Table 2 The definition of variables.
From: Board diversity and stock price crash risk: exacerbate or mitigate
Type | Variable | Definition |
|---|---|---|
Dependent variable | NCSKEWt+1 | See the details in Eq. (2) |
DUVOLt+1 | See the details in Eq. (3) | |
Independent variable | BD | See in this paper |
Control variables | RET | Mean of firm-specific weekly return multiplied by 100 |
SIGMA | Standard deviation of firm-specific weekly return | |
DTURN | Difference between average monthly share turnover (Turnover to total equity) over the fiscal year and that over the previous fiscal year | |
SIZE | The logarithm of total assets | |
LEV | Total liabilities divided by total assets | |
ROA | Net income divided by total assets | |
BM | Total assets divided by total market capitalization | |
ACCM | Sum of the absolute value of the manipulable accrued profits over the last 3 years |
