Table 4 Subgroup analysis results
From: Effect of blockchain technology initiatives on firms’ market value
All (n = 114) | Day 0 | |||
|---|---|---|---|---|
Mean | t-test | Median | Wilcoxon test | |
p-value | p-value | |||
ARs (%) by year | ||||
2016 (n = 11) | − 0.15 | 0.70 | − 0.25 | 0.42 |
2017 (n = 29) | 15.43 | 0.14 | 0.33a | 0.06 |
2018 (n = 38) | 5.60* | 0.05 | 0.36* | 0.02 |
2019 (n = 36) | 5.36 | 0.26 | − 0.24 | 0.99 |
ARs (%) by maturity stage | ||||
Under planning (n = 48) | 13.00a | 0.06 | 0.26a | 0.05 |
Implementation (n = 66) | 3.45 | 0.10 | − 0.04 | 0.20 |
ARs (%) by industry type | ||||
Manufacturing (n = 19) | 9.6a | 0.09 | 0.39 | 0.31 |
Logistics and supply (n = 4) | 29.51 | 0.40 | − 0.78 | 0.72 |
Wholesaling and retailing (n = 7) | 6.38 | 0.20 | 0.11 | 0.40 |
Depository institutions (n = 16) | 10.29 | 0.34 | 0.29 | 0.57 |
Non-depository financial | 0.64 | 0.45 | − 0.11 | 0.94 |
institutions (n = 12) | ||||
Insurance and real estate (n = 5) | − 0.25 | 0.83 | − 1.17 | 0.50 |
Public administration (n = 2) | − 0.31 | 0.71 | − 0.31 | 0.66 |
Services (n = 49) | 6.85 | 0.22 | 0.26** | 0.00 |
ARs (%) by firm size | ||||
Small (n = 57) | 15.06* | 0.02 | 1.13*** | 0.00 |
Large (n = 57) | − 0.12 | 0.34 | − 0.25a | 0.06 |
ARs (%) by purpose | ||||
Time/cost saving (n = 64) | 8.54a | 0.09 | 0.00 | 0.37 |
Others (n = 50) | 6.10* | 0.04 | 0.36* | 0.03 |