Skip to main content

Table 3 CAMs and stock price crash risk

From: Critical audit matters and stock price crash risk

  (1)
Full sample
(2)
Full sample
(3)
PSM 1:1
(4)
PSM 1:2
Variable NCSKEW NCSKEW NCSKEW NCSKEW
CAM_TREATt-1 0.125 −0.0622 0.685b 0.326
  (0.159) (0.168) (0.314) (0.240)
CAM_YEARt-1 0.149c −0.107a 0.0543 0.119
  (0.0399) (0.0568) (0.362) (0.247)
TREAT·YEARt-1 −0.458a −0.403a − 0.725a −0.534a
  (0.235) (0.236) (0.428) (0.318)
Sizet-1   0.113c 0.159 0.0127
   (0.0276) (0.124) (0.0901)
ABS_DAt-1   0.248 −3.507b −2.451a
   (0.327) (1.698) (1.413)
ROAt-1   0.226 −4.992 − 3.407
   (0.486) (3.379) (2.664)
Levt-1   −0.160 0.178 −0.734
   (0.143) (0.926) (0.684)
Dturnt-1   0.00362 0.0440 −0.0274
   (0.0297) (0.138) (0.0559)
StdWt-1   5.048c 0.787 −1.923
   (1.215) (6.701) (5.136)
MBt-1   0.0532c 0.625a −0.120
   (0.0145) (0.368) (0.240)
SOEt-1   0.133c −0.148 −0.105
   (0.0502) (0.287) (0.234)
Top1t-1   −0.00256 − 0.000638 − 0.00167
   (0.00156) (0.00790) (0.00616)
Independentt-1   0.317 −3.196a − 3.069b
   (0.412) (1.841) (1.514)
Constant   −3.515c − 3.890 1.473
   (0.622) (3.205) (2.177)
IND No Yes Yes Yes
No. of obs. 4832 3964 179 285
  1. Notes. a, b and c represent the significance levels of 10%, 5%, and 1%, respectively