Managerial Ownership and Stock Price Volatility: The Moderating Role of Corporate Transparency in China

Table 4

Regression results (H1).

Variables	(1)	(2)
	Company opacity	Company opacity
Control proportion	0.153	0.223
	(6.45)	(9.49)
Controlling	0.097
	(3.19)
Size	0.125
	(13.75)
Turnover	0.044
	(0.66)
Leverage		−0.016
		(−4.17)
Age		−0.067
		(−1.39)
Big4		0.382
		(7.10)
Constant	2.564	3.444
	(34.16)	(21.98)
Observations	2,786	2,786
R-square	0.101	0.056

t-statistics in parentheses. , , and .