Table 5 Endogeneity robustness checks: Part A.
From: Technology adoption and extreme stock risk: Evidence from digital tax reform in China
(1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
Variables | Crash | Crash | Crash | Crash | Crash |
GT | −0.042** | −0.035** | −0.038** | −0.038** | −0.042** |
(−2.493) | (−1.983) | (−2.296) | (−2.271) | (−2.438) | |
Audit | −0.018 | ||||
(−1.534) | |||||
Polground | −0.009 | ||||
(−0.906) | |||||
Gdp | −0.000 | ||||
(−0.177) | |||||
Market | 0.002 | ||||
(0.191) | |||||
Deficit | 0.006 | ||||
(0.814) | |||||
Constant | √ | √ | √ | √ | √ |
Controls | √ | √ | √ | √ | √ |
Year FE | √ | √ | √ | √ | √ |
Firm FE | √ | √ | √ | √ | √ |
City FE | √ | √ | √ | √ | √ |
Observations | 26113 | 15420 | 22939 | 23047 | 24216 |
R-squared | 0.239 | 0.271 | 0.244 | 0.244 | 0.238 |
