Table 4.
Robustness check: Lag of local CEO.
| (1) | (2) | |
|---|---|---|
| Block_chain | Block_chain | |
| Local_CEO_Lag | 0.077** | 0.095*** |
| (0.032) | (0.032) | |
| MB | −0.138 | |
| (0.096) | ||
| ROA | 0.072 | |
| (0.272) | ||
| Lev | 0.106 | |
| (0.104) | ||
| Size | 0.068*** | |
| (0.018) | ||
| Board | 0.019** | |
| (0.010) | ||
| Top1 | −0.002 | |
| (0.001) | ||
| Indep | 0.001 | |
| (0.003) | ||
| SOE | −0.136*** | |
| (0.037) | ||
| Constant | 0.046* | −1.607*** |
| (0.024) | (0.369) | |
| Industry fix effect | Yes | Yes |
| Year fix effect | Yes | Yes |
| N | 4,173 | 4,173 |
| R2 | 0.072 | 0.081 |
Standard errors are in parentheses,
***
,
**
, and
*
represent the 1, 5, and 10% significance levels, respectively.