Skip to main content

Table 7 CAMs, shareholding of institutional investors, and crash risk

From: Critical audit matters and stock price crash risk

  (1) (2) (3) (4)
  Group of high proportion Group of low proportion
Variable NCSKEW DUVOL NCSKEW DUVOL
CAM_TREAT 0.111 0.133 −0.455 − 0.297
  (0.187) (0.135) (0.584) (0.431)
CAM_YEAR −0.0222 − 0.00604 − 0.247c − 0.105a
  (0.0826) (0.0599) (0.0807) (0.0605)
TREAT·YEAR −0.498b −0.354b 0.364 −0.0415
  (0.245) (0.178) (0.796) (0.591)
Sizet–1 0.102c 0.0756c 0.140c 0.108c
  (0.0376) (0.0272) (0.0416) (0.0305)
ABS_DAt–1 0.409 0.139 0.136 0.0623
  (0.449) (0.325) (0.479) (0.354)
ROAt–1 1.180a 1.011b −0.482 0.178
  (0.670) (0.490) (0.718) (0.527)
Levt–1 0.168 0.0621 −0.409b − 0.222
  (0.207) (0.151) (0.202) (0.148)
Dturnt–1 −0.0470 − 0.0110 0.0320 0.0249
  (0.0439) (0.0318) (0.0402) (0.0298)
StdWt–1 4.868c 3.950c 6.668c 4.354c
  (1.716) (1.248) (1.729) (1.276)
MBt–1 0.0904c 0.0580c 0.0216 0.0236
  (0.0200) (0.0144) (0.0215) (0.0158)
SOEt–1 0.140b 0.103b 0.150a 0.0848
  (0.0693) (0.0502) (0.0769) (0.0560)
Top1t–1 0.000223 −0.000326 −0.00585b −0.00331a
  (0.00224) (0.00163) (0.00240) (0.00176)
Independentt–1 −0.712 − 0.390 1.320b 1.040b
  (0.586) (0.426) (0.595) (0.434)
Constant −3.208c −2.470c −4.278c −3.415c
  (0.845) (0.612) (0.944) (0.691)
IND Yes Yes Yes Yes
No. of obs. 2000 1989 1962 1955
  1. Notes. a, b and c represent the significance levels of 10%, 5%, and 1%, respectively