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Table 8 Robustness test

From: Critical audit matters and stock price crash risk

  Change different measure of crash risk Test of before and after the implementation Placebo test Exclude firms in financial industry No winsorizing
Variable DUVOL NCSKEW NCSKEW NCSKEW NCSKEW
CAMDUMt–1   −0.588a    
   (0.321)    
CAM_TREATt–1 −0.00115   0.0157 −0.0501 0.0192
  (0.123)   (0.161) (0.179) (0.173)
CAM_YEARt–1 −0.0470   0.817c −0.113b − 0.0572
  (0.0415)   (0.0593) (0.0571) (0.0563)
TREAT·YEARt–1 −0.326a   − 0.269 − 0.413a − 0.450a
  (0.172)   (0.215) (0.243) (0.242)
Sizet–1 0.0846c −0.0271 − 0.0817c 0.117c 0.0541b
  (0.0202) (0.143) (0.0255) (0.0282) (0.0240)
ABS_DAt–1 0.0617 −3.803 −0.0302 0.271 0.126
  (0.239) (2.346) (0.274) (0.329) (0.178)
ROAt–1 0.533 − 3.997 −0.350 0.196 0.0251
  (0.357) (3.951) (0.430) (0.491) (0.170)
Levt–1 − 0.105 0.759 −0.0148 − 0.173 − 0.0268
  (0.105) (1.030) (0.129) (0.144) (0.129)
Dturnt–1 0.0146 0.0501 0.00703 0.00605 −0.00289
  (0.0217) (0.145) (0.0302) (0.0300) (0.0260)
StdWt–1 3.891c 7.765 3.844c 5.313c 5.493c
  (0.889) (8.004) (1.074) (1.226) (1.177)
MBt–1 0.0385c 0.481 0.0148 0.0539c 0.000882
  (0.0106) (0.428) (0.0134) (0.0146) (0.00137)
SOEt–1 0.0854b −0.202 0.113b 0.136c 0.125b
  (0.0367) (0.370) (0.0450) (0.0508) (0.0506)
Top1t–1 −0.00191a − 0.00595 − 0.00119 −0.00242 − 0.00224
  (0.00114) (0.0100) (0.00143) (0.00157) (0.00157)
Independentt–1 0.330 −1.709 0.195 0.299 0.389
  (0.301) (2.462) (0.363) (0.415) (0.403)
Constant −2.737c 0.422 0.944 −3.620c −2.214c
  (0.455) (3.670) (0.592) (0.634) (0.544)
IND Yes Yes Yes Yes Yes
No. of obs. 3964 142 3903 3922 3962
  1. Notes. a, b and c represent the significance levels of 10%, 5%, and 1%, respectively