Employee stock ownership plan and stock price crash risk

Frontiers of Business Research in China

Table 2 Descriptive statistics

Variable	No. of obs.	Mean	P1	Median	P99	Std
Panel A: Event group (firms adopting ESOPs) + paired group
NCSKEW	4832	−0.341	−1.745	− 0.435	1.337	0.764
DUVOL	4832	−0.256	−1.375	−0.312	0.946	0.575
ESOP	4832	0.500	0	1	1	0.500
Dturn	4832	−0.315	−9.295	−0.266	4.188	1.552
Hret	4832	−0.013	−0.336	−0.081	1.407	0.036
Sigma	4832	0.030	0.013	0.026	0.064	0.013
Size	4832	22.239	20.598	22.146	24.015	0.931
MB	4832	2.871	0.027	2.147	12.597	3.042
Lev	4832	0.412	0.146	0.402	0.720	0.181
ROA	4832	2.140	−0.788	1.870	5.728	1.807
DA	4832	− 0.017	−0.203	−0.026	0.182	0.109
Panel B: Sub-sample of companies adopting ESOPs
NCSKEW	2416	−0.353	−1.745	− 0.446	1.337	0.760
DUVOL	2416	−0.276	−1.254	−0.328	0.946	0.568
Stock_ESOP	2416	1.679	0.030	1.260	7.270	1.501
Size_ ESOP	2416	9.310	6.358	9.220	11.918	1.145
Price_ ESOP	2416	19.510	3.140	15.790	84.140	14.765
R_price_ESOP	2416	0.692	0	0.853	1.769	0.489
Dum_Lev_ ESOP	2416	0.449	0	0	1	0.498
Lev_ ESOP	2416	0.716	0	0	6.301	1.719
Dturn	2416	−0.296	−4.341	−0.250	3.910	1.466
Hret	2416	−0.006	− 0.336	− 0.078	1.540	0.318
Sigma	2416	0.030	0.013	0.026	0.064	0.014
Size	2416	22.235	20.737	22.157	24.015	0.881
MB	2416	2.819	0.201	2.235	11.080	2.389
Lev	2416	0.411	0.146	0.404	0.720	0.176
ROA	2416	2.180	−0.788	1.985	5.728	1.741
DA	2416	−0.023	− 0.203	−0.031	0.182	0.106

Notes. This table presents descriptive statistics on stock price crash risk, executive compensation, and control variables. The sample contains firms adopting ESOPs from 2014 to 2017 and their paired firms. All variables are defined in section 3.2