Research Article
Managerial Ownership and Stock Price Volatility: The Moderating Role of Corporate Transparency in China
| 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 . |