Does Cryptocurrency Hurt African Firms?
Abstract
:1. Introduction
2. Literature Review
3. Methodology and Data
3.1. Methodology
3.2. Data
4. Empirical Results
4.1. Results by Firm Sector
4.2. Results by Firm Experience
4.3. Results by Firm Debt Status
4.4. Results by Illegal vs. Legal Regions
5. Robustness Checks
5.1. Robustness by Firm Sector
5.2. Robustness by Firm Experience
5.3. Robustness by Firm Debt Status
5.4. Logit Results by Illegal vs. Legal Regions
6. Conclusions
Author Contributions
Funding
Conflicts of Interest
Appendix A
Stats | Stock MC | Crypt MC | Total Assets | Debt-to-Asset | Profitability | Money Growth | Exchange Rate | Trade |
---|---|---|---|---|---|---|---|---|
Mean | 11.68 | 24.14 | 15.54 | 2.20 | 2.42 | 7.66 | 74.59 | 0.02 |
SD | 2.18 | 1.84 | 2.55 | 1.40 | 1.03 | 2.74 | 301.10 | 0.05 |
Min | 3.22 | 20.81 | 8.34 | 0.00 | −4.61 | 0.00 | 0.00 | −0.14 |
Max | 18.48 | 27.73 | 23.01 | 5.36 | 9.55 | 9.95 | 3727.07 | 0.11 |
Skewness | 0.03 | −0.05 | 0.23 | −0.42 | −0.64 | −2.04 | 10.30 | −0.52 |
Kurtosis | 2.85 | 1.53 | 2.83 | 1.85 | 6.13 | 6.08 | 116.84 | 3.24 |
Crypt MC | Total Assets | Debt-to-Asset | Profitability | Money Growth | Exchange Rate | Trade | |
---|---|---|---|---|---|---|---|
Crypt MC | 1.00 | ||||||
Total Assets | 0.07 | 1.00 | |||||
Debt-to-Asset | 0.02 | 0.16 | 1.00 | ||||
Profitability | 0.00 | 0.11 | −0.15 | 1.00 | |||
Money Growth | 0.19 | 0.01 | 0.00 | −0.01 | 1.00 | ||
Exchange Rate | 0.03 | 0.28 | −0.01 | 0.01 | 0.05 | 1.00 | |
Trade | −0.03 | −0.32 | 0.00 | 0.08 | 0.02 | −0.17 | 1.00 |
Energy | Financial | Industrial | Consumer Services | IT | Real Estate | |
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Crypt MC | −0.040 *** | −0.014 *** | −0.017 * | −0.017 *** | 0.023 | 0.001 |
(0.002) | (0.005) | (0.009) | (0.005) | (0.023) | (0.007) | |
Total Assets | 0.211 *** | 0.063 *** | 0.050 ** | 0.076 *** | 0.035 | 0.064 *** |
(0.058) | (0.013) | (0.019) | (0.020) | (0.039) | (0.019) | |
Debt-to-Asset | −0.142 | 0.001 | 0.024 | 0.002 | 0.026 | −0.008 |
(0.095) | (0.020) | (0.027) | (0.017) | (0.044) | (0.021) | |
Profitability | 0.108 ** | −0.013 | 0.056 | 0.058 ** | −0.110 ** | 0.104 *** |
(0.051) | (0.022) | (0.041) | (0.027) | (0.050) | (0.027) | |
Money Growth | 0.016 | −0.004 | 0.001 | −0.002 | −0.035 *** | 0.003 |
(0.018) | (0.004) | (0.004) | (0.004) | (0.009) | (0.006) | |
Exchange Rate | −0.000 | −0.000 | −0.012 | 0.000 *** | −0.002 | −0.000 |
(0.000) | (0.000) | (0.010) | (0.000) | (0.001) | (0.001) | |
Trade | −2.447 *** | −0.158 | −0.895 | −1.130 | −1.218 | −0.455 |
(2.957) | (4.075) | (5.847) | (5.836) | (9.784) | (11.813) | |
Panel FE | YES | YES | YES | YES | YES | YES |
Time FE | YES | YES | YES | YES | YES | YES |
Observations | 1642 | 12,858 | 5960 | 13,426 | 2180 | 5868 |
Wald Chi2 | 884 *** | 2879 *** | 859 *** | 2532 *** | 394 *** | 1786 *** |
Pseudo R2 | 0.421 | 0.227 | 0.151 | 0.189 | 0.1421 | 0.34 |
Log Likelihood | −607.7 | −4888 | −2435 | −5425 | −1190 | −1728 |
Less Experienced | Experienced | |
---|---|---|
(1) | (2) | |
L. (Crypt MC) | −0.019 ** | −0.008 |
(0.009) | (0.007) | |
Total Assets | 0.099 *** | 0.088 *** |
(0.017) | (0.014) | |
Debt-to-Asset | −0.011 | 0.006 |
(0.023) | (0.020) | |
Profitability | −0.034 | 0.038 * |
(0.027) | (0.022) | |
Money Growth | 0.005 | 0.000 |
(0.007) | (0.006) | |
Exchange Rate | −0.000 | −0.000 |
(0.000) | (0.000) | |
Trade | −17.870 *** | −7.307 * |
(6.721) | (4.207) | |
Panel FE | YES | YES |
Time FE | YES | YES |
Observations | 9878 | 13,590 |
Wald Chi2 | 58.54 *** | 44.94 *** |
Pseudo R2 | 0.140 | 0.144 |
Log Likelihood | −5839 | −7916 |
Low Debt | High Debt | |
---|---|---|
(1) | (2) | |
Crypt MC | −0.024 *** | −0.032 *** |
(0.008) | (0.009) | |
Total Assets | 0.091 *** | 0.105 *** |
(0.018) | (0.015) | |
Debt-to-Asset | −0.084 | −0.034 |
(0.102) | (0.097) | |
Profitability | 0.022 | 0.042 * |
(0.025) | (0.026) | |
Money Growth | 0.003 | 0.011 |
(0.009) | (0.008) | |
Exchange Rate | 0.000 | −0.000 |
(0.000) | (0.000) | |
Trade | −2.770 *** | −0.643 |
(1.064) | (1.039) | |
Panel FE | YES | YES |
Time FE | YES | YES |
Observations | 10,313 | 9430 |
Wald Chi2 | 76.38 *** | 50.04 *** |
Pseudo R2 | 0.155 | 0.146 |
Log Likelihood | −5980 | −5577 |
Illegal | Legal | |
---|---|---|
(1) | (2) | |
Crypt MC | −0.018 *** | −0.012 ** |
(0.007) | (0.005) | |
Total Assets | 0.131 *** | 0.072 *** |
(0.009) | (0.011) | |
Debt-to-Asset | −0.025 * | 0.005 |
(0.014) | (0.016) | |
Profitability | 0.013 | 0.022 |
(0.019) | (0.019) | |
Money Growth | 0.008 | 0.001 |
(0.014) | (0.003) | |
Exchange Rate | −0.000 | 0.000 |
(0.000) | (0.000) | |
Trade | 0.389 | 0.650 |
(0.424) | (0.701) | |
Panel FE | YES | YES |
Time FE | YES | YES |
Observations | 10,313 | 9430 |
Wald Chi2 | 76.38 *** | 50.04 *** |
Pseudo R2 | 0.155 | 0.146 |
Log Likelihood | −5980 | −5577 |
1 | Over the last decade, the stock market in the energy, financial, and industrial sectors declined by 75%, 48%, and 9% in Africa. For instance, real estate and information technology realized 100% and 77%, respectively, according to the MSCI ACWI Investable Market Index (2021). |
2 | For further details, see the MSCI ACWI Investable Market Index (2021). |
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Random Effects | Fixed Effects | |||
---|---|---|---|---|
PCSE | DPCSE | PCSE | DPCSE | |
(2) | (3) | (5) | (6) | |
L. (Crypt MC) | −0.078 *** | −0.078 *** | −0.076 *** | −0.076 *** |
(0.008) | (0.011) | (0.008) | (0.012) | |
Total Assets | 0.190 *** | 0.190 *** | 0.176 *** | 0.176 * |
(0.044) | (0.064) | (0.047) | (0.071) | |
Debt-to-Asset | −0.017 | −0.017 | −0.017 | −0.017 |
(0.018) | (0.022) | (0.018) | (0.022) | |
Profitability | 0.108 *** | 0.108 *** | 0.108 *** | 0.108 *** |
(0.016) | (0.021) | (0.016) | (0.021) | |
Money Growth | −0.019 *** | −0.019 *** | −0.019 *** | −0.019 *** |
(0.005) | (0.006) | (0.005) | (0.006) | |
Exchange Rate | −0.001 *** | −0.001 *** | −0.001 *** | −0.001 *** |
(0.0003) | (0.0004) | (0.0003) | (0.0004) | |
Trade | 0.524 | 0.524 | 0.514 | 0.514 |
(0.557) | (0.674) | (0.558) | (0.663) | |
Panel FE | YES | YES | YES | YES |
Time FE | YES | YES | YES | YES |
Observations | 42,425 | 42,425 | 42,425 | 42,425 |
R2 | 0.121 | 0.121 | 0.105 | 0.105 |
Adjusted R2 | 0.121 | 0.121 | 0.092 | 0.092 |
F Statistic | 4994 *** | 4994 *** | 272.197 *** | 272.197 *** |
Hausman Test (FE vs. RE) | 45.11 *** | |||
F Test for Individual Effects | 1.70 ** | |||
Lagrange Multiplier Test | 44.25 *** | |||
Pesaran CD | 348.5 *** | |||
Wooldridge Test | 3746 *** | |||
Breusch Pagan Test | 866.44 *** |
Variable | Definition | Source | |
---|---|---|---|
Firm-Level Variables | Stock MC | Stock market cap per firm in millions of USD transformed into the logarithm form. | Datastream |
Debt-to-Asset | Debt-to-asset ratio per firm. | Datastream | |
Total Assets | Total assets per firm transformed into the logarithm form. | Datastream | |
Profitability | Operating profit per firm in millions of USD transformed into the logarithm form. | Datastream | |
Country-Level Variables | Money growth | M1 money supply per region is used to measure the growth rate of the money supply relative to the output growth. The variable is expressed as an index per country. | Fraser Institute |
Exchange Rate | Exchange rate of national currency relative to the U.S. currency. | Penn World Tables | |
Trade | Income coming from trade relative to GDP at purchasing power parities per country. | Penn World Tables | |
Cryptocurrency-Level Variable | Crypto MC | Market cap of cryptocurrency index in millions of USD transformed into logarithm form. | CoinDesk |
Energy | Financial | Industrial | ||||
PCSE | DPCSE | PCSE | DPCSE | PCSE | DPCSE | |
(1) | (2) | (3) | (4) | (5) | (6) | |
L. (Crypt MC) | −0.164 *** | −0.164 *** | −0.064 *** | −0.064 *** | −0.108 *** | −0.108 *** |
(0.058) | (0.062) | (0.014) | (0.017) | (0.019) | (0.022) | |
Total Assets | 0.639 ** | 0.639 ** | 0.103 | 0.103 | 0.330 *** | 0.330 *** |
(0.310) | (0.253) | (0.079) | (0.101) | (0.105) | (0.124) | |
Debt-to-Asset | 0.141 | 0.141 | −0.003 | −0.003 | −0.077 | −0.077 |
(0.124) | (0.099) | (0.027) | (0.033) | (0.048) | (0.051) | |
Profitability | −0.089 | −0.089 | 0.068 *** | 0.068 ** | 0.082 * | 0.082 * |
(0.112) | (0.164) | (0.023) | (0.031) | (0.046) | (0.046) | |
Money Growth | −0.008 | −0.008 | −0.012 | −0.012 | −0.032 *** | −0.032 *** |
(0.032) | (0.031) | (0.009) | (0.011) | (0.011) | (0.011) | |
Exchange Rate | −0.003 | −0.003 | −0.001 ** | −0.001 *** | −0.003 * | −0.003 * |
(0.003) | (0.002) | (0.0004) | (0.0003) | (0.002) | (0.002) | |
Trade | 1.115 | 1.115 | 0.940 | 0.940 | −3.417 ** | −3.417 ** |
(2.440) | (3.030) | (0.835) | (0.911) | (1.458) | (1.476) | |
Panel FE | YES | YES | YES | YES | YES | YES |
Time FE | YES | YES | YES | YES | YES | YES |
Observations | 1623 | 1623 | 12,709 | 12,709 | 6474 | 6474 |
R2 | 0.258 | 0.258 | 0.100 | 0.100 | 0.195 | 0.195 |
Adjusted R2 | 0.238 | 0.238 | 0.086 | 0.086 | 0.181 | 0.181 |
F Statistic | 30.4 *** | 30.4 *** | 77.552 *** | 77.552 *** | 85.6 *** | 85.6 *** |
Consumer Services | IT | Real Estate | ||||
PCSE | DPCSE | PCSE | DPCSE | PCSE | DPCSE | |
(7) | (8) | (9) | (10) | (11) | (12) | |
L. (Crypt MC) | −0.091 *** | −0.091 *** | −0.003 | −0.003 | −0.027 | −0.027 |
(0.015) | (0.020) | (0.047) | (0.054) | (0.021) | (0.022) | |
Total Assets | 0.191 ** | 0.191 | 0.111 | 0.111 | 0.082 | 0.082 |
(0.095) | (0.128) | (0.158) | (0.175) | (0.147) | (0.193) | |
Debt-to-Asset | −0.019 | −0.019 | 0.074 | 0.074 | −0.032 | −0.032 |
(0.031) | (0.040) | (0.092) | (0.109) | (0.044) | (0.060) | |
Profitability | 0.113 *** | 0.113 *** | 0.126 | 0.126 | 0.222 *** | 0.222 *** |
(0.030) | (0.038) | (0.098) | (0.141) | (0.041) | (0.051) | |
Money Growth | −0.012 | −0.012 | −0.049 *** | −0.049 ** | −0.013 | −0.013 |
(0.010) | (0.012) | (0.017) | (0.020) | (0.013) | (0.013) | |
Exchange Rate | −0.001 | −0.001 | −0.001 | −0.001 | −0.002 | −0.002 * |
(0.001) | (0.001) | (0.003) | (0.003) | (0.001) | (0.001) | |
Trade | 0.886 | 0.886 | 3.626 * | 3.626 * | −1.550 | −1.550 |
(1.037) | (1.173) | (2.185) | (1.882) | (1.681) | (1.305) | |
Panel FE | YES | YES | YES | YES | YES | YES |
Time FE | YES | YES | YES | YES | YES | YES |
Observations | 13,253 | 13,253 | 2154 | 2154 | 6212 | 6212 |
R2 | 0.112 | 0.112 | 0.090 | 0.090 | 0.105 | 0.105 |
Adjusted R2 | 0.098 | 0.098 | 0.069 | 0.069 | 0.089 | 0.089 |
F Statistic | 91.4 *** | 91.4 *** | 11.5 *** | 11.5 *** | 39.6 *** | 39.6 *** |
Less Experienced | Experienced | |||
---|---|---|---|---|
PCSE | DPCSE | PCSE | DPCSE | |
(1) | (2) | (3) | (4) | |
L. (Crypt MC) | −0.102 *** | −0.102 *** | −0.046 *** | −0.046 *** |
(0.020) | (0.025) | (0.016) | (0.017) | |
Total Assets | 0.273 *** | 0.273 ** | 0.041 | 0.041 |
(0.095) | (0.127) | (0.095) | (0.113) | |
Debt-to-Asset | 0.005 | 0.005 | −0.065 | −0.065 |
(0.039) | (0.056) | (0.040) | (0.041) | |
Profitability | 0.136 *** | 0.136 *** | 0.157 *** | 0.157 *** |
(0.035) | (0.051) | (0.034) | (0.044) | |
Money Growth | −0.008 | −0.008 | −0.030 *** | −0.030 *** |
(0.012) | (0.015) | (0.009) | (0.009) | |
Exchange Rate | 0.001 | 0.001 ** | −0.003 *** | −0.003 *** |
(0.001) | (0.0003) | (0.001) | (0.001) | |
Trade | −3.220 ** | −3.220 ** | −0.485 | −0.485 |
(1.482) | (1.424) | (1.016) | (1.316) | |
Panel FE | YES | YES | YES | YES |
Time FE | YES | YES | YES | YES |
Observations | 10,557 | 10,557 | 9360 | 9360 |
R2 | 0.106 | 0.106 | 0.151 | 0.151 |
Adjusted R2 | 0.091 | 0.091 | 0.138 | 0.138 |
F Statistic | 68.561 *** | 68.561 *** | 90.905 *** | 90.905 *** |
Low Debt | High Debt | |||
---|---|---|---|---|
PCSE | DPCSE | PCSE | DPCSE | |
(1) | (2) | (3) | (4) | |
L. (Crypt MC) | −0.043 *** | −0.043 *** | −0.076 *** | −0.076 *** |
(0.015) | (0.017) | (0.009) | (0.012) | |
Total Assets | 0.114 | 0.114 | 0.189 *** | 0.189 *** |
(0.086) | (0.132) | (0.050) | (0.072) | |
Debt-to-Asset | −0.144 | −0.144 | −0.022 | −0.022 |
(0.137) | (0.202) | (0.019) | (0.024) | |
Profitability | 0.059 ** | 0.059 | 0.104 *** | 0.104 *** |
(0.027) | (0.040) | (0.017) | (0.022) | |
Money Growth | −0.018 | −0.018 | −0.019 *** | −0.019 *** |
(0.011) | (0.013) | (0.005) | (0.006) | |
Exchange Rate | −0.001 | −0.001 | −0.001 *** | −0.001 ** |
(0.001) | (0.001) | (0.0004) | (0.001) | |
Trade | 2.591 *** | 2.591 ** | 0.028 | 0.028 |
(0.999) | (1.104) | (0.575) | (0.712) | |
Panel FE | YES | YES | YES | YES |
Time FE | YES | YES | YES | YES |
Observations | 10,108 | 10,108 | 39,217 | 39,217 |
R2 | 0.068 | 0.068 | 0.106 | 0.106 |
Adjusted R2 | 0.043 | 0.043 | 0.092 | 0.092 |
F Statistic | 39.65 *** | 39.65 *** | 253.34 *** | 253.34 ** |
Illegal Regions | Legal Regions | |||
---|---|---|---|---|
PCSE | DPCSE | PCSE | DPCSE | |
(1) | (2) | (3) | (4) | |
L. (Crypt MC) | −0.031 ** | −0.031 ** | −0.072 *** | −0.072 *** |
(0.013) | (0.014) | (0.011) | (0.016) | |
Total Assets | 0.060 | 0.060 | 0.312 *** | 0.312 *** |
(0.078) | (0.086) | (0.061) | (0.107) | |
Debt to Asset | 0.041 * | 0.041 | −0.079 *** | −0.079 *** |
(0.024) | (0.027) | (0.025) | (0.031) | |
Profitability | 0.094 *** | 0.094 *** | 0.131 *** | 0.131 *** |
(0.022) | (0.026) | (0.023) | (0.032) | |
Money Growth | 0.241 *** | 0.241 *** | −0.028 *** | −0.028 *** |
(0.040) | (0.046) | (0.005) | (0.006) | |
Exchange Rate | −0.0003 | −0.0003 | −0.002 *** | −0.002 *** |
(0.0004) | (0.0003) | (0.0005) | (0.001) | |
Trade | 2.000 *** | 2.000 ** | −0.216 | −0.216 |
(0.646) | (0.796) | (0.945) | (1.133) | |
Panel FE | YES | YES | YES | YES |
Time FE | YES | YES | YES | YES |
Observations | 17,947 | 17,947 | 24,444 | 24,444 |
R2 | 0.126 | 0.126 | 0.153 | 0.153 |
Adjusted R2 | 0.113 | 0.113 | 0.140 | 0.140 |
F Statistic | 141.85 *** | 141.85 *** | 241.54 *** | 241.54 *** |
Energy | Financial | Industrial | Consumer Services | IT | Real Estate | |
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Crypt MC | −0.327 *** | −0.116 *** | −0.129 * | −0.135 *** | 0.124 | 0.013 |
(0.026) | (0.037) | (0.071) | (0.042) | (0.125) | (0.072) | |
Total Assets | 1.738 *** | 0.526 *** | 0.388 ** | 0.593 *** | 0.189 | 0.697 ** |
(0.601) | (0.136) | (0.181) | (0.192) | (0.221) | (0.286) | |
Debt-to-Asset | −1.172 | 0.011 | 0.190 | 0.014 | 0.143 | −0.091 |
(0.838) | (0.164) | (0.204) | (0.130) | (0.241) | (0.235) | |
Profitability | 0.888 ** | −0.108 | 0.436 | 0.451 ** | −0.602 ** | 1.138 *** |
(0.411) | (0.186) | (0.342) | (0.219) | (0.275) | (0.334) | |
Money Growth | 0.134 | −0.034 | 0.006 | −0.016 | −0.189 *** | 0.029 |
(0.149) | (0.035) | (0.034) | (0.032) | (0.047) | (0.061) | |
Exchange Rate | −0.003 | −0.003 | −0.090 | 0.002 *** | −0.012 | −0.002 |
(0.003) | (0.003) | (0.081) | (0.001) | (0.008) | (0.013) | |
Trade | −20.140 *** | −1.322 | −6.957 | −8.775 | −6.649 | −4.984 |
(2.957) | (4.075) | (5.847) | (5.836) | (9.784) | (11.813) | |
Panel FE | YES | YES | YES | YES | YES | YES |
Time FE | YES | YES | YES | YES | YES | YES |
Observations | 1642 | 12,858 | 5960 | 13,426 | 2,180 | 5868 |
Wald Chi2 | 884 *** | 2879 *** | 859 *** | 2532 *** | 394 *** | 1786 *** |
Pseudo R2 | 0.421 | 0.227 | 0.151 | 0.189 | 0.1421 | 0.34 |
Log Likelihood | −607.7 | −4888 | −2435 | −5425 | −1190 | −1728 |
Less Experienced | Experienced | |
---|---|---|
(1) | (2) | |
Crypt MC | −0.091 ** | −0.038 |
(0.046) | (0.036) | |
Total Assets | 0.486 *** | 0.441 *** |
(0.111) | (0.095) | |
Debt-to-Asset | −0.052 | 0.029 |
(0.113) | (0.102) | |
Profitability | −0.165 | 0.189 * |
(0.134) | (0.112) | |
Money Growth | 0.027 | 0.002 |
(0.032) | (0.030) | |
Exchange Rate | −0.000 | −0.001 |
(0.001) | (0.001) | |
Trade | −17.870 *** | −7.307 * |
(6.721) | (4.207) | |
Panel FE | YES | YES |
Time FE | YES | YES |
Observations | 9878 | 13,590 |
Wald Chi2 | 58.54 *** | 44.94 *** |
Pseudo R2 | 0.140 | 0.144 |
Log Likelihood | −5839 | −7916 |
Low Debt | High Debt | |
---|---|---|
(1) | (2) | |
Crypt MC | −0.122 *** | −0.157 *** |
(0.044) | (0.048) | |
Total Assets | 0.458 *** | 0.517 *** |
(0.116) | (0.102) | |
Debt-to-Asset | −0.423 | −0.165 |
(0.520) | (0.477) | |
Profitability | 0.112 | 0.209 * |
(0.126) | (0.127) | |
Money Growth | 0.017 | 0.056 |
(0.045) | (0.039) | |
Exchange Rate | 0.000 | −0.000 |
(0.000) | (0.001) | |
Trade | −13.973 *** | −3.171 |
(5.125) | (5.110) | |
Panel FE | YES | YES |
Time FE | YES | YES |
Observations | 10,313 | 9430 |
Wald Chi2 | 76.38 *** | 50.04 *** |
Pseudo R2 | 0.155 | 0.146 |
Log Likelihood | −5980 | −5577 |
Illegal | Legal | |
---|---|---|
(1) | (2) | |
Crypto MC | −0.070 ** | −0.035 * |
(0.029) | (0.019) | |
Debt-to-Asset | 0.000 | −0.002 |
(0.005) | (0.002) | |
Log (Total Assets) | 0.286 *** | 0.095 *** |
(0.091) | (0.023) | |
Foreign Ownership Index | 0.200 ** | −0.163 |
(0.081) | (0.100) | |
Trade Barriers Index | 0.209 ** | 0.060 |
(0.087) | (0.104) | |
TFP | 0.020 | −3.321 ** |
(0.506) | (1.554) | |
Money Growth | −0.179 | 0.064 |
(0.131) | (0.082) | |
Exchange Rate | −0.000 | 0.000 |
(0.001) | (0.001) | |
Constant | −2.842 ** | 1.006 |
(1.409) | (0.874) | |
Region FE | YES | YES |
Time FE | YES | YES |
Pseudo R2 | 0.10 | 0.08 |
Wald Statistic | 40.1*** | 70.5*** |
Observations | 24,348 | 35,559 |
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Sami, M.; Abdallah, W. Does Cryptocurrency Hurt African Firms? Risks 2022, 10, 53. https://doi.org/10.3390/risks10030053
Sami M, Abdallah W. Does Cryptocurrency Hurt African Firms? Risks. 2022; 10(3):53. https://doi.org/10.3390/risks10030053
Chicago/Turabian StyleSami, Mina, and Wael Abdallah. 2022. "Does Cryptocurrency Hurt African Firms?" Risks 10, no. 3: 53. https://doi.org/10.3390/risks10030053