Effect of blockchain technology initiatives on firms’ market value

Financial Innovation

Table 9 Control adjusted percentage changes in operating income

Event Year	Obs	Mean	Median	Standard Dev	t-test	Wilcoxon test
Panel A: changes in performance on an annual basis
Year − 1	97	− 0.27	− 0.18	2.37	− 1.12	1057***
Year 0	98	− 0.30	− 0.06	3.58	− 0.84	1832*
Year + 1	89	8.86	0.00	90.40	0.93	1873
Year + 2	53	− 10.19	0.05	65.74	− 1.13	687
Panel B: changes in performance over varying time period
[Years − 1 and 0]	97	− 0.59	− 0.15	4.32	− 1.35	1414***
[Years 0 and 1]	89	8.53	− 0.04	90.37	0.89	1697
[Years 1 and 2]	53	− 11.49	− 0.01	66.12	− 1.27	584
[Years 0–2]	53	− 11.50	− 0.04	66.47	− 1.26	485*