Table 6.

Test the effect of State-owned enterprises (SOEs).

	(1)	(2)
Variables	SOEs Block_chain	Non-SOEs Block_chain
Local_CEO	0.085***	0.015
	(0.031)	(0.052)
MB	−0.095	−0.139
	(0.091)	(0.151)
ROA	0.257	−1.182***
	(0.255)	(0.408)
Lev	0.042	−0.218
	(0.100)	(0.152)
Size	0.054***	0.102***
	(0.017)	(0.033)
Board	0.018*	−0.006
	(0.010)	(0.014)
Top1	−0.002*	−0.003*
	(0.001)	(0.002)
Indep	0.002	−0.005
	(0.003)	(0.004)
SOE	−0.121***	−0.132**
	(0.037)	(0.066)
Constant	−1.299***	−1.638**
	(0.352)	(0.676)
Industry fix effect	Yes	Yes
Year fix effect	Yes	Yes
N	4,465	1,069
R2	0.068	0.138

Standard errors are in parentheses,

^***,

^**, and

^*represent the 1, 5, and 10% significance levels, respectively.