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

CAM_TREAT

0.111

0.133

−0.455

− 0.297

(0.187)

(0.135)

(0.584)

(0.431)

CAM_YEAR

−0.0222

− 0.00604

− 0.247^c

− 0.105^a

(0.0826)

(0.0599)

(0.0807)

(0.0605)

TREAT·YEAR

−0.498^b

−0.354^b

0.364

−0.0415

(0.245)

(0.178)

(0.796)

(0.591)

Size_t–1

0.102^c

0.0756^c

0.140^c

0.108^c

(0.0376)

(0.0272)

(0.0416)

(0.0305)

ABS_DA_t–1

0.409

0.139

0.136

0.0623

(0.449)

(0.325)

(0.479)

(0.354)

ROA_t–1

1.180^a

1.011^b

−0.482

0.178

(0.670)

(0.490)

(0.718)

(0.527)

Lev_t–1

0.168

0.0621

−0.409^b

− 0.222

(0.207)

(0.151)

(0.202)

(0.148)

Dturn_t–1

−0.0470

− 0.0110

0.0320

0.0249

(0.0439)

(0.0318)

(0.0402)

(0.0298)

StdW_t–1

4.868^c

3.950^c

6.668^c

4.354^c

(1.716)

(1.248)

(1.729)

(1.276)

MB_t–1

0.0904^c

0.0580^c

0.0216

0.0236

(0.0200)

(0.0144)

(0.0215)

(0.0158)

SOE_t–1

0.140^b

0.103^b

0.150^a

0.0848

(0.0693)

(0.0502)

(0.0769)

(0.0560)

Top1_t–1

0.000223

−0.000326

−0.00585^b

−0.00331^a

(0.00224)

(0.00163)

(0.00240)

(0.00176)

Independent_t–1

−0.712

− 0.390

1.320^b

1.040^b

(0.586)

(0.426)

(0.595)

(0.434)

Constant

−3.208^c

−2.470^c

−4.278^c

−3.415^c

(0.845)

(0.612)

(0.944)

(0.691)

IND

Yes

Yes

Yes

Yes

No. of obs.

2000

1989

1962

1955