Table 9 Mechanism tests.
From: CSR decoupling and stock price crash risk: Evidence from China
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
NCSKEWt+1 | DUVOLt+1 | NCSKEWt+1 | DUVOLt+1 | NCSKEWt+1 | DUVOLt+1 | NCSKEWt+1 | DUVOLt+1 | |
Panel A: Executives experience | ||||||||
With overseas experience | Without overseas experience | With academic experience | Without academic experience | |||||
CSR_GAP | 0.0130 | 0.0111 | 0.0213*** | 0.0113** | 0.0126 | 0.0054 | 0.0198** | 0.0130** |
(1.3399) | (1.4674) | (3.4464) | (2.3785) | (1.0761) | (0.7549) | (2.3291) | (2.5476) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 1194 | 1194 | 4103 | 4103 | 1838 | 1838 | 3459 | 3459 |
Adjusted R2 | 0.1016 | 0.1144 | 0.0687 | 0.0665 | 0.0991 | 0.1046 | 0.0606 | 0.0601 |
Panel B: Monitoring forces | ||||||||
|---|---|---|---|---|---|---|---|---|
High level of institutional ownership | Low level of institutional ownership | High media attention | Low media attention | |||||
CSR_GAP | 0.0064 | 0.0051 | 0.0272** | 0.0175*** | 0.0120 | 0.0066 | 0.0322** | 0.0167* |
(0.7870) | (1.0128) | (2.2933) | (3.0147) | (1.2658) | (0.9218) | (2.1243) | (2.0252) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 2663 | 2663 | 2634 | 2634 | 2655 | 2655 | 2642 | 2642 |
Adjusted R2 | 0.0724 | 0.0758 | 0.0721 | 0.0704 | 0.0698 | 0.0730 | 0.0771 | 0.0736 |
Panel C: External governance environment | ||||||||
|---|---|---|---|---|---|---|---|---|
NCSKEWt+1 | DUVOLt+1 | NCSKEWt+1 | DUVOLt+1 | NCSKEWt+1 | DUVOLt+1 | NCSKEWt+1 | DUVOLt+1 | |
High marketization level | Low marketization level | High level of legal environment | Low level of legal environment | |||||
CSR_GAP | 0.0091 | 0.0031 | 0.0349*** | 0.0192*** | 0.0202 | 0.0104 | 0.0238*** | 0.0123** |
(1.2508) | (0.5551) | (4.5957) | (3.8819) | (1.7146) | (1.3170) | (3.4371) | (2.1951) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 2804 | 2804 | 2493 | 2493 | 2823 | 2823 | 2474 | 2474 |
Adjusted R2 | 0.0611 | 0.0598 | 0.0796 | 0.0862 | 0.0789 | 0.0835 | 0.0604 | 0.0570 |
