03) |
Depository | 0.01 (0.01) | 0.07** (0.01) |
Non-depository fin | − 0.13** (0.02) | − 0.12* (0.02) |
Insurance | − 0.09** (0.02)– 0.00 (0.03) | − 0.02 a (0.01) |
Public | 0.09 ** (0.03) | |
N | 114 | 114 |
R2 | 0.26 | 0.32 |
Adjusted R2 | 0.14 | 0.20 |