Table 6 The number and category of CAMs and crash risk

NumCAM

−0.00304

(0.0410)

DumIdio_t–1

−0.106^a

(0.0571)

NumIdio_t–1

−0.0699^a

(0.0414)

Size_t–1

0.182^c

0.187^c

0.187^c

(0.0301)

(0.0300)

(0.0300)

ABS_DA_t–1

1.025^b

1.010^b

1.005^b

(0.409)

(0.409)

(0.409)

ROA_t–1

1.669^c

1.601^c

1.601^c

(0.563)

(0.563)

(0.564)

Lev_t–1

−0.279

−0.264

−0.261

(0.182)

(0.182)

(0.182)

Dturn_t–1

0.124

0.122

0.127

(0.142)

(0.139)

(0.138)

StdW_t–1

2.258

2.601

2.529

(2.116)

(2.118)

(2.115)

MB_t–1

0.0827^c

0.0864^c

0.0857^c

(0.0195)

(0.0196)

(0.0196)

SOE_t–1

−0.299^c

− 0.290^c

− 0.292^c

(0.0639)

(0.0641)

(0.0641)

Top1_t–1

−0.00180

−0.00185

− 0.00181

(0.00205)

(0.00204)

(0.00205)

Independent_t–1

0.142

0.159

0.187

(0.492)

(0.492)

(0.492)

Constant

−4.432^c

− 4.540^c

− 4.546^c

(0.745)

(0.746)

(0.746)

IND

Yes

Yes

Yes

No. of obs.

2324

2324

2324