Table 4 Heckman two-stage model.
From: CSR decoupling and stock price crash risk: Evidence from China
(1) | (2) | (3) | |
|---|---|---|---|
CSRDt | NCSKEWt+1 | DUVOLt+1 | |
Mandatoryt | 2.002*** | ||
(0.035) | |||
CSR_GAPt | 0.023*** | 0.012** | |
(0.007) | (0.004) | ||
IMR | −0.107*** | −0.074*** | |
(0.023) | (0.012) | ||
Sigmat | −0.285 | −0.838 | |
(1.080) | (0.787) | ||
Rett | 11.643*** | 8.036*** | |
(2.631) | (1.449) | ||
Opaquet | 0.155 | 0.149** | |
(0.110) | (0.062) | ||
Dturnt | −0.115* | −0.039 | |
(0.062) | (0.038) | ||
Sizet | 0.336*** | −0.001 | −0.015 |
(0.015) | (0.015) | (0.010) | |
Levt | −0.329*** | 0.088 | 0.083* |
(0.070) | (0.076) | (0.042) | |
ROAt | 0.121 | 0.766** | 0.364* |
(0.190) | (0.324) | (0.173) | |
BMt | −0.039** | −0.053** | −0.030* |
(0.015) | (0.024) | (0.015) | |
Indept | −0.132 | ||
(0.202) | |||
Dualt | −0.102*** | ||
(0.025) | |||
Top1t | −0.188** | ||
(0.076) | |||
TobinQt | 0.029*** | ||
(0.009) | |||
Aget | −0.015 | ||
(0.036) | |||
Msharet | −0.377*** | ||
(0.066) | |||
_cons | −8.041*** | −0.246 | 0.179 |
(0.354) | (0.366) | 0.255 | |
Year & Industry FE | Yes | Yes | Yes |
Observations | 25,095 | 4994 | 4994 |
Pseudo-R2 | 0.3442 | ||
Adjusted R2 | 0.084 | 0.086 |
