Table 5 Results of fixed-effects regression models
From: Effect of blockchain technology initiatives on firms’ market value
Model 1 | Model 2 | |
|---|---|---|
(SD) | (SD) | |
Const | − 0.05 | 0.07a |
Explanatory variables | (0.03) | (0.04) |
Time/cost saving | 0.07*** (0.01) | |
Firm size | − 0.02** (0.00) | |
Control variables | ||
First announcement | 0.05 (0.03) | 0.04 (0.03) |
Planning stage | 0.05 (0.03) | 0.04 (0.03) |
User | 0.03 (0.03) | 0.03 (0.03) |
D/E Ratio | − 0.01a (0.00) | − 0.00 (0.00) |
ROA | − 0.16 (0.12) | − 0.11 (0.11) |
Year fixed effects (2016) | ||
2017 | 0.12* (0.04) | 0.12** (0.04) |
2018 | 0.01 (0.03) | − 0.02 (0.03) |
2019 | 0.04* (0.01) | 0.01 (0.02) |
Industry fixed effects (Service) | ||
Manufacturing | − 0.02 (0.04) | 0.00 (0.03) |
Logistics | 0.02 (0.09) | 0.07 (0.08) |
Wholesaling | − 0.03 (0.03) | 0.02 (0.03) |
Depository | 0.02 (0.02) | 0.08** (0.02) |
Non-depository fin | − 0.10* (0.04) | − 0.09* (0.04) |
Insurance | − 0.08* (0.02) | − 0.02 (0.03) |
Public | − 0.02 (0.04) | 0.07a (0.03) |
N | 114 | 114 |
R2 | 0.27 | 0.33 |
Adjusted R2 | 0.16 | 0.21 |