Table 7.

Test the effect of financing constraint.

	(1)	(2)
	FC_High Block_chain	FC_Low Block_chain
Local_CEO	0.071**	0.069*
	(0.036)	(0.041)
MB	−0.227**	−0.003
	(0.107)	(0.126)
ROA	0.088	−0.018
	(0.283)	(0.403)
Lev	0.058	−0.103
	(0.125)	(0.146)
Size	0.074***	0.045*
	(0.020)	(0.023)
Board	0.017*	0.010
	(0.010)	(0.013)
Top1	−0.001	−0.003**
	(0.001)	(0.001)
Indep	0.002	−0.000
	(0.003)	(0.004)
SOE	−0.095**	−0.107**
	(0.040)	(0.051)
Constant	−1.698***	−0.871*
	(0.401)	(0.487)
Industry fix effect	Yes	Yes
Year fix effect	Yes	Yes
N	2,810	2,724
R2	0.093	0.074

Standard errors are in parentheses,

^***,

^**, and

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