Table 3 CAMs and stock price crash risk

CAM_TREAT_t-1

0.125

−0.0622

0.685^b

0.326

(0.159)

(0.168)

(0.314)

(0.240)

CAM_YEAR_t-1

0.149^c

−0.107^a

0.0543

0.119

(0.0399)

(0.0568)

(0.362)

(0.247)

TREAT·YEAR_t-1

−0.458^a

−0.403^a

− 0.725^a

−0.534^a

(0.235)

(0.236)

(0.428)

(0.318)

Size_t-1

0.113^c

0.159

0.0127

(0.0276)

(0.124)

(0.0901)

ABS_DA_t-1

0.248

−3.507^b

−2.451^a

(0.327)

(1.698)

(1.413)

ROA_t-1

0.226

−4.992

− 3.407

(0.486)

(3.379)

(2.664)

Lev_t-1

−0.160

0.178

−0.734

(0.143)

(0.926)

(0.684)

Dturn_t-1

0.00362

0.0440

−0.0274

(0.0297)

(0.138)

(0.0559)

StdW_t-1

5.048^c

0.787

−1.923

(1.215)

(6.701)

(5.136)

MB_t-1

0.0532^c

0.625^a

−0.120

(0.0145)

(0.368)

(0.240)

SOE_t-1

0.133^c

−0.148

−0.105

(0.0502)

(0.287)

(0.234)

Top1_t-1

−0.00256

− 0.000638

− 0.00167

(0.00156)

(0.00790)

(0.00616)

Independent_t-1

0.317

−3.196^a

− 3.069^b

(0.412)

(1.841)

(1.514)

Constant

−3.515^c

− 3.890

1.473

(0.622)

(3.205)

(2.177)

IND

No

Yes

Yes

Yes

No. of obs.

4832

3964

179

285