Table 3 Baseline regression.
From: CSR decoupling and stock price crash risk: Evidence from China
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
NCSKEW t+1 | DUVOLt+1 | NCSKEWt+1 | DUVOLt+1 | |
CSR_GAPt | 0.0180*** | 0.0083* | 0.0222*** | 0.0114** |
(2.6547) | (1.8311) | (3.7734) | (2.8335) | |
Sigmat | −1.2774** | −0.9430*** | −0.2554 | −0.8774 |
(−2.3569) | (−2.5917) | (−0.2360) | (−1.0539) | |
Rett | 6.1131*** | 3.2733*** | 11.0511*** | 7.5224*** |
(4.2201) | (3.3662) | (4.5976) | (5.5270) | |
Levt | 0.1827*** | 0.1303*** | 0.0878 | 0.0843* |
(2.5775) | (2.7376) | (1.1238) | (1.9483) | |
Sizet | 0.0351*** | 0.0143** | 0.0365** | 0.0113 |
(3.4555) | (2.0914) | (2.6385) | (1.1665) | |
BMt | −0.0816*** | −0.0503*** | −0.0630** | −0.0379** |
(−8.0984) | (−7.4367) | (−2.8381) | (−2.8150) | |
ROAt | 1.0153*** | 0.5491*** | 0.8327*** | 0.4241** |
(4.7699) | (3.8425) | (2.9496) | (2.7369) | |
Opaquet | 0.2160 | 0.2029** | 0.1212 | 0.1365** |
(1.5865) | (2.2203) | (1.2541) | (2.3050) | |
Dturnt | −0.3011*** | −0.2018*** | −0.0974 | −0.0326 |
(−7.1772) | (−7.1671) | (−1.4657) | (−0.8004) | |
_cons | −1.1353*** | −0.5506*** | −1.1891*** | −0.4703* |
(−5.0057) | (−3.6163) | (−3.5480) | (−1.8614) | |
Year FE | No | No | Yes | Yes |
Industry FE | No | No | Yes | Yes |
Observations | 5297 | 5297 | 5297 | 5297 |
Adjusted R2 | 0.0398 | 0.0350 | 0.0716 | 0.0726 |
