Table 5 Regression results of BD on SPCR.
From: Board diversity and stock price crash risk: exacerbate or mitigate
Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
NCSKEWt+1 | NCSKEWt+1 | DUVOLt+1 | DUVOLt+1 | |
BD | −0.254*** | −0.188*** | −0.176*** | −0.128*** |
(−5.413) | (−4.007) | (−5.450) | (−3.953) | |
RET | 1.055*** | 0.647*** | ||
(4.101) | (3.653) | |||
SIGMA | 6.980*** | 4.109*** | ||
(4.922) | (4.212) | |||
DTURN | −0.013 | −0.010 | ||
(−1.037) | (−1.192) | |||
SIZE | −0.002 | −0.016*** | ||
(−0.293) | (−3.698) | |||
LEV | 0.008 | −0.004 | ||
(0.210) | (−0.158) | |||
ROA | 0.760*** | 0.476*** | ||
(6.695) | (6.096) | |||
BM | −0.061*** | −0.032*** | ||
(−7.088) | (−5.459) | |||
ACCM | 0.203** | 0.094 | ||
(2.336) | (1.574) | |||
YEAR/INDUSTRY | Y | Y | Y | Y |
Constant | 0.152*** | −0.092 | 0.082** | 0.255** |
(2.736) | (−0.623) | (2.139) | (2.508) | |
Observations | 17412 | 17412 | 17412 | 17412 |
R2 | 0.044 | 0.060 | 0.044 | 0.060 |
