Table 5.
Robustness check: Altering the measurement of local CEO.
| (1) | (2) | |
|---|---|---|
| Variables | Block_chain | Block_chain |
| Local_CEO_City | 0.052** | 0.064** |
| (0.026) | (0.027) | |
| MB | −0.101 | |
| (0.078) | ||
| ROA | −0.043 | |
| (0.217) | ||
| Lev | −0.006 | |
| (0.083) | ||
| Size | 0.057*** | |
| (0.015) | ||
| Board | 0.013 | |
| (0.008) | ||
| Top1 | −0.002** | |
| (0.001) | ||
| Indep | 0.001 | |
| (0.002) | ||
| SOE | −0.101*** | |
| (0.031) | ||
| Constant | 0.058*** | −1.252*** |
| (0.020) | (0.302) | |
| Industry fix effect | Yes | Yes |
| Year fix effect | Yes | Yes |
| N | 5,534 | 5,534 |
| R2 | 0.067 | 0.072 |
Standard errors are in parentheses,
***
,
**
, and
*
represent the 1, 5, and 10% significance levels, respectively.